Global Investing with OppenheimerFunds

Europe EURO Restructuring Corporate Tax Cuts Pension reform WE’LL START WITH EUROPE AS YOU KNOW, THE EURO WAS LAUNCHED JAN 1, 1999. WITH IT CAME A SINGLE MONETARY AUTHORITY FOR THE EMU. THIS MEANS THAT EUROLAND - THE 11 COUNTRIES THAT ADOPTED THE EURO AS THEIR CURRENCY - IS NOW A LARGER ECONOMIC BLOC THAN THE US BOTH IN TERMS OF POPULATION AND GDP EUROLAND HAS HAD LOWER INFLATION AND INTEREST RATES THAN THE US, AND LOW INTEREST RATES AND INFLATION ARE AN EXCELLENT ENVIRONMENT FOR EQUITY INVESTING

EUR vs USD 1/1/99 - 5/4/01 Source: Bloomberg (ytd figure as per Oct. 20, 2000 )

USD vs DEM 1/1/86 - 5/1/88 Source: Bloomberg

Asia - Japan Koizumi’s challenges Restructuring Quantitative easing

Latin America Brazil The Argentina factor Mexico Inflation From 4-to-1 Digit Strong Financial System The Argentina factor Mexico Fox’s challenges Political Economical

Eastern Europe India China Hungary, Czech Republic and Poland to join EMU Demand for Cheap Production New Middle Class Computer Literate Deregulation Strong internal growth Poor regulation High Valuation

MA NT R A New Technology Mass Affluence Restructuring Aging

Mass Affluence Mass Affluence Luxury Goods Financial Services

New Technologies New Technologies Satellite radio Genomics

Restructuring Restructuring European Banks Conglomerate reform

Aging Aging Healthcare Leisure

Investment Philosophy Stock Selection Stock Selection Look for EPS growth: 1) revenue growth 2) margin sustainability 3) capital efficiency Good company = good stock ? out of favor stocks lower median market cap more upside, limited downside

Morning star Developing Markets Fund A 4 International Growth Fund A 5 MORNINGSTAR RATINGS AS OF 3/31/01 Rated among 1292, 808, and 157 international equity funds for the 3-, 5- and 10-year periods Overall 3 Year 5 Year 10 Year Oppenheimer Fund Developing Markets Fund A 4 International Growth Fund A 5 5 Global Fund A 5 5 5 Global Growth & Inc Fund A 5 5 Morningstar, Inc. rates mutual funds in broad investment classes, based on risk-adjusted returns after considering sales charges and expenses. Return and risk are measured as performance above and below 90-day U.S. Treasury bill returns, respectively. Overall star ranking is the combined 3-, 5-, and 10-year (if applicable) rankings (weighted 100% 3-year, 40%/60% 3/5-year or 20%/30%/50% 3/5/10-year, as applicable) for a fund or class and is subject to change monthly. Top 10%: 5 stars. Next 22.5%: 4 stars. Middle 35%: 3 stars. Next 22.5%: 2 stars. Bottom 10%: 1 star. Past performance cannot guarantee future results. Rankings are subject to change monthly.