As of 4/30/08
			Clipper		S&P 500 Index
	Year to Date		-9.09%		-5.03%

				As of 4/30/08
			Clipper		S&P 500 Index
	1 Year		-10.02%		-4.68%
	3 Year		2.76%		8.22%
	5 Year		6.42%		10.61%
	10 Year		7.58%		3.89%
	Since Inception*		13.46%		12.20%

			Clipper		S&P 500 Index
	2007		0.05%		5.49%
	2006		15.27%		15.79%
	2005		-0.24%		4.91%
	2004		5.87%		10.88%
	2003		19.35%		28.69%
	2002		-5.50%		-22.10%
	2001		10.26%		-11.89%
	2000		37.40%		-9.10%
	1999		-2.02%		21.04%
	1998		19.20%		28.58%
	1997		30.44%		33.35%
	1996		19.43%		22.94%
	1995		45.22%		37.53%
	1994		-2.45%		1.32%
	1993		11.20%		10.06%
	1992		15.90%		7.62%
	1991		32.74%		30.40%
	1990		-7.59%		-3.11%
	1989		22.14%		31.63%
	1988		19.65%		16.56%
	1987		3.05%		5.25%
	1986		18.74%		18.66%
	1985		26.43%		31.73%
	1984*		21.28%		10.77%

The figures above represent past performance and are not a guarantee of future results. The investment return and principal value will vary so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and currently may be lower or higher than the performance data quoted above. As of the most recent prospectus, the expense ratio for the Clipper Fund was 0.69%.

The Fund's total returns include reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these distributions.

Clipper Fund was managed from inception until January 1, 2006 by another Adviser. Davis Selected Advisers, L.P. took over management of the Fund on January 1, 2006.

The S&P 500 Index is an unmanaged, capitalization weighted index of the common stocks of 500 major U.S. corporations. Index returns include dividends and/or interest income and, unlike Fund returns, do not reflect fees or expenses. In addition, unlike the Fund, which periodically maintains a significant cash position, the S&P 500 is fully invested. Investors cannot directly invest in an index.