Company Press Release

NEW YORK, Aug. 5 -- OppenheimerFunds, Inc. today announced it has appointed four industry veterans to newly created leadership positions within its marketing and distribution organizations. Kimberly Mustin and Joseph Moran join the distribution group as Head of Strategic Accounts and Head of Wealth Management, respectively. In marketing, Lori Heinel joins as Head of Investment Services and Barbara Reinhard joins as Director of Client Reporting and Communications.

"We continue to invest in strengthening the leadership of our sales and marketing organizations to better address the evolving needs of advisors and institutions," said Bill Glavin, CEO of OppenheimerFunds. "These new hires represent our ongoing commitment to building world-class sales and marketing functions and are indicative of our ability to attract the best and brightest from our industry to join our successful asset management business."

Kimberly Mustin joins to head the newly formed Strategic Accounts department, a unified group that will allow for seamless cooperation and sharing of information and resources across the Retail, Institutional, Large Trust Banks and DCIO/Subadvisory sales channels. She joins from Legg Mason where she was a Managing Director and Co-Head of Americas Distribution.

To establish a stronger presence with RIAs, Trust Banks and Family Offices, Joseph Moran joins as Head of Wealth Management. This newly formed department will focus on serving these highly sophisticated, fast-growing segments of the market. Mr. Moran joins from DWS Investments, a unit of Deutsche Asset Management, where he had been since 1996. He most recently held the position of Managing Director and Head of the Financial Institutions Group.

"Kim and Joe are highly regarded in our industry as leaders and innovators," said Philipp Hensler, Chief of Distribution at OppenheimerFunds. "I look forward to working with them to build stronger relationships with our existing clients and to expand our reach into new segments of the market," he added.

Investment Services, headed by Lori Heinel, is a newly created department within marketing that will develop investment thought leadership and provide clients with greater access to the firm's investment knowledge. Ms. Heinel joins from Citi Private Bank, where she was a Managing Director and Head of Investment Solutions. In this role she managed sales and advice teams that delivered products and solutions to clients. She also created research papers, investment positioning statements and increased clients' awareness of topical investment opportunities through speaking engagements.

Barbara Reinhard joins as Senior Vice President of Client Reporting and Communications. In this role, Ms. Reinhard will have responsibility for client investment communications and RFPs. She joins from Morgan Stanley Smith Barney where she had been since 1991. At Morgan Stanley Smith Barney she was most recently Deputy Chief Investment Strategist for the Global Wealth Management Division.

"Communicating our thought leadership and point of view to the marketplace are important goals for our Company and will extend the OppenheimerFunds brand," said Marty Willis, Chief Marketing Officer at OppenheimerFunds.  "With Lori and Barbara on board we have the leadership, expertise and experience to confidently achieve these goals."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. As of June 30, 2010, OppenheimerFunds, Inc., including subsidiaries, managed more than $155 billion in assets, including mutual funds having approximately 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.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and if available, summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting our website at www.oppenheimerfunds.com, or calling us at 1.800.525.7048. Read prospectuses and if available, summary prospectuses, carefully before investing.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY, 10281

SOURCE OppenheimerFunds, Inc.


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