Oppenheimer (OPY) 8-K Regulation FD Disclosure

Exhibit 99.1

Reconciliation of Net Profit Attributable to Oppenheimer Holdings Inc. to Consolidated Adjusted Earnings
Before Interest Expense, Income Taxes, Depreciation Expense, and Amortization Expense (“EBITDA”)

	For the Year Ended December 31,
	2005		2006			2007			2008			2009		2010
	(dollars in thousands)
Net Profit Attributable to Oppenheimer Holdings Inc.	$	22,916	$	44,577		$	75,367		$	(20,770	)	$	19,487	$	38,331
Add:
Interest Expense(1)		9,005		8,742			8,097			15,540			13,925		11,539
Income Taxes		18,773		35,873			52,027			(15,274	)		15,326		28,578
Depreciation Expense		9,347		9,583			9,695			11,474			12,630		12,448
Amortization Expense		17,081		12,520			9,772			8,569			7,065		5,885
Consolidated EBITDA		77,122		111,295			154,957			(460	)		68,433		96,781
Share-Based Compensation Expense(2)		39		2,537			4,182			7,334			7,002		7,611
Extraordinary or Unusual Items(3)		5,093		(17,822	)		(2,578	)		42,747			9,435		3,809
Consolidated Adjusted EBITDA	$	82,254	$	96,009		$	156,562		$	49,621		$	84,870	$	108,201

Notes:
(1)	Interest expense on long-term debt.
(2)	Charges associated with Employee Share Plan restricted stock award program and Equity Incentive Plan stock option award program.
(3)	Includes gains on extinguishment of debt ($4.1 million and $2.5 million in 2006 and 2007, respectively), gains/losses related to the exchange of three stock exchange seats for shares of the NYSE Group, resulting from the merger between NYSE and Archipelago, ($13.7 million gain and $2.6 million loss in 2006 and 2008, respectively), and charges related to deferred compensation and benefit arrangements in conjunction with acquisitions made in 2003 and 2008 ($5.1 million, $40.2 million, $9.4 million, and $3.8 million in 2005, 2008, 2009, and 2010, respectively).