NEW YORK, June 19, 2014 — OppenheimerFunds, a leading investment management company, today announced the plan to launch Oppenheimer Emerging Markets Innovators Fund (EMIAX). The fund will be co-managed by Justin Leverenz, portfolio manager of the $41.3 billion Oppenheimer Developing Markets Fund, and Heidi Heikenfeld. The fund is expected to launch at the end of June 2014.

The new fund will build on the firm’s long history of success in emerging markets and invest in companies with disruptive products, brands, business models or other strategic differentiators that establish an entirely new market or result in rapid share gains within an existing market.

“American investors tend to look at innovation as an American phenomenon, but by looking to emerging markets – which are filled with inspired entrepreneurs benefitting from an increasingly skilled and educated workforce – we can find transformational companies at great value,” said Mr. Leverenz.

The fund will be country and sector agnostic and seek opportunities across the following structural growth themes: financial inclusion; logistics, distribution, e-commerce and modern retail; private education and healthcare services; and internet media and content. A low turnover, bottom-up investment approach will be used in identifying potential investments, which will be heavily weighted towards small- and mid-cap companies. On-the-ground research into each portfolio company will provide an added level of insight.

Mr. Leverenz, who has more than 20 years of experience investing in emerging markets, is the sole portfolio manager of the Oppenheimer Developing Markets Fund, a five star-rated fund by Morningstar for the 10-year period (Class A shares rated 5 stars by Morningstar among 156 Diversified Emerging Markets funds, for a 10 year period ended 3/31/14 based on risk-adjusted performance).1 Ms. Heikenfeld brings an additional 14 years of experience identifying and investing in transformational growth ideas globally.

“This is an exciting time to invest in innovation,” said Ms. Heikenfeld. “We believe certain companies will be responsible for the next wave of growth in emerging markets, and we intend to capitalize on the increased demand for their innovative products and services.”

The fund seeks to outperform the MSCI Emerging Markets Mid Cap Index on an absolute and risk adjusted basis over a three- to five-year period on a cumulative basis. The index is unmanaged and cannot be purchased directly by investors.

1 For each fund with at least a three-year history, Morningstar calculates ratings based on a proprietary risk-adjusted return score that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% 1 star with some adjustments for multiple share class portfolios. The Overall Morningstar Rating is derived from a weighted average of the 3-, 5- and 10-year ratings (where applicable). For the 3-, 5- and 10-year periods, respectively, the Fund was rated 4, 4 and 5 stars among 424, 317, and 156 funds in the Diversified Emerging Mkts category for the time period ended 3/31/14. Rating is for Class A shares and rating may include more than one share class of funds in the category, including other share classes of this Fund. Different share classes may have difficult expenses and performance characteristics. Past performance does not guarantee future results.