Education Trust Board of NM approves consolidation of CollegeSense

March 17, 2008

Press Release

Education Trust Board of New Mexico announces consolidation and simplification of 529 program structure

SANTA FE, NEW MEXICO—March 17, 2008 – The Education Trust Board of New Mexico announced today that it has approved the consolidation of CollegeSense®, currently managed by Evergreen Investments, into the Scholar’sEdge 529 college savings plan, currently managed by OFI Private Investments, a subsidiary of OppenheimerFunds, Inc. Under a mutual agreement reached among the Board, Oppenheimer and Evergreen, OFI Private Investments will be the sole program manager of the state of New Mexico’s 529 enhanced college savings plan, Scholar’sEdge®. The consolidation will be effective in April 2008. OFI Private Investments will be responsible for the program operations and service as well as acting as investment manager of Scholar’sEdge, as well as The Education Plan®, which is New Mexico’s direct sold college savings program. OppenheimerFunds Distributor, Inc. will distribute both plans.

“This is great news for college savers in New Mexico and across the country. We believe that consolidating and simplifying the plan will save money for account owners over the long term,” said Dr. Reed Dasenbrock, New Mexico Cabinet Secretary of Higher Education Chair of the state’s Education Trust Board. “OppenheimerFunds has successfully managed more than six 529 plan conversions seamlessly and we are confident in their ability to do so in this case as well.”

“College savings plans are a very meaningful part of OppenheimerFunds’ business and we are committed to the business as well as continued success in New Mexico as the sole program manager,” said Raquel Granahan, Senior Vice President, Wealth Management at OppenheimerFunds, Inc. “Clients will benefit from the new structure as we believe we will be able to deliver lower cost and better performance in this new single manager arrangement.”

“Scholar'sEdge and The Education Plan have consistently ranked among the top-performing 529 plans in the nation,” Dasenbrock added. “They are important tools for helping New Mexicans plan to pay for college, whether for a child, a grandchild, a relative or friend.”

OppenheimerFunds and Evergreen Investments served as joint program managers since 2005. OppenheimerFunds Distributor, Inc. and Evergreen served as distributors of the New Mexico college savings products since 2001 and 2002 respectively.

“For Evergreen Investments, this transition ensures that our CollegeSense 529 clients will be well served by Oppenheimer’s commitment to this savings vehicle and allows us to focus our resources on our primary strengths - equity and fixed income asset management," said Dennis Ferro, chief executive officer, Evergreen Investments.

As of 12/31/07, the Education Trust Board oversaw over $2 billion in 529 college savings plan assets. Approximately 88,000 accounts are expected to be transitioned over from CollegeSense® to Scholar’sEdge®. In addition, as part of the consolidation, Scholar’sEdge® will become a multi-manager platform with the addition of investment options from MainStay Investments, a division of New York Life Investment Management LLC (NYLIM).

“Mainstay Investments looks forward to continuing our longstanding relationship with New Mexico’s 529 programs, working with OppenheimerFunds and supporting the marketing and investment management of Scholar’sEdge®,” said Fern Gartenhaus, Vice President, Marketing and 529 Product Management at Mainstay Investments. “We are dedicated to adding value for ScholarEdge account owners by providing solid underlying investments for the program, to help college savers reach their higher education goals.”

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About the New Mexico Education Trust Board

The Education Trust Board is the governing body for New Mexico’s 529 college savings programs. The board is administratively attached to the New Mexico Higher Education Department. Members are appointed by the Governor, Senate Pro Tem, and Speaker of the House of Representatives. The board is responsible for making rules and regulations for the development and implementation of the Education Trust Act. Board meetings are open to the public.

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation’s largest and most respected investment management companies. At December 31, 2007, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $260 billion in assets, including mutual funds having 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, hedge funds of 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 fund, 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.

About OFI Private Investments

OFI Private Investments, Inc a subsidiary of OppenheimerFunds, Inc. offers the full spectrum of investment options from a range of equity and fixed income products to alternative investments and multi-disciplinary programs.

Backed by the distribution strength of its parent company OppenheimerFunds, Inc., a recognized and trusted partner in the financial services industry, OFI Private Investments draws on the experienced investment teams of OppenheimerFunds, OFI Institutional Asset Management and other controlled affiliates within the Mass Mutual Organization to help clients meet their long-term investment needs.

About Scholar’sEdge®

Scholar’sEdge® is operated as a qualified tuition program offered by The Education Trust Board of New Mexico and is available to all U.S. residents. OFI Private Investments Inc., a subsidiary of OppenheimerFunds, Inc., is the program manager for Scholar’sEdge and OppenheimerFunds Distributor, Inc. is the distributor of Scholar’sEdge. Some states offer favorable tax treatment to their residents only if they invest in the state’s own plan. Non-residents of New Mexico should consider whether their state offers its residents a 529 plan with alternative tax advantages and should consult their tax advisor. These securities are neither FDIC insured nor guaranteed and may lose value.

Before investing in the Plan, investors should carefully consider the investment objectives, risks, charges and expenses associated with municipal fund securities. The Plan Description and Participation Agreement contain this and other information about the Plan, and may be obtained by asking your financial advisor, visiting www.scholarsedge529.com or calling 1.866.529.SAVE (1.866.529.7283). Investors should read these documents carefully before investing. Scholar'sEdge® is distributed by OppenheimerFunds Distributor, Inc. Member FINRA, SIPC Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008

About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business and is a leading asset management firm serving more than four million individual and institutional investors through a broad range of investment products. Led by 350 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $274 billion in assets (as of December 31, 2007). For more information on Evergreen, please visit www.evergreeninvestments.com

About NYLIM

New York Life Investment Management Holdings LLC, ranks among the largest asset management firms in the United States. Through its multiple boutique investment structure, NYLIM delivers competitive investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments and NYLIFE Distributors LLC, NYLIM distributes highly regarded mutual funds and wrap accounts.

NYLIM is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation’s top providers of guaranteed products to both the qualified and nonqualified markets. Together with its affiliates and over 1,500 employees, NYLIM manages over $249 billion in assets as of December 31, 2007.

Please call 1800-MAINSTAY (1-800-624-6782) or visit www.mainstayfunds.com for a free prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing. For more information about the Funds call toll-free 1-800-MAINSTAY (1-800-624-6782), or visit our website at www.mainstayfunds.com.

Distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054.

Contacts

Laura J. Mulry

Director of Communications

New Mexico Higher Education Department

505.476.6542

laura.mulry@state.nm.us

Laura Fay

Evergreen Investments

617.210.3867

lfay@evergreeninvestmentments.com

Jeaneen Pisarra

OppenheimerFunds, Inc.

212.323.5178

jpisarra@oppenheimerfunds.com

Allison Scott