2

Pulse of the Market 2009OppenheimerFunds

Solid information to help youmaneuver through the changing times of today’s financial markets.

Welcome to

This presentation has been filed as a complete presentation and is designed to be presented in its entirety in the order shown. These views represent the opinions of OppenheimerFunds, Inc. as of 12/31/08, are subject to change based on subsequent developments and are not intended as investment advice—consult your financial advisor.Past performance does not guarantee future results. The performance information shown in this presentation does not predict or depict the performance of any Oppenheimer fund. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.Shares of Oppenheimer 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.

Changing Times for Investors

3

• Founded in 1960

• One of the most recognized names in the industry

• The Oppenheimer funds managed by OppenheimerFunds, Inc. and a subsidiary have more than 6 million shareholder accounts

• A broad range of investment products covering the full risk/reward spectrum

• Longstanding partnerships with financial advisors nationwide

The Right Way to Invest

OppenheimerFunds

4Economic Turmoil: A Vicious Cycle

Business Expansion

Slows

Unemployment Mounts

Consumption Slows

Jobless Claims Increase

Foreclosures/Delinquencies

Rise

Credit Conditions

Tighten

5

“Routine” Declines 370 Dec. 2008 38 days 3.4 per yr 32% 6.4% (5%+ Loss)

“Moderate” Corrections 120 Nov. 2008 105 days 1.1 per yr 49% 7.9%(10%+ Loss)

“Severe” Corrections 59 Nov. 2008 210 days 0.5 per yr 54% 9.7%(15%+ Loss)

“Bear” Markets 32 Nov. 2008 369 days 0.3 per yr N/A 9.8%

(20%+ Loss)

1. Source of chart data: Ned Davis Research, as of 12/31/08. Stocks are represented by the Dow Jones Industrial Average (DJIA), a widely used indicator of the overall U.S. stock market, without considering income, transaction costs or taxes. The DJIA is unmanaged and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment.2. As of 12/31/08, this market decline/correction is ongoing. Therefore, data related to “Average Length” and “Frequency” is not currently available.3. Depicts average results of hypothetical investments in the DJIA at the bottom of all declines and held for five years.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

Declines in the Dow (1900 – 2008)1

5-Year Average Number of Last Average What % Get Annual ReturnDeclines Occurred Length2 Frequency2 Worse?* Following Declines3

*For example, 32% of “Routine” declines deteriorated to “Moderate” corrections.

Market Declines Are Normal

6

9.5%

7.3%

-3.6%

9.1%

7.1%6.4%6.0%

4.1%3.1%

From 1970 From 1990 From 2000

Average Annual Total Returns (%)1 (As of 12/31/08)

Stocks Bonds T-bills

Stock market performance since the millennium has been nothing like thebooming ’90s. It’s imperative to maintain realistic expectations for the long term and expect ongoing volatility

1. Source of chart data: Ned Davis Research, 12/31/08. Stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance, bonds by the Barclays Capital Aggregate Bond Index, and T-bills by a 91-day Treasury Bill Index. For the 1970–12/31/08 period, bonds are represented by S&P Long-term Government Bonds. Treasury indices are total return indices held at constant maturities. Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Stocks and bonds are subject to different risks. Stocks are also different from fixed income securities in that (i) Government bonds and Treasury notes and bills are backed by the full faith and credit of the U.S. Government, and (ii) bonds, if held to maturity, may offer both a fixed rate of return and fixed principal value. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

What’s Reasonable to Expect?

7

16.3 15.8

4.3

26.3

-15.1

35.1

7.011.2

32.4

-15.7

-33.7-37.0

-46.5

-37.7

18.4

-1.6

5.56.4

-33.8

-43.4

5.2

-50

-40

-30

-20

-10

0

10

20

30

40

50

Total Percentage Returns of Major Indices1

Russell2000Index

Barclays Capital

AggregateBond Index

DJIA MSCIEAFEIndex

NAREITIndex

S&PGSCI™

S&P 500 Index

%

1. Source of chart data: FactSet, 12/31/08. The Dow Jones Industrial Average (DJIA) is a widely-used indicator of the U.S. stock market. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The Barclays Capital Aggregate Bond Index is comprised of a broad range of investment-grade U.S. Government and corporate bonds. The Russell 2000 Index is comprised of the smallest 2,000 stocks (by market value) in the Russell 3000 Index. The Morgan Stanley Capital International (MSCI) EAFE Index measures over 1,500 companies representing the stock markets of 21 developed countries in Europe, Australia, New Zealand and the Far East and provides total returns in U.S. dollars. Commodities are represented by the S&P GSCI™, a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Indices are unmanaged, include reinvested income and cannot be purchased directly by investors. The NAREIT Equity REIT Index is a real estate index comprised of 153 tax-qualified REITs ranging in market capitalization of $11.4 million to $16.9 billion with an aggregate market capitalization of approximately $36 billion. Index performance is shown for illustrative purposes only and does not predict or depict the return of any investment. These indices represent market sectors that may have different risks. In the case of foreign stocks, those include currency fluctuations, foreign taxes, and political and economic factors. Small-cap stocks may be more volatile than stocks of larger, more established companies. Debt securities are subject to credit and interest rate risks. When interest rates rise, bond prices generally fall and the Fund’s share prices can fall. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

What Will the Markets Do This Year?

2006 2007 2008

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10

20

30

40

50

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70

80

90

100

Source of data: Bloomberg, 12/31/08. The Chicago Board Options Exchange SPX Volatility Index (VIX) is a popular measure of stock market volatility. The VIX takes the weighted average of implied volatility for the Standard & Poor’s 500 Index and measures the volatility of the market. Dividing the S&P 500 by the VIX (ratio) gives the confidence level in relation to the market. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

S&P 500 Index vs. Volatility Index

~~0

400

1,600

600

800

1,000

1,200

1,400VIX Index

S&P 500 Index

Perspective on Stock Market Volatility

9

1. Source of chart data: Ned Davis Research, 12/31/08. A contraction is defined as the trough from the previous peak in the business cycle; an expansion is the trough to the peak of the next business cycle.2. Duration is measured in months.

Historical Trends in the U.S. Business Cycle1

58581111101012121945–20081945–2008

4040551818551919–19451919–1945

25251616222216161854–19191854–1919

38383232171733331854–20081854–2008

Average Duration2 of Expansions

Number of Expansions

AverageDuration2 of Contractions

Number of ContractionsTime Period Recessions are a natural

part of the economic cycle. But expansions have historically lasted longer than recessions.

Recessions Happen

10

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

1980 1984 1988 1992 1996 2000 2004 2008

1. Source of chart data: Ned Davis Research, 12/31/08. The chart depicts the growth of a $10,000 hypothetical investment in the stocks in the S&P 500 Index on 1/1/80 held to 12/31/08. The chart also depicts the growth if an investor had cashed out of the market and remained out for one year following each 20% decline in the market. The S&P 500 Index is a broad-basedmeasure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’sinvestment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’sshares, when redeemed, may be worth more or less than the original cost.

Growth of $10,000 Invested in Stocks or Cashing Out (1980 – 2008)1

Events Along the Way…

New Millennium• Crash of the Dot-coms• WTC and Pentagon

Attacks• Corporate Accounting

Scandals• War in Iraq• Tsunami/Hurricanes• Oil Prices• Credit Market Turmoil• Recession

1990s• Gulf War• Oklahoma City

Bombing• Government

Shutdown• Asian Economic Crisis• Impeachment

Trial• Russian

Bond Default

1980s• Reagan Shot• U.S. Becomes Debtor

Nation• Challenger Disaster• Insider-Trading Scandal• S&L Bailout• Exxon Valdez Disaster• San Francisco

Earthquake• Black Monday

StocksStocks$191,020$191,020$

Stay the Course

Cashing OutCashing Out$134,419$134,419

Market Crash Market Crash of 1987of 1987

11

Source of chart data: DALBAR, Inc., Quantitative Analysis of Investor Behavior, July 2008 update. This is an annual survey and data is through 2007. The data may be substantially different next year when 2008 market returns are included in the study. The S&P 500 Index returned –37.0% for calendar year 2008. The DALBAR study is for illustrative purposes only and does not predict or depict the performance of any Oppenheimer fund. Past performance does not guarantee future results.1. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

11.8%

4.5%3.0%

Chasing performance and short-term trading can really hurt returns.

Stocks Average Inflation Equity Fund

Investor

As measured by the S&P 500 Index1

Investments Did Well, Investors Not So Well Average Annual Returns (1986 – 2007)

Chasing Performance

12

1. Source of chart data: Ned Davis Research, 12/31/08. The chart shows the results of a $1,000 hypothetical investment in the S&P 500 Index on 12/31/88 held through 12/31/08 compared to similar hypothetical investments in stocks that were not invested on the days that were the market highs during the period. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

Stay in the Market—Don’t Miss Your Window of Opportunity

Hypothetical $1,000 investment over 20-year period1 (12/31/88 – 12/31/08)

If You…

Missed theTop 25

Days

Missed theTop 5 Days

StayedInvested

Missed theTop 15

Days

Compound 8.3% 6.2% 3.5% 1.4% Return

$4,940

$3,300

$2,002

$1,332

No one can accurately predict market performance. Trying to do so by moving in and out of the market can be very costly.

Trying to Predict the Market?

13

Annual Rolling Period Results for S&P 500 Index1 (1926 – 2008)

The longer your holding period, the lower your chances of experiencing a losing investment.

05925 Years

16813 Years

14795 Years

37410 Years

29%831 Year

Periods with Periods with Loss (%)Loss (%)

Number of Number of PeriodsPeriods

HoldingHoldingPeriodPeriod

1. Source of chart data: Ned Davis Research, 12/31/08. Based on calendar year-end results for all investment periods beginning and ending within January 1926 and December 31, 2008. The S&P 500 Index is a broad-based measure of domestic stock market performance that includes the reinvestment of dividends. The index is unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

What’s Your Time Horizon?

14

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31/0

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1/0

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12/3

1/0

8

CD CPI After Tax Real After Tax

Source of chart data: Ned Davis Research, 12/31/08. Inflation rates are represented by the change in the Consumer Price Index (CPI) and CD Rates are six-month certificates of deposit rates as tracked by Standard & Poors Micropal Inc. Returns are net of 28% federal income tax rate. Real rate of return is equal to (CD rate minus inflation rate) minus (CD Rate x Tax rate). This chart is for illustrative purposes only and does not predict or depict the performance of any investment.

Real Returns on CDs (12/31/88 – 12/31/08)

%

The Bottom Line on CDs

15

Past performance does not guarantee future results. This chart is shown for illustrative purposes only and is not intended to represent the performance of any Oppenheimer fund. Systematic investing does not assure a profit and does not protect against loss in declining markets. Before investing, investors should evaluate their long-term financial ability to participate in such a plan.

Regular InvestingMay Smooth the RideInvest $1,200 All at Once or Over Time?

TOTAL SHARES PURCHASED

Jan Feb Mar April May June July Aug Sept Oct Nov Dec

Average price:$10/share

0

$14

12

10

8

6

4

2

SH

AR

E P

RIC

E

LUMP SUM LUMP SUM

120 shares at $10/share 120

shares

Jan Feb Mar April May June July Aug Sept Oct Nov Dec

0

$14

12

10

8

6

4

2

SH

AR

E P

RIC

E

DOLLAR COST AVERAGING

Shares PurchasedEach Month

10.0

8.3

7.1

9.110.0

12.5

20.016.7 16.7

11.112.5

10.0144shares

Average price:$9/share

DOLLAR COSTAVERAGING

16

-50-40-30-20-10

01020304050

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Growth vs. ValueAnnual Returns (1999 – 2008)1

%

1. Source of chart data: FactSet, 12/31/08. Growth performance is represented by the S&P 500 Citigroup Growth Index. Value performance is represented by the S&P 500 Citigroup Value Index. There are special risks in both styles: with growth investments, there is the possibility of increased volatility; with value investing, there is the possibility that the market may not recognize a stock as undervalued and it might not appreciate as expected. The indices are unmanaged, includes reinvested income and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Diversification does not assure a profit or protect against loss.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

Besides diversifying across asset classes, you should also consider the benefits of style diversification, which could help stabilize your portfolio.

Different Times, Different Styles

Growth

Value

17

Large Cap vs. Mid Cap vs. Small Cap Annual Returns (1999 – 2008)1

-50-40-30-20-10

01020304050

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

%

Small, medium or large? Has smaller capitalization meant higher volatility? How about considering a little of the advantages and risks of each in your portfolio?

1. Source of chart data: FactSet, 12/31/08. Large-cap stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance; mid-cap stocks are represented by the S&P MidCap Index; small-cap stocks are represented by the Russell 2000 Index. Returns are based on rolling 12-month index total returns. Indices include income, but not transaction costs or taxes, are unmanaged, and cannot be purchased directly by investors. Small-cap stocks may be subject to greater volatility than stocks of larger, more established companies. This chart is for illustrative purposes only and does not predict or depict the performance of any investment.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

Large cap

Small cap

Mid cap

Capitalization Counts!

18

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Source of chart data: FactSet, 12/31/08. U.S. stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance. International stocks are represented by the Morgan Stanley Capital International (MSCI) Developed Markets indices, which are designed to measure the performance of equity markets in economically developed countries and regions worldwide. These countries are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and the U.S. Indices are unmanaged, assume reinvestment of distributions and cannot be purchased directly by investors. Performance is for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results.Investing in foreign securities involves additional expenses and special risks such as currency fluctuations, foreign taxes and political and economic factors. Investments in emerging markets and developing markets are subject to greater volatility and risks.

Top-performing Developed Markets

Investing Internationally

Singapore 99.4

Sweden 79.7

U.S. 21.0

Japan 61.5Hong Kong 59.5

Switzerland5.9Canada 5.3Denmark 3.4Norway –0.9Italy –1.3

U.S. –9.1

NewZealand 8.4Australia 1.7Ireland –2.8Austria –5.7Belgium –10.9U.S. –11.9 U.S. –22.1

New Zealand 24.2

Norway –7.3Italy –7.3

Australia –1.3Austria 16.6

Greece 70.0Sweden 64.5Germany 63.8Spain 58.5Austria 57.0

U.S. 28.7

U.S.10.9

Norway 53.3

Austria 71.5

Ireland 43.1Sweden 36.3

U.S. 4.9

Canada 28.3Japan 25.5Austria 24.6Denmark 24.5Norway 24.3 U.S. 14.7

Spain 49.4Portugal 47.4Ireland 46.8Norway 45.1Sweden 43.4

Finland 152.6

Finland 48.7Hong Kong 41.2Germany 35.3Norway 31.4Canada 29.6

U.S. 5.5

160%

130

70

40

10

-30

-50

100

Japan –29.3Switzerland–30.5U.S. –37.0Spain –40.6France –43.3Canada –45.5

0

Belgium 43.5

19

Leading Firms and Their Countries of Origin

Source of chart data: FactSet, 12/31/08. Past performance does not guarantee future results. Investing in foreign securities involves additional expenses and special risks such as currency fluctuations, foreign taxes and political and economic factors. Investments in emerging markets and developing markets are subject to greater volatility and risks. This graphic in no way implies the Oppenheimer mutual funds invest in the listed companies, or does the mention of these firms constitute a recommendation by OppenheimerFunds, Inc.

(UK)Unilever(Japan)Sony(France)LVMH(Japan)Nintendo(Finland)Nokia(UK)Cadbury Schweppes(France)L’Oréal(Sweden)H&M(Switzerland)Nestlé(Germany)BMW

Finding Potential Around the World

20

Past Performance of Major Fixed Income Indices1

(Average annual total returns for the 10-year period ended 12/31/08)

1. Source of chart data: FactSet, 12/31/08. Treasury securities, while subject to interest rate risks like all fixed income securities, are backed by the full faith and credit of the U.S. Government. High yield bonds are represented by the U.S. High Yield Master Index. Foreign bonds are represented by the Citigroup World Government Bond Index. Mortgage-backed securities are represented by the Mortgage Master Index. Investment-grade corporate bonds are represented by the Barclays Capital Aggregate Bond Index. Municipal bonds are represented by the Barclays Municipal Bond Index. Indices are unmanaged and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall and the fund’s share prices can fall. Stocks and bonds have different risks, since bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. High yield bonds are subject to greater risks of default than investment-grade bonds, and are subject to liquidity risk. Foreign investments are subject to special risks, such as currency fluctuations, foreign taxes and political and economic factors. Mortgage-backed securities may be especially sensitive to interest rate changes. Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

Even though, on average, equities have led the pack over the long term, bonds have proven their merit over time. Note below that different bonds have different risks.

30-Year Treasuries

Foreign Bonds

High Yield Bonds

Mortgage-backed Securities

Municipal Bonds

Investment-grade Bonds

8.45%

5.59%

5.63%

2.27%

6.00%

4.25%

Diversify with Bonds

21

Source of Chart Data: FactSet, 12/31/08. The S&P 500 Index is a broad-based measure of domestic stock market performance. The Russell 2000 Growth Index contains small-capitalization stocks with above-average growth orientation and lower dividend yields. The MSCI EAFE Index is a broad-based index of global stock performance. The Barclays Capital Aggregate Bond Index contains a broad range of investment grade U.S. Government and corporate bonds. The NAREIT Equity REIT Index is a real estate index comprised of 153 tax-qualified REITs ranging in market capitalization of $11.4 million to $16. 9 billion with an aggregate market capitalization of approximately $36 billion. The S&P GSCITM is a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Stocks, commodities and bonds are subject to different risks. Stocks and commodities are also different from bonds, where bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall the fund’s share price can fall. Foreign investing has special risks, including currency fluctuations, foreign taxes and political and economic factors. Commodities may be subject to greater volatility. Diversification does not assure a profit or protect against loss. Past performance does not guarantee future results.

Diversification May Help Lower Risk

Be Diversified

S&P 500 IndexRussell 2000 Growth IndexMSCI EAFE Index

Barclays Capital Aggregate Bond IndexThe National Association of Real Estate Investment Trusts (NAREIT) Equity REIT Index S&P GSCI; previously known as Goldman Sachs Commodities Index

––15.715.7

5.55.5

7.07.0

7.17.1

11.211.2

37.5%37.5%

20072007

––15.115.1

4.34.3

13.413.4

13.613.6

26.326.3

35.1%35.1%

20062006

––38.538.54.24.214.314.326.426.4––15.915.9––13.013.0––10.110.119.519.5

––43.443.43.03.09.09.020.720.7––23.423.4––21.421.4––14.814.8––0.80.8

––37.737.712.212.217.317.337.137.13.83.8––9.29.211.611.627.027.0

––49.549.52.42.44.34.34.14.1––30.330.3––31.931.9––22.422.4––4.64.6

––37.037.013.513.520.320.338.638.610.310.38.48.426.426.440.940.9

5.2%5.2%25.6%25.6%31.6%31.6%48.5%48.5%32.1%32.1%13.9%13.9%49.7%49.7%43.1%43.1%

2008200820052005200420042003200320022002200120012000200019991999BEST

WORST

BEST

WORST

22

Growth of $10,000 over 25 Years1

(12/31/83 – 12/31/08)

1. Source of chart data: Ned Davis Research, 12/31/08. Asset allocation models are for illustrative purposes only and are not intended as investment advice or recommendations. Results are for $10,000 hypothetical investments allocated to the percentages shown in each model from 12/31/83 – 12/31/08. Stocks are represented by the S&P 500 Index, a broad-based measure of domestic stock market performance; bonds by the Barclays Capital Aggregate Bond Index; foreign stocks by the Morgan Stanley Capital International (MSCI) EAFE Index, a broad-based measure of foreign stock market performance; commodities by the S&P GSCI, a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Indices include reinvested income, but not transaction costs or taxes, are unmanaged and cannot be purchased directly by investors. This chart is for illustrative purposes only and does not predict or depict the performance of any investment. Past performance does not guarantee future results. Stocks, commodities and bonds are subject to different risks. Stocks and commodities are also different from bonds, where bonds, if held to maturity, may offer both a fixed rate of return and a fixed principal value. Fixed income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall and the Fund’s share prices can fall. Foreign investing has special risks, including currency fluctuations, foreign taxes and political and economic factors. Commodities may be subject to greater volatility. Diversification does not assure a profit or protect against a loss.Past performance does not guarantee future results. Due to ongoing market volatility, current performance may be more or less than the results shown in this presentation. The performance information does not show the effects of income taxes on an individual’s investment. Taxes may reduce your actual investment returns or any gains you may realize if you sell your investment. An investor’s shares, when redeemed, may be worth more or less than the original cost.

AggressiveAggressive

$103,152$103,152

70%30%

ConservativeConservative

$75,064$75,064

10%5%

15%

70%

Stocks Bonds Foreign Stocks Commodities

ModerateModerate

10%10%

45%

35%

$82,933$82,933

Asset Allocation at Work

23

• Start your investment program early – there is a price for procrastination

• Don’t chase performance – it doesn’t pay

• Take a long-term view, based on your individual goalsand risk tolerance

• Review your portfolio annually

• Diversify your investments

• Rebalance your portfolio as necessary

Points to Remember:

With the markets constantly changing, a financial advisor can offer the perspective and experience you need to stay on track. Please be aware that financial advisors typically charge a fee for their services.

Working with Your Financial Advisor

24

1. As of 7/19/07, the Fund is closed to all new investors.2. This is a new Fund with limited operating history.3. The Fund’s Sub-Adviser is Baring Asset Management, Inc. The portfolio manager is employed by the Sub-Adviser.4. The Fund’s Sub-Adviser is Oppenheimer Capital LLC. The portfolio manager is employed by the Sub-Adviser. OppenheimerFunds, Inc. is not affiliated with Oppenheimer Capital LLC.5. The Fund’s Sub-Adviser is Cornerstone Real Estate Advisers, LLC. The portfolio manager is employed by the Sub-Adviser.

OTHER STATES NJ Municipal PA Municipal RochesterTM AZ

Municipal RochesterTM MAMunicipal RochesterTM MD Municipal RochesterTM MI

Municipal RochesterTM MN Municipal RochesterTM NC Municipal RochesterTM OHMunicipal RochesterTM VA Municipal

Municipal BondMunicipal Bond

NATIONAL RochesterTM National

Municipals AMT-Free Municipals Limited Term Municipal

NEW YORK RochesterTM Fund Municipals AMT-Free NY Municipals Limited Term NY Municipal

CALIFORNIA California Municipal Limited Term

CA Municipal COMMODITIES

Commodity Strategy Total ReturnREAL ESTATE Real Estate5

CONVERTIBLES Convertible Securities

PRECIOUS METALS Gold & Special Minerals

Specialty–Diversification from Traditional Asset Classes

LARGE GROWTH & LARGE VALUE STRATEGIES Equity Fund

PRINCIPAL PROTECTED Main Street I Main Street II Main Street III

Fixed IncomeAsset AllocationDomestic EquityGlobal Equity

INTERNATIONAL BOND International Bond

HIGH YIELD Champion Income

MULTI-SECTOR Strategic Income

BANK LOAN Senior Floating Rate

Taxable BondTaxable Bond

INTERMEDIATE INVESTMENT GRADE Core Bond

GOVERNMENT U.S. Government Trust Limited-Term Government

RISK-BASED PORTFOLIOSPortfolio Series: Conservative Investor Moderate Investor Active Allocation Equity Investor Fixed Income Active

Allocation

LIFESTAGE-BASED PORTFOLIOSLifeCycle: Transition 2010 Transition 2015 Transition 2020 Transition 20252

Transition 2030 Transition 20402

Transition 20502

INTERNATIONAL ALLOCATION International Diversified

(also listed under “Global”)

LARGE CAP CORE Main Street

MULTI-CAP CORE Main Street Opportunity

SMALL CAP CORE Main Street Small Cap

LARGE CAP VALUE Value

LARGE/MULTI CAP VALUE Select Value

SMALL/MID-CAP VALUE Small- & Mid- Cap Value

INCOME FOCUSED Capital Income Equity Income

FLEXIBLE STRATEGY Quest Opportunity Value

BALANCED (STOCK/BOND) Balanced Quest Balanced4

LARGE CAP GROWTH Capital Appreciation

MID CAP GROWTH MidCap

SMALL CAP GROWTH Discovery Emerging Growth

DIVIDEND GROWTH FOCUSED Rising Dividends

GLOBAL Global Global Opportunities

INTERNATIONAL ALLOCATION International Diversified

INTERNATIONAL GROWTH International Growth

INTERNATIONAL VALUE Quest International Value

INTERNATIONAL SMALL CAP International Small Company1

EMERGING MARKETS Developing Markets

COUNTRY/REGION Baring China3

Baring Japan3

Portfolio SolutionsPortfolio SolutionsQuantitativeQuantitativeValueValueGrowthGrowthGlobalGlobal

Our Family of Funds

Why ConsiderOppenheimerFunds and its Affiliates?

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008©Copyright 2009 OppenheimerFunds Distributor, Inc. All rights reserved.IC0000.024.1208 January 30, 2009

Shares of Oppenheimer 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.

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, visiting our website at www.oppenheimerfunds.com or calling us at 1.800.525.7048. Read prospectuses carefully before investing.