ORNAX Oppenheimer Rochester High Yield Municipal FD Class A (MM)

Cohen Milstein Sellers & Toll PLLC announces that it has filed a class action lawsuit in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (�Oppenheimer�) on behalf of purchasers of the Rochester National Municipals Fund (�Rochester� or the �Fund�) (NASDAQ:ORNAX � News) (NASDAQ:ORNBX � News) (NASDAQ:ORNCX � News) from March 13, 2006 through October 21, 2008 (the �Class Period�).

The complaint filed charges Oppenheimer, the Fund and certain of its Trustees with violations of the Securities Act of 1933. The suit claims that the registration statements and prospectuses used to sell shares in the Fund contained materially false and misleading statements about the risks of investing in the Fund. The lawsuit identified the following funds as affected: A Shares (ORNAX), B Shares (ORNBX) and C Shares (ORNCX).

On October 21, 2008, Rochester filed a Prospectus Supplement which alerted investors of the true liquidity risks of the Fund�s investments. The Fund closed at $6.59 per share later that day, representing a 49% decline in value. Plaintiffs seek to recover damages on behalf of all those who purchased shares of Rochester National Municipals Fund from March 13, 2006 through October 21, 2008. Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and is active in major litigation pending in federal and state courts throughout the nation, including the District of Colorado.

If you purchased any class of shares of the Rochester National Municipals Fund from March 13, 2006 to October 21, 2008, you may move the court no later than May 12, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Cohen Milstein Sellers & Toll PLLC, or other attorneys, to serve as your counsel in this action.

The firm�s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq. Jonathan Tucker Cohen Milstein Sellers & Toll PLLC 1100 New York Avenue, N.W. West Tower, Suite 500 Washington, D.C. 20005 Telephone: (888) 240-0775 or (202) 408-4600

Email: stoll@cohenmilstein.com or jtucker@cohenmilstein.com