Fund Currently Managed

Oppenheimer Small Cap Value/A (QVSCX), co-manager since October 2001.

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

John Damian is a vice president with OppenheimerFunds Inc., his employer since September 2001. He was previously an equity analyst with Citigroup Asset Management, and an analyst with Pzena Investment Management. He holds a BS in accounting from Bentley College and an MBA from the Wharton School of the University of Pennsylvania.