Announcement from Dodge & Cox

February 18, 2010

We would like to inform you of several changes to Dodge & Cox’s senior management team, consistent with the firm’s long-term strategy and executive succession planning. Separately, we are also announcing new appointments to two of the firm’s investment policy committees.

Kenneth E. Olivier Named CEO, John A. Gunn Remains Chairman of Dodge & Cox

The Board of Directors of Dodge & Cox is pleased to announce the election of Kenneth E. Olivier (57) as Chief Executive Officer, effective March 31, 2010. Mr. Olivier joined the firm in 1979, was elected a shareholder in 1983 and named President in 2006. He will continue to hold the title of President and will remain a member of Dodge & Cox’s Investment Policy Committee (IPC). John A. Gunn (66), who has served as Chairman and CEO since 2007 and formerly served as President between 1993 and 2006, will remain as Chairman and continue to serve on the IPC, the International Investment Policy Committee (IIPC) and Global Investment Policy Committee (GIPC).

Executive Succession Plan Effective March 31, 2011

The Board also announced a longer-term succession plan that will take effect on March 31, 2011. Mr. Gunn will become Chairman Emeritus of the firm, and Mr. Olivier will assume the role of Chairman. In addition, Dana M. Emery (48) and Charles F. Pohl (52), who currently serve as Executive Vice President and Senior Vice President, respectively, will become co-Presidents of Dodge & Cox. Ms. Emery will remain the firm’s Director of Fixed Income and Mr. Pohl will remain the firm’s Chief Investment Officer. Mr. Gunn, Mr. Olivier, Ms. Emery, Mr. Pohl and Thomas M. Mistele (56), the firm’s Chief Operating Officer and General Counsel, currently comprise the Dodge & Cox Board of Directors. The Board anticipates incrementally adding new Directors to the Board over time.

Mr. Olivier, Ms. Emery and Mr. Pohl have all worked very closely together for more than 25 years, and they, along with our deep and experienced team of professionals, will sustain our commitment to Dodge & Cox’s time-tested investment philosophy and 80-year legacy of delivering long-term value for our clients. We have been planning this leadership transition for several years, and we anticipate that it will be seamless for our clients and shareholders. John Gunn has been an integral part of Dodge & Cox’s success for the past 37 years. He will continue to be a source of experience and wisdom as we transition to Dodge & Cox’s fourth generation of senior leadership.

Before joining the firm, Mr. Olivier received a B.A. from Stanford University in 1974, a J.D. from the University of California, Hastings College of Law in 1977, and an M.B.A. from the Harvard Business School in 1979. He is the President and a Trustee of the Dodge & Cox Funds. He is a shareholder of the firm, a Chartered Investment Counselor, a CFA® charterholder, and is a past president of the CFA Society of San Francisco. Mr. Olivier serves on a number of community service and education-related boards.

Ms. Emery is currently Executive Vice President at Dodge & Cox and Director of Fixed Income. She received her B.A. degree from Stanford University in 1983 and joined the firm that same year. Ms. Emery is a member of the firm’s Board of Directors and the Fixed Income Investment Policy Committee (FIIPC). Ms. Emery is a Senior Vice President and Trustee of the Dodge & Cox Funds. She is a shareholder of the firm, a Chartered Investment Counselor, and a CFA charterholder.

Mr. Pohl is Senior Vice President and Chief Investment Officer at Dodge & Cox. He received a B.A. degree in 1980 and an M.B.A. degree in 1981 from the University of Chicago. Prior to joining Dodge & Cox in 1984, Mr. Pohl worked at Wells Fargo Investment Advisors. Mr. Pohl is also the firm’s Director of Credit Research, and a member of the firm’s Board of Directors, the IPC, the IIPC, the GIPC and the FIIPC. Mr. Pohl is a Senior Vice President of the Dodge & Cox Funds. He is a shareholder of the firm, and a CFA charterholder.

Long-term Commitment to our Clients and Shareholders

Since our founding in 1930 by E. Morris (“Morrie”) Cox and Van Duyn Dodge, Dodge & Cox’s unique culture and independence has enabled us to deliver value to clients and shareholders through a steadfast commitment to our core investment principles. We are confident the seasoned leadership team we announced today will build on that legacy for years to come.

New Appointments to the Dodge & Cox Investment Policy Committees

Dodge & Cox is also pleased to announce the addition of two distinguished investment professionals to its investment policy committees. Effective February 15, 2010, Roger G. Kuo will join the firm’s Global Investment Policy Committee (GIPC), and Adam S. Rubinson will be added to the Fixed Income Investment Policy Committee (FIIPC).

Mr. Kuo is a Vice President at Dodge & Cox. He graduated magna cum laude from Harvard College in 1993 and received an M.B.A. from Harvard Business School in 1998. Mr. Kuo worked at Bear Stearns as a financial analyst prior to joining Dodge & Cox in 1998. Mr. Kuo also serves as a member of the firm’s IIPC. He is a shareholder of the firm and a CFA charterholder. Upon Mr. Kuo’s appointment, the seven-member GIPC will have an average tenure of 18 years at Dodge & Cox.

Mr. Rubinson is a Vice President at Dodge & Cox. He graduated from Columbia College in 1988 and received a J.D. from Stanford Law School in 1991. From 1991 to 1997 he practiced corporate law at Sullivan & Cromwell. Prior to joining Dodge & Cox in 2002, he worked in the fixed income and investment banking divisions of Goldman Sachs. Mr. Rubinson is a shareholder of the firm and a CFA charterholder. Mr. Rubinson’s addition to the ten-member FIIPC will result in an average tenure of 15 years at Dodge & Cox among the committee’s members.