Industry Perspective, Our Approach, and the Evolution and Future of Alts

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Alternative investments are speculative and entail substantial risk. Investors should consider investing in an alternative investment as a supplement to an overall investment program and should only invest if they are willing to undertake the risks involved. Investors could lose some or all of their investment. Alternative investments are made available only to qualified investors, including high net worth individuals and institutions. Such investments are highly illiquid and are appropriate for investors with a long term investment horizon.

Securities and other financial instruments that may be discussed in this report or recommended or sold are not insured by the Federal Deposit Insurance Corporation and are not deposits or obligations of any insured depository institution. Investments involve numerous risks including market risk, counterparty default risk and liquidity risk. Securities and other financial investments at times maybe difficult to value or sell. The value of financial instruments may fluctuate, and investors may lose their entire principal investment. Prior to making any investment or financial decisions, an investor should seek advice from their personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. The views and strategies described may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer or its affiliates.

This presentation may contain forward looking statements or projections regarding future events. Forward-looking statements and projections are based on the opinions and estimates of Oppenheimer as of the date of this podcast, and are subject to a variety of risks and uncertainties as well as other factors, including economic, political, and public health factors, that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and projections. Past performance does not guarantee future results.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted Index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The Index is one of the most widely used benchmarks of US Equity Large Cap performance. HFRI Funds of Funds Composite Index - Fund of Funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio.

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