January 22, 2004

Fund Manager: Christopher Leavy

Funds Currently Managed

Oppenheimer Small Cap Value/A (QVSCX), since February, 2001; Oppenheimer Value/A (CGRWX), since October 2000; Oppenheimer Disciplined Allocation/A (CNMTX), co-manager since November, 2000.

Investment Style Overview

Looks for undervalued stocks of companies with potential to produce better-than-expected earnings and to increase cash flow over the long term.

Key Stock Selection Criteria

*Relatively low price-to-earnings and price-to-book value multiples.

*Company has strong competitive position.

*New, innovative products or services.

Key Sell Criteria

*Valuation becomes excessive.

Company's financial fundamentals deteriorate.

Biographical Notes

Christopher Leavy is a senior vice president and head of the value investing team with OppenheimerFunds Inc., his employer since September 2000. He was previously a vice president and portfolio manager with the Miller Anderson Sherrard unit of Morgan Stanley (MWD). Prior to that, he was a portfolio manager and equity analyst with Crestar Asset Management. He holds a BA in economics from Trinity University and is a Chartered Financial Analyst.

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