Oppenheimer Names New President
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Wednesday, March 14, 2007

Oppenheimer Names New President

OppenheimerFunds, Inc. (OFI) today named Kurt Wolfgruber as its President. Mr. Wolfgruber adds responsibility for the Company's Retail and Wealth Management business units and will remain Chief Investment Officer.

Donna Winn, President of OFI Private Investments, Inc. and Richard Knott, President of OppenheimerFunds Distributor, Inc. (OFDI) will report to Mr. Wolfgruber. His investment responsibilities and the reporting structure in the investment organization will remain in place. John V. Murphy, currently President, Chairman and CEO, remains Chairman and CEO.

"OppenheimerFunds has experienced significant growth over the last five years and we expect to continue to grow our core mutual fund business as well as our other business lines," said Mr. Murphy. "Kurt's new responsibilities will help us achieve our goals by deepening the management resources we can apply to two key businesses and increasing alignment between investments and distribution."

Since the end of 2001, the Company has doubled assets under management, grown its flagship retail organization by nearly tripling sales, and built two business lines to reach new customer segments with the goal of creating a diversified asset management company.

Mr. Wolfgruber, who has over thirty years of investment management experience, joined OFI in 2000 as Director of Domestic Equities and was named Chief Investment Officer in 2003. Before joining the Company, he spent 26 years at JP Morgan Investment Management where he held a variety of positions.

"Kurt has been a key contributor to our success since he joined the firm in 2000," said Murphy. "He has helped build an award-winning investment management organization focused on producing investment excellence for our shareholders and I am confident that with his additional responsibilities the growth of the firm will continue."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. At December 31, 2006, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $235 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. SOURCE OppenheimerFunds, Inc.

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