Company Press Release

OppenheimerFunds, Inc. Expands Senior Floating Rate Offering With New Fund

Senior Floating Rate Fund Plus Fund Offers Investors Access to More Flexible Senior Loan Investing Platform Backed by Proven Investment Team

NEW YORK, Aug. 26, 2013 -- OppenheimerFunds today announced the extension of its senior loan investing franchise with the launch of the Oppenheimer Senior Floating Rate Plus Fund ("SFR PLUS"), an actively-managed fund that offers investors access to the same experienced team as the firm's original Senior Floating Rate Fund ("SFR"). Like SFR, SFR PLUS will invest primarily in senior loans, however will be different in that it will have the added flexibility to include high yield bonds and employ leverage. SFR will continue to be managed with the same product purity focus as has been the case since its 1999 inception.

"With ongoing interest rate uncertainty, floating rate loans continue to be an excellent option for investors looking to manage interest rate risk while seeking an income stream," said Krishna Memani, Chief Investment Officer, Fixed Income, at OppenheimerFunds, Inc. "Our flagship Senior Floating Rate Fund has thrived since its inception 14 years ago. We are now taking that same experienced team and giving them added flexibility to take advantage of the current market environment through high yield bonds and increased return potential via leverage. We believe the new SFR PLUS fund will be attractive to investors seeking higher potential income opportunities in their portfolios."

Joseph Welsh, Head of the Corporate High Yield Debt Team, and Margaret Hui, Vice President, will lead the new SFR PLUS. The pair currently co-manages the $13.3 billion Oppenheimer Senior Floating Rate Fund (OOSAX), which they launched in 1999. Welsh and Hui will be supported by the full SFR investment team, ensuring investors have access to the team's fundamental, "bottom-up" investment process and expertise that has made the SFR a top player in the space.

Like the original SFR, the SFR PLUS (OSFAX) will use a security-by-security focus that attempts to identify the most attractively valued opportunities in the senior loan market, commensurate with risk. Risk is further managed through the team's focus on diversifying across industries and individual holdings. Unique to the new SFR PLUS will be enhanced return potential created through the ability to invest in high yield bonds and the use of leverage.