Company Press Release

January 30, 2013

We would like to inform you of several changes to Dodge & Cox’s senior management team, effective May 14, 2013. These title changes are part of a longer-term succession plan that has been in place for many years, ensuring a smooth transition for clients, Dodge & Cox Funds shareholders, and employees. Separately, we are pleased to announce a new appointment to the firm’s Investment Policy Committee.

Dana M. Emery Named Chief Executive Officer and President, Charles F. Pohl Named Chairman, and Kenneth E. Olivier Named Chairman Emeritus of Dodge & Cox

The Board of Directors of Dodge & Cox is pleased to announce that Dana M. Emery (51) will assume the position of Chief Executive Officer and President. Ms. Emery, currently co-President, will continue her role as Director of Fixed Income. She is a member of the firm's Board of Directors and the Fixed Income Investment Policy Committee (FIIPC), as well as a Senior Vice President and Trustee of the Dodge & Cox Funds. Ms. Emery received her B.A. from Stanford University in 1983 and joined the firm that same year. She is a shareholder of the firm, a Chartered Investment Counselor, and a CFA charterholder.

Charles F. Pohl (55) will assume the position of Chairman of Dodge & Cox. In addition to serving as the Chair of the firm’s Board of Directors, he will continue as the firm’s Chief Investment Officer, as well as a member of the firm's Investment Policy Committee (IPC), International Investment Policy Committee (IIPC), Global Investment Policy Committee (GIPC), and FIIPC. Mr. Pohl joined Dodge & Cox in 1984 and has served as co-President with Ms. Emery since 2011. Mr. Pohl received a B.A. in 1980 and an M.B.A. in 1981 from the University of Chicago. He is a shareholder of the firm and a CFA charterholder.

Kenneth E. Olivier (60), who currently serves as Chairman and Chief Executive Officer, will assume the role of Chairman Emeritus of Dodge & Cox. Mr. Olivier will continue as Chairman and Trustee of the Dodge & Cox Funds and as a member of the Dodge & Cox Board of Directors but has decided to discontinue his membership on the IPC.

John A. Gunn (69), former Chairman, will resign from the Dodge & Cox Board of Directors. He will continue as Trustee of the Dodge & Cox Funds and as a member of the IPC, IIPC, and GIPC.

Operating from the firm’s single investment office in San Francisco, Ms. Emery and Mr. Pohl have worked together managing assets for Dodge & Cox’s clients and Fund shareholders for close to 30 years and have been members of the firm’s senior management team for over 15 years. Alongside a deep and experienced team of professionals, they will continue to apply Dodge & Cox's enduring investment approach with the goal of creating lasting value for clients and shareholders. They will also work to ensure that the principles for managing Dodge & Cox continue, as established by our founders in the 1930s – independent ownership, stability, high ethical standards, and a focus on serving clients well.

Philippe Barret, Jr. Appointed to the Dodge & Cox Investment Policy Committee

Dodge & Cox is also pleased to announce the addition of Philippe Barret, Jr. (36) to the IPC, effective February 1, 2013. Mr. Barret received his B.A. degree (magna cum laude) from Washington and Lee University in 1998 and his M.B.A. degree from the Stanford Graduate School of Business in 2004. Between degrees he worked as a financial analyst at JP Morgan and American Securities Capital Partners, LLC. Mr. Barret joined Dodge & Cox in 2004. He is a shareholder of the firm and a CFA charterholder. The IPC has primary responsibility for Dodge & Cox’s domestic equity strategies, including the Dodge & Cox Stock Fund.

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and management fees and other expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.