1. Global Investing with
OppenheimerFunds

2. 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

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

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

5. Asia - Japan
Koizumi’s challenges
Restructuring
Quantitative easing

6. 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

7. 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

8. MA NT R A
New Technology
Mass Affluence
Restructuring
Aging

9. Mass Affluence Mass Affluence
Luxury Goods
Financial Services

10. New Technologies New Technologies
Satellite radio
Genomics

11. Restructuring Restructuring
European Banks
Conglomerate reform

12. Aging
Aging
Healthcare
Leisure

13. 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

14. 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.