Statement from Oppenheimer Investments AG

A press release attributed to the law firm of McCarter & English,
LLP issued on Thursday, April 5, 2007 repeats grossly inaccurate and
scurrilous accusations made by ECO Munich, LLC and Mr. Jacques Allouf
concerning Oppenheimer Investments AG and parts of its management
Samuel Grossmann and Conrad Stampfli in a private civil lawsuit filed
last week in New York. The allegations are inaccurate and the claims
of ECO Munich and Mr. Allouf are entirely without merit.

Oppenheimer Investments emphatically denies each of the scurrilous
accusations of ECO Munich, Mr. Rueckel and Mr. Allouf. Contrary to
these parties' allegations, Oppenheimer Investments has never claimed
to be affiliated with the South African Oppenheimer family, there were
no financial irregularities with respect to the Blue City Project and
ECO Munich, Mr. Rueckel and Mr. Allouf never provided the services in
connection with the project for which they are claiming payment. With
respect to the Blue City Project, Moody's recently rated the A1 tranch
of the USA $925 million note financing Baa3 and construction is
progressing completely on schedule with interest in the residential
sale of villas and apartments exceeding all projections. The lawsuit
and the press release issued by their attorneys are simply an attempt
to obtain payments to which they are not entitled. Oppenheimer
Investments will vigorously defend the lawsuit and take appropriate
legal action against ECO Munich, Mr. Rueckel and Mr. Allouf, including
obtaining repayment of certain monies already paid to which they were
not entitled. Oppenheimer will hold Mr. Rueckel, Mr. Allouf, ECO
Munich and their attorneys responsible for any damage caused by their
allegations.