William C. Nygren, CFA
Harris Associates L.P.
Two North LaSalle Street
Suite 500
Chicago, IL 60602

Bill Nygren is the portfolio manager for the portion of assets allocated to Harris Associates L.P (“Harris Associates”). Harris Associates, based in Chicago, is a wholly-owned subsidiary of CDC Ixis Asset Management. Nygren joined the firm in 1983 as an Investment Analyst and later served as the firm’s Director of Research from 1990 through 1998. He has managed The Oakmark Select Fund since its inception in 1996 and The Oakmark Fund since April 2000. He earned a B.S. degree in Accounting from the University of Minnesota and an M.S. degree in Finance from the University of Wisconsin-Madison. He has been in the investment business since 1981. Nygren has been an investment manager to Masters’ Select Value Fund assets since its inception in June 2000.

Approximately 25% of the Fund’s assets are managed by Nygren, who employs a highly-disciplined, bottom-up approach to stock-picking. When evaluating potential investments, three key factors are assessed:

• Companies trading at less than 60% of the firm’s estimate of underlying business value
• Free cash flows and intelligent investment of excess cash
• High level of manager ownership

Specific “buy” and “sell” targets are set for each security. Targets are regularly adjusted to reflect changes in a company’s fundamentals; but once set they determine buy and sell decisions. Nygren is flexible in his approach to determining the target price for companies in different industries. He generally views corporate restructuring, spinoffs and share repurchases as important catalysts in unlocking shareholder value.

Nygren’s philosophy of buying good businesses at inexpensive prices is the cornerstone of his investment process. By purchasing securities at a discount to underlying value and by partnering with shareholder-oriented management teams, he believes successful investment results over the long term with below average risk can be achieved.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.