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FOR IMMEDIATE RELEASE
PR- 275-03
October 02, 2003

MAYOR MICHAEL R. BLOOMBERG AND GOVERNOR GEORGE E. PATAKI ANNOUNCE OPPENHEIMERFUNDS TO RETURN DOWNTOWN

OppenheimerFunds' Return of 550 Employees to Lower Manhattan Speaks to the Strength of New York as the "Financial Capital of the World"

Mayor Michael R. Bloomberg and Governor George E. Pataki today joined John V. Murphy, Chairman and Chief Executive Officer of OppenheimerFunds, Inc., to announce the financial services company will return with more than 550 employees to its offices in Lower Manhattan. The company, which previously was in Two World Trade Center and moved temporarily to Midtown, recently negotiated a 10-year lease for 189,000 square-feet of space at Two World Financial Center.  NYC Economic Development Corporation (EDC) President Andrew Alper and NYS Empire State Development Corporation (ESDC) Chairman Charles Gargano also attended the announcement at the Winter Garden in Lower Manhattan.

"We are making remarkable strides in revitalizing Lower Manhattan," said Mayor Bloomberg. "The determination of OppenheimerFunds to return downtown sends an important message to New York City's business community that Lower Manhattan's recovery is picking up speed.  Today's wonderful announcement, following closely the news that Cadwalader, one of our oldest and most prestigious law firms, is moving to One World Financial Center, clearly demonstrates the incredible momentum building in Lower Manhattan.  The pace of progress downtown has been extraordinary, and we look forward to the many milestones ahead in the area's inspired recovery."

"OppenheimerFunds's decision to return to Lower Manhattan speaks volumes about downtown's continuing status as Financial Capital of the World, and they join the ranks of many esteemed firms who have made the same, smart choice," said Governor Pataki.  "We're working hard each day to strengthen Lower Manhattan's economy, partnering with top corporations like OppenheimerFunds to invest and bring jobs here. We thank OppenheimerFunds and its employees for everything they're doing to bring back Lower Manhattan stronger than ever."

Following September 11, 2001, OppenheimerFunds initially dispersed its staff to multiple locations in several states, and in December 2001, regrouped at its present address of
498 Seventh Avenue in Midtown.

"Since 9/11, one of the top priorities for OppenheimerFunds has been to find first class space at a reasonable cost which will be conducive to our business needs," said John Murphy, CEO of OppenheimerFunds.  "Two World Financial Center not only provides us with tremendous space, it allows OppenheimerFunds to be an active participant in the rebuilding of Lower Manhattan. We are very excited to come home."

OppenheimerFunds is the latest company to invest downtown under the World Trade Center Job Creation and Retention Program (JCRP), a State-City initiative designed to bolster the economic recovery of Lower Manhattan with new business investments and jobs. The financial services company will receive a $4.06 million JCRP grant for moving its offices and more than 550 employees to the World Financial Center. The company will begin to move its operations downtown this weekend and will be fully in by the end of October.

Since the Job Creation and Retention Program began in early 2002, 71 grants have been awarded for a total of more than $245 million in funding.  To date, the WTC Job Creation and Retention Program has helped retain and create more than 71,700 jobs in New York City. Of this amount, 58,657 jobs have been retained and 5,142 jobs will be created in Lower Manhattan.

"Under the leadership of Mayor Bloomberg and Governor Pataki, New York is seeing a remarkable commitment from the business community," said EDC President Alper. "By working together, we've helped create and keep almost 64,000 jobs in Lower Manhattan, reinvigorating the downtown community. I strongly applaud OppenheimerFunds for its confidence in New York City and especially in Lower Manhattan, the premier financial center in the world."

"The decision of OppenheimerFunds to return its home to downtown is exciting news for the entire business community - from large business to small business," said ESDC Chairman Gargano. "Today again demonstrates the Governor's commitment to downtown's economy, and these 550-plus jobs show how our WTC recovery programs are literally generating new customers for the area's small businesses."

The program is a federally funded assistance program designed for the approximately 140 companies south of Canal Street having more than 200 employees. The program, jointly administered by EDC and ESDC, is designed to stabilize the job base in Lower Manhattan, restore the vibrancy of the downtown community, encourage the creation of new jobs, attract new businesses and diversify the downtown economy. The program is targeted at large companies because they account for more than half of all the private sector jobs in Lower Manhattan, which in turn support thousands of smaller-sized businesses.

Founded in 1959, OppenheimerFunds, Inc. is one of the nation's largest and most respected mutual fund managers.  As of December 31, 2002, the company and its subsidiaries managed assets of more than $130 billion, held in more than seven million shareholder accounts.







MEDIA CONTACT:


Edward Skyler / Jennifer Falk   (212) 788-2958

Lisa Stoll / Mollie Fullington (Governor)   (212) 681-4640

Michael Sherman / Janel Patterson (EDC)   (212) 312-3523




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