OppenheimerFunds Hires Laton Spahr as Value Portfolio Manager

Contact
Kaitlyn Downing
OppenheimerFunds, Inc.
212.323.0231
kdowning@oppenheimerfunds.com

NEW YORK, NY (March 1, 2013) – OppenheimerFunds, Inc., announced that Laton Spahr, CFA, has been named portfolio manager of Oppenheimer Value Fund, Oppenheimer Select Value Fund, Oppenheimer Small- & Mid- Cap Value Fund and all related strategies, effective March 11, 2013. Mr. Spahr will also be co-portfolio manager of Oppenheimer Equity Fund.

"Laton has a long history of investment excellence and brings a wealth of experience to our company,” said Art Steinmetz, Chief Investment Officer at OppenheimerFunds. “We have always strived to hire investors with keen intellect, passion and conviction. We’re continuing that trend with Laton’s arrival.”

Mr. Spahr joins the firm from Columbia Management Investment Advisors, where he was a senior portfolio manager for value and income strategies across institutional and retail investment channels. During his 12 year tenure, he also conducted equity risk management, analyzed and traded derivatives and structured portfolios and was a technology analyst. He holds a B.S. in finance and a minor in accounting from the University of Wyoming and an M.S. in finance, investments and banking as part of the Applied Security Analysis program at the University of Wisconsin. He is also a CFA® charterholder.

Mr. Spahr will be the leader of a three person team he brings from Columbia including Eric Hewitt, Kyle Bergacker and Daniel Hozian. Mr. Spahr and team have a strong, long-term track record managing value and income products across the market cap spectrum.

Effective February 28, 2013, John Damian and Mitchell Williams, CFA, are no longer portfolio managers on their respective products. Michael Levine, CFA, will be the interim Portfolio Manager on the three strategies until March 11, 2013.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment management companies. As of December 31, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $195 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.

Value investing involves the risk that undervalued securities may not appreciate as anticipated.

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