Clipper Fund Retains Wilshire Associates

Beverly Hills, CA -- Clipper Fund, Inc. (“the Fund”) announced today that the Fund has retained Wilshire Associates Incorporated, a global investment consulting, investment management and investment technology firm, to assist the independent directors of the Fund in their evaluation of Barrow, Hanley, Mewhinney & Strauss, Inc. (“BHMS”) and other alternatives for management of the Fund. As the Fund reported to shareholders on September 30, the independent directors are conducting the evaluation following the announcement by the Fund’s investment adviser, Pacific Financial Research, Inc. (“PFR”), of its intention to reorganize with BHMS, an affiliated company, on or about January 1, 2006. The reorganization is part of a succession planning process to address the recent decision of three of the six principals of PFR and portfolio managers of the Fund, James H. Gipson, Michael C. Sandler and Bruce G. Veaco, to leave PFR on December 31, 2005.

“With the assistance of Wilshire, a highly regarded investment services firm with extensive experience in the evaluation of investment managers, we expect to complete a thorough review of alternatives for the Fund by mid-November,” said Norman Williamson, independent chairman of the Fund’s board of directors. “We continue to work productively with PFR and its parent company Old Mutual Asset Management to ensure uninterrupted portfolio management for the Fund, and look forward to communicating our recommendations to shareholders when our review is completed.”

“We appreciate the commitment of the independent directors to explore all options to serve the best interest of Clipper Fund shareholders, and our firms will support their efforts in any way we can,” said Scott Powers, chief executive of Old Mutual Asset Management, the parent company of both PFR and BHMS. “While the directors’ review is being conducted with the assistance of Wilshire, all members of the PFR investment team are continuing in their current roles managing the Fund.”

About Wilshire Associates

Wilshire Associates is a leading global investment technology, investment consulting and investment management firm with four distinct business units: Wilshire Funds Management, Wilshire Analytics, Wilshire Consulting, and Wilshire Private Markets. The firm was founded in 1972, revolutionizing the industry by pioneering the application of investment analytics and research to investment management for the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. Based in Santa Monica, CA, Wilshire’s more than 300 employees provide services to clients in more than 20 countries representing in excess of 600 organizations with assets totaling more than $12.5 trillion. With eight offices on four continents, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality counsel, products and services. More information on Wilshire is available at www.wilshire.com.

About Clipper Fund, Inc.

Clipper Fund, Inc. (Ticker: CFIMX) is a non-diversified, open-end management investment company with shares offered for sale in the United States. The objective of the Fund is to provide long-term capital growth and capital preservation. The Fund’s investment adviser, Pacific Financial Research, Inc., seeks to invest the Fund’s assets primarily in common stocks of large U.S. companies that are trading at prices significantly below PFR’s estimate of their intrinsic values. More information on the Fund is available at www.clipperfund.com.

About Old Mutual Asset Management

The member firms of Old Mutual Asset Management provide high-quality, actively managed investment products in all major asset classes and investment styles, with each firm focusing on its own specialized area of expertise. The group’s parent is Old Mutual plc, an international financial services company based in London, with operations in asset management, life assurance, banking and general insurance. More information on Old Mutual Asset Management member firms, and their investment teams and strategies, is available at www.oldmutualus.com.

Contact Information

Kim Shepherd

Press Contact

Wilshire Associates Incorporated

Contact via E-mail