Oppenheimer Funds has recently appointed two notables to serve as trustees and advisory board members to its New York board.

The first is Joanne Pace. Currently working as a strategic advisor to financial services firms, which include hedge funds, asset management and capital markets companies, Pace was chief operating officer and managing director of Morgan Stanley Investment Management and has also held senior executive leadership positions at Morgan Stanley and Credit Suisse.

The second is Admiral Edmund Giambastiani, currently president of the Giambastiani Group. A retired U.S. Navy veteran and nuclear trained submarine officer, Admiral Giambastiani served as the seventh vice chairman of the Joint Chiefs of Staff from 2005 to 2007. During his 37-plus years of decorated military service, he also served as NATO's first Supreme Allied Commander Transformation, Commander United States Joint Forces Command and as Senior Military Assistant to the Secretary of Defense. Since retirement from the Navy, he has served on the boards of a number public companies including The Boeing Company.

Here is the press release:

Company Press Release
New Trustees/Advisory Board Members Appointed to Oppenheimer Funds New York Board

NEW YORK, Dec. 24, 2012 -- The Board of Trustees/Directors of the Oppenheimer Funds designated the New York Board ("New York Board" or "Board") is pleased to announce the recent appointment of Joanne Pace to the Board, effective November 2012. The Board also appointed Admiral Edmund P. Giambastiani, Jr., effective February 2013. The appointments were made in anticipation of the retirements of current board members in upcoming years. Ms. Pace and Admiral Giambastiani will be appointed as Directors/Trustees of those New York Board Oppenheimer Funds that do not require a shareholder vote, and as Advisory Board Members to the remaining Funds. Upon shareholder approval, Ms. Pace and Admiral Giambastiani will become Directors/Trustees of the remaining Funds.

Ms. Pace is a global financial services executive with significant experience in complex financial and investment portfolio businesses. She currently serves as a strategic advisor to financial services firms, which include hedge funds, asset management and capital markets businesses. Prior to forming her advisory firm, Ms. Pace was Chief Operating Officer and Managing Director of Morgan Stanley Investment Management and held senior executive leadership positions at Morgan Stanley and Credit Suisse. Ms. Pace is a Certified Public Accountant and holds an MBA from New York University's Stern School of Business.

"We are pleased to welcome Ms. Pace to our Board," said Joel W. Motley, Chair of the Governance Committee. "Ms. Pace brings with her 30-plus years of experience in the global financial services industry and we look forward to benefitting from her wealth of knowledge and expertise."

Admiral Giambastiani, serves as President of the Giambastiani Group LLC. A retired U.S. Navy veteran and nuclear trained submarine officer, Admiral Giambastiani served as the seventh Vice Chairman of the Joint Chiefs of Staff from 2005 to 2007. During his 37-plus years of decorated military service, he also served as NATO's first Supreme Allied Commander Transformation, Commander United States Joint Forces Command and as Senior Military Assistant to the Secretary of Defense. Since retirement from the Navy, he has served on the boards of a number public companies including The Boeing Company.

"Admiral Giambastiani, having completed an extraordinarily distinguished military career, has demonstrated an exceptional capability as a corporate director," said Brian F. Wruble, Chair of the Board of Trustees. "We are very proud and pleased to have him serve as a trustee."

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. As of September 30, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $186.4 billion in assets, including mutual funds having more than 12 million shareholder accounts, including sub-accounts. Known for its tagline The Right Way to Invest, OppenheimerFunds, Inc. has been helping investors reach their financial goals since 1960. The company and its divisions and subsidiaries offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts, qualified retirement plans and sub-advisory investment management services.

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.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALLOPP. Read prospectuses and summary prospectuses carefully before investing.

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