Nikos Monoyios, co-manager of three Oppenheimer Main Street funds, will retire from the New York fund shop at the end of the month. Monoyios, who has spent a decade at OppenheimerFunds, is co-manager of the Oppenheimer Main Street Fund, Oppenheimer Main Street Opportunity Fund and Oppenheimer Main Street Small Cap Fund.

Current team members of the quantitative -- a.k.a. "Main Street" -- team at Oppenheimer will continue in their roles and assume Monoyios' duties.

Company Press Release

NEW YORK, June 3 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that, after 10 years of service, Nikos Monoyios, co-manager of Oppenheimer Main Street Fund, Oppenheimer Main Street Opportunity Fund and Oppenheimer Main Street Small Cap Fund will retire from the Company effective June 30, 2008.

"Nikos has made significant contributions to OppenheimerFunds during his time here, building a talented quantitative investment team," said Chris Leavy, Director of Equities at OppenheimerFunds. "Shareholders of the Oppenheimer Main Street Funds have benefited from the approach that Nikos and his colleagues implemented and refined over the past 30 years."

The Quantitative Investment, or "Main Street" Team at OFI, is responsible for the management of three funds: Oppenheimer Main Street Fund, Oppenheimer Main Street Opportunity Fund and Oppenheimer Main Street Small Cap Fund. Current team members Mark Zavanelli, Dr. Marc Reinganum and Dr. Alex Zhou will continue in their roles and assume Mr. Monoyios' responsibilities for the funds.

Mr. Zavanelli, who has served as co-manager of the Oppenheimer Main Street Small Cap Fund since its inception in 1999 and co-manager of Oppenheimer Main Street Opportunity Fund since 2003, will continue in those roles while also becoming co-manager of Oppenheimer Main Street Fund. Mr. Zavanelli joined OFI in 1998 and has more than 15 years of experience in the asset management industry. Barron's has ranked him among its "Top 100 Mutual Fund Managers" for the past five years. 1

Dr. Reinganum, Director of Research for the Main Street Team and co-manager of Oppenheimer Main Street Fund since October 2003, will become co-manager of Oppenheimer Main Street Small Cap Fund and Oppenheimer Main Street Opportunity Fund, along with Mr. Zavanelli. Dr. Reinganum joined OFI in 2002 after a long career in academia, including over ten years of consulting for the Main Street Team.

Dr. Alex Zhou, senior quantitative analyst with the Main Street Team since 1999, will join the Oppenheimer Main Street Fund as co-portfolio manager. Dr. Zhou holds an M.B.A. from the University of Chicago and a Ph.D. from Northwestern University. He is also a Chartered Financial Analyst.

With an investment career spanning over 30 years, Mr. Monoyios is widely regarded as one of the industry's leading money managers. He joined OppenheimerFunds in 1998 after serving as a Portfolio Manager on the team that pioneered the use of quantitative tools in investment management at Guardian Investor Services. He has been ranked among Barron's "Top 100 Mutual Fund Managers" for the last five consecutive years. 1

"I'd like to thank Nikos for his significant contributions and wish him well in his retirement," said Mr. Leavy. "I am confident that the talented team he helped build will continue to provide investment excellence through quantitative management."

About OppenheimerFunds, Inc.
OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. At March 31, 2008, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $240 billion in assets, including mutual funds having more than 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.

The products and services of OppenheimerFunds, Inc. and its controlled affiliates include: mutual funds, hedge funds of funds, qualified retirement plans for individuals and corporations, investment management for institutions and sub-advisory services. 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 contain this and other information about the fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at http://www.oppenheimerfunds.com/. Read prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281. OppenheimerFunds, Inc. is a member of the MassMutual Financial Group and is not affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.

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