ROCHESTER FUND MUNICIPALS
                                         Class C Share Certificate (8-1/2" x 11")

I.   FACE OF CERTIFICATE                (All text and other matter lies within 8-1/4" x 10-3/4"  decorative  border,  5/16"
     -------------------
                                        wide)

                           (upper left corner box with heading: NUMBER [of shares])

                           (upper right corner)  share certificate no.

                           (upper right box with heading: CLASS C SHARES below cert. no.)

                           (centered below boxes)

                                                 ROCHESTER FUND MUNICIPALS
                                              A MASSACHUSETTS BUSINESS TRUST

(at left)                           THIS IS TO CERTIFY THAT                             (at  right)  SEE   REVERSE  FOR  CERTAIN
                                                                                        DEFINITIONS

                                                                                (box with number)
                                                                                CUSIP _____________
(at left)  is the owner of

                                   (centered) FULLY PAID CLASS C SHARES OF BENEFICIAL INTEREST OF
                                                     ROCHESTER FUND MUNICIPALS

         (hereinafter  called the "Fund"),  transferable only on the books of the Fund by the holder hereof in person or by
         duly authorized attorney,  upon surrender of this certificate  properly endorsed.  This certificate and the shares
         represented  hereby are issued and shall be held subject to all of the  provisions of the  Declaration of Trust of
         the  Fund to all of  which  the  holder  by  acceptance  hereof  assents.  This  certificate  is not  valid  until
         countersigned by the Transfer Agent.

         WITNESS the facsimile seal of the Fund and the signatures of its duly authorized officers.

         (signature at left of seal)                 Dated:                     (signature at right of seal)

         /s/ Brian W. Wixted                                                    /s/ Robert J. Zack
         TREASURER                                                              SECRETARY

                                                   (centered at bottom)
                                              1-1/2" diameter facsimile seal
                                                        with legend





                                                 ROCHESTER FUND MUNICIPALS
                                                           SEAL
                                                           1992
                                               COMMONWEALTH OF MASSACHUSETTS

(at lower right, printed vertically)                          Countersigned
                                                     OPPENHEIMER SHAREHOLDER SERVICES
                                                     (A DIVISION OF OPPENHEIMERFUNDS, Inc.)
                                                     Denver (CO)                Transfer Agent

                                                     By ____________________________
                                                           Authorized Signature


II.      BACK OF CERTIFICATE (text reads from top to bottom of 11" dimension)
         -------------------

         The following abbreviations,  when used in the inscription on the face of this certificate,  shall be construed as
though they were written out in full according to applicable laws or regulations.

UNIF GIFT/TRANSFER MIN ACT - __________________  Custodian _______________
                                                     (Cust)                             (Minor)

                                             UNDER UGMA/UTMA  ___________________
                                                                                        (State)


Additional abbreviations may also be used though not in the above list.

For Value Received_____________________hereby sell(s), assign(s), and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
AND PROVIDE CERTIFICATION BY TRANSFEREE
(box for identifying number)






-----------------------------------------------------------------------
(Please print or type name and address of assignee)

------------------------------------------------------------------------

________________________________________________Class   C  Shares  of  beneficial   interest   represented  by  the  within
Certificate,  and do hereby irrevocably  constitute and appoint  ___________________________  Attorney to transfer the said
shares on the books of the within named Fund with full power of substitution in the premises.

Dated: ______________________

                                                     Signed: __________________________

                                                              -----------------------------------
                                                              (Both must sign if joint owners)

                                                     Signature(s) __________________________
                                                     guaranteed                 Name of Guarantor
                                                     by:               _____________________________
                                                                                Signature of
                                                                                Officer/Title

(text printed     NOTICE: The signature(s) to this assignment must vertically to right
                  correspond with the name(s) as written upon the of above paragraph)
                  face of the certificate in every particular
                  without alteration or enlargement or any change
                  whatever.

(text printed in           Signatures must be guaranteed by a financial
box to left of             institution of the type described in the current
signature(s))              prospectus of the Fund.


PLEASE NOTE: This document contains a watermark OppenheimerFunds
when viewed at an angle.
It is invalid without this
"four hands" watermark:  logotype

                         -------------------------------------------------------------------------
                                         THIS SPACE MUST NOT BE COVERED IN ANY WAY






365_ShareCert_C-02.doc