2. Pulse of the Market 2009 OppenheimerFunds Solid information to help you maneuver 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

4. Economic 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 2 0.3 per yr 2 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”, “Frequency” and “What % Get Worse?” 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 Return Declines Occurred Length Frequency Worse?* Following Declines 3 *For example, 32% of “Routine” declines deteriorated to “Moderate” corrections. Market Declines Are Normal

6. Average Annual Total Returns (%) 1 (As of 12/31/08) Stocks Bonds T-bills 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? Stock market performance since the millennium has been nothing like the booming ’90s. It’s imperative to maintain realistic expectations for the long term and expect ongoing volatility

7. Total Percentage Returns of Major Indices 1 Russell 2000 Index Barclays Capital Aggregate Bond Index DJIA MSCI EAFE Index NAREIT Index S&P GSCI ™ 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

8. 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 1,400 VIX 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 Cycle 1 Recessions Happen 58 11 10 12 1945–2008 40 5 18 5 1919–1945 25 16 22 16 1854–1919 38 32 17 33 1854–2008 Average Duration 2 of Expansions Number of Expansions Average Duration 2 of Contractions Number of Contractions Time Period Recessions are a natural part of the economic cycle. But expansions have historically lasted longer than recessions.

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. Investments Did Well, Investors Not So Well Average Annual Returns (1986 – 2007) Chasing Performance Chasing performance and short-term trading can really hurt returns. Stocks Average Inflation Equity Fund Investor As measured by the S&P 500 Index 1

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 period 1 (12/31/88 – 12/31/08) If You… Missed the Top 25 Days Missed the Top 5 Days Stayed Invested Missed the Top 15 Days Compound 8.3% 6.2% 3.5% 1.4% Return $4,940 $3,300 $2,002 $1,332 Trying to Predict the Market? No one can accurately predict market performance. Trying to do so by moving in and out of the market can be very costly.

13. Annual Rolling Period Results for S&P 500 Index 1 (1926 – 2008) 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? The longer your holding period, the lower your chances of experiencing a losing investment. 0 59 25 Years 16 81 3 Years 14 79 5 Years 3 74 10 Years 29% 83 1 Year Periods with Loss (%) Number of Periods Holding Period

14. Source of chart data: Ned Davis Research, 12/31/08. Inflation rates are represented by the change in the Consumer Price Index 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 Investing May Smooth the Ride Invest $1,200 All at Once or Over Time? TOTAL SHARES PURCHASED Average price: $10/share 0 $14 12 10 8 6 4 2 SHARE PRICE LUMP SUM LUMP SUM 120 shares at $10 / share 120 shares 0 $14 12 10 8 6 4 2 SHARE PRICE DOLLAR COST AVERAGING Shares Purchased Each Month 10.0 8.3 7.1 9.1 10.0 12.5 20.0 16.7 16.7 11.1 12.5 10.0 144 shares Average price: $9/share DOLLAR COST AVERAGING

16. Growth vs. Value Annual 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 % 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. Capitalization Counts! 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? Large cap Small cap Mid cap

18. 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 61.5 Hong Kong 59.5 Switzerland 5.9 Canada 5.3 Denmark 3.4 Norway –0.9 Italy –1.3 U.S. –9.1 New Zealand 8.4 Australia 1.7 Ireland –2.8 Austria –5.7 Belgium –10.9 U.S. –11.9 U.S. –22.1 New Zealand 24.2 Norway –7.3 Italy –7.3 Australia –1.3 Austria 16.6 Greece 70.0 Sweden 64.5 Germany 63.8 Spain 58.5 Austria 57.0 U.S. 28.7 U.S.10.9 Norway 53.3 Austria 71.5 Ireland 43.1 Sweden 36.3 U.S. 4.9 Canada 28.3 Japan 25.5 Austria 24.6 Denmark 24.5 Norway 24.3 U.S. 14.7 Spain 49.4 Portugal 47.4 Ireland 46.8 Norway 45.1 Sweden 43.4 Finland 152.6 Finland 48.7 Hong Kong 41.2 Germany 35.3 Norway 31.4 Canada 29.6 U.S. 5.5 160% 130 70 40 10 -30 -50 100 Japan –29.3 Switzerland –30.5 U.S. –37.0 Spain –40.6 France –43.3 Canada –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. Finding Potential Around the World (UK) Unilever (Japan) Sony (France) LVMH (Japan) Nintendo (Finland) Nokia (UK) Cadbury Schweppes (France) L’Or éal (Sweden) H&M (Switzerland) Nestl é (Germany) BMW

20. Past Performance of Major Fixed Income Indices 1 (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 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 GSCI TM 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 Index Russell 2000 Growth Index MSCI EAFE Index Barclays Capital Aggregate Bond Index The National Association of Real Estate Investment Trusts (NAREIT) Equity REIT Index S&P GSCI; previously known as Goldman Sachs Commodities Index BEST WORST BEST WORST – 15.7 5.5 7.0 7.1 11.2 37.5% 2007 – 15.1 4.3 13.4 13.6 26.3 35.1% 2006 – 38.5 4.2 14.3 26.4 – 15.9 – 13.0 – 10.1 19.5 – 43.4 3.0 9.0 20.7 – 23.4 – 21.4 – 14.8 – 0.8 – 37.7 12.2 17.3 37.1 3.8 – 9.2 11.6 27.0 – 49.5 2.4 4.3 4.1 – 30.3 – 31.9 – 22.4 – 4.6 – 37.0 13.5 20.3 38.6 10.3 8.4 26.4 40.9 5.2% 25.6% 31.6% 48.5% 32.1% 13.9% 49.7% 43.1% 2008 2005 2004 2003 2002 2001 2000 1999

22. Growth of $10,000 over 25 Years 1 (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. Asset Allocation at Work Aggressive $103,152 70% 30% Conservative $75,064 10% 5% 15% 70% Stocks Bonds Foreign Stocks Commodities Moderate 10% 10% 45% 35% $82,933

25. 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.