Company Press Release

SAN FRANCISCO, March 17, 2011 -- Dodge & Cox announced today the appointment of two new Independent Trustees to the Dodge & Cox Funds Board of Trustees. Robert B. Morris III became a Trustee on February 11, 2011, and Ann Mather will become a Trustee effective May 1, 2011.

Mr. Morris (58) and Ms. Mather (50) join five existing Independent Trustees of the Dodge & Cox Funds Board, in anticipation of several of those Independent Trustees reaching the mandatory retirement age of 72 within the next few years. Those five incumbent Independent Trustees are Will C. Wood (71), Trustee since 1992; William F. Ausfahl (70), Trustee since 2002; L. Dale Crandall (69), Trustee since 1999; John B. Taylor (64), Trustee since 2005; and Thomas A. Larsen (61), Trustee since 2002.

In addition to the appointment of Mr. Morris and Ms. Mather as Independent Trustees, certain positions within the Funds Board will be changing on May 1, 2011. Kenneth E. Olivier (58), Trustee of Dodge & Cox Funds since 2005 and current President of the Funds Board and President and CEO of Dodge & Cox, will assume the additional role of Chairman of the Funds Board. John A. Gunn (67), Trustee of the Dodge & Cox Funds since 1985, will remain on the Board but will no longer be Chairman. Dana M. Emery (49) will continue as an executive Trustee. With the appointment of Ms. Mather and Mr. Morris, the Board will consist of ten Trustees (seven independent and three executive Trustees).

The Board of Trustees for Dodge & Cox Funds oversees all Funds in the Dodge & Cox Funds complex and serves for an indefinite term. The five Funds currently under oversight are the Dodge & Cox Stock Fund, Dodge & Cox Global Stock Fund, Dodge & Cox International Stock Fund, Dodge & Cox Income Fund, and Dodge & Cox Balanced Fund.

The Dodge & Cox Funds share many traits, including a team decision-making process involving bottom-up fundamental analysis of each investment; low expense ratios; and a three- to five-year investment horizon, which has historically resulted in low turnover relative to peers. As one of the largest privately owned investment managers in the world, Dodge & Cox seeks to provide high quality investment management services to existing clients and shareholders. The role of the Independent Trustee supports this goal for Fund shareholders.

L. Dale Crandall, Lead Independent Trustee of the Dodge & Cox Funds, commented on the appointment of the new Independent Trustees, "We are pleased to welcome Robert Morris and Ann Mather to the Board of the Dodge & Cox Funds and look forward to their counsel on behalf of the Funds and their shareholders."

Robert B. Morris III is a private investor with over 25 years of experience in the securities industry and is a CFA® charterholder. His prior experience includes working as a Partner and Managing Director of Global Research at Goldman Sachs & Co. from 1988 until his retirement from the firm in 2001. Prior to joining Goldman Sachs, Mr. Morris was a telecommunication services analyst at Prudential-Bache Securities, a general partner and telecommunication services analyst at Montgomery Securities, and a securities analyst at Wells Fargo Investment Advisers.

Ann Mather was formerly Executive Vice President, Chief Financial Officer, and Company Secretary of Pixar Studios where she was responsible for finance, administration, business affairs, investor relations, and human resources. She previously served in a variety of executive positions at the Walt Disney Company. Ms. Mather currently serves on a number of public boards, including Google and Netflix.

Founded in 1930, Dodge & Cox is one of the largest privately owned investment advisors in the world, providing investment management services for individual and institutional investors in mutual funds and private accounts. As of February 28, 2011, Dodge & Cox had over $199 billion in assets under management.

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.

SOURCE Dodge & Cox


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