Company Press Release

OppenheimerFunds Hires New Head of Asset Allocation

NEW YORK, April 9, 2013 -- OppenheimerFunds announced that Mark Hamilton has been named CIO, Asset Allocation, effective April 8, 2013. In this capacity, Mr. Hamilton will lead the expansion of the investment strategies the Company brings to market, with a focus on designing and implementing multi-asset products and solutions. This capability will leverage OppenheimerFunds' existing franchise, which includes traditional asset classes, as well as a full complement of specialized and alternative asset classes. This is a newly created leadership role reporting directly to Art Steinmetz, Chief Investment Officer.

"Increasingly, advisors and their clients are looking for more packaged products that address client needs rather than just the component parts," said Steinmetz. "A 19-year industry veteran, Mark will focus on providing our retail and institutional clients with the solutions they need to help achieve their diverse investment goals."

"OppenheimerFunds has a long history in bringing new, innovative strategies to market and has built its reputation on being a high conviction, high alpha active manager with a globalized view," said Hamilton. "With such a strong investment foundation already in place, I am excited to help manage and build the next generation of asset allocation strategies, particularly as our clients and investors' needs continue to change dramatically."

Mr. Hamilton joins the firm from AllianceBernstein L.P., where he held various roles throughout his 19-year tenure. Most recently, he was Investment Director on the Dynamic Asset Allocation portfolio management team. His responsibilities included managing investments in the global equity, bond, credit, currency and real asset sectors, and directing the design, development and implementation of dynamic asset allocation strategies for institutional, sub-advisory, retail and private client channels. He previously served as Head of the North American Blend Team, Director of Fixed Income Plus Strategies, and Co-Head of the UK and European Fixed Income Team. He holds an M.S. in finance and applied economics from the Sloan School of Management at the Massachusetts Institute of Technology, and a B.A. in international relations and political science from the University of Southern California.

"Mark is a proven leader with a wealth of experience developing innovative asset allocation strategies," said Steinmetz. "His addition to the Firm will help address the fundamental shift to outcome-oriented solutions in the asset management industry and our clients' changing needs."