OppenheimerFunds has hired Darren Walsh for the positions of executive vice president of OppenheimerFunds and president of OppenheimerFunds Services. Walsh was most recently employed with Comverse, a technology company. He replaces Michael Baldwin, who passed away last Spring according to a company spokesman.

OppenheimerFunds Inc. (OFI), a leading asset management company, has appointed Darren Walsh to the position of Executive Vice President of OppenheimerFunds, Inc. and President of OppenheimerFunds Services (OFS). OFS, a division of OFI, provides transfer agency services to the Company's more than six million shareholder accounts which hold shares in the more than 80 Oppenheimer mutual funds. He will also be responsible for the Company's Technology and Fund Operations groups.

Mr. Walsh brings over 20 years of executive experience growing and leading technology and operations functions for various Denver-area companies including Kenan Systems, Lucent Technologies, and CSG Systems.

He will be the senior officer in OppenheimerFunds' Colorado offices, which employ over 1600 professionals. The Company was recently named "Best Financial Services Company" in Colorado by ColoradoBiz magazine based on the Company's performance and positive impact on the community. OFS has repeatedly been recognized for its excellent customer service and has been awarded National Quality Review (NQR) Best-In-Class designations numerous times over the last several years. NQR, an industry customer service analyst, evaluates and compares service among mutual fund companies.

"Darren's credentials are excellent and he brings us the technical knowledge combined with the leadership skills necessary to position OppenheimerFunds for continued growth," said John V. Murphy, Chairman and CEO of OppenheimerFunds. "He demonstrates qualities that align closely with our values based culture."

"OppenheimerFunds is known for producing consistent quality service for investors and intermediaries," said Mr. Walsh. "I look forward to building on that reputation for excellence by continuing to grow OFS as a people oriented, results driven business that focuses on the customer."

Mr. Walsh is a graduate of the College of the Holy Cross and the Massachusetts Institute of Technology Sloan School of Management.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. At September 30, 2007, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $260 billion in assets, including mutual funds having more than six 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 www.oppenheimerfunds.com. Read prospectuses carefully before investing.

OppenheimerFunds, Inc. is a member of the MassMutual Financial Group and is not affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.

Edited by: Erin Kello

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