OppenheimerFunds, Inc. Selects Wolters Kluwer Financial Services` GainsKeeper to Help Meet New Requirements of Cost Basis Reporting Law

WALTHAM, Mass.--(Business Wire)--
Wolters Kluwer Financial Services announced today that OppenheimerFunds, Inc.
(OFI) has implemented its GainsKeeper tax lot accounting technology to help meet
requirements of the newly enacted cost basis reporting law.

The law, which was passed last October as part of the Emergency Economic
Stabilization Act of 2008, requires financial institutions to report adjusted
basis information for covered securities to the Internal Revenue Service (IRS)
and their customers. Because of the complexities related to cost basis
reporting, many firms are considering how they will develop and/or implement a
cost basis system that will meet the new requirements. OFI began implementing
the GainsKeeper system prior to the law`s passing to ensure the firm would be
ready to meet the requirements and their customers` needs.

"We are very excited to work with OppenheimerFunds and help them stay ahead of
the curve in terms of preparing for the new law`s effective dates," said Chuck
Ross, general manager for GainsKeeper. "Since the law will likely require many
firms to undergo significant system overhauls that could take many months,
OppenheimerFunds is extremely well-positioned to comply with the law and help
investors address challenging cost basis issues."

"In examining the law`s potential requirements and knowing that we could
leverage GainsKeeper`s tax expertise and technology, it was clear this
partnership would be very beneficial to our organization and our clients," said
Christine Polak, vice president of Operations at OppenheimerFunds, Inc. "We were
impressed with GainsKeeper`s ability to provide detailed cost basis and capital
gains calculations, allowing us to automate a complex process and have ample
lead time in preparing for the new cost basis reporting law."

The new law will apply to stock acquired on or after Jan. 1, 2011; open-end
mutual fund and dividend reinvestment plan stock acquired on or after Jan. 1,
2012; and debt instruments, options and other covered securities acquired on or
after Jan. 1, 2013.

For more information about the cost basis reporting law, visit the Cost Basis
Reporting Resource Center at www.costbasisreporting.com, which includes
information about the law`s requirements, white papers, FAQs and commentary from
Wolters Kluwer Financial Services` tax experts.

About GainsKeeper

GainsKeeper®, a part of Wolters Kluwer Financial Services, provides automated
tax-based financial tools and services to the investment community.
GainsKeeper`s solutions enable financial institutions to offer sophisticated tax
lot accounting services to their customers, ranging from back-office outsourcing
to fully integrated, web-based tools and services utilized by the brokerage,
mutual fund, and fund administration industries. In addition, GainsKeeper offers
products designed specifically for individual investors and accountants to meet
their complex tax reporting and portfolio analysis needs. For more information,
visit www.gainskeeper.com.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content,
and technology solutions and services that help financial organizations manage
risk and improve efficiency and effectiveness across their enterprise. The
organization`s prominent brands include Bankers Systems, VMP Mortgage Solutions,
PCi, GulfPak, Desert Document Services, AppOne, GainsKeeper, Capital Changes,
NILS, AuthenticWeb and Uniform Forms.

Wolters Kluwer Financial Services` solutions include integrated and stand-alone
compliance and workflow tools, documentation, analytics, authoritative
information and professional services. Customers include banks, credit unions,
mortgage lenders, and securities and insurance organizations of all sizes
throughout the United States. For more information on Wolters Kluwer Financial
Services, visit www.WoltersKluwerFS.com.

Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global
information services and publishing company with annual revenues of (2007) €3.4
billion ($4.8 billion) and approximately 19,500 employees worldwide. Visit
www.WoltersKluwer.com.

About OppenheimerFunds

OppenheimerFunds, Inc. is one of the nation`s largest and most respected
investment management companies. The Oppenheimer funds managed by
OppenheimerFunds, Inc. and its subsidiary have more than 6 million shareholder
accounts.

Shares of mutual funds are not deposits or obligations of any bank, are not
guaranteed by any bank, are not insured by the FDIC or any other agency, and
involve investment risks, including the possible loss of the principal amount
invested.

The products and services of OppenheimerFunds, Inc. and its controlled
affiliates include: mutual funds, qualified retirement plans for individuals and
corporations, investment management for institutions and sub-advisory services.
OppenheimerFunds is widely recognized as a leader in educating and empowering
investors and for its award-winning customer service.

Before investing in any of the Oppenheimer funds, investors should carefully
consider a fund`s investment objectives, risks, charges and expenses. Fund
prospectuses contain this and other information about the funds, and may be
obtained by asking your financial advisor, calling us at 1.800. 525.7048 or
visiting our website at www.oppenheimerfunds.com. Read prospectuses carefully
before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281.
OppenheimerFunds, Inc. is a member of the MassMutual Financial Group and is not
affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.

© Copyright 2009 OppenheimerFunds Distributor, Inc. All rights reserved.

Wolters Kluwer Financial Services
Jennifer Marso, 612-852-7912
Director, Corporate Communications
jennifer.marso@wolterskluwer.com
or
Angela Peterson, 612-656-7745
Senior Public Relations Specialist
angela.peterson@wolterskluwer.com
OR
OppenheimerFunds, Inc.
Andrew Healy, 212-323-0325
Manager, Media Relations
ahealy@oppenheimerfunds.com

Copyright Business Wire 2009