Institutional Overview

Davis Advisors is distinguishable from other money management firms in the following respects:

Independent, Employee-Owned Money Manager Since 1969

• Our independence allows us to make what we believe are the best long-term investment decisions for our clients.
• Given our long history, we have experience investing successfully * through a wide variety of market and economic conditions.

Focused, Research-Driven Organization

• We focus solely on investment strategies to which we believe we can add value for investors.
• All portfolios are managed according to the Davis investment discipline of buying durable businesses at value prices and holding them for the long term.

Long-Term, High-Conviction Investment Approach

• With a long-term perspective, we devote significant time and resources upfront to studying businesses rigorously – sometimes over the course of several years – until we build enough conviction to invest our clients and our own capital.

Exceptional Alignment of Interests

• The Davis family, employees and directors have more than $2 billion of their own money invested side by side with fellow shareholders in the various mutual funds our firm manages (as of March 31, 2008).