INVESTMENT ADVISORY CONTRACTInvestment Advisory Contract • April 4th, 2002 • Clipper Fund Inc • California
INVESTMENT ADVISORY CONTRACT, made as of this 22nd day of March, 2002 between CLIPPER FUND, INC, a California corporation (hereinafter called the "Fund"), and Pacific Financial Research, Inc., a Massachusetts corporation, an indirect and wholly-owned subsidiary of Old Mutual (US) Holdings. (hereinafter called the "Investment Adviser").
