Clipper Fund, Inc. (the "Fund") collects nonpublic personal information about its shareholders in the ordinary course of establishing and servicing their accounts. Nonpublic personal information means personally identifiable financial information which is not publicly available and any list, description or other grouping of shareholders that is derived using such information. For example, it includes your address, social security number, account balance, income, investment activity, and bank account information. We collect this information from the following sources:

• Information we receive from you on applications or other forms;
  
• Information about your transactions with others, such as your financial adviser and other such intermediaries.

We do not disclose nonpublic personal information about you or your account(s) to anyone unless one of the following conditions is met:

• We receive your prior written consent;
• We believe the recipient is your authorized representative;
• We are permitted by law to disclose the information to the recipient in order to service your account(s); or
• We are required by law to disclose information to the recipient.

If you decide to close your account(s), we will continue to adhere to the privacy policies and practices as described in this notice.

If you hold shares of the Fund through a financial intermediary, such as a broker-dealer, bank or trust company, the privacy policy of your financial intermediary will also govern how your nonpublic personal information will be shared with other parties.

We restrict access to your personal and account information to those employees who need to know that information to service your account(s). The Fund maintains physical, electronic, and procedural safeguards to protect your nonpublic personal information.

All contents of this website are protected by copyright and may not be modified, distributed, posted, or re-transmitted without the prior written consent of Clipper Fund, Inc. (the "Fund"). Visitors to this site may print portions of the site of interest to them for their own private use only, so long as the copyright notice is displayed on all copies.

The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Fund to any registration requirement within such jurisdiction or country. The information contained on this website is provided for informational purposes only; neither the information nor any opinion contained in this site constitutes a solicitation or offer by the Fund to buy or sell any products or services, or a determination that a particular product or service is suitable for any individual person. The material contained in this site is current only as of the date of the last update, or if no updated information has been provided, as of the date originally posted. Market conditions are subject to change; all economic and performance information is historical and not indicative of future results. Materials on this site are subject to change without notice.

Disclaimer of Warranty and Limitation of Liability
The information on this site is provided "AS IS." The Fund does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. The Fund will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. Although the information provided to you on this site is obtained or compiled from sources we believe to be reliable, the Fund cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither the Fund nor any of its affiliates, officers, employees or third-party vendors will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained in this site available to you, or from any other cause relating to your access to, inability to access, or use of this site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of the Fund or of any vendor providing software or services support to the Fund. In no event will the Fund nor any of its affiliates, officers, employees or third-party vendors be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if the Fund or any such party has been advised of the possibility thereof.