This information on 2022 estimated year-end distributions is intended for existing shareholders. Clipper Fund also paid a semiannual capital gains distribution.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. The gains are primarily long term and generally subject to lower tax rates than short-term gains or dividend income.

• Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

• Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.