Common use of Disclaimer of Shareholder and Trustee Liability Clause in Contracts

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Global Value Fund By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Bond Fund By: ___/s/ Robert G. Zack_______________________ Zack ----------------------------------------------------- Robert G. Zack Zack, Vice Presidenx xxx Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and DirectorJames Ruff ----------------------------------------------------- James Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Global Opportunitxxx Xxxx By: ___/s/ Robert G. Zack_______________________ Zack ------------------ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and DirectorJames H. Ruff ----------------- James H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands ----------------------------------------------- that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Cash Reserves By: /s/ Robert G. Zack ___/s/ Robert G. Zack_____________________________________ Robert G. Zack Secretary Zack, Vice President anx Xxxxxxxxx OppenheimerFunds Distributor, Inc. By: By:/s/ James Ruff ___/s/ Richard W. Knott_____________________________________ Richard W. Knott President and DirectorJames Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund International Xxxxx Xxxx /s/ Robert G. Zack By: ___/s/ Robert G. Zack__________________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. /s/ James H. Ruff By: ___/s/ Richard W. Knott__________________________ Richard W. Knott President and DirectorJames H. Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Capital Preservatxxx Xxxx By: /s/ Robert G. Zack ___/s/ Robert G. Zack_____________________________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: /s/ James Ruff ___/s/ Richard W. Knott_____________________________________ Richard W. Knott President and DirectorJames Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Capital Appreciation Fund By: ___/s/ Robert G. Zack_________________________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott__________________________________ Richard W. Knott Kathleen T. Ives Vice President and DirectorAssistant Secretary

Disclaimer of Shareholder and Trustee Liability. The Distributor ------------------------------------------------ understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 International Xxxxx-Xxx Xore Fund a series of Oppenheimer International Xxxxx-Xxx Core Trust By: ___/s/ Robert G. Zack_______________________ /s/Robert G. Zack -------------------------------- Robert G. Zack Vice President & Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and DirectorInc

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of -------------------------------------------------- the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Multi Cap Value Fund By: ___/s/ Robert G. Zack__________________________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott__________________________________ Richard W. Knott President and DirectorKatherine P. Feld Vice President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Capital Preservatxxx Xxxx By: ___/s/ Robert G. Zack__Zack _____________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. KnottJames H. Ruff _____________________ Richard W. Knott President and DirectorJames H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Inxxxxxxxxxxx Diversified Fund By: ___/s/ /s/Robert G. Zack_______________________ Zack -------------------------------------- Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. Inc By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director/s/James H. Ruff -------------------------------------- James H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund Trust disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Limited Term New York Municipal Fund, a series of Rochester Portfolio Series By: ___/s/ Robert G. ZackZack _________________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: /s/ James H. Ruff ___/s/ Richard W. Knott_________________________ Richard W. Knott President and DirectorJames H. Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Senior Floating Rxxx Xxxx By: ___/s/ Robert G. Zack__Zack _____________________ Robert G. Zack Zack, Vice President and Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. KnottJames H. Ruff _____________________ Richard W. Knott President and DirectorJames H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Emerging Technoloxxxx Xxxx By: ___/s/ Robert G. Zack__Zack _____________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. KnottJames H. Ruff _____________________ Richard W. Knott President and DirectorJames H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands ------------------------------------------------ that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund AMT-Free New York Muxxxxxxxx By: ___/s/ /s/Robert G. Zack ------------------------ Robert G. Zack_______________________ Robert G. Zack , Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director/s/James H. Ruff ------------------------ James H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the ----------------------------------------------- Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Real Estate Fund By: ___/s/ Robert G. Zack__________________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott__________________________ Richard W. Knott Katherine P. Feld Vice President and DirectorSecretary

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund ------------------------------------------------- under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 International Small Company Fund By: ___/s/ Robert G. Zack__________________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott__________________________ Richard W. Knott President and DirectorKatherine P. Feld Vice President

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund U.S. Government Trust By: ___/s/ Robert G. Zack_________________ ---------------------------- Robert G. Zack, Secretary OppenheimerFunds Distributor, Inc. By: /s/ James H. Ruff_______ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director------------------------ James H. Ruff President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Global Value Fund By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor ----------------------------------------------- understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Rochester National Municipals By: ___/s/ Robert G. Zack__________________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. KnottJames Ruff_____________________________ Richard W. Knott President and DirectorJames Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Global Fund By: ___/s/ Robert G. Zack_______________________ Zack --------------------------------------------- Robert G. Zack Zack, Assistant Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and DirectorAndrew J. Dononhue -------------------------------------------- Andrew J. Donohue, Executive Vice President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Global Value Fund By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Transition 2040 Xxxx By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott__Knot___________________ Richard W. Knott Knot President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Transition 2050 Xxxx By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_Knot____________________ Richard W. Knott Knot President and Director

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personallyPersonNamepersonally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Cash Reserves By: /s/ Robert G. Zack ___/s/ Robert G. Zack_____________________________________ Robert G. Zack Secretary Zack, Vice Presidenx & Xxxxxxxxx OppenheimerFunds Distributor, Inc. By: /s/ James Ruff ___/s/ Richard W. Knott_____________________________________ Richard W. Knott President and DirectorJames Ruff, President

Disclaimer of Shareholder and Trustee Liability. The Distributor understands that the obligations of the Fund under this Plan are not binding upon any Trustee or shareholder of the Fund personally, but bind only the Fund and the Fund's property. The Distributor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder and Trustee and shareholder liability for acts or obligations of the Fund. Oppenheimer Transxxxxx 0000 Fund Transition 2020 Xxxx By: ___/s/ Robert G. Zack_______________________ Robert G. Zack Zack, Secretary OppenheimerFunds Distributor, Inc. By: ___/s/ Richard W. Knott_____________________ Richard W. Knott President and Director