Oppenheimer & Co Inc

ITEM 5. FEES AND COMPENSATION

Oppenheimer periodically reviews the fees charged to its advisory clients, and makes adjustments to ensure fees are
in accordance with the fee schedules described in this Brochure. The adjusted fees may be rounded up or down to
the nearest basis point.

Advisory fees may be calculated based upon a different data feed than that used to generate account statements. The
data feed may differ in its treatment of factors such as accrued interest and trades pending settlement.

The fees we charge are negotiable and may differ from client to client based on a number of factors including the
type and size of the Account and the range of client related services to be provided to the Account and may differ for
a client depending on the advisory programs selected.

The maximum fee and minimum account size for each program are set forth in the table below:

                 Oppenheimer & Co. Inc. Advisory Program Account Minimums and Maximum Fees

        Program Name                Minimum Account Size                                  Maximum Fees

                                     MF/ETFs only- $10,000                                       2.5%
   Fahnestock Asset
                                     Multi-security- $50,000            *We charge commissions on certain FAM accounts
  Management (FAM)
                                    Include Bonds- $100,000             at the time that securities transactions are executed

                                     MF/ETFs only- $10,000                 Clients pay brokerage commissions and ticket
           Alpha                     Multi-security- $50,000             and/or handling charges on securities transactions
                                    Include Bonds- $100,000                          executed by Oppenheimer

                                     MF/ETFs only- $10,000                                    2.25%
         Preference                  Multi-security- $25,000               *additional charges may apply based on high
                                    Include Bonds- $100,000                           volume trading activity

                                     MF/ETFs only- $10,000
                                                                                              2.25%
 Preference Retirement               Multi-security- $25,000
                                                                                 *no additional charges are applied
                                    Include Bonds- $100,000

   Consulting Services                        Varies                                           1.00%

   Retirement Services                        Varies                                           1.00%

Preference Separate Account Fees

Oppenheimer offers non-discretionary advisory services through its Preference Advisory program.

For the Preference Advisory program, the fee will be adjusted in the next billing period for each addition to or
withdrawal from your Account of $10,000 or more, netted on a daily basis. The minimum annual fee for a
Preference account is $250. The minimum fee will not apply if the account is at least $50,000 or advisory accounts
in a client’s household are at least $250,000.

The program is not intended for high volume trading and accounts that trade in high volume may be terminated from
the program or, for Non-Retirement assets, be subject to additional charges for trading activity above a threshold
amount as described below.

The threshold will be determined by the number of transactions multiplied by the charge per transaction ($50 per
transaction for equity, bond, exchange traded funds (“ETFs”) and closed end funds and $35 for option trades)
divided by the asset based fee for the previous twelve months. If the ratio is one or less, your account will not be
charged any additional fees. If the threshold ratio is above 1, each additional transaction will result in the following
additional fees:

    -     The greater of $.10 per share or $75 for equity, ETFs or closed-end fund transactions
    -     $75 for bond transactions
    -     The greater of $3.25 per contract or $35 for options transactions

    -    Mutual Fund transactions will not be counted in determining the threshold ratio.

These additional fees will be accrued and charged to your account with your next monthly advisory fee.
Oppenheimer has discretion to waive or reduce these additional fees. Additional fees will be counted in the
denominator for purposes of determining the threshold ratio.

As stated above, the Preference program is not meant for high frequency trading and, if Oppenheimer deems an
account is a high frequency account, it may be removed from the program.

The fees charged for Preference accounts may cost a client more than it would cost to purchase these services
separately.

In addition to the wrap fee, clients may pay dealer markups or markdowns in principal transactions with broker
dealers other than Oppenheimer, or commissions charged by broker dealers other than Oppenheimer, ADR agency
processing fees, odd lot differentials, Exchange or SEC fees, transfer taxes and any other charges imposed by law.

 The Preference Advisory program allows for the holdings to be used as collateral for the purpose of borrowing
funds. If a client wishes to do this, the Preference account will be linked to the client’s non-managed brokerage
account. The brokerage account will hold the margin loan balance and be charged monthly margin loan interest
rate. A client may elect to carry the margin loan balance directly in the Preference account. In that case, the fee will
be calculated on the total Eligible Asset value without deduction for any margin loans outstanding. If you engage in
short selling in your Preference Advisory account your fee will be calculated on the proceeds from short sales. The
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ITEM 7. TYPES OF CLIENTS

Oppenheimer provides advice to individuals, high net worth individuals, corporations, trusts, pension and profit
sharing plans, charitable organizations, pooled investment vehicles, business entities and individual retirement
accounts. Minimum account sizes are set forth in the table in item 5.