John V. Murphy Chairman and Chief Executive Officer OppenheimerFunds, Inc. Two World Financial Center 225 Liberty Street New York, NY 10281-1008 www.oppenheimerfunds.com September 12, 2008 Dear Oppenheimer Dividend Growth Fund Shareholder: We have scheduled a shareholder meeting for you to decide upon an important proposal for the Fund. After careful consideration, the Board of Trustees has determined that it would be in the best interests of shareholders of Oppenheimer Dividend Growth Fund to reorganize into another Oppenheimer fund-Oppenheimer Rising Dividends Fund, Inc. A shareholder meeting has been scheduled for November 7, 2008, and all Dividend Growth Fund shareholders of record on July 9, 2008, are being asked to vote either in person or by proxy on the proposed reorganization. You will find a combined prospectus and proxy statement detailing the proposal, a ballot card, a Rising Dividends Fund prospectus, instructions for voting by telephone or Internet and a postage-paid return envelope for voting by mail enclosed for your use. Why does the Board of Trustees recommend this change? The Board voted to recommend that shareholders of Dividend Growth Fund approve a proposal to reorganize the Fund into Rising Dividends Fund after considering, among other things, fund performance, the two Funds' respective investment objectives and policies, management fees, distribution fees and other operating expenses, and asset size. Shareholders of Dividend Growth Fund are expected to realize a number of benefits from the proposed reorganization, including benefitting from the future economies of scale associated with a larger fund as a result of the combined assets realizing a lower management fee breakpoint than Dividend Growth Fund shareholders currently receive. Moreover, the Funds have similar investment objectives and portfolio investments, therefore shareholders who originally purchased shares of Dividend Growth Fund will continue to have the benefit of owning shares of a substantially similar fund with a stronger long-term performance record. The Board of Dividend Growth Fund believes that shareholders will be best served by the proposed reorganization, and recommends a vote "For" the proposal. How do you vote? To cast your vote, simply mark, sign and date the enclosed proxy ballot and return it in the postage-paid envelope today. You may also vote by telephone or Internet by following the instructions on the proxy ballot. Using a touch-tone telephone or the Internet to cast your vote saves you time and helps reduce the Fund's expenses. If you vote by phone or Internet, you do not need to mail the proxy ballot. (over, please) Remember, it can be expensive for the Fund-and ultimately for you as a shareholder-to remail ballots if not enough responses are received to conduct the scheduled meeting. If your vote is not received before the scheduled meeting, you may receive a telephone call asking you to vote. Please read the enclosed combined prospectus/proxy statement detailing the reorganization and prospectus of Oppenheimer Rising Dividends Fund, Inc. for complete details on this proposal. Of course, if you have any questions, please contact your financial advisor, or call us at 1.800.225.5677. As always, we appreciate your confidence in OppenheimerFunds and look forward to serving you for many years to come. Sincerely, /s/ John V. Murphy John V. Murphy Enclosures XP0560.002.0808 1.866.458.9856 www.myproxyonline.com Vote your OppenheimerFunds proxy over the phone or Internet. Voting your proxy is important. And now OppenheimerFunds has made it easy. Vote at your convenience, 24 hours a day, and save postage costs, which ultimately reduces fund expenses. Read your Proxy Card carefully. Then, to exercise your proxy, just follow these simple steps: 1. Call the toll-free number: 1.866.458.9856 or go to our website: www.myproxyonline.com. 2. Follow the recorded or onscreen instructions. If you vote by phone or Internet, please do not mail your Proxy Card. LB0000.074.0708 August 29, 2008 OppenheimerFunds, The Right Way to Invest
Oppenheimer Rising Dividends Fund
Filed: 24 Sep 08, 12:00am