Common use of Speculative Clause in Contracts

Speculative. Minimal capacity for timely payment of financial commitments, plus vulnerability to near-term adverse changes in financial and economic conditions. C: High default risk. Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon a sustained, favorable business and economic environment. D: Default. Denotes actual or imminent payment default. Appendix B --------------------------------------------------------------------------------------------------------------------------------------- Industry Classifications --------------------------------------------------------------------------------------------------------------------------------------- Aerospace/Defense Food and Drug Retailers Air Transportation Gas Utilities Asset-Backed Health Care/Drugs Auto Parts and Equipment Health Care/Supplies & Services Automotive Homebuilders/Real Estate Bank Holding Companies Hotel/Gaming Banks Industrial Services Beverages Information Technology Broadcasting Insurance Broker-Dealers Leasing & Factoring Building Materials Leisure Cable Television Manufacturing Chemicals Metals/Mining Commercial Finance Nondurable Household Goods Communication Equipment Office Equipment Computer Hardware Oil - Domestic Computer Software Oil - International Conglomerates Paper Consumer Finance Photography Consumer Services Publishing Containers Railroads& Truckers Convenience Stores Restaurants Department Stores Savings & Loans Diversified Financial Shipping Diversified Media Special Purpose Financial Drug Wholesalers Specialty Printing Durable Household Goods Specialty Retailing Education Steel Electric Utilities Telecommunications - Long Distance Electrical Equipment Telephone - Utility Electronics Textile, Apparel& Home Furnishings Energy Services Tobacco Entertainment/Film Trucks and Parts Environmental Wireless Services Food Appendix C OppenheimerFunds Special Sales Charge Arrangements and Waivers -------------------------------------------------------------- In certain cases, the initial sales charge that applies to purchases of Class A shares2 of the ▇▇▇▇▇▇▇▇▇▇▇ funds or the contingent deferred sales charge that may apply to Class A, Class B or Class C shares may be waived.3 That is because of the economies of sales efforts realized by OppenheimerFunds Distributor, Inc., (referred to in this document as the "Distributor"), or by dealers or other financial institutions that offer those shares to certain classes of investors. Not all waivers apply to all funds. For example, waivers relating to Retirement Plans do not apply to ▇▇▇▇▇▇▇▇▇▇▇ municipal funds, because shares of those funds are not available for purchase by or on behalf of retirement plans. Other waivers apply only to shareholders of certain funds.

Speculative. Minimal capacity for timely payment of financial commitments, plus vulnerability to near-term adverse changes in financial and economic conditions. C: High default risk. Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon a sustained, favorable business and economic environment. D: Default. Denotes actual or imminent payment default. Appendix B --------------------------------------------------------------------------------------------------------------------------------------- Industry Classifications --------------------------------------------------------------------------------------------------------------------------------------- Aerospace/INDUSTRY CLASSIFICATIONS Aerospace & Defense Food and Drug Retailers Household Durables Air Transportation Gas Utilities Asset-Backed Health Care/Drugs Freight & Couriers Household Products Airlines Industrial Conglomerates Auto Parts and Equipment Health Care/Supplies Components Insurance Automobiles Internet & Services Automotive Homebuilders/Real Estate Bank Holding Companies Hotel/Gaming Catalog Retail Banks Industrial Internet Software & Services Beverages Information Technology Broadcasting Insurance BrokerConsulting & Services Biotechnology Leisure Equipment & Products Building Products Machinery Chemicals Marine Commercial Services & Supplies Media Communications Equipment Metals & Mining Computers & Peripherals Multiline Retail Construction & Engineering Multi-Dealers Leasing Utilities Construction Materials Office Electronics Containers & Factoring Building Materials Leisure Cable Television Manufacturing Chemicals Metals/Mining Commercial Finance Nondurable Household Goods Communication Equipment Office Equipment Computer Hardware Packaging Oil - Domestic Computer Software Oil - International Conglomerates & Gas Distributors Paper Consumer Finance Photography Consumer & Forest Products Diversified Financials Personal Products Diversified Telecommunication Services Publishing Containers Railroads& Truckers Convenience Stores Restaurants Department Stores Savings & Loans Diversified Financial Shipping Diversified Media Special Purpose Financial Drug Wholesalers Specialty Printing Durable Household Goods Specialty Retailing Education Steel Pharmaceuticals Electric Utilities Telecommunications - Long Distance Real Estate Electrical Equipment Telephone - Utility Electronics TextileRoad & Rail Electronic Equipment & Instruments Semiconductor Equipment & Products Energy Equipment & Services Software Food & Drug Retailing Specialty Retail Food Products Textiles & Apparel Gas Utilities Tobacco Health Care Equipment & Supplies Trading Companies & Distributors Health Care Providers & Services Transportation Infrastructure Hotels Restaurants & Leisure Water Utilities Wireless Telecommunication Services ------------------------------------------------------------------------------------------------------------------- Panorama Series Fund, ApparelInc. ------------------------------------------------------------------------------------------------------------------- Investment Advisor OppenheimerFunds, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Distributor OppenheimerFunds Distributor, Inc. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Transfer Agent OppenheimerFunds Services ▇.▇. ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇-▇▇▇-▇▇▇-▇▇▇▇ Custodian Bank The Bank of New York ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ Independent Auditors Deloitte & Home Furnishings Energy Services Tobacco Entertainment/Film Trucks and Parts Environmental Wireless Services Food Appendix C OppenheimerFunds Special Sales Charge Arrangements and Waivers -------------------------------------------------------------- In certain cases, the initial sales charge that applies to purchases of Class A shares2 of the Touche LLP ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ funds or the contingent deferred sales charge that may apply to Class A▇▇▇▇▇▇ ▇▇▇▇▇▇, Class B or Class C shares may be waived.3 That ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Legal Counsel Myer, Swanson, ▇▇▇▇▇ & ▇▇▇▇, P.C. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ PX.6/02 -------- 1 Messrs. ▇▇▇▇▇▇▇▇▇ and Fossel are not Managing General Partners of Centennial America Fund, L.P. 2 The address of each Trustee is because of the economies of sales efforts realized by OppenheimerFunds Distributor▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇, Inc., (referred to in this document as the "Distributor"), or by dealers or other financial institutions that offer those shares to certain classes of investors. Not all waivers apply to all funds. For example, waivers relating to Retirement Plans do not apply to ▇▇▇▇▇▇▇▇▇, ▇▇ municipal funds▇▇▇▇▇-▇▇▇▇. 3 Each Trustee serves for an indefinite term, because until his resignation, death or removal. * ▇▇. ▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇ were elected to the Board II Funds effective June 10, 2002. They did not hold shares of those funds are any Board II Funds during the calendar year ended December 31, 2001. * ▇▇. ▇▇▇▇▇▇▇▇ and ▇▇. ▇▇▇▇▇▇ were elected to the Board II Funds effective June 10, 2002 and therefore did not available for purchase by or on behalf hold shares of retirement plans. Other waivers apply only to shareholders any of certain fundsBoard II Funds during the calendar year ended December 31, 2001.