Oakmark Equity and Income Fund Re-Opens to New Investors 11/3/2008 News release | Equity and Income Manager Commentary | Open An Account Harris Associates L.P. announced today that the Oakmark Equity and Income Fund will re-open to all investors on November 3, 2008. The Oakmark Equity and Income Fund, which was launched on November 1, 1995, closed to most new investors on May 7, 2004. “Recent market volatility has dramatically increased the number of interesting investment opportunities for our consideration. At the same time, the volatility has discouraged many investors, including Fund shareholders, resulting in increased outflows just when the opportunity set is expanding,” says Clyde McGregor, co-portfolio manager of Oakmark Equity & Income Fund. Co-portfolio manager Edward Studzinski adds, “By restoring the equilibrium between purchases and sales, we hope to retain greater portfolio flexibility for Fund shareholders while enhancing our ability to invest opportunistically in this period of heightened market volatility.” Oakmark Equity & Income Fund invests primarily in a diversified portfolio of U.S. equity and fixed-income securities. The Fund is intended to present a balanced investment program between growth and income by investing approximately 50-75% of its total assets in common stock, including securities convertible into common stock, and up to 50% of its assets in U.S. government securities and highly-rated, investment grade debt. The Fund may invest up to 20% of its assets in unrated or lower-rated debt securities, sometimes called junk bonds. The Fund may also invest up to 35% of its total assets in securities of non-U.S. companies.   Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods. The Oakmark Equity and Income Fund invests in medium- and lower-quality debt securities that have higher yield potential but present greater investment and credit risk than higher-quality securities. These risks may result in greater share price volatility. An economic downturn could severely disrupt the market in medium or lower grade debt securities and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest.