OppenheimerFunds, Inc. and Project Rebirth, Inc. Announce Sponsorship Agreement

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OppenheimerFunds, Inc. and Project Rebirth, Inc. Announce Sponsorship Agreement
               OFI Commits $1 Million in Funding Through 2010,
                       Becomes First Principal Sponsor

        John Murphy, President, Chairman and CEO of OppenheimerFunds,
                       Elected to Project Rebirth Board

              OFI Marks One-Year Anniversary of Return Downtown
          with a Commitment to the Revitalization of Lower Manhattan

    NEW YORK, Dec. 9 /PRNewswire/ -- OppenheimerFunds, Inc., (OFI) and Project
Rebirth, Inc., announced today that OFI has become the first Principal Sponsor
of Project Rebirth, a non-profit organization dedicated to documenting the
rebuilding of the World Trade Center site.
    "Project Rebirth is particularly meaningful to OppenheimerFunds because
our headquarters were in the World Trade Center for nearly 15 years.
Supporting the redevelopment of the lower Manhattan community has been a major
focus for us since 9/11, and even more so since we relocated our offices back
downtown," said John V. Murphy, President, Chairman and CEO of
OppenheimerFunds, Inc., who was recently elected to Project Rebirth's board.
    As Project Rebirth's first principal sponsor, OFI has committed $1 million
in funding through 2010.  The Company's contributions will provide financial
support to help Project Rebirth complete its mission of chronicling the
rebirth of Ground Zero.  Through the sponsorship, OFI will host several
special screenings for community leaders and employees, and be acknowledged as
a principal sponsor on the Project's permanent installation, which is intended
for the WTC memorial site.
    "We're tremendously grateful to OppenheimerFunds for its generous support
of this project," said Jim Whitaker, Chair and Director of Project Rebirth and
President of Motion Picture Production, Imagine Entertainment. "We admire
OFI's dedication to celebrating the reconstruction of the World Trade Center
site and the revitalization of lower Manhattan -- it truly reflects the
resiliency of the Company and its employees over the course of the last three
years."
    The centerpiece of Project Rebirth is a time-lapse film of the World Trade
Center site reconstruction.  Since March 2002, six cameras have been stationed
around the site and will continue to shoot one frame of film every five
minutes until the reconstruction is completed.  There will also be an
accompanying documentary film following the lives of a number of New Yorkers
who were directly affected by 9/11, providing a time-lapse view of the
personal healing process.  The latest film trailer and more detailed
information about the project can be found at http://www.projectrebirth.org.
    "We felt a profound sense of responsibility to relocate back downtown and
to be an integral part of the revitalization of what we all consider to be our
second homes," said Murphy.  "A true work in progress, Project Rebirth is
documenting the most important lesson learned from 9/11: from a terrible
tragedy, we have the ability to move forward."
    OppenheimerFunds had offices in Tower Two of the World Trade Center.  All
598 of its World Trade Center-based employees survived the events of September
11, 2001.  The Company relocated its headquarters to lower Manhattan at Two
World Financial Center in November 2003.  The partnership between
OppenheimerFunds and Project Rebirth was developed and facilitated by The
Leverage Group, a New York-based strategic partnership-marketing firm.

    OppenheimerFunds, Inc.
    OppenheimerFunds, Inc. is one of the nation's largest and most respected
investment management companies. As of September 30, 2004, OppenheimerFunds,
Inc., including subsidiaries and controlled affiliates, managed assets of more
than $155 billion, including assets in more than 60 mutual funds and more than
7 million shareholder accounts.
    The products and services of the company and its controlled affiliates
include: mutual funds, hedge funds of funds, qualified retirement plans for
individuals and corporations, privately managed accounts, and investment
management for pension plans, foundations and other institutions.
OppenheimerFunds is widely recognized as a leader in educating and empowering
investors and for its award-winning customer service. OppenheimerFunds, Inc.
is not affiliated with Oppenheimer & Co, Inc. or Oppenheimer Capital.
    OppenheimerFunds, Inc., Two World Financial Center, 225 Liberty Street,
11th Floor, New York, NY 10281

    Project Rebirth
    Project Rebirth Inc. is a 501(c)(3) non-profit organization with offices
in New York City. Project Rebirth is directed by Jim Whitaker, president of
Imagine Entertainment, the production company founded by Ron Howard and Brian
Glazer. Its mission is to document the entire reconstruction of the WTC site -
and the experiences of individuals directly affected - to ensure that people
today and future generations can experience the rebuilding and learn from our
nation's ability to recover. Project Rebirth is designed to reach people
around the world via its website (http://www.projectrebirth.org), through a
future memorial museum installation, and through a feature-length documentary
film. The Aon Corporation is Project Rebirth's founding sponsor.
SOURCE OppenheimerFunds, Inc.
http://www.oppenheimerfunds.com
http://www.projectrebirth.org
CONTACT:
Jeaneen Pisarra, +1-212-323-5178, or Sean
Williamson, +1-212-323-0231, both of OppenheimerFunds, Inc.