INVESTMENT ADVISORY CONTRACTInvestment Advisory Contract • April 26th, 2004 • Clipper Fund Inc • California
INVESTMENT ADVISORY CONTRACT, made as of this 26th day of March, 2004 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").
