Company Press Release

OppenheimerFunds to Acquire SteelPath, a Leading Edge MLP Investment Manager

NEW YORK, NY (July 17, 2012) – OppenheimerFunds, Inc., announces it has signed an agreement to purchase SteelPath Capital Management and SteelPath Fund Advisors (“SteelPath”), an innovative and leading edge energy infrastructure investments company focused on the Master Limited Partnership (MLP) sector. SteelPath offers a family of MLP-focused mutual funds as well as privately available products. The transaction is expected to close during the fourth quarter of this year, subject to certain conditions and approvals. Financial terms of the transaction were not disclosed.

“SteelPath’s expertise in the MLP sector will be a key addition to our alternatives platform, complementing our real estate, commodities and precious metals product lineup,” said Bill Glavin, Chief Executive Officer, OppenheimerFunds, Inc. “The acquisition of SteelPath will enable OppenheimerFunds to respond to the growing needs of investors and advisors for investment products designed to offer income and inflation protection benefits.”

Gabriel Hammond, Founder and Chief Executive Officer, SteelPath said: “We’re pleased to be joining the OppenheimerFunds family. SteelPath will benefit from the broader and deeper exposure of the Oppenheimer distribution relationships while our investment team will remain focused on energy infrastructure investment. Together, we will be able to leverage our investment expertise in the MLP sector, much in the way OppenheimerFunds’ current investment teams operate today.”

With approximately $2.6 billion in assets under management as of June 30, 2012, SteelPath has a market leading position and seven-year track record in MLP investing, including an investment team with over 50 years of combined experience with investing and analyzing MLPs. The firm is a leading innovator in developing MLP investment products and was first to market with MLP-focused open-end mutual funds providing investors convenient access to this growing asset class.

The MLP structure has evolved to become the dominant form of organization used by energy infrastructure operators, similar to how real estate investment migrated to the REIT structure. Energy infrastructure assets include crude oil, petroleum products, and natural gas pipelines, tanks, terminals, and storage facilities characterized by their strategic importance and long useful lives. SteelPath is headquartered in Dallas, Texas.

Art Steinmetz, Chief Investment Officer, OppenheimerFunds, Inc. said: “A leader in investing in energy infrastructure, SteelPath will be a natural addition to OppenheimerFunds’ investment boutique structure. Their actively managed, team-driven, research-based products will align with our high conviction culture. Income producing, real asset focused strategies such as MLPs, are a fast growing segment of the asset management marketplace with continued investor and advisor interest.”

SteelPath products have key attributes that investors are looking for – products that seek income that is linked to real assets providing for inflation-hedging potential with some of these assets benefiting from annual revenue adjustments tied to inflation measures such as the PPI (Producer Price Index), growth potential, and unique tax advantages. Importantly, the expected volume growth in domestically produced crude oil, natural gas, and natural gas liquids over the coming decade should provide robust growth opportunities for energy infrastructure providers. UBS Investment Bank acted as financial advisor to OppenheimerFunds, Inc. and Deutsche Bank Securities Inc. acted as financial advisor to SteelPath. Willkie Farr & Gallagher LLP acted as legal advisor to OppenheimerFunds, Inc. and Ropes & Gray LLP acted as legal advisor to SteelPath.

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Investments in securities of MLPs involve risks that differ from investment in common stock. Additional risks associated with investment in MLPs include cash flow risks, tax risks and deferred tax risks. Investments concentrated in one economic sector, such as energy, experience greater volatility than more broadly based investments.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment management companies. As of June 30, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $176 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.

About SteelPath

SteelPath is a leading investment manager of Master Limited Partnership (MLP) portfolios. The firm has been investing in MLPs since 2004, and is based in Dallas, Texas. Products offered include mutual funds, separately managed accounts, and investment limited partnerships. SteelPath employs a fundamental, research driven portfolio selection process to invest predominately in U.S. based energy infrastructure companies structured as MLPs. Energy infrastructure MLPs transport, store, and process liquid hydrocarbons and natural gas, and generate revenues largely through fee or fee like contracts. MLPs have been and are expected to continue to be integral in the new energy infrastructure needed to support the rapid growth in domestic energy production projected over the coming decade.

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.

You should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. For a prospectus, or summary prospectus, that contains this and other information about the Funds, call 1-866-752-5444 or visit the Fund’s website at www.steelpath.com. If you are a direct investor and would like to speak with a representative about your account, please call 1-888-614-6614.

Please read the prospectus, or summary prospectus, carefully before investing.

SteelPath Funds are distributed by UMB Distribution Services, LLC. OppenheimerFunds Distributor, Inc. is not affiliated with UMB Distribution Services, LLC.

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 1.800.525.7048. Read prospectuses and summary prospectuses carefully before investing.

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