Company Press Release

NEW YORK, Dec. 8 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) announced today that Geoffrey J. Craddock has been named Senior Vice President and Director of Risk Management & Asset Allocation effective today. In this position, he will oversee the Firm's fixed income and equity portfolio risk management functions and work to develop a consistent, structured, firm-wide approach to evaluating risks and developing asset allocation plans.

"Geoff joins us at a crucial time," said Kurt Wolfgruber, OFI's President and Chief Investment Officer. "As we continue to focus on asset allocation products and managing risks in individual funds, Geoff's broad experience will serve us well."

Mr. Craddock most recently served as Senior Vice President and Head of Market Risk Management for CIBC, where he oversaw market risk management globally for the bank's investment banking, trading and retail activities. He led a team that included market risk control, risk analytics, portfolio analysis and reporting, and related technology development. He and his team managed risk across the full spectrum of asset classes and security types including cash and derivative products in the fixed income, equities, commodities, and foreign exchange markets.

In total, Mr. Craddock spent 15 years with CIBC in London, Toronto and New York in a variety of risk management and trading roles and 12 years prior to that in trading and brokerage positions with various investment banks in Europe and the United States. He holds a Mathematics degree from Cambridge University and an MBA from Cranfield School of Management, both in the United Kingdom.

"I am looking forward to the opportunities this position presents," Mr. Craddock said. "As asset allocation products play an increasing role in helping investors prepare for and live in retirement or attain other financial goals, developing a rigorous approach to structuring these products and managing risks in underlying funds is crucial to their success."

Mr. Craddock will report to Mr. Wolfgruber. OFI's existing risk management teams will report to Mr. Craddock.