GainsKeeper in the News

WALTHAM, Mass. – January 12, 2009 - 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 is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.

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.