Clipper Fund, Inc. (the "Fund") is a no-load equity mutual fund with a long-term investment horizon. The Fund is advised by Davis Selected Advisers, L.P., which seeks to invest in durable, well-managed businesses that can be purchased at value prices and held for the long-term. The Davis family, directors, and employees have almost $1.5 billion of their own money invested side by side with our shareholders in the various mutual funds managed by the firm.* This helps ensure that our interests are closely aligned with those of our clients.

The Fund is a non-diversified, open-end management investment company. The objective of the Fund is to provide long-term capital growth and capital preservation.

* As of 12/31/08