Test Presentation

1. Winning the Investment Game with Consistent Compounding During this presentation and subsequent questions and answers, Davis Advisors’ investment professionals may make candid statements and observations regarding investment strategies, individual securities and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact. Joseph Emhof Vice President - Regional Director Davis Advisors

5. Correlation coefficients are a statistical means of describing the extent to which two assets move in relation to one another and the direction of their relationship. Correlation coefficients can range from -1.0 to +1.0, with +1.0 describing a perfectly direct relationship (in which assets will move exactly in tandem) and -1.0 describing a perfectly inverse (i.e., directionally opposite) relationship.

8. L EGAL D ISCLOSURE DAVIS DISTRIBUTORS, LLC, 1-800-279-0279, 2949 East Elvira Road, Suite 101, Tucson, Arizona 85706. This presentation is authorized for use by existing shareholders. A current Davis Fund prospectus must accompany or precede this presentation if it is distributed to prospective shareholders. You should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing. Read the prospectus carefully before you invest or send money. Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions regarding the investment prospects of our portfolio holdings and the market in general include "forward looking statements" which may or may not be accurate over the long term. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate. These opinions are current as of the date of this presentation but are subject to change. Davis Advisors' investment professionals candidly discuss a number of individual companies. These companies are used to illustrate specific points and are not represented as being currently included in the investment portfolio of any specific Davis fund. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. Portfolio holdings and the portfolio manager's view expressed in this report are subject to change. For current portfolio information, please call 800-279-0279. Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in detail in the prospectus. Visit Davisfunds.com or call 800-279-0279 for the most current public portfolio holdings information. Some of the important risks of an investment in a Davis Equity Fund may be: (1) market risk: The market value of shares of common stock can change rapidly and unpredictably as a result of political or economic events having little or nothing to do with the performance of the companies we invest in; (2) company risk: The market value of a common stock varies with the success or failure of the company issuing the stock. As a result, the success of the companies in which the Fund invests largely determines the Fund's long-term performance; (3) small- and medium-capitalization risk: Smaller companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; (4) financial services risk: Investing a significant portion of assets in the financial services sector may cause a fund to be more volatile. Securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations and are the target of increased competition; (5) foreign country risk: Foreign investing may involve more volatility as the foreign economies may not be as strong or diversified, political systems may not be as stable and the foreign capital markets may not be as well developed; and (6) headline risk: The Funds may invest in a company when it becomes the center of controversy after receiving adverse media attention or when the company is involved in litigation. While we research these companies, their stock may never recover. Not every fund is subject to these risks. Each fund may be subject to other risks not mentioned. See the prospectus for a complete listing of the principal risks. The Fund's shares are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested. Davis Distributors, LLC. 2949 E. Elvira Rd., Suite 101, Tucson, AZ 85706