Oppenheimer Selects XcitekSolutionsPlus’ Automated Corporate Actions System

New York, NY, November 17, 2003 – XcitekSolutionsPlus, the leading provider of corporate actions automation, announced today that Oppenheimer & Co. Inc. (“Oppenheimer”) agreed to license its XSP™ software application to manage its corporate actions processing. In addition, Oppenheimer will license eTRAN™, the web-based module for automated notifications and the capture and tracking of all responses.

Oppenheimer, the broker/dealer arm of Oppenheimer Holdings Inc. (NYSE and TSX: OPY), conducted a feasibility study regarding the development of a corporate actions system in-house versus using a third-party provider. After a rigorous analysis, Oppenheimer chose to use a third-party and selected the XSP solution based on its proven track record and robust functionality features.

XSP can substantially reduce the risk that is associated with processing corporate actions through automation. From the capture of data, event notification, and response tracking through the processing of entitlements, XSP allows the user to manage the corporate actions process and monitor exceptions.

Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus commented, “We are proud to welcome Oppenheimer & Co. as our latest XSP client. XcitekSolutionsPlus is dedicated to providing financial institutions with technologies that improve the products and services they offer to their clients. As one of the largest independent full-service securities firm in the U.S., Oppenheimer realizes the need for an automated solution that delivers superior results. Oppenheimer’s 1,600 financial advisors will greatly benefit from XSP’s eTRAN module in automating the distribution, collection, and tracking of corporate actions elections."

"After reviewing our options, XSP presented a solution that we believe will satisfy our requirements," says Robert Lowenthal, Technology Officer at Oppenheimer & Co. Inc. "They bring a vast amount of expertise and knowledge in implementing corporate actions systems and we look forward to the addition of XSP in our firm."

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