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At a Glance
Harris Associates L.P., Adviser to The Oakmark Funds

Firm information
•	Harris Associates L. P. was founded in 1976
•	First Oakmark mutual fund was started in 1991
•	Over $59 billion total assets under management (as of 3/31/08)
	The Oakmark Funds represent $31.5 billion of that total
•	183 employees
•	Headquartered in Chicago, Illinois
•	Harris Associates is an indirect subsidiary of Natixis Global Asset Management, L.P. and operates autonomously.

Investment products
•	Value equity and balanced portfolios for institutions and high net worth individuals have been managed since inception in 1976 -- U.S. Domestic, International, and Balanced separate account products
•	The Oakmark Funds -- 3 domestic, 2 global, 2 international
	First mutual fund: Oakmark Fund (OAKMX), inception 8/5/91 Latest mutual fund: Oakmark Global Select Fund (OAKWX), inception 10/2/06
•	Website addresses: www.harrisassoc.com, www.oakmark.com, www.harrisinst.com

About Us

Harris Associates L.P. was founded in 1976 by experienced investment professionals to provide investment advice to wealthy individuals and institutions. These professionals, who had formerly worked in the private investment office of a prominent Chicago entrepreneur, created and refined the distinct value investment philosophy that has guided the firm since its inception.

Investment Philosophy
All portfolio managers at Harris Associates and The Oakmark Funds adhere to the same value investment philosophy: we utilize an intensive, in-house research process to identify companies that we believe are trading at a substantial discount to underlying business value--the price a rational businessperson would pay, in cash, to own the entire business. We view every stock purchase as if we were buying a piece of the business, not just a stock certificate.

Investment Process
From the universe of thousands of equity securities, our team generates investment ideas in a variety of ways, including the screening of database and industry resources. If a security appears attractive, our analysts perform detailed quantitative and qualitative research on the company and its management team.

Analysts then present their recommendations to our Stock Selection Group, a weekly meeting of the firm's investment professionals. Our most experienced portfolio managers approve stocks for inclusion on the firm's Approved List of 125 to 150 securities.

For each stock added to the Approved List, the analyst sets a specific buy and sell target. Targets are carefully reviewed by the analyst and updated regularly to ensure that the target price reflects fundamental changes in the company's business and, therefore, its underlying value. Portfolio managers then construct focused portfolios from the firm's Approved List.

Research Process
•	Focus on company fundamentals--find the best companies at the best prices rather than investing in companies that make up a particular market index. Thus, industry allocation is a fallout of the stock selection process.
•	All of the analysts are generalists and search for value in the stock market wherever it may be regardless of industry. This structure provides the analysts with a much broader perspective and allows them to assess relative values among companies in different industry sectors.
•	Analysts focus on free cash flow and company management, in addition to more traditional measures of valuing stocks such as P/E or P/B.
•	Portfolios are composed of securities the team believes have the following qualities:
	• Significant appreciation potential • High degree of management ownership • Limited downside risk • Attractive valuation

Investment Team
(in alphabetical order)

James P. Benson , CFA
Partner and Investment Analyst

• BA, Westminster College, 1979
• MBA, Northwestern University, 1981
• Formerly an EVP and Director of Equity Research for Ryan Beck & Co., 1993-1997; VP and Special Assistant to the Chairman of The Dime Savings Bank of New York, 1990-1992; and VP and Senior Equity Analyst for Drexel Burnham Lambert, 1987-1990
• 26 years of investment experience
• Joined Harris Associates in 1997