Company Press Release

NEW YORK, April 26 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that Julie Van Cleave has been named portfolio manager of the Oppenheimer Capital Appreciation Fund, effective immediately. In her role, Ms. Van Cleave will also be responsible for all institutional and sub-advised accounts related to the Fund, including the Oppenheimer Capital Appreciation Fund/VA. She will also become the new co-portfolio manager of the Oppenheimer Equity Fund.

"Julie has a long history of investment excellence and she brings a wealth of experience to our team," said Chris Leavy, CIO of Equities at OppenheimerFunds. "We have always strived to hire the best and brightest investment professionals available and we're continuing that trend with the addition of Julie."

Prior to joining OFI, Ms. Van Cleave worked for six years at Deutsche Asset Management as a managing director and lead portfolio manager of the DWS Capital Growth Fund. Before that, she spent 18 years at Mason Street Advisors, during which time she managed over $2.5 billion of U.S. large-cap growth products and served as the lead portfolio manager of the Mason Street Growth Fund. Ms. Van Cleave holds a B.A. and M.B.A. from the University of Wisconsin, Madison. She is also a CFA charterholder.

Ms. Van Cleave will be a key member of the Oppenheimer Growth Team, which consists of four portfolio managers and eleven analysts. The Oppenheimer Growth Team focuses on high quality growth companies with sustainable earnings, seasoned and proven management teams, and attractive valuations, in an attempt to help balance long-term growth with downside protection.

"Julie is a natural fit within the Oppenheimer Growth Team and shares our philosophy around high quality and sound portfolio construction," said Neil McCarthy, Director of Growth Equities at OppenheimerFunds. "Her attention to risk management and her long-term focus will fit well within the style and objectives of the team."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. The Oppenheimer funds managed by OppenheimerFunds, Inc. have nearly 6 million shareholder accounts.

Shares of mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

OppenheimerFunds is widely recognized as a leader in educating and empowering investors and for its award-winning customer service.


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