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Oakmark Small-Cap Fund Gets New Co-Manager

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July 17, 2003 — Harris Associates L.P. said Edward Studzinski was named co-manager of the $343-million Oakmark Small-Cap Fund/I (OAKSX), joining James Benson, who has served as co-manager on the fund since November, 1999.

Clyde McGregor, formerly co-portfolio manager of the fund, continues as co-manager of the $3.5-billion Oakmark Equity & Income Fund/I (OAKBX). McGregor has been on the Equity & Income Fund since its inception in November, 1995. He also manages separate accounts at Oakmark.

Harris Associates noted that Oakmark Small-Cap fund “will continue to be managed using the same value approach employed since its inception, investing in small-cap companies that are trading at a significant discount to their estimated intrinsic value that demonstrate the potential to grow per-share business value over time.”

Studzinski also continues as co-manager of the Equity & Income fund, which he joined in March, 2000.

For the year ended June 30, 2003, the Oakmark Small-Cap fund declined 10.2%, versus a loss of 2.3% for the average small-cap value fund. For the three-year period ended in June, it gained 8.1% annualized, versus 8.7% for its peers. The portfolio carries a 3-Star rank from Standard & Poor’s.

Chicago-based Harris Associates advises the Oakmark Funds.