NEW YORK, January 9, 2014 – OppenheimerFunds (OFI) is pleased to announce that Mary Ann Picciotto will join the firm as Chief Compliance Officer and is expected to start in the first quarter of 2014. In this role, Ms. Picciotto will be responsible for all aspects of regulatory compliance for OFI’s five affiliated investment advisers as well as its three commodity pool operators and advisers, two transfer agents, broker-dealer, and state-chartered trust company, providing compliance services to more than 100 mutual funds and dozens of institutional accounts. Ms. Picciotto will be based in New York and will oversee a staff of more than 30 compliance professionals in three U.S. locations. She will report directly to Ari Gabinet, General Counsel.

“Mary Ann is an inspiring compliance leader with broad experience, new perspectives and an energizing approach that will invigorate our compliance program,” said Mr. Gabinet. “We are delighted to have her join OppenheimerFunds, and look forward to the evolution of our compliance function as our business continues to evolve and grow.”

Ms. Picciotto joins the firm from Morgan Stanley Investment Management where she most recently served as Global Head of Compliance & Chief Compliance Officer for the Morgan Stanley funds. Previously, she worked for PricewaterhouseCoopers on the Assurance and Business Advisory Services team in the Investment Management Services division.

OppenheimerFunds’ current Chief Compliance Officer, Mark Vandehey, who has been with the firm for more than 31 years, plans to retire after a transition period with Ms. Picciotto.