Regulatory Changes Impact Overview

OPPENHEIMER Temporary or Permanent Changes (continued) Risk to Euro is temporary New market players will emerge and gravitate to less traveled markets Markets are likely to remain fragmented and uncertain for another 36 months Higher interest rates (when?) will actually return normality to markets and more normal allocation of risk U.S. will continue to overreact to issues that brought on the Financial Crisis Consumers will continue to see higher cost of credit and lower availability Spending will be limited to those with jobs, savings, ability to re-pay debt 11

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