Dodge & Cox  /  Investment Managers  /  San Francisco

Representing Dodge & Cox:

Dodge & Cox International Stock Fund

June 30, 2008

I. 

Introduction to Dodge & Cox

II.

International Stock Fund Overview

III.

Investment Team and Process

IV.

Equity Portfolio & Strategy

V.

Investment Results

VI.

Dodge & Cox Funds Services

VII.

Supplemental Exhibits

Dodge

&

Cox

does

not

guarantee

the

future

performance

of

any

account

(including

Dodge

&

Cox

mutual

funds)

or

any

specific

level

of

performance,

the

success

of

any

investment

decision

or

strategy

that

Dodge

&

Cox

may

use,

or

the

success

of

Dodge

&

Cox's

overall

management

of

an

account.

Investment

decisions

made

for

a

client's

account

by

Dodge

&

Cox

are

subject

to

various

market,

currency,

economic,

political

and

business

risks

(foreign

investing,

especially

in

developing

countries,

has

special

risks

such

as

currency

and

market

volatility

and

political

and

social

instability),

and

those

investment

decisions

will

not

always

be

profitable. This

information

is

the

confidential

and

proprietary

product

of

Dodge

&

Cox.

Any

unauthorized

use,

reproduction

or

disclosure

is

strictly

prohibited.

Dodge & Cox  /  Investment Managers  /  San Francisco

Over Seventy-Five Years of Investment Experience

Dodge & Cox was founded in 1930.  We have a stable and well-qualified team of investment professionals,

most of whom have spent their entire careers at Dodge & Cox.

Independent Organization

Ownership of Dodge & Cox is limited to active employees of the firm. Currently there are 58 shareholders

and 183 total employees.

One Business

Dodge & Cox provides domestic, international and global equity, fixed income, and balanced account management.

Single Office Location

We maintain close communication among our investment professionals by operating from one office in San Francisco.

Independent Research Staff

Thorough fundamental analysis of each investment allows us to make independent, long-term decisions for

our clients’

portfolios.                                                    

Key Characteristics of Our Organization        

June 30, 2008

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox Funds:  $140.2 billion

Separate Accounts: $69.3 billion

*Reopened to new investors effective February 4, 2008.

Dodge & Cox Assets Under Management ($ in billions)

$209.5 in Total Assets:  $144.1 in Equities  /  $65.4 in Fixed Income

as of June 30, 2008

Corporate

Employee Benefit

$29.3

Public Employee

Benefit

$12.9

Foundation &

Endowment

$11.2

Insurance & Other

Taxable Corp.

$2.9

Private

Clients

$5.2

Taft-Hartley Emp.

Benefit

$7.8

International

Stock Fund

$49.4

Income Fund

$15.6

Balanced Fund*

$22.4

Stock Fund*

$52.5

Global Stock

Fund, $0.3

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Equity

96.9%

Cash

3.1%

International Stock Fund

Total Net Assets: $49.4 billion

(As of 6/30/08)

Portfolio Overview

(As of 6/30/08)

•

Diversified Portfolio by Sector & Region

•

Long-Term Investment Horizon

•

Well-Established Companies:

–

Wtd. Average Market Cap. of $59 Billion

–

Median Market Cap. of $14 Billion

•

Below-Average Valuations:

–

Price to earnings ratio (forward) of 10.5x

–

Price to sales ratio of 0.7x

–

Price to book value of 1.5x

•

Gradual Portfolio Shifts

Net Asset Value Per Share: $40.71

Expense Ratio: 0.65% (as of 6/30/08)

Dodge & Cox International Stock Fund

as of June 30, 2008

Key Characteristics Shared by Dodge & Cox Funds

•

Objective: Long-Term Growth of Principal and Income

•

Low Expenses

•

Stable and Experienced Investment Team

•

Consistent Investment Approach

•

Team Decision-Making Process

•

Low Turnover Resulting from Long-Term View

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

•

Originally conceived to develop a global research perspective

•

Launched after years of research and due diligence

Mid 80s

Late 80s

Mid 90s

1997

1999

May 2001

June 2008

Recognized need

to develop global

research expertise

for existing

clients.

Ramped up

global research

efforts. Invested

in select

international

companies in

“domestic”

portfolios.

Decided to

explore an

international-

only portfolio.

Formed

International

Investment

Policy

Committee

to review

international

research

ideas.

International

seed

portfolio

established.

DODFX

launched

DODFX:

$49.4B

in assets.

International Fund Timeline

Development of Dodge & Cox International Stock Fund

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

What Makes Us Distinctive?

Typical Portfolio Characteristic:

•

Historically low turnover (<20%) reflecting long-term view

Common Characteristic:

•

100%+ portfolio turnover

Risk Assessment is based on capital preservation:

•

Risk defined as potential for permanent loss of capital

•

Portfolio diversified across industries and regions

•

Thorough analysis of individual holdings

•

Judgment guides sector and country limits

Risk Assessment is benchmark-based:

•

Risk defined as volatility relative to benchmark

•

Minimize tracking error and portfolio beta

•

Benchmark-based sector and country limits

•

Bottom-up approach based on individual company analysis

•

Macro view is outcome

•

Macro view and forecasts used as inputs to security selection

•

Focused team based in San Francisco

•

Global industry analysts

•

Worldwide investment staff

•

Dedicated international team

Dodge & Cox Approach

“Typical”

International Approach

Updated 6/2008

08-306

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, management fees, risks and expenses. To

obtain a Fund’s prospectus,

which contains this and other important information, visit www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Experienced and Stable Investment Team

Investment Policy Committee

Member

Years

Member

Years

John Gunn

35

Bryan Cameron

24

Kenneth Olivier

28

Gregory Serrurier

23

Charles Pohl

23

Wendell Birkhofer

20

Diana Strandberg

19

Steven Voorhis

11

David Hoeft

14

Fixed Income Investment Policy Committee

Member

Years

Member

Years

Dana Emery

24

Charles Pohl

23

Peter Lambert

19

Robert Thompson

15

Thomas Dugan

14

Kent Radspinner

11

Larissa Roesch

10

James Dignan

8

Anthony Brekke

4

International Investment Policy Committee

Member

Years

Member

Years

John Gunn

35

Bryan Cameron

24

Charles Pohl

23

Gregory Serrurier

23

Diana Strandberg

19

Yasha Gofman

12

Mario DiPrisco

9

Roger Kuo                   

9

Keiko Horkan

7

Analysts and Managers

Policy Committees

Revised 6/2008

Global Investment Policy Committee

Member

Years

Member

Years

John Gunn

35

Steven Voorhis

11

Charles Pohl

23

Karol Marcin

7

Diana Strandberg

19

Lily Beischer

7

Managers/Analysts

Years

Coverage

John Gunn

35

Chairman & Chief Executive Officer

Kenneth Olivier

28

President

Katherine Drake

26

Portfolio Manager

Bryan Cameron

24

Director of Research Department

Charles Pohl

23

Chief Investment Officer

Gregory Serrurier

23

Portfolio Manager

Lynn Poole

20

Portfolio Manager

Wendell Birkhofer

20

Portfolio Manager / Broadcasting, Entertainment

Diana Strandberg

19

International

Kevin Johnson

18

Portfolio Manager / Integrated Oils, Consumer Finance (US)

Steven Cassriel

15

Portfolio Manager / Railroads, Airlines

David Hoeft

14

Computer Hardware & Software, Semiconductors

Yasha Gofman

12

Energy, Tobacco, Russia, Israel

Steven Voorhis

11

Pharmaceuticals, Metals & Mining, India

John Iannuccillo

10

Aerospace, Electrical Equipment, Paper, IT Services, Analytical Instruments

Mario DiPrisco

9

Banks (EMEA, India & Latin America), Building Products, Latin America

Roger Kuo

9

Telecom (Americas), Media, Entertainment, China, Hong Kong

Keiko Horkan

7

Banks (US & Japan), Consumer Electronics, Specialty Finance, Japan

Karol Marcin

7

Global Insurance, Central Europe

Amanda Nelson

7

Telecom Equipment, Natural Gas Pipelines, Electric Utilities, Turkey, Greece

Lily Beischer

7

Telecom (Asia), Retail, Footwear & Apparel, Cosmetics, Philippines, Indonesia

Richard Callister

5

Machinery, Chemicals, Medical Devices, Scandinavia

Englebert Bangayan

5

Commercial Services, Transportation (International)

James Borden

5

Portfolio Manager

Raymond Mertens

4

REITs, Hotels, Commercial Printing, Healthcare Services, Consumer Products

Phillippe Barret, Jr.

3

Asian (ex. Japan) Banks, Imaging, Brokers, Investment Managers, Exchanges

Eric Warner

2

Portfolio Manager

Karim Fakhry

2

Appliances, Building Products, US Home Building & Improvement, Biotech

Joel-Patrick Millsap

1

Telecom (Europe), Global Autos

Kathleen Grey McCarthy

New

Beverages, Restaurants

Paritosh Somani

New

Metals & Mining

Tae Yamaura

New

Japan

Fixed Income Analysts

Years

Coverage

Dana Emery

24

Executive Vice President, Corporates

Peter Lambert

19

Mortgage-Backed Securities

Robert Thompson

15

Agencies, Special Situations

Shirlee Neil

15

Corporates

Thomas Dugan

14

Mortgage-Backed Securities

Stephanie Notowich

12

Mortgage-Backed Securities

Nancy Kellerman

11

Municipals

Kent Radspinner

11

Asset-Backed Securities, TIPS

Larissa Roesch

10

Corporates, Scandinavia, Thailand

James Dignan

8

Mortgage-Backed Securities

Thinh Le

7

Corporates

E. Saul Peña

7

Corporates

Jay J. Stock

5

Analytics Systems, Other Research

Adam Rubinson

5

Corporates, Auto Finance

Anthony Brekke

4

Corporates

Nils Reuter

4

Mortgage-Backed Securities

Lucinda Johns

3

Corporates, South Africa

Linda K. Chong

2

Mortgage & Asset-Backed Securities, Korea, Malaysia

Nicholas V. Lockwood

New

Municipals, Treasury Trading

08-205

Years at Dodge & Cox as of September 2007

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Disciplined Decision-Making by an Experienced and Stable Team

Investment Advocacy by Research Analysts

Objectives:

Conduct Bottom-up Research of Individual Companies

Identify Investment Opportunities and Monitor Existing Holdings

Advocate Investment Recommendations

Years at D&C

•

John Gunn ¹

Chairman & Chief Executive Officer

35

•

Bryan Cameron ¹

Director of Research

24

•

Charles Pohl ¹

Chief Investment Officer

23

Research Analysts

Sectors

Years at D&C

•

Wendell Birkhofer ¹

Broadcasting, Entertainment

20

•

Diana Strandberg ¹

International

19

•

Kevin Johnson

Integrated Oils, Consumer Finance (US)

18

•

Steven Cassriel

Railroads, Airlines

15

•

David Hoeft ¹

Computer Hardware, Software, Semiconductors

14

•

Yasha Gofman

Energy, Tobacco, Russia, Israel

12

•

Steven Voorhis¹

Pharmaceuticals, Metals and Mining, India

11

•

John Iannuccillo

Aerospace, Electrical Equipment, Paper, IT Services

10

•

Mario DiPrisco

Banks (EMEA, India & Latin America), Building Products,

9

Latin America

•

Roger Kuo

Telecom (Americas), Media & Entertainment, China, HK

9

•

Keiko Horkan

Banks (US & Japan), Specialty Finance, Consumer

7

Electronics, Japan

•

Karol Marcin

Global Insurance, Central Europe

7

•

Amanda Nelson

Telecom Equipment, Utilities, Greece, Turkey

7

•

Lily Beischer

Telecom (Asia), Retail, Footwear & Apparel, Cosmetics,

7

Philippines, Indonesia

•

Richard Callister

Machinery, Medical Devices, Chemicals, Scandinavia

5

•

Englebert Bangayan

Commercial Services, Transportation (International)

5

•

Raymond Mertens

REITs, Hotels, Commercial Printing, Healthcare Services,

4

Consumer Products

•

Philippe Barret

Banks (Asia ex. Japan), Brokers, Inv. Managers, Exchanges,

3

Imaging

•

Karim Fakhry

Appliances, Building Products, US Home Builders, Biotech

2

•

Joel-Patrick  Millsap

Telecom Services (Europe), Global Autos

1

•

Kathleen Grey McCarthy 

Beverages, Restaurants

New

•

Paritosh Somani

Metals, Mining

New

•

Tae Yamaura

Japan

New

Decision-Making by

International Investment Policy Committee

Objectives:

Evaluate Individual International Securities

Approve Buy/Sell List with Target Weightings

Review Portfolio Diversification

Oversee Implementation of International Strategy

Committee Members

Years at D&C

•

John Gunn 1

35

•

Bryan Cameron 1

24

•

Charles Pohl

1

23

•

Gregory Serrurier 1

23

•

Diana Strandberg 1

19

•

Yasha Gofman

12

•

Mario DiPrisco

9

•

Roger Kuo

9

•

Keiko Horkan

7

1

Also member of Investment Policy Committee

Revised 6/2008

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox Investment Process

Deliberate and Focused Team Approach to Investing

Investment Decision-Making

by International Investment

Policy Committee

Investment Research by Global Industry Analysts

Portfolio Construction

•Review investment

recommendations by analysts

•Approve buy/sell list with target

weightings

•Review industry and regional

weightings

•Maintain diversification by sector

and geography

•Develop agenda for review

Due Diligence

•Develop 360-degree assessment

of company and prospects

•Interview management,

competitors, and industry experts

•Analyze financial statements, 

filings, and news

•Evaluate governance

•Develop financial model with 3-5

year forecasts

•Collaborate with other members

of research staff

Idea Generation

•Identify investment action items

within area of industry expertise

•Meet management teams,

customers, and suppliers

•Monitor company financial

reports

•Attend industry conferences and

field trips

•Monitor industry news

•Review valuation screens

Investment

Advocacy

Written report

and oral

presentation

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Research-Intensive

•

Ongoing analysis of each company’s valuation, corporate governance, growth opportunities, business strategies, and                       

financial returns

•

Individual security selection

Price Discipline

•

Most of our holdings have below-average valuations

Long-Term View

•

Three-

to five-year investment horizon

•

Fully invested portfolio

Analyze Risk

•

Diversify portfolio across sectors

•

Invest

in

countries

whose

economic

and

political

systems

appear

more

stable

•

Investigate financial “staying power”

Strategy

To build a diversified portfolio of medium-to-large well-established non-U.S. companies in at least three countries, including

emerging markets, where the company’s earnings and cash flow prospects are not adequately reflected in the current

valuation.

International Equity Investment Approach

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund

as of June 30, 2008

Portfolio

Composition

(EAFE)

by

Region

International Stock Fund Portfolio Characteristics (as of 6/30/08)

$7 B

$14 B

Median Mkt. Cap.

$60 B

$59 B

Weighted Avg. Mkt. Cap.

0.9x

0.7x

Price/Sales (trailing)

(b)

1.8x

1.5x

Price/Book Value (trailing)

10.9x

10.5x

Price/Earnings (forward)

(a)

1023

97

Number of Holdings

MSCI EAFE

Dodge & Cox

(a) Price-to-earnings ratio excludes extraordinary items and negative earnings.

(b) Price-to-sales ratio excludes financial services and utilities.

*Other includes Africa, Canada, Israel,

and United States

International Stock Fund Portfolio Composition by Sector

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Dodge & Cox International Stock Fund

MSCI EAFE

Source: State Street

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Europe

(ex UK)

39.7%

(47%)

Japan

21%

(21%)

United

Kingdom

12%

(22%)

Asia-

Pacific(ex

Japan)

5%

(10%)

Latin

America

7% (0%)

Other*

11% (0%)

Cash

3% (0%)

.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund

as of June 30, 2008

Portfolio Composition (ACWI,EAFE) by Region

International Stock Fund Portfolio Characteristics (as of 6/30/08)

10.9x

N/A

10.5x

Price/Earnings

(forward)

(a)

$5 B

$56 B

1.0x

1.9x

12.8x

1906

ACWI ex US

$7 B

$14 B

Median Mkt. Cap.

$60 B

$59 B

Weighted Avg. Mkt. Cap.

0.9x

0.7x

Price/Sales (trailing)

(b)

1.8x

1.5x

Price/Book Value (trailing)

12.1x

10.5x

Price/Earnings (trailing)

(a)

1023

97

Number of Holdings

MSCI EAFE

Dodge & Cox

(a) Price-to-earnings ratio excludes extraordinary items and negative earnings.

(b) Price-to-sales ratio excludes financial services and utilities.

International Stock Fund Portfolio Composition by Sector

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Dodge & Cox International Stock Fund

MSCI ACWI ex US

MSCI EAFE

Source: State Street

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Developed

Europe

(ex UK)

38.2%

(

34%

,47%)

Japan

21.3%

(16%

,

21%)

United

Kingdom

12.1%

(16%

,

22%)

Emerging

Markets

16.2%

(

19%

,

0%)

Other

Developed

9.1%

(

15%

,10% )

Cash

3.1%

(

0%,0%)

.

Dodge & Cox  /  Investment Managers  /  San Francisco

International Stock Fund Holdings

as of June 30, 2008

= International Fund’s 10 Largest Holdings

UK

Europe

Japan

Asia Pacific

Latin America

Other

Sum

Consumer

BMW

Fujifilm Holdings

NGK Spark Plug

Consorcio Ara

Liberty Global

14.9%

Discretionary

Philips Electronics

Honda

Television Broadcasts Ltd.

Corporation Geo

Naspers

Thomson

Matsushita Electric

Grupo Televisa

News Corp

Sony

Net Servicos

Yamaha Motor

Ultrapar

Consumer

Tesco

Anadolu Efes

Aderans

Femsa

Tiger Brands

3.2%

Staples

Sadia

Energy

Royal Dutch Shell

StatOil Hydro

Petrobras

Schlumberger

9.1%

Total

Financials

HSBC Holdings

Aegon

Bank of Yokohama

Bangkok Bank

Grupo Banorte

AIG

26.3%

RBOS

Credit Suisse

Mitsubishi UFJ

Cheung Kong Holdings

Standard Bank

Standard Chartered

Haci Omer Sabanci

Shinsei Bank

Hang Lung Group

Swiss Life

Tokio Marine Holdings

Hang Lung Properties

Swiss Re

ICICI Bank

Unicredit

Kasikorn Bank

Yapi ve Kredi Bankasi

Kookmin Bank

Shinhan Financial

Healthcare

GlaxoSmithKline

Bayer

Chugai Pharmaceutical

Cipla

11.6%

Novartis

Sanofi-Aventis

Mediceo Paltac

Industrials

Deutsche Post

Nippon Yusen

8.3%

Nexans

TOTO

Schneider Electric

TNT

Volvo

Wienerberger

Information

Alcatel-Lucent

Brother Industries

Chartered Semiconductor

Motorola

13.5%

Technology

Epcos

Fujitsu

Nortel Networks

Infineon

Hirose Electric

Nokia

Hitachi

Qimonda

Kyocera

Murata Manufacturing

Seiko Epson

Materials

Akzo Nobel

Siam Cement

Cemex

7.8%

Arkema

BASF

Lafarge

Lanxess

Norsk Hydro

Telecom

Telefonica

KT Corp

Bezeq

2.2%

Services

Telekomunik Indonesia

Utilities

Tenaga Nasional

0.0%

Sum

12.1%

39.7%

21.3%

5.5%

7.1%

11.2%

96.9%

Cash

3.1%

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox Funds Client Service

Dodge & Cox

Telephone: 

415-274-9300

Facsimile: 

415-986-0270

Website:

www.dodgeandcox.com

Fund Client Service

Fund Materials

Rob Curran

Patricia Gribben

Tamara Gunawardana

Sandy He

Legal & Compliance

Mary Klabunde

Tom Mistele, COO & General Counsel

Rick Marino

Roberta Kameda, Senior Counsel

Kristen Harlow

Glen Guymon, Associate Counsel

Marcia Venegas, CCO

Katherine Primas, Assistant CCO

Boston Financial Data Services

Shareholder Services

Telephone: 

800-621-3979

Institutional Services

Telephone: 

800-631-1120

Mutual Fund Administration

•

Organization of tasks:

Dodge & Cox –

Fund Administrator

State Street –

Custodian & Fund Accountant

Boston Financial Data Services –

Transfer Agent

Clear Sky –

Blue Sky Administrator

PriceWaterhouseCoopers

–

Independent Accountant

Dechert

–

Legal Counsel

•

Oversight of daily NAV calculation and fund accounting

process

•

Financial reports and tax reporting

•

Compliance testing:

Investment Company Act

Internal Revenue Code

Prospectus

•

Insurance

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Experience & Continuity

Dodge & Cox has over seventy-five years of continuous investment experience.  We have a stable and well-qualified team of

investment professionals.

Independence

We remain committed to independence, with ownership limited to active employees of the firm.  Our goal is to provide the

highest quality investment management service to our existing clients.

Focus

We are focused entirely on equity, fixed income and balanced account management.

Consistent Investment Philosophy

We believe that a long-term investment horizon, independent fundamental analysis and consistent price discipline allow us to

build

attractive

long-term

opportunities

in

our

clients’

portfolios.

Differentiating Characteristics

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Performance Exhibits

Only choose slides that will be used in presentation

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund Performance Results       

as of June 30, 2008

YTD

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

-11.54%

-11.74%

13.23%

21.97%

12.73%

Comparative Index

MSCI EAFE Index

-10.96%

-10.61%

12.84%

16.67%

7.62%

Average Annual Total Returns for

periods ended June 30, 2008

Fund

total

returns

include

the

reinvestment

of

dividend

and

capital

gain

distributions,

but

have

not

been

adjusted

for

any

income

taxes

payable

by

shareholders

on

these

distributions.

Index

returns

include

interest

and

dividend

income

and,

unlike

Fund

returns,

do

not

reflect

fees

or

expenses.

The

Morgan

Stanley

Capital

International

Europe,

Australasia,

Far

East

Index

(MSCI

EAFE)

is

a

broad-based,

unmanaged

index

aggregated

from

21

developed

market

country

indices

in

Europe

Australasia

and

the

Far

East.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing. 

* Fund Inception Date: May 1, 2001

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund Performance Results  

as of June 30, 2008

YTD

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

-11.54%

-11.74%

13.23%

21.97%

12.73%

Comparative Indices

MSCI EAFE Index

-10.96%

-10.61%

12.84%

16.67%

7.62%

MSCI ACWI ex US Index

-10.17%

-6.64%

15.68%

18.94%

9.70%

Average Annual Total Returns for

periods ended June 30, 2008

Fund

total

returns

include

the

reinvestment

of

dividend

and

capital

gain

distributions,

but

have

not

been

adjusted

for

any

income

taxes

payable

by

shareholders

on

these

distributions.

Index

returns

include

interest

and

dividend

income

and,

unlike

Fund

returns,

do

not

reflect

fees

or

expenses.

The

Morgan

Stanley

Capital

International

Europe,

Australasia,

Far

East

Index

(MSCI

EAFE)

is

a

broad-based,

unmanaged

index

aggregated

from

21

developed

market

country

indices

in

Europe

Australasia

and

the

Far

East.

The

Morgan

Stanley

Capital

International

All-Country

World

excluding

United

States

Index

(MSCI

ACWI

ex

US)

is

a

broad-based,

unmanaged

index

aggregated

from

47

developed

and

emerging

market

country

indices.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

08-306

* Fund Inception Date: May 1, 2001

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund Performance Results       

as of June 30, 2008

YTD

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

-11.54%

-11.74%

13.23%

21.97%

12.73%

Comparative Index

MSCI EAFE Index

-10.96%

-10.61%

12.84%

16.67%

7.62%

Average Annual Total Returns for

periods ended June 30, 2008

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

11.71%

18.63%

27.00%

15.86%

Comparative Index

MSCI EAFE Index

11.18%

16.84%

21.59%

10.12%

Average Annual Total Returns for

periods ended December 31, 2007

* Fund Inception Date: May 1, 2001

Fund

total

returns

include

the

reinvestment

of

dividend

and

capital

gain

distributions,

but

have

not

been

adjusted

for

any

income

taxes

payable

by

shareholders

on

these

distributions.

Index

returns

include

interest

and

dividend

income

and,

unlike

Fund

returns,

do

not

reflect

fees

or

expenses.

The

Morgan

Stanley

Capital

International

Europe,

Australasia,

Far

East

Index

(MSCI

EAFE)

is

a

broad-based,

unmanaged

index

aggregated

from

21

developed

market

country

indices

in

Europe

Australasia

and

the

Far

East.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund Performance Results       

as of June 30, 2008

YTD

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

-11.54%

-11.74%

13.23%

21.97%

12.73%

Comparative Indices

MSCI EAFE Index

-10.96%

-10.61%

12.84%

16.67%

7.62%

MSCI ACWI ex US Index

-10.17%

-6.64%

15.68%

18.94%

9.70%

Average Annual Total Returns for

periods ended June 30, 2008

* Fund Inception Date: May 1, 2001

Average Annual Total Returns for

periods ended December 31, 2007

1 Year

3 Years

5 Years

Since Inception*

International Stock Fund

11.71%

18.63%

27.00%

15.86%

Comparative Indices

MSCI EAFE Index

11.18%

16.84%

21.59%

10.12%

MSCI ACWI ex US Index

16.67%

19.89%

24.02%

12.26%

Fund

total

returns

include

the

reinvestment

of

dividend

and

capital

gain

distributions,

but

have

not

been

adjusted

for

any

income

taxes

payable

by

shareholders

on

these

distributions.

Index

returns

include

interest

and

dividend

income

and,

unlike

Fund

returns,

do

not

reflect

fees

or

expenses.

The

Morgan

Stanley

Capital

International

Europe,

Australasia,

Far

East

Index

(MSCI

EAFE)

is

a

broad-based,

unmanaged

index

aggregated

from

21

developed

market

country

indices

in

Europe

Australasia

and

the

Far

East.

The

Morgan

Stanley

Capital

International

All-Country

World

excluding

United

States

Index

(MSCI

ACWI

ex

US)

is

a

broad-based,

unmanaged

index

aggregated

from

47

developed

and

emerging

market

country

indices.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Q2 2008 Total Return (Dodge & Cox International Stock Fund vs EAFE)

-0.9%

-2.3%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

Dodge & Cox

MSCI EAFE

Key Contributors to Relative Results:

The

Fund’s

holdings

in

the

Energy

sector

(up

23%)

helped

performance

versus

the

MSCI

EAFE

Energy

sector

(up

17%).

Notable

performers

include

Petroleo

Brasileiro

(up

37%),

StatOil

Hydro

(up

29%)

and

Schlumberger

(up

24%).

The

Fund’s

selection

of

holdings

in

the

Consumer

Discretionary

and

Consumer

Staples

sectors

helped

its

performance

in

both

absolute

and

relative

terms.

Selected

holdings

include:

Naspers

(up

26%),

Sadia

(up

21%),

and

Honda

Motor

(up

18%).

Other

strong

performers

include

Hitachi

(up

22%),

Bayer

(up

7%),

Novartis

(up

7%),

and

GlaxoSmithKline

(up

5%).

Key Detractors from Relative Results:

Weak returns from the Fund’s holdings in the Industrials sector (down 13% compared to down 2% for the MSCI EAFE Industrials sector) hurt

performance. Selected detractors include Volvo (down 16%) and Schneider Electric (down 14%).

The

Fund’s

selection

of

holdings

in

the

Materials

sector

hurt

performance

in

comparison

to

the

MSCI

EAFE

Materials

sector

(flat

returns

compared

with

up

10%).

* All returns are holding period returns

Comparative Investment Results –Q2 2008

as of June 30, 2008

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

Source: Dodge & Cox, MSCI

08-306

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

* All returns are holding period returns

Comparative Investment Results –Q2 2008

as of June 30, 2008

If you want to include an ACWI attribution, you must also provide

the corresponding EAFE attribution for the same time period.

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

Key Contributors to Relative Results:

The

Fund’s

selection

of

holdings

in

the

Consumer

Discretionary

and

Consumer

Staples

sectors

helped

its

performance

in

both

absolute

and

relative

terms.

Selected

holdings

include:

Naspers

(up

26%),

Sadia

(up

21%),

and

Honda

Motor

(up

18%).

The

Fund’s

holdings

in

Japan

helped

performance.

Notable

performers

include

Chugai

Pharmaceutical

(up

43%),

Brother

Industries

(up

34%),

Hitachi

(up

22%),

and

Kyocera

(up

12%).

Strong

returns

from

the

Fund’s

Energy

holdings

helped

absolute

performance.

Selected

performers

include

Petrobras

(up

37%),

StatOil

Hydro

(up

29%), and Schlumberger (up 24%).

Key Detractors from Relative Results:

Weak returns from the Fund’s holdings in the Industrials sector (down 13% compared to down 4% for the MSCI ACWI ex US Industrials sector)

hurt performance. Selected detractors include Volvo (down 16%) and Schneider Electric (down 14%).

The

Fund’s

selection

of

holdings

in

the

Materials

sector

hurt

performance

in

comparison

to

the

MSCI

ACWI

ex

US

Materials

sector

(flat

returns

compared with up 10%).

Q2 2008 Total Return

(Dodge & Cox International Stock Fund vs ACWI ex US)

-0.9%

-1.1%

-1.4%

-1.2%

-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%

Dodge & Cox

MSCI ACWI ex US

Source: Dodge & Cox, MSCI

08-306

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Key Detractors from Results

Weak

returns

from

the

Fund’s

holdings

in

the

Information

Technology

sector

(down

19%

compared

to

down

13%

for

the

MSCI

EAFE

Information

Technology

sector)

hurt performance. Performance suffered due to the Fund’s investments in Infineon Technologies (down 26%) and a selection of its Communications Equipment holdings,

including Motorola (down 54%), Nortel Networks (down 46%), and Nokia (down 36%).

The Fund’s selection of holdings in the Materials

sector (down 7%) hurt performance in comparison to the MSCI EAFE Materials sector (up 6%).

Other detractors include Standard Bank of South Africa (down 32%), News Corp (down 26%), and Sanofi-Aventis (down 25%).

Key Contributors to Results

The

Fund’s

selection

of

holdings

in

the

Energy

sector

helped

performance

(up

10%)

versus

the

MSCI

EAFE

Energy

sector

(up

5%).

Notable

performers

include

StatOilHydro

(up 27%) and Petroleo

Brasileiro

(up 21%).

The

Fund’s

selection

of

holdings

in

the

Financials

sector

(down

16%)

helped

performance

in

comparison

to

the

MSCI

EAFE

Financials

sector

(down

20%);

holdings

in 

Japanese

Financials

improved

performance,

specifically

Tokio

Marine

Holdings

(up

17%).

The

Fund’s

underweight

position

in

European

Financials,

one

of

the

worst

performing areas of the market, also improved relative results.

Selected Japanese holdings

helped performance, including Seiko Epson (up 28%), Mediceo

Paltac

(up 25%), and Kyocera (up 7%).

Comparative Investment Results –YTD 2008

as of June 30, 2008

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

YTD 2008 Total Return (Dodge & Cox International Stock Fund vs EAFE)

-11.5%

-11.0%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

Dodge & Cox

MSCI EAFE

Source: Dodge & Cox, MSCI

08-306

* All returns are holding period returns

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Comparative Investment Results –YTD

as of June 30, 2008

If you want to include an ACWI attribution, you must also provide

the corresponding EAFE attribution for the same time period.

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

Key Detractors from Results

Weak

returns

from

the

Fund’s

holdings

in

the

Information

Technology

sector

(down

19%

compared

to

down

12%

for

the

MSCI

ACWI

ex

US

Information

Technology

sector)

hurt

performance.

Performance

suffered

due

to

the

Fund’s

investments

in

Infineon

Technologies

(down

26%)

and

a

selection

of

its

Communications

Equipment

holdings, including Motorola (down 54%), Nortel Networks (down 46%), and Nokia (down 36%).

The Fund’s selection of holdings in the Materials

sector (down 7%) hurt performance in comparison to the MSCI ACWI ex US Materials sector (up 7%).

Other detractors include Standard Bank of South Africa (down 32%), News Corp (down 26%), and Sanofi-Aventis (down 25%).

Key Contributors to Results

The

Fund’s

selection

of

holdings

in

the

Financials

sector

(down

16%)

helped

performance

in

comparison

to

the

MSCI

ACWI

ex

US

Financials

sector

(down

20%);

holdings in  Japanese Financials improved performance, specifically Tokio

Marine Holdings (up 17%). The Fund’s underweight position in European Financials, one of the

worst performing areas of the market, also improved relative results.

The

Fund’s

selection

of

holdings

in

the

Energy

sector

helped

performance

(up

10%)

versus

the

MSCI

ACWI

ex

US

Energy

sector

(up

5%).

Notable

performers

include

StatOilHydro

(up 27%) and Petroleo

Brasileiro

(up 21%).

Selected Japanese holdings

helped performance, including Seiko Epson (up 28%), Mediceo

Paltac

(up 25%), and Kyocera (up 7%).

YTD Total Return

(Dodge & Cox International Stock Fund vs ACWI ex US)

-11.5%

-10.2%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

Dodge & Cox

MSCI ACWI ex US

Source: Dodge & Cox, MSCI

08-306

* All returns are holding period returns

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Topical Exhibits

Only choose slides that will be used in presentation

Dodge & Cox  /  Investment Managers  /  San Francisco

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

0%

2%

4%

6%

8%

10%

12%

Price To Sales

Cash Earnings Margin

Lower margins

reflected in

valuation

Margin improvement

not fully reflected in

valuation

Technology Valuations Are Low in Relation to Profitability

Finding Investment Value in Technology* Stocks

as of June 30, 2008

Characteristics of Technology Investments

Higher Relative Weight in Technology

Finding Investment Opportunities…Especially in Japan

*Technology includes consumer electronics.  Source: Factset, MSCI, Worldscope. 

Low valuations

Financially strong

Management focused on shareholder value

Restructuring opportunities and potential for margin

improvement

Investments include: Alcatel-Lucent, Fujifilm Holdings,

Hitachi, Infineon Technologies, Kyocera, Matsushita,

Nokia, Motorola, and Sony.

Key Risks: Capital Allocation, Competition, Reduced

Consumer Spending, Execution of Restructuring Plans

0

3

6

9

12

15

18

21

Total

Japan

Europe

ROW

ISF

EAFE

6

6

17

19

10

8

9

8

8

7

8

11

11

17

10

18

0

5

10

15

20

EAFE Technology Weight

ISF Technology Weight

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

10.0

15.0

20.0

25.0

30.0

35.0

Price-to-Earnings ratio

(x)

0%

2%

4%

6%

8%

10%

12%

Dodge & Cox ISF

MSCI EAFE

Finding Investment Value in Pharmaceutical Stocks

Pharmaceutical Industry Characteristics

Risks:

Industry growth slowing because of falling R&D productivity,

patent expirations, and international sales constraints.

High profit margins vulnerable to pricing pressure by

government and private payers.

Increasing regulatory scrutiny of the drug industry. 

Source: FactSet

Source: FactSet, Dodge & Cox

Opportunities:

Valuations have declined significantly.

Conservative balance sheets, high free cash flow, and share

repurchases at many companies provide strategic options.

Strong product pipelines offer future growth opportunities.

Abundant cost-cutting opportunities.

Declining Valuations

We Have Increased our Pharmaceutical

Portfolio Weighting Over Time

Potential Growth Opportunities from

Increasing  Drug Development

Source: Merrill Lynch

as of June 30, 2008

MSCI EAFE Pharmaceutical Industry

# of Drugs In Clinical Development

Current

Pharmaceutical

Investments

Include:

Bayer,

Chugai

Pharmaceutical,

Cipla,

GlaxoSmithKline,

Novartis,

and

Sanofi-Aventis.

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Increasing Exposure to Selected Financial Service Companies

as of June 30, 2008

Long-term Opportunities:

Opportunity for long-term earnings growth as developing world

consumers become wealthier and increase their consumption of

financial products and services.

Low valuations: European and U.S. financials are at decade-

plus valuation lows amidst concerns about asset quality

resulting from mark-to-market write-downs. We have been

gradually adding.

Current Concerns:

Balance sheet exposure to complex financial instruments and

inconsistent disclosure.

Continued asset quality deterioration results in additional mark-

to-market write-downs and actual losses.

Dilution to equity holders from capital-raising.

Declining margins and profitability from historically high levels.

The Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) is a broad-based, unmanaged index aggregated from 21 developed market country indices in

Europe Australasia and the Far East.

The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge &

Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice.

ISF

EAFE

ISF

EAFE

ISF

EAFE

ISF

EAFE

ISF

EAFE

Banks

3.3

2.2

4.9

7.5

0.0

2.2

8.7

1.8

16.9

13.8

Capital Markets

0.0

0.6

1.9

3.1

0.0

0.3

0.6

0.0

2.5

4.0

& Other

Insurance

1.6

0.6

3.1

3.6

1.3

0.4

0.0

0.0

6.0

4.6

Real Estate

0.0

0.7

0.0

0.6

0.9

1.4

0.0

0.0

0.9

2.7

Total

4.9

4.1

9.9

14.8

2.2

4.3

9.3

1.8

26.3

25.1

Total

4.8

4.3

6.5

18.6

1.1

4.4

9.4

1.5

21.9

28.8

Increased Absolute & Relative Exposure

Selected Overweights

Source: Dodge & Cox; MSCI

*HSBC Holdings and Standard Chartered were included in Emerging Markets due to their significant exposure to this region.

(6/30/07)

(6/30/08)

Emerging Markets*

Total

Japan

Europe / UK

Other Developed

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Increasing Exposure to Selected Financial Service Companies

as of June 30, 2008

The

Morgan

Stanley

Capital

International

All-Country

World

excluding

United

States

Index

(MSCI

ACWI

ex

US)

is

a

broad-based,

unmanaged

index

aggregated

from

47

developed

and

emerging

market

country

indices.

The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge &

Cox makes no representations as to the completeness or accuracy of such information. Opinions expressed are subject to change without notice.

Long-term Opportunities:

Opportunity for long-term earnings growth as developing world

consumers become wealthier and increase their consumption of

financial products and services.

Low valuations: European and U.S. financials are at decade-

plus valuation lows amidst concerns about asset quality

resulting from mark-to-market write-downs. We have been

gradually adding.

Current Concerns:

Balance sheet exposure to complex financial instruments and

inconsistent disclosure.

Continued asset quality deterioration results in additional mark-

to-market write-downs and actual losses.

Dilution to equity holders from capital-raising.

Declining margins and profitability from historically high levels.

ISF

ACWI

ISF

ACWI

ISF

ACWI

ISF

ACWI

ISF

ACWI

Banks

3.3

1.6

4.9

5.5

0.0

2.8

8.7

4.2

16.9

14.1

Capital Markets

0.0

0.4

1.9

2.3

0.0

0.3

0.6

0.5

2.5

3.5

& Other

Insurance

1.6

0.4

3.1

2.6

1.3

1.0

0.0

0.4

6.0

4.4

Real Estate

0.0

0.5

0.0

0.4

0.9

1.2

0.0

0.2

0.9

2.3

Total

4.9

3.0

9.9

10.8

2.2

5.2

9.3

5.3

26.3

24.3

Total

4.8

3.3

6.5

14.4

1.1

5.4

9.4

4.6

21.9

27.7

Increased Absolute & Relative Exposure

Selected Overweights

Source: Dodge & Cox; MSCI

*HSBC Holdings and Standard Chartered were included in Emerging Markets due to their significant exposure to this region.

(6/30/08)

(6/30/07)

Emerging Markets*

Total

Japan

Europe / UK

Other Developed

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

EAFE Media Stocks

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18.0x

21.0x

24.0x

27.0x

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Price-to-Cash Earnings

Dividend Yield

Media Company Valuations Have Fallen

and Dividend Yields Have Increased

Finding Investment Value in Media 

as of June 30, 2008

Investment Characteristics of our Media Holdings

We Have Increased our Weighting in Media

Source: FactSet, Dodge & Cox

Source: FactSet

Our Media Investments:

Grupo

Televisa, Liberty Global, Naspers, Net Servicos, News Corp., and Television Broadcasts, Ltd.

Long-term Opportunities of Owning Media Companies:

Growth Opportunities: Media is an attractive play on the growing

demand for communications and entertainment in markets around the

world. While pay-tv and broadband penetrations are high in Western European markets, these penetrations are low in Eastern Europe, Asia,

Latin America, and Africa.

Broad exposure to content and distribution franchises

Reasonable valuations and stable financial conditions

1.5%

1.9%

2.0%

3.3%

2.7%

2.8%

2.4%

2.2%

6.2%

5.4%

4.0%

1.2%

0.9%

2.1%

4.2%

0.0%

0%

1%

2%

3%

4%

5%

6%

7%

EAFE

D&C International Stock Fund

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

International Stock Fund: 7.8% versus MSCI EAFE: 11.3%

•

Bottom-up company analysis, not macro themes, has led to investments with exposure to a diverse range of products and end markets.

Akzo

Nobel

(Netherlands):

Large chemicals and coatings company

Arkema

(France):   

Total Spin-Off. Manufactures a wide

range of both generic and brand name

chemicals.

BASF (Germany):

One of the largest fully-integrated

chemical producers in the world

Lanxess (Germany):

Producer of performance and

commodity chemicals

Chemicals (2.6% / 3.1%)

Cemex

(Mexico):         

Third-largest cement company in the

world and one of the most successful

multi-national corporations from Latin

America

Lafarge

(France):

Largest building materials producer in

the world

Siam Cement

(Thailand):

Largest conglomerate in Thailand.

Siam’s 3 main businesses are Cement

& Building Products, Petrochemicals,

and Paper.

Diversification within the Materials Sector

as of June 30, 2008

Commodity Prices

Construction Materials (4.1% / 0.6%)

Construction Activity

Metals & Mining (1.0% / 7.3%)

% of ISF / % of EAFE:

Earnings Drivers:

ISF Investments:

Norsk

Hydro (Norway):

Aluminum supplier

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

Investments in the “Emerging Markets”

as of June 30, 2008

ISF

Emerging

Markets

Investments:

27

Companies

/

10

Countries

MSCI Emerging Markets Universe: 785 Companies / 25 Countries

Asia

China

*India

*Indonesia

*South Korea

*Malaysia

Pakistan

Philippines

Taiwan

*Thailand

Latin America

Argentina

*Brazil

Chile

Colombia

*Mexico

Peru

Africa

Morocco

*South Africa

Europe

Czech Republic

Hungary

Poland

Russia

*Turkey

Middle East

Egypt

*Israel

Jordan

*

Countries where the Fund is currently invested.

Observations

ISF Historical Emerging Markets Weight

Over the next three to five years, we believe that the developing world

will continue to play an important role in global GDP growth.

We rigorously assess the long-term prospects and governance of each

company, arriving at the Fund’s emerging markets weight on a bottom

up basis.

Emerging market countries have a wide range of economies, political

systems and legal & regulatory regimes.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

16.2%

% of Total

% of Total

Brazil

2.4%

Israel

0.3%

Petrobras

1.2%

Bezeq

0.3%

Sadia

0.7%

Ultrapar

0.3%

South Africa

3.1%

Net Servicos

0.2%

Naspers

1.6%

Standard Bank

1.2%

Malaysia

0.0%

Tiger Brands

0.3%

Tenaga Nasional

0.0%

South Korea

1.8%

Mexico

4.7%

Kookmin Bank

1.0%

Grupo Televisa

1.8%

Shinhan Financial

0.7%

Cemex

1.7%

KT Corp

0.1%

Femsa

0.2%

Banorte

0.5%

Thailand

1.0%

Corporation Geo

0.3%

Kasikornbank

0.5%

Consorcio Ara

0.2%

Bangkok Bank

0.2%

Siam Cement

0.3%

India

0.9%

Cipla

0.3%

Turkey

1.5%

ICICI Bank

0.6%

Sabanci Holdings

0.6%

Anadolu Efes

0.5%

Indonesia

0.5%

Yapi Kredi

0.4%

Telekomunik Indonesia

0.5%

Total

16.2%

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Direct Investments in Emerging Markets

as of June 30, 2008

Diversified Group of 27 Companies in 10 Countries

% of Total

Company Description

Brazil

2.4%

Petrobras

1.2%

Integrated energy company

Sadia

0.7%

Vertically-integrated world-class poultry, pork, and processed foods producer

Ultrapar

0.3%

Chemical and LPG distributor in Brazil

Net Servicos

0.2%

Largest cable TV provider in Latin America, with operations in 44 Brazilian cities

Malaysia

0.0%

Tenaga Nasional

0.0%

Largest and only vertically-integrated utility in Malaysia

Mexico

4.7%

Grupo Televisa

1.8%

Largest producer of Spanish-language television content in the world

Cemex

1.7%

Third largest cement company in the world and a successful Latin Multinational

Banorte

0.5%

Fourth largest bank in Mexico and the only bank still locally held

Corporation Geo

0.3%

Homebuilder in Mexico

Consorcio Ara

0.2%

Homebuilder in Mexico

Femsa

0.2%

Beer brewer in Mexico and Coke's largest bottler in Latin America

India

0.9%

ICICI Bank

0.6%

Largest private sector bank in India

Cipla

0.3%

Leading Indian pharmaceutical company

Indonesia

0.5%

Telekomunik Indonesia

0.5%

Dominant telecom operator in Indonesia; owns 65% of Telkomsel, the #1 cellular operator in Indonesia

Israel

0.3%

Bezeq

0.3%

Dominant telecommunications group in Israel

South Africa

3.1%

Naspers

1.6%

Leading pay-tv provider, newspaper and magazine publisher, and Internet service provider in South Africa

Standard Bank

1.2%

Leading bank with operations throughout Sub-Saharan Africa

Tiger Brands

0.3%

Largest food company in South Africa

South Korea

1.8%

Kookmin Bank

1.0%

Largest Korean bank with more than 20% share of loans and deposits

Shinhan Financial

0.7%

Second largest bank in Korea

KT Corp

0.1%

Integrated telecom services provider with fixed line and wireless services

Thailand

1.0%

Kasikornbank

0.5%

Third largest bank in Thailand and the leading lender to small businesses

Siam Cement

0.3%

Leading conglomerate in Thailand. 3 Main Businesses: Petrochemicals, Cement & Building Products, and Paper

Bangkok Bank

0.2%

Largest commercial bank in Thailand by loans, deposits, and shareholder's equity

Turkey

1.5%

Sabanci Holdings

0.6%

One of Turkey's leading industrial and financial conglomerates- composed of 66 companies

Anadolu Efes

0.5%

Largest beer bottler (80% share) and soft drinks bottler (66% share) in Turkey

Yapi Kredi

0.4%

Fifth largest bank in Turkey by deposits and loans

TOTAL

16.2%

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-

621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Spot Premium to Marginal Cost

(1)

18%

82%

67%

19%

142%

244%

125%

131%

-9%

89%

-50%

0%

50%

100%

150%

200%

250%

300%

(1): Spot price of 5/30/2008.  Source: Bloomberg spot prices, UBS cost estimates.

Leaning Away from Metals & Mining                              

August 2008

#

Uses

ten-year

inflation

adjusted

average

earnings.

Source:

Societe

Generale;

* ISF and EAFE weights in Metals & Mining, Fertilizers & Agricultural Chemicals, Construction Materials, Energy

Equipment & Services, and Oil Gas & Consumable Fuels.  Source: MSCI; Dodge&Cox

We have reallocated our portfolio towards companies we believe have more control over their prospective profitability due to a) Intellectual

Property, b) brands, c) distribution, and d) technological expertise.

The above information is not a complete analysis of every material fact concerning any market, industry or investment. Data has been obtained from sources considered reliable, but Dodge &

Cox makes no representations as to the completeness or accuracy of such information. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus

, which

contains

this

and

other

important

information, visit

www.dodgeandcox.com

or

call

800-

621-3979. Please read the prospectus carefully before investing.

0%

5%

10%

15%

20%

25%

30%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

10

20

30

40

50

60

Aluminium

GDP per capita (in 2000 US$)

Expenditure per

capita

US$ (2007 terms)

2007 Population

Distribution

Copper

World average income per capita

2007

2022

Iron ore

Nickel

Hard coking coal

0%

5%

10%

15%

20%

25%

30%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

10

20

30

40

50

60

Aluminium

GDP per capita (in 2000 US$)

Expenditure per

capita

US$ (2007 terms)

2007 Population

Distribution

Copper

World average income per capita

2007

2022

Iron ore

Nickel

Hard coking coal

Source: Global Insight for population distribution; Rio Tinto estimates for commodity expenditure profiles.

•

Increasing wealth and urbanization in emerging markets have caused an

increase in the demand for commodities.

•

Legacy of insufficient investment has muted the supply response so far.

•

Prices have risen, margins have expanded, and share prices have

increased.

•

Margins and valuations are high.

•

We expect continued growth in demand from emerging markets.

•

Increased capital spending and technological innovation will increase supply.

•

Demand destruction may occur through conservation and/or substitution,

especially in the developed world.

Up to Now

Going Forward

08-335

Dodge & Cox  /  Investment Managers  /  San Francisco

Cipla, Bayer, GlaxoSmithKline, Novartis, Sanofi-

Aventis

As per capita income grows, healthcare becomes a greater

priority, increasing opportunities for global suppliers of

pharmaceuticals.

Healthcare

Cemex, Consorcio Ara, Corporation Geo, Siam

Cement, Wienerberger

As consumers become wealthier, they build new homes and

renovate existing residences.

Homeownership

Grupo Televisa, Liberty Global, Naspers, Net

Servicos, News Corp, Sony, Television Broadcasts

Ltd.

Increased time spent on leisure activities & consumption of

localized entertainment content

Leisure and Entertainment

Bangkok Bank, Banorte, HSBC Holdings, ICICI

Bank, Kasikorn, Kookmin, Sabanci Holdings,

Shinhan Financial, Standard Bank, Standard

Chartered, Unicredit, Yapi Kredi

Banks introducing consumer credit through credit cards,

mortgage lending

Personal Credit

BMW, Honda, Yamaha Motor

Car and/or motorcycle manufacturers with leading positions

in Emerging Markets

Personal Transportation

Anadolu Efes, Femsa, Hang Lung, Sadia, Tesco,

Tiger Brands

Branded products and retail / convenience as time becomes

more valuable and consumers aspire to higher living

standards

Consumer Goods

Companies

Description

•

Bezeq, KT Corp, PT Telecom, Telefonica

(Communications Networks)

•

Alcatel-Lucent, Matsushita, Motorola, Nokia,

Nortel Networks, Sony (Electronic Equipment)

Access to communications networks and content

Technology and

Telecommunications

Serving Consumers in the Developing World

as of June 30, 2008

Long-Term Growth + Low Valuation = Investment Opportunity

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

MSCI EAFE Characteristics

•

The current P/E ratio is below historical averages.

•

Long-term earnings growth is expected to be in line

with nominal GDP growth of 3-7% per year.

•

Dividend yields of 3.6%, while higher than recent past,

remain largely in line with historical averages.

Composition of Historical Investment Returns for MSCI EAFE (1970-Today)

Historical Returns for International Markets

as of June 30, 2008

Source: MSCI

This illustration does not reflect the current or future performance of any Dodge & Cox fund and is for illustrative purposes only. Before investing in any Dodge & Cox Fund, you should

carefully consider the Fund’s investment objectives, management fees, risks and expenses. To

obtain a Fund’s prospectus, which contains this and other important information, visit

www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before investing.

Source: MSCI

1

EPS change is calculated using the change in Local Price Index divided by P/E since 1970

Local Total Return = (P/E Change x EPS Change) + Yield

Total Annualized Return = (Local Total Return) x (Currency Impact)

1

6.5%

2.8%

2.0%

10.4%

-0.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

P/E Change

EPS Change

Avg Yield

Currency

Total Annualized

Return

(

)

x

x

+

]

[

0x

10x

20x

30x

40x

50x

3.6%

12x

0%

1%

2%

3%

4%

5%

6%

= Historical Average

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

Supplemental Exhibits

Dodge & Cox  /  Investment Managers  /  San Francisco

The Number of Securities in the International Stock Fund

as of June 30, 2008

•

The total number of holdings is the result of our bottom-up investment process.

•

The

number

of

holdings

has

increased

as

we

have

found

new

growth

opportunities

in

the

Emerging

Markets,

where

market

caps

are

generally

smaller,

and

valuation

opportunities

in

Large

Cap

stocks

in

developed

markets.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Source: Dodge & Cox

67

97

-16

-6

-10

-11

-5

+13

+13

+18

+8

+26

12/31/2004

06/30/2008

$10 -

20B

> $20B

Emerging

Markets

< $10B

Number of

Holdings

Number of

Holdings

+21

+8

+7

-3

Developed Markets

Corporate

Actions

-3

New Purchases

Sales

New Purchases

Sales

Net Assets:

$ 4B

Net Assets:

$ 49B

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

IIPC Field Trips-

Representative List Since 2007 to Present

Japan

March 2008

February 2008

August 2007 June

2007

Finland

August 2007

Thailand

April 2007

Taiwan

August 2007

Korea

March 2008

Nov 2007

Brazil

January 2008

Russia

July 2008

June 2008

October 2007

August 2007

China & HK

March 2008

October 2007

March 2007

Israel

February 2008

June 2007

USA (MOT)

May 2007

South Africa

March 2008

Western Europe

February 2008

October 2007

In addition to the IIPC Field Trips listed

above, Global Industry Analysts regularly

visit companies and attend conferences

throughout the world.

The International Investment Policy Committee & Global Industry Analysts attend industry conferences and field trips

across the globe in an effort to discover new investments and monitor existing holdings.

Greece

February

2008

Turkey

February 2008

Nov 2007 June

2007

Ukraine & Poland

July 2008

08-306

as of June 30, 2008

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Outlook for International Markets

as of June 30, 2008

Source: MSCI

Local Total Return = (P/E Change x EPS Change) + Yield

Total Annualized Return = (Local Total Return) x (Currency Impact)

Historical 1-Year Investment Returns for MSCI EAFE

Historical 3-Year Investment Returns for MSCI EAFE

Historical 5-Year Investment Returns for MSCI EAFE

2.6%

2.9%

12.1%

-10.6%

-24.4%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

P/E Change

EPS Change

Avg Yield

Currency

Total Annualized

Return

(

)

x

x

+

]

[

2.6%

4.9%

16.7%

25.7%

-13.6%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

P/E Change

EPS Change

Avg Yield

Currency

Total Annualized

Return

(

)

x

x

+

]

[

15.2%

2.6%

5.8%

12.8%

-9.6%

-10.0%

0.0%

10.0%

20.0%

P/E Change

EPS Change

Avg Yield

Currency

Total Annualized

Return

]

(

)

x

x

+

[

08-306

This

illustration

does

not

reflect

the

current

or

future

performance

of

any

Dodge

&

Cox

fund

and

is

for

illustrative

purposes

only.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Megacaps’

Valuation Gap Has Narrowed

$88B

$132B

1.2x

11x

EAFE 50

Largest

$7B

$14B

Median Market

Capitalization

$59B

$59B

Weighted Avg. Market

Capitalization

0.9x

0.7x

Price/Sales

(b)

12x

10x

Price/Earnings

(a)

MSCI

EAFE

International

Stock Fund

(a)

Trailing

price-to-earnings

ratio

excludes

extraordinary

items

and

negative

earnings;

(b)

Trailing

price-to-sales

ratio

excludes

financial

services

and

utilities;

(c)

Largest

50

companies

by

index

weight.

June 30, 2008

December 31, 2001

Weights include Cash; Source: Dodge & Cox, Factset

6 International Stock Fund Holdings in EAFE 50 Largest

(c)

% of Portfolio

Sony Corp.

2.7%

Banco Santander Central Hispano S.A.

2.3%

Novartis AG

1.8%

Total S.A.

1.2%

Honda Motor Co. Ltd.

1.1%

Unilever N.V.

0.5%

9.6%

EAFE 50 Largest as a % of EAFE

45.1%

$50B

$84B

1.5x

21x

EAFE 50

Largest

$3B

$6B

Median Market

Capitalization

$45B

$24B

Weighted Avg. Market

Capitalization

0.9x

0.6x

Price/Sales

(b)

21x

12x

Price/Earnings

(a)

MSCI

EAFE

International

Stock Fund

16 International Stock Fund Holdings in EAFE 50 Largest (c)

% of Portfolio

Novartis AG

3.2%

Royal Bank of Scotland Group PLC

2.7%

HSBC Holdings PLC

2.4%

Sanofi-Aventis S.A.

2.4%

Bayer AG

2.3%

GlaxoSmithKline PLC

2.3%

Royal Dutch Shell PLC

2.2%

Unicredit SpA

2.2%

Total S.A.

2.1%

Credit Suisse Group

1.9%

Nokia Corp.

1.7%

Honda Motor Co.

1.7%

Mitsubishi UFJ Financial Group Inc.

1.6%

Telefonica SA

1.3%

Tesco PLC

1.3%

BASF AG

1.0%

32.3%

EAFE 50 Largest as a % of EAFE

38.8%

08-306

as of June 30, 2008

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Source: MSCI; Note: All data excludes Financial Services.  Smallest Companies are defined as the bottom 25% of the MSCI Index weight

•

The largest companies in the EAFE, defined as the top 25% of

the index weight, have had the most significant decline in

valuation.

•

We have been finding investment opportunities in larger cap

companies as current valuations are attractive in relation to long

term earnings prospects.

•

Examples of ISF Holdings in the top 25% of the EAFE are

HSBC Holdings and Nokia.

Historical Valuation of International Companies

Valuation Compression of Large Cap Companies

International Stock Fund Weighted Avg. Market Cap

Investment Rationale

Finding Investment Value in Large Market Cap Stocks

as of June 30, 2008

Median P/CE

0x

5x

10x

15x

20x

25x

Largest Companies

Smallest Companies

Delta of P/CE from 1999 to 6/30/2008

-16.0x

-14.0x

-12.0x

-10.0x

-8.0x

-6.0x

-4.0x

-2.0x

0.0x

Largest Companies

Smallest Companies

International Stock Fund

0

10

20

30

40

50

60

70

08-306

The

above

is

not

a

complete

analysis

of

every

material

fact

concerning

the

securities

described.

Statements

of

fact

may

be

inaccurate

or

incomplete.

The

information

provided

is

historical,

does

not

predict

future

results

or

profitability

and

is

subject

to

change

without

notice.

Opinions

expressed

are

subject

to

change

without

notice.

This

is

not

a

recommendation

to

buy

or

sell

any

security

and

is

not

indicative

of

Dodge

&

Cox’s

current

or

future

trading

activity.

The

securities

identified

do

not

represent

an

account’s

entire

holdings;

holdings

are

subject

to

change

at

any

time

without

notice.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

For

illustrative

purposes

only.

(a)

Price-to-sales

ratio

excludes

financial

services

and

utilities.

(b)

Price-to-earnings

ratio

excludes

extraordinary

items

and

negative

earnings.

Sources:

Dodge

&

Cox,

MSCI,

FactSet,

Bloomberg.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox International Stock Fund Characteristics

as of June 30, 2008

Portfolio Characteristics

International Stock Fund

MSCI EAFE

ACWI ex-US

# of Companies

97 securities

1023 securities

1906 securities

# of Countries

26 (Developed & Emerging)

21 (Developed)

47 (Developed & Emerging)

Annual Turnover

13%

N/A

N/A

Market Capitalization

Weighted Average

$59 billion

$59 billion

$56 billion

Median

$14 billion

$7 billion

$5 billion

Valuation Characteristics

Price-to-Sales

(a)

0.7x

0.9x

1.0x

Price-to-Earnings (forward)

(b)

10.5x

10.9x

N/A

Price-to-Earnings (trailing)

(b)

10.5x

12.1x

12.8x

Price-to-Book Value (trailing)

1.5x

1.8x

1.9x

Dividend Yield

3.2%

3.6%

3.2%

08-306

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

Dodge & Cox  /  Investment Managers  /  San Francisco

Common Holdings Between Stock Fund & International Stock Fund

as of June 30, 2008

1) Position weights differ due to different opportunity sets

2) Both funds make independent buy & sell recommendations

(as of 6/30/08)

Stock Fund

Int'l Stock Fund

Company Name

% Holding

% Holding

Country of Domicile

Novartis AG

3.1%

3.2%

Switzerland

Sony Corp.

2.8%

1.9%

Japan

Sanofi-Aventis

2.7%

2.4%

France

GlaxoSmithKline PLC

2.7%

2.3%

United Kingdom

News Corp.

2.6%

1.6%

United States

American International Group

2.6%

1.3%

United States

Matsushita Electric Industrial Co.

2.2%

2.1%

Japan

Motorola Inc.

2.1%

0.9%

United States

Schlumberger Ltd.

1.8%

2.4%

United States

Hitachi Ltd.

1.4%

2.1%

Japan

Royal Dutch Shell PLC

1.1%

2.2%

United Kingdom

HSBC Holdings PLC

0.8%

2.4%

United Kingdom

Aegon N.V.

0.7%

0.9%

Netherlands

Kyocera Corp.

0.6%

1.8%

Japan

Cemex SAB de CV

0.6%

1.7%

Mexico

Credit Suisse Group AG

0.4%

1.9%

Switzerland

Koninklijke Philips Electronics NV

0.3%

1.3%

Netherlands

Liberty Global Inc.

0.1%

0.9%

United States

Thomson (ADS)

0.1%

0.3%

France

Total

28.7%

33.6%

Combined Ownership of Commonly Held Companies

90% Domestic / 10% International

29.2%

80% Domestic / 20% International

29.7%

70% Domestic / 30% International

30.2%

08-306

The above is not a complete analysis of every material fact concerning the securities described. Statements of fact may be inaccurate or incomplete. The information

provided is historical, does not predict future results or profitability and is subject to change without notice. Opinions expressed are subject to change without notice. This

is not a recommendation to buy or sell any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified do not represent an

account’s entire holdings; holdings are subject to change at any time without notice. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s

investment objectives, management fees, risks and expenses. To obtain a Fund’s prospectus, which contains this and other important information, visit

www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Emerging Markets Countries                                     

as of June 30, 2008

Turkey

Thailand

South Africa

Taiwan

Russia

Venezuela

Sri Lanka

Poland

Peru

Philippines

Morocco

Panama

Pakistan

Jordan

Mexico

Malaysia

Israel

Colombia

Korea

Hungary

Chile

Indonesia

Egypt

Brazil

India

Czech Republic

Argentina

China

Europe, Middle East, and Africa

Latin America

Asia

Source: MSCI

Bold

indicates country in which the International Stock Fund has investments as of June 30, 2008.

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus, which contains this and other important information,

visit www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Foreign Currency Hedging Policy

June 30, 2008

The

Dodge

&

Cox

International

Stock

Fund

(ISF)

invests

primarily

in

securities

of

foreign

companies.

A

decline

in

the

value

of

foreign

currencies

relative

to

the

US-Dollar

would

reduce

the

un-hedged

value

of

securities

in

those

currencies.

What We Can Do:

•

The Prospectus allows the ISF to use currency forward

and futures contracts to manage currency exposure.

•

The ISF will only enter into currency forward or futures

contracts for hedging and not for purposes of speculation.

•

IIPC periodically evaluates whether hedging foreign

currency exposure is in the best interest of the long-term

shareholders.

Instruments

•

Forward currency contracts

are agreements to buy or sell a currency at a specified price set at the time of the contract.

•

Futures currency contracts

are bilateral agreements pursuant to which one party agrees to make, and the other agrees to

accept, delivery of a specified currency at a specified future time and at a specified price. Although some futures contracts

by their terms call for actual delivery or acceptance of currency, in many cases the contracts are settled with a cash

payment without the making or taking of delivery of the specified currency.

*Please note, the risks, including counterparty and adverse currency movement risks, associated with investing in forward currency and futures currency

contracts are described in the Fund’s Prospectus.

What We Have Done:

•

To

settle

purchases

or

sales

in

the

Fund,

the

ISF

has

used

currency

forward

contracts

to

“lock-in”

the

US-Dollar

price

of

a

security.

•

Recently, the IIPC, with approval of the Board,

entered into forward contracts to hedge a portion of

the Fund’s Euro and British Pound exposure.

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, management fees, risks and expenses. To

obtain a Fund’s

prospectus, which contains this and other important information,

visit www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before investing.

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

The U.S. Dollar is Weak Against the Euro (€) and Pound (£)

June 30, 2008

ISF Launched

ISF Launched

•

Currency was a headwind to MSCI EAFE USD returns

from 1996 to 2001, and a tailwind thereafter because the

dollar weakened.

•

Over the last 11 years, the MSCI EAFE has returned 2-

6% in local currency terms.

Euro

•

Looking at measures of purchasing power parity (PPP),

the Euro and GBP are near the extremes of their historical

valuation bands against the USD.

Source:

Standardized Average Annual USD Returns for DODFX as of 6/30/08:

1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

MSCI EAFE

MSCI EAFE

Dodge & Cox ISF

Return

1996-2001

4/30/01-6/30/08

4/30/01-6/30/08

Local

6%

2%

6%

Fx

-5%

6%

6%

USD

1%

8%

13%

British Pound

Apr. 08: 1.58,

+36.4%

6/30/08: 1.58,

+36.0%

Mar. 85: 0.66,

-35.9%

0.4

0.6

0.8

1.0

1.2

1.4

1.6

73

75

77

79

81

83

85

87

89

91

93

95

97

99

01

03

05

07

0.4

0.6

0.8

1.0

1.2

1.4

1.6

PPP EUR/USD

EUR/USD

2 Standard Deviation Band

1 Standard Deviation Band

6/30/08: 1.99,

+31%

Oct. 07: 2.07,

+37%

Feb. 85: 1.09,

-37%

1.00

1.50

2.00

2.50

3.00

3.50

73

77

81

85

89

93

97

01

05

1.00

1.50

2.00

2.50

3.00

3.50

PPP GBP/USD

GBP/USD

2 Standard Deviation Band

1 Standard Deviation Band

08-306

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Source: Deutsche Bank

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox Funds Performance Results  

for periods ending June 30, 2008

Average Annual Total Returns

YTD

1 Year

3 Years

5 Years

10 Years

20 Years

Stock Fund

-15.87%

-21.43%

2.75%

9.29%

8.62%

12.50%

Global Stock Fund

N.A.*

N.A.

N.A.

N.A.

N.A.

N.A.

International Stock Fund

-11.54%

-11.74%

13.23%

21.97%

N.A.**

N.A.

Balanced Fund

-11.31%

-14.36%

2.74%

7.19%

7.83%

11.00%

Income Fund

0.23%

3.69%

3.49%

3.49%

5.62%

N.A.***

Comparative Indices

S & P 500 Index

-11.90%

-13.10%

4.42%

7.58%

2.89%

10.44%

MSCI EAFE Index

-10.96%

-10.61%

12.84%

16.67%

N.A.**

N.A.

Combined Index

-6.69%

-5.23%

4.44%

6.21%

4.32%

9.45%

Lehman Bros. Agg. Bond Index (LBAG)

1.13%

7.13%

4.08%

3.86%

5.68%

N.A.***

Russell 1000 Value Index

-13.58%

-18.79%

3.51%

8.91%

4.91%

11.00%

*Since Global Stock Fund’s inception on April 30, 2008 through June 30, 2008: -12.60% compared to -6.58% for the MSCI World Index.

**Since International Stock Fund’s inception on  April 30, 2001 through June 30, 2008: 12.73% compared to 7.62% for the MSCI EAFE Index.

***Since Income Fund’s inception on December 31, 1988 through June 30, 2008: 7.56% compared to 7.41% for the LBAG.

08-306

Fund total returns include the reinvestment of dividend and capital gain distributions, but have not been adjusted for any income taxes payable by shareholders on these

distributions.  Index returns include dividends and/or interest income and, unlike Fund returns, do not reflect fees or expenses.  The Standard & Poor’s 500 Index (S&P 500)

is a widely recognized, unmanaged index of common stock prices.

The Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) is an

unmanaged index of the world’s stock markets, excluding the United States.  The Combined Index reflects an unmanaged portfolio of 60% of the S&P 500 and 40% of the

LBAG.  The Balanced Fund may, however, invest up to 75% of its total assets in stocks.  The Lehman Brothers Aggregate Bond Index

(LBAG) is a widely recognized,

unmanaged index of U.S. dollar-denominated investment-grade fixed-income securities.  The Russell 1000 Value Index measures the performance of those Russell 1000

companies with lower price-to-book ratios and lower forecasted growth values.

Past performance does not guarantee future results. Investment return and share price will fluctuate with market conditions, and

investments may have a gain or loss when

shares are sold. Mutual fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly.

Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, management fees, risks and expenses. To

obtain a Fund’s

prospectus, which contains this and other important information,

or for current performance figures, visit www.dodgeandcox.com

or call 800-621-3979. Please read the

prospectus carefully before investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox Funds Performance Results  

for periods ending December 31, 2007

*Since International Stock Fund’s inception on  April 30, 2001 through December 31, 2007: 15.86%

compared to 10.12% for the MSCI EAFE Index.

**Since Income Fund’s inception on December 31, 1988 through December 31, 2007: 7.75% compared to 7.55% for the LBAG.

Average Annual Total Returns

1 Year

3 Years

5 Years

10 Years

20 Years

Stock Fund

.14%

9.09%

15.41%

11.43%

14.18%

International Stock Fund

11.71%

18.63%

27.00%

N.A.*

N.A.

Balanced Fund

1.74%

7.28%

11.72%

9.85%

12.18%

Income Fund

4.68%

3.98%

4.31%

6.00%

N.A.**

Comparative Indices

S & P 500 Index

5.51%

8.62%

12.82%

5.91%

11.81%

MSCI EAFE Index

11.18%

16.84%

21.59%

N.A.*

N.A.

Combined Index

6.22%

7.07%

9.50%

6.26%

10.33%

Lehman Bros. Agg. Bond Index (LBAG)

6.96%

4.56%

4.42%

5.97%

N.A.**

Russell 1000 Value Index

-.18%

9.31%

14.62%

7.68%

12.79%

08-306

Fund

total

returns

include

the

reinvestment

of

dividend

and

capital

gain

distributions,

but

have

not

been

adjusted

for

any

income

taxes

payable

by

shareholders

on

these

distributions.

Index

returns

include

dividends

and/or

interest

income

and,

unlike

Fund

returns,

do

not

reflect

fees

or

expenses.

The

Standard

&

Poor’s

500

Index

(S&P

500)

is

a

widely

recognized,

unmanaged

index

of

common

stock

prices.

The

Morgan

Stanley

Capital

International

Europe,

Australasia,

Far

East

Index

(MSCI

EAFE)

is

an

unmanaged

index

of

the

world’s

stock

markets,

excluding

the

United

States.

The

Combined

Index

reflects

an

unmanaged

portfolio

of

60%

of

the

S&P

500

and

40%

of

the

LBAG.

The

Balanced

Fund

may,

however,

invest

up

to

75%

of

its

total

assets

in

stocks.

The

Lehman

Brothers

Aggregate

Bond

Index

(LBAG)

is

a

widely

recognized,

unmanaged

index

of

U.S.

dollar-denominated

investment-grade

fixed-income

securities.

The

Russell

1000

Value

Index

measures

the

performance

of

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Past

performance

does

not

guarantee

future

results.

Investment

return

and

share

price

will

fluctuate

with

market

conditions,

and

investments

may

have

a

gain

or

loss

when

shares

are

sold.

Mutual

fund

performance

changes

over

time

and

currently

may

be

significantly

lower

than

stated

above.

Performance

is

updated

and

published

monthly.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

or

for

current

performance

figures,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Standardized Average Annual Returns for DODFX as of 6/30/08:  1 Year -11.7%; 5 Years 22.0%; Since Inception 12.7%.

Dodge & Cox  /  Investment Managers  /  San Francisco

Note:

This

client

list

is

composed

of

institutional

clients

in

the

Dodge

&

Cox

International

Stock

Fund

with

assets

greater

than

$4

million

who

have

granted

Dodge

&

Cox 

permission to use their name.  It is not known whether the listed clients approve or disapprove of Dodge & Cox or the advisory services provided.  The client list  may not

be representative of the experience of other investors making investments at different times or who had different investment objectives or expectations.

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus, which contains this and other important information,

visit www.dodgeandcox.com

or call 800-621-3979. Please read the prospectus carefully before

investing.

June 2008

A-dec, Inc.

Holland & Hart

Sherwood Trust

Advocate Healthcare

John Carroll University

State of Vermont

Air line Pilots Association

Levi Strauss & Co.

TECO Energy

American Philosophical Society

M.J. Murdock Charitable Trust

The Cleveland Foundation

Atwood Oceanics

MultiCare Health System

The Field Museum

BancWest Corporation

National Collegiate Athletic Association (NCAA)

The Thacher School

Baylor University

National University

TOC Management Services

Bertelsmann

New Mexico Military Institute Foundation, Inc

University of Denver

Boettcher Foundation

Nissan North America, Inc.

University of Hartford

Brazosport Memorial Hospital

Occidental College

University of Wyoming Foundation

Cedars Sinai Medical Center

Oklahoma State University

Washington Education Association

City of Milwaukee

Oregon Washington Carpenters Employees Pension Trust Fund

West Virginia University Foundation

Coca-Cola Enterprises, Inc.

Overlake Hospital Medical Center

Woods Hole Oceanographic Institution

Colorado State University Foundation

Philadelphia Museum of Art

Contra Costa County Electrical Workers

Pilkington North America

Deerfield Academy

Polk Bros. Foundation

Everett Clinic

Population Council

Fallon Paiute-Shoshone

Presbyterian Healthcare Services

FirstEnergy Corp.

Reed College

Gensler Architecture Design & Planning

Regenstein Foundation

Guardian Industries Corp.

Scott & White Memorial Hospital

Dodge & Cox International Stock Fund –

Partial List of Institutional Clients

08-306

Dodge & Cox  /  Investment Managers  /  San Francisco

•

“As of”

pricing for daily valued plans

•

Balance due or confirmed purchase trading

•

When a record keeper’s client aggregate assets in the Dodge & Cox Funds reach $5 million, fee reimbursement is available

and paid at the following annual rates:

Dodge & Cox Funds Defined Contribution Services

•

Balanced Fund

10 basis points

•

Stock Fund

10 basis points

•

Global Stock Fund

10 basis points

•

International Stock Fund

10 basis points

•

Income Fund

8 basis points

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

In addition to providing Fund prospectuses,

and shareholder reports, Dodge & Cox has

available Fund fact sheets.

Fund Fact Sheets

Dodge & Cox Funds’

Web Site

Information and literature on the Funds are

also available via the Funds’

web site at

www.dodgeandcox.com.

1-800-621-3979

Customer service team and

Automated Voice Response

system for providing

participants with:

•

Fund literature

•

Rates of Return

•

Fund Prices

•

Fund Objective and 

Strategies

Dodge & Cox Funds: Employee Communications Resources

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Shareholder Transaction Expenses

Sales Load Imposed on Purchases

None

Sales Load Imposed on Reinvested Distributions

None

Deferred Sales Load

None

Redemption Fees

None

Exchange Fee

None

Annualized Fund Operating Expenses

(as

a percentage of average net assets)

Management Fees

.60%

12b-1 Fees

None

Other Expenses

0.05%

Total Fund Operating Expenses

0.65%

Example:

A shareholder would pay the following expenses on a $10,000 investment, assuming (1) 5% annual return, and

(2) redemption at the end of each time period:

Time Period

1 Year

3 Years

5 Years

10 Years

Expenses

$66

$208

$362

$810

This example should not be considered a representation of past or future expenses.  Actual expenses may be greater or less than those shown.

Dodge & Cox International Stock Fund Expense Information

as of June 30, 2008

53

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Dodge & Cox International Stock Fund

Client Name

International Stock Fund Market Value: $ million

(as of 6/30/08)

Client Fund Inception Date:

Equity

96.9%

Cash

3.1%

International Stock Fund

Total Net Assets: $49.4 billion

(As of 6/30/08)

Portfolio Overview

(As of 6/30/08)

•

Diversified Portfolio by Sector & Region

•

Long-Term Investment Horizon

•

Well-Established Companies:

–

Wtd. Average Market Cap. of $59 Billion

–

Median Market Cap. of $14 Billion

•

Below-Average Valuations:

–

Price to earnings ratio (forward) of 10.5x

–

Price to sales ratio of 0.7x

–

Price to book value of 1.5x

•

Gradual Portfolio Shifts

Net Asset Value Per Share: $40.71

Expense Ratio: 0.65% (as of 6/30/08)

08-306

Before

investing

in

any

Dodge

&

Cox

Fund,

you

should

carefully

consider

the

Fund’s

investment

objectives,

management

fees,

risks

and

expenses.

To

obtain

a

Fund’s

prospectus,

which

contains

this

and

other

important

information,

visit

www.dodgeandcox.com

or

call

800-621-3979.

Please

read

the

prospectus

carefully

before

investing.

Dodge & Cox  /  Investment Managers  /  San Francisco

Biographical Sketches

Dodge & Cox  /  Investment Managers  /  San Francisco

WENDELL

W.

BIRKHOFER

(I)

–

Vice

President.

Mr.

Birkhofer

received

his

B.A.

degree

from

Stanford

University

in

1978

and

his

M.B.A.

from

the

Stanford

Graduate

School of Business in 1987.  Prior to entering the M.B.A. program, he worked for six years with Wen Birkhofer & Co., an investment broker dealer firm in Los Angeles. 

He joined Dodge & Cox in 1987. Mr. Birkhofer is a member of the Board of Governors of the Investment Adviser Association.  He is

a shareholder of the firm, a CFA

charterholder, and a Chartered Investment Counselor.

BRYAN

CAMERON

(I,IP)

–

Director

of

Research.

Mr.

Cameron

received

his

B.A.

degree

in

Economics

from

the

University

of

California,

Davis

in

1980

and

his

M.B.A.

from the Stanford Graduate School of Business in 1983.  Mr. Cameron worked for Dodge & Cox for one year before entering the M.B.A. program and rejoined the firm in

1983.  He is a shareholder of the firm and a CFA charterholder.

JOHN

A.

GUNN

(I,IP,G)

–

Chairman

and

Chief

Executive

Officer.

Mr.

Gunn

graduated

from

Stanford

University

in

1966

and

received

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1972.  He joined Dodge & Cox in 1972.  He is a Trustee of the Dodge & Cox Funds.  Mr. Gunn is a former member of the Board of

Governors of the CFA Institute.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

DAVID

C.

HOEFT

(I)

–

Vice

President.

Mr.

Hoeft

received

his

B.A.

degree

from

the

University

of

Chicago

in

1989

(Phi

Beta

Kappa)

and

his

M.B.A.

from

the

Harvard

Business School in 1993.  Prior to entering graduate school, he worked for two years as a consultant to the energy industry.  He

joined Dodge & Cox in 1993.  He is a

shareholder of the firm and a CFA charterholder.

KENNETH

E.

OLIVIER

(I)

–

President.

Mr.

Olivier

graduated

from

Stanford

University

in

1974.

He

received

a

J.D.

degree

from

the

University

of

California,

Hastings

College of Law in 1977 and his M.B.A. from the Harvard Business School in 1979. He is a Trustee of the Dodge & Cox Funds.  Mr. Olivier is a past president of the CFA

Society of San Francisco, and a member of the American Bar Association and the California Bar Association (inactive).  He joined

Dodge & Cox in 1979 and is a

shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

CHARLES

F.

POHL

(I,IP,G,F)

–

Senior

Vice

President

and

Chief

Investment

Officer.

Mr.

Pohl

received

his

B.A.

degree

in

1980

and

his

M.B.A.

degree

in

1981

from

the

University of Chicago.  He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984.  He is a shareholder of the firm and a CFA

charterholder.

GREGORY

R.

SERRURIER

(I,IP)

–

Vice

President.

Mr.

Serrurier

received

his

B.S.

degree

in

1979

from

Oregon

State

University

and

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1984.  He joined Dodge & Cox in 1984.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

DIANA

S.

STRANDBERG

(I,IP,G)

–

Vice

President.

Ms.

Strandberg

graduated

from

the

University

of

California,

Berkeley

in

1981

(Phi

Beta

Kappa)

and

received

her

M.B.A. degree from the Harvard Business School in 1986.  After two years as a securities analyst at the First Boston Corporation, she joined Dodge & Cox in 1988.  She is

a shareholder of the firm and a CFA charterholder.

STEVEN

C.

VOORHIS

(I,G)

–

Vice

President.

Mr.

Voorhis

received

his

B.A.

and

M.A.

degrees

from

Stanford

University

in

1992

and

his

M.B.A

from

the

Harvard

Business School in 1996.  Prior to graduate school, he worked at

Goldman Sachs as a financial analyst.  He joined Dodge & Cox in

1996.  Mr. Voorhis is a shareholder of

the firm and a CFA charterholder.

Investment Policy Committee

I = Member of Investment Policy Committee; IP = Member of International Investment Policy Committee;  G = Global Investment Policy Committee;  F = Member of Fixed Income Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

BRYAN

CAMERON

(I,IP)

–

Director

of

Research.

Mr.

Cameron

received

his

B.A.

degree

in

Economics

from

the

University

of

California,

Davis

in

1980 and his M.B.A. from the Stanford Graduate School of Business in 1983.  He worked for Dodge & Cox for one year before entering the M.B.A. program and

rejoined the firm in 1983.  Mr. Cameron is a shareholder of the firm and a CFA charterholder.

MARIO

C.

DIPRISCO

(IP)

–

Vice

President.

Mr.

DiPrisco

received

his

B.S.

degree

from

the

School

of

Foreign

Service

at

Georgetown

University

in

1997.

Prior

to

joining

Dodge & Cox, he passed the State Department’s Foreign Service Written and Oral examinations and worked on a successful senatorial campaign.  Mr. DiPrisco joined

Dodge & Cox as a research assistant in 1998 and assumed international company research responsibilities in 2000.  Mr. DiPrisco is a shareholder of the firm and a CFA

charterholder.

YASHA

GOFMAN

(IP)

–

Vice

President.

Mr.

Gofman

received

his

B.S.

degree

from

Princeton

University

(Phi

Beta

Kappa)

in

1988

and

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1994.  Prior to entering graduate

school, Mr. Gofman worked for Energy Management Associates, a division of EDS.  He also spent two

years as a management consultant with LEK Partnership.  Mr. Gofman joined Dodge & Cox in 1995.  He is a shareholder of the firm and a CFA charterholder.

JOHN

A.

GUNN

(I,IP,G)

–

Chairman

and

Chief

Executive

Officer.

Mr.

Gunn

graduated

from

Stanford

University

in

1966

and

received

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1972.  He joined Dodge & Cox in 1972.  He is a Trustee of the Dodge & Cox Funds.  Mr. Gunn is a former member of the Board of

Governors of the CFA Institute.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

KEIKO

HORKAN

(IP)

–

Vice

President.

Ms.

Horkan

received

her

B.A.

and

M.A.

degrees

in

law

from

Keio

University,

Tokyo

in

1993

and

1995

and

an

M.B.A.

from

the

Stanford Graduate School of Business in 2000.  Prior to entering

business school, she worked for Booz Allen & Hamilton as a management consultant.  Ms. Horkan joined

Dodge & Cox in 2000.  She is a shareholder of the firm and a CFA

charterholder.

ROGER

G.

KUO

(IP)

–

Vice

President.

Mr.

Kuo

received

his

B.A.

degree

from

Harvard

College

(magna

cum

laude)

in

1993

and

his

M.B.A.

degree

in

1998

from

the

Harvard Business School.  Prior to graduate school, he worked at

Bear Stearns as a financial analyst.  He joined Dodge & Cox in 1998.  Mr. Kuo is a shareholder of the firm

and a CFA charterholder.

CHARLES

F.

POHL

(I,IP,G,F)

–

Senior

Vice

President

and

Chief

Investment

Officer.

Mr.

Pohl

received

his

B.A.

degree

in

1980

and

his

M.B.A.

degree

in

1981

from

the

University of Chicago.  He was with

Wells Fargo Investment Advisors from 1981 until joining Dodge &

Cox in 1984.  He is a shareholder of the firm and a CFA

charterholder.

GREGORY

R.

SERRURIER

(I,IP)

–

Vice

President.

Mr.

Serrurier

received

his

B.S.

degree

in

1979

from

Oregon

State

University

and

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1984.  He joined Dodge & Cox in 1984.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

DIANA

S.

STRANDBERG

(I,IP,G)

–

Vice

President.

Ms.

Strandberg

graduated

from

the

University

of

California,

Berkeley

in

1981

(Phi

Beta

Kappa)

and

received

her

M.B.A. degree from the Harvard Business School in 1986.  After two years as a securities analyst at the First Boston Corporation, she joined Dodge & Cox in 1988.  She is

a shareholder of the firm and a CFA charterholder.

International Investment Policy Committee

I = Member of Investment Policy Committee; IP = Member of International Investment Policy Committee;  G = Global Investment Policy Committee;  F = Member of Fixed Income Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

ANTHONY

J.

BREKKE

(F)

–

Vice

President.

Mr.

Brekke

received

his

B.A.

degree

from

the

University

of

Iowa

in

1997

and

his

M.B.A.

degree

from

the

Haas

School

of

Business at the University of California, Berkeley in 2003.  Prior to entering the Haas School, he worked for four years as an auditor with the National Futures Association. 

He joined Dodge & Cox in 2003.  Mr. Brekke is a shareholder of the firm and a CFA charterholder.

JAMES

H.

DIGNAN

(F)

–

Vice

President.

Mr.

Dignan

received

his

A.B.

from

Columbia

University

in

1991

in

Philosophy

/

Economics.

He

received

an

M.A.

in

Economics

from New York University in 1994 and his M.B.A. from Northwestern’s J.L. Kellogg Graduate School of Management in 1996.  Prior to joining Dodge & Cox in 1999, he

worked in portfolio management for Fannie Mae.  Mr. Dignan is a shareholder of the firm and a CFA charterholder.

THOMAS

S.

DUGAN

(F)

–

Vice

President.

Mr.

Dugan

received

his

B.A.

from

Brown

University

in

1987

and

his

M.B.A.

from

the

University

of

California,

Berkeley

in

1992.  Before graduate school he worked as a fixed income securities trader for J.P. Morgan Securities.  Prior to joining Dodge & Cox in 1993, he worked in the Czech

Republic as an advisor to a Czech investment fund.  Mr. Dugan is

a shareholder of the firm and a CFA charterholder.

DANA

MORTON

EMERY

(F)

–

Executive

Vice

President

and

Manager

of

the

Fixed-Income

Department.

Ms.

Emery

received

her

B.A.

degree

from

Stanford

University

in

1983.  She joined Dodge &Cox in 1983.  Ms. Emery is a Trustee of

the Dodge & Cox Funds.  She is a shareholder of the firm, a CFA

charterholder, and a Chartered

Investment Counselor.

PETER

C.

LAMBERT

(F)

–

Vice

President.

Mr.

Lambert

received

his

B.A.

degree

from

the

University

of

California,

Santa

Cruz

in

1976

and

his

M.B.A.

from

the

Graduate

School of Management at U.C.L.A. in 1985.  Mr. Lambert worked for Western Asset Management Co. for three years before joining Dodge & Cox in 1988.  He is a

shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

CHARLES

F.

POHL

(I,IP,G,F)

–

Senior

Vice

President

and

Chief

Investment

Officer.

Mr.

Pohl

received

his

B.A.

degree

in

1980

and

his

M.B.A.

degree

in

1981

from

the

University of Chicago.  He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984.  Mr. Pohl a Senior Vice President of the Dodge &

Cox Funds.  He is a shareholder of the firm and a CFA charterholder.

KENT

E.

RADSPINNER

(F)

–

Vice

President.

Mr.

Radspinner

received

his

B.S.

degree

from

the

University

of

Minnesota

in

1988

and

his

M.P.P.M.

from

the

Yale

School

of

Management in 1996.  Between degrees, he served in the U.S. Navy.  He joined Dodge & Cox in 1996.  Mr. Radspinner is a shareholder of the firm and a CFA

charterholder.

LARISSA

K.

ROESCH

(F)

–

Vice

President.

Ms.

Roesch

received

her

A.B.

degree

in

music

and

mathematics

from

Dartmouth

College

in

1988

(cum

laude).

She

received

her M.B.A. from the Haas School of Business at the University of

California, Berkeley in 1997.  Prior to graduate school, she worked for seven years in the performing arts

industry.  She joined Dodge & Cox in 1997.  Ms. Roesch is a shareholder of the firm and a CFA charterholder.

ROBERT

B.

THOMPSON

(F)

–

Vice

President.

Mr.

Thompson

received

his

A.B.

degree

from

Stanford

in

1971,

served

as

a

U.S.

Navy

submarine

officer,

and

then

returned

to Stanford to obtain his M.B.A. in 1977.  He worked in the fixed income departments of three major securities firms and as a principal of a small San Francisco-based

investment management firm.  He joined Dodge & Cox in 1992.  He is a shareholder of the firm, a CFA charterholder, a Chartered Investment Counselor, and a past

president of the CFA Society of San Francisco.

Fixed Income Investment Policy Committee

I = Member of Investment Policy Committee; IP = Member of International Investment Policy Committee;  G = Global Investment Policy Committee;  F = Member of Fixed Income Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

LILY

S.

BEISCHER

(G)

–

Vice

President.

Ms.

Beischer

received

her

B.A.

degree

(cum

laude)

from

Yale

University

in

1992

and

her

M.B.A.

and

J.D.

(cum

laude)

degrees

from Harvard in 1998.  Prior to graduate school, she worked for McKinsey & Company as a management consultant.  Ms. Beischer joined Dodge & Cox in 1998, left the

firm to work at Looksmart, Inc. in 1999, and then rejoined Dodge

& Cox in 2001.  Ms. Beischer is a member of the American Bar Association and California Bar

Association (inactive), a shareholder of the firm, and a CFA charterholder.

JOHN

A.

GUNN

(I,IP,G)

–

Chairman

and

Chief

Executive

Officer.

Mr.

Gunn

graduated

from

Stanford

University

in

1966

and

received

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1972.  He joined Dodge & Cox in 1972.  He is a Trustee of the Dodge & Cox Funds.  Mr. Gunn is a former member of the Board of

Governors of the CFA Institute.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

CHARLES

F.

POHL

(I,IP,G,F)

–

Senior

Vice

President

and

Chief

Investment

Officer.

Mr.

Pohl

received

his

B.A.

degree

in

1980

and

his

M.B.A.

degree

in

1981

from

the

University of Chicago.  He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984.  He is a shareholder of the firm and a CFA

charterholder.

KAROL

MARCIN

(G)

–

Vice

President.

Mr.

Marcin

received

his

B.A.

from

Whitman

College

(summa

cum

laude)

in

1995

and

his

M.B.A.

from

the

Stanford

Graduate

School of Business in 2000.  Prior to entering graduate school, he worked for three years as a financial analyst with Salomon Brothers.  Mr. Marcin joined Dodge & Cox in

2000. Mr. Marcin is a CFA charterholder and a shareholder of the

firm.

DIANA

S.

STRANDBERG

(I,IP,G)

–

Vice

President.

Ms.

Strandberg

graduated

from

the

University

of

California,

Berkeley

in

1981

(Phi

Beta

Kappa)

and

received

her

M.B.A. degree from the Harvard Business School in 1986.  After two years as a securities analyst at the First Boston Corporation, she joined Dodge & Cox in 1988.  She is

a shareholder of the firm and a CFA charterholder.

STEVEN

C.

VOORHIS

(I,G)

–

Vice

President.

Mr.

Voorhis

received

his

B.A.

and

M.A.

degrees

from

Stanford

University

in

1992

and

his

M.B.A

from

the

Harvard

Business School in 1996.  Prior to graduate school, he worked at

Goldman Sachs as a financial analyst.  He joined Dodge & Cox in

1996.  Mr. Voorhis is a shareholder of

the firm and a CFA charterholder.

Global Investment Policy Committee

I = Member of Investment Policy Committee; IP = Member of International Investment Policy Committee;  G = Global Investment Policy Committee;  F = Member of Fixed Income Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Portfolio Managers, Investment Analysts and Client Service

ENGLEBERT

T.

BANGAYAN

–

Mr.

Bangayan

received

his

B.A.

degree

in

Applied

Mathematics

and

Economics

from

Harvard

College

in

1999.

Prior

to

joining

Dodge

&

Cox, he worked as an equity research associate at Epoch Partners.  Mr. Bangayan joined Dodge & Cox in 2002 as a research assistant and assumed equity research

responsibilities in 2006.  Mr. Bangayan is a CFA charterholder.

PHILIPPE

BARRET,

JR.

–

Mr.

Barret

received

his

BA

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 private equity investor at American Securities Capital Partners, LLC and as a Mergers &

Acquisitions analyst at JP Morgan.

Mr. Barret joined Dodge & Cox in 2004.

LILY

S.

BEISCHER

–

Ms.

Beischer

received

her

B.A.

degree

(cum

laude)

from

Yale

University

in

1992

and

her

M.B.A.

and

J.D.

(cum

laude)

degrees

from

Harvard

in

1998.  Prior to graduate school, she worked for McKinsey & Company as a management consultant.  Ms. Beischer joined Dodge & Cox in 1998, left the firm to work at

Looksmart, Inc. in 1999, and then rejoined Dodge & Cox in 2001.

Ms. Beischer is a member of the American Bar Association and California Bar Association (inactive), a

shareholder of the firm, and a CFA charterholder.

WENDELL

W.

BIRKHOFER

(I)

–

Mr.

Birkhofer

received

his

B.A.

degree

from

Stanford

University

in

1978

and

his

M.B.A.

from

the

Stanford

Graduate

School

of

Business

in 1987.  Prior to entering the M.B.A. program, he worked for six years with Wen Birkhofer & Co., an investment broker dealer firm in Los Angeles.  He joined Dodge &

Cox in 1987. Mr. Birkhofer is a member of the Board of Governors

of the Investment Adviser Association. He is a shareholder of the firm, a CFA charterholder, and a

Chartered Investment Counselor.

JAMES

T.

BORDEN

–

Mr.

Borden

received

his

B.A.

in

Business

Economics

from

the

University

of

California,

Santa

Barbara

in

1982.

Prior

to

joining

Dodge

&

Cox

in

2002, he spent fifteen years with a small investment counseling firm in San Francisco where he served as a Principal of the firm

and a portfolio manager working primarily

with individual investor clients.  Mr. Borden is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

ANTHONY

J.

BREKKE

(F)

–

Mr.

Brekke

received

his

B.A.

degree

from

the

University

of

Iowa

in

1997

and

his

M.B.A.

degree

from

the

Haas

School

of

Business

at

the

University of California, Berkeley in 2003.  Prior to entering the Haas School, he worked for four years as an auditor with the National Futures Association.  He joined

Dodge & Cox in 2003.  Mr. Brekke is a shareholder of the firm and a CFA charterholder.

RICHARD

T.

CALLISTER

–

Mr.

Callister

received

his

B.S.

and

M.Acc.

degrees

in

Accountancy

and

Information

Systems

from

Brigham

Young

University

in

1996

(magna

cum laude). Prior to receiving his M.B.A. from the Stanford Graduate School of Business in 2002, he worked as a systems consultant for Price Waterhouse and as a

financial analyst for Bel Air Investment Advisors. Mr. Callister

joined Dodge & Cox in 2002.  He is a shareholder of the firm and a CFA charterholder.

BRYAN

CAMERON

(I,IP)

–

Director

of

Research.

Mr.

Cameron

received

his

B.A.

degree

in

Economics

from

the

University

of

California,

Davis

in

1980

and

his

M.B.A.

from the Stanford Graduate School of Business in 1983.  He worked for Dodge & Cox for one year before entering the M.B.A. program and rejoined the firm in 1983.  Mr.

Cameron is a shareholder of the firm and a CFA charterholder.

STEVEN

H.

CASSRIEL

–

Mr.

Cassriel

received

his

B.S.

degree

from

Stanford

University

in

1983

and

his

M.B.A.

degree

from

the

Harvard

Business

School

in

1992.

Prior

to graduate school, he worked for seven years at Xerox Corporation in product development, marketing, and sales.  He joined Dodge & Cox in 1992.  He is a shareholder of

the firm and a CFA charterholder.

LINDA

KANG

CHONG

–

Ms.

Chong

received

her

B.A.

degree

(summa

cum

laude)

from

Harvard

University

in

1995

and

her

J.D.

degree

from

Harvard

in

2000.

Prior

to

graduate school, she worked for McKinsey & Company as a management consultant.  Prior to joining Dodge & Cox in 2005, she worked

at Goldman Sachs as a Vice

President in the fixed income division.

Ms. Chong is a member of the American Bar Association and the New York Bar Association.  She is a CFA charterholder.

I = Member of Investment Policy Committee          F

=

Member

of

Fixed

Income

Investment

Policy

Committee          IP = Member of International Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

JAMES

H.

DIGNAN

(F)

–

Mr.

Dignan

graduated

from

Columbia

University

in

1991

with

an

A.B.

in

Philosophy

/

Economics.

He

received

an

M.A.

in

Economics

from

New

York University in 1994 and his M.B.A. from Northwestern’s J.L. Kellogg Graduate School of Management in 1996.  Prior to joining Dodge & Cox in 1999, he worked in

portfolio management for Fannie Mae.  Mr. Dignan is a shareholder of the firm and a CFA charterholder.

MARIO

C.

DIPRISCO

(IP)

–

Mr.

DiPrisco

received

his

B.S.

degree

from

the

School

of

Foreign

Service

at

Georgetown

University

in

1997.

Prior

to

joining

Dodge

&

Cox,

he passed the State Department’s Foreign Service Written and Oral examinations and worked on a successful senatorial campaign.  Mr. DiPrisco joined Dodge & Cox

as a

research assistant in 1998 and assumed international company research responsibilities in 2000.  Mr. DiPrisco is a shareholder of the firm and a CFA charterholder.

KATHERINE

HERRICK

DRAKE

–

Ms.

Drake

received

her

B.A.

degree

from

Pomona

College

in

1977

and

her

M.B.A.

from

the

Graduate

School

of

Management

at

U.C.L.A. in 1981.  She joined Dodge & Cox in 1981.   She is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

THOMAS

S.

DUGAN

(F)

–

Mr.

Dugan

graduated

from

Brown

University

in

1987

with

a

B.A.

and

received

his

M.B.A.

from

the

University

of

California,

Berkeley

in

1992.  Before graduate school, he worked as a fixed-income securities trader for J.P. Morgan Securities.  Prior to joining Dodge & Cox in 1993, he worked in the Czech

Republic as an advisor to a Czech investment fund.  Mr. Dugan is

a shareholder of the firm and a CFA charterholder.

DAVID

J.

EDWARDS

–

Mr.

Edwards

joined

Dodge

&

Cox

in

1996.

His

prior

experience

includes

two

years

as

a

marketing

Vice

President

with

Dreyfus

Retirement

Services and ten years with The Northern Trust Company where he held various positions in Master Trust sales and operations.  He

received his B.S. in Business

Administration and Personnel from Miami University in Oxford, Ohio in 1984.  He is a shareholder of the firm.

DANA

MORTON

EMERY

(F)

–

Executive

Vice

President

and

Manager

of

the

Fixed-Income

Department.

Ms.

Emery

received

her

B.A.

degree

from

Stanford

University

in

1983.  She joined Dodge & Cox in 1983.  Ms. Emery is a Trustee of the Dodge & Cox Funds.  She is a shareholder of the firm, a CFA charterholder, and a Chartered

Investment Counselor.

KARIM

FAKHRY

–

Mr.

Fakhry

received

his

B.A.

degree

in

Economics

from

Stanford

University

in

1998

(Phi

Beta

Kappa)

and

his

M.B.A.

degree

from

the

Harvard

Business School in 2005. Prior to graduate school, he worked at Morgan Stanley, Webvan Group, and Fremont Partners. Mr. Fakhry joined Dodge & Cox in 2005.

KATIE

O.

FAST

–

Ms.

Fast

received

her

B.S.

in

Marketing

from

Boston

College

in

1995.

Prior

to

joining

Dodge

&

Cox

in

2003,

she

worked

at

Dresdner

RCM

as a

member of the fixed income team and at Bloomberg L.P. doing client service.  Ms. Fast is a CFA charterholder.

YASHA

GOFMAN

(IP)

–

Mr.

Gofman

received

his

B.S.

degree

from

Princeton

University

(Phi

Beta

Kappa)

in

1988

and

his

M.B.A.

from

the

Stanford

Graduate

School

of

Business in 1994.  Prior to entering graduate school, Mr. Gofman

worked for Energy Management Associates, a division of EDS.  He

also spent two years as a management

consultant with LEK Partnership.  Mr. Gofman joined Dodge & Cox in 1995.  He is a shareholder of the firm and a CFA charterholder.

STEVEN

T.

GORSKI

–

Mr.

Gorski

received

his

B.A.

degree

with

honors

from

California

State

University,

Sacramento

in

1992.

He

joined

Dodge

&

Cox

in

1994.

Mr.

Gorski is a shareholder of the firm.

JOHN

A.

GUNN

(I,IP,G)

–

Chairman

and

Chief

Executive

Officer.

Mr.

Gunn

graduated

from

Stanford

University

in

1966

and

received

his

M.B.A.

from

the

Stanford

Graduate School of Business in 1972.  He joined Dodge & Cox in 1972.  He is a Trustee of the Dodge & Cox Funds.  Mr. Gunn is a former member of the Board of

Governors of the CFA Institute.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

DAVID

C.

HOEFT

(I)

–

Mr.

Hoeft

received

his

B.A.

degree

from

the

University

of

Chicago

in

1989

(Phi

Beta

Kappa)

and

his

M.B.A.

from

the

Harvard

Business

School

in

1993.  Prior to entering graduate school, he worked for two years as a consultant to the energy industry.  He joined Dodge & Cox

in 1993.  He is a shareholder of the firm

and a CFA charterholder.

Portfolio Managers, Investment Analysts and Client Service (cont.)

I = Member of Investment Policy Committee          F

=

Member

of

Fixed

Income

Investment

Policy

Committee          IP = Member of International Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Portfolio Managers, Investment Analysts and Client Service (cont.)

KEIKO

HORKAN

(IP)

–

Ms.

Horkan

received

her

B.A.

and

M.A.

degrees

in

law

from

Keio

University,

Tokyo

in

1993

and

1995

and

an

M.B.A.

from

the

Stanford

Graduate

School of Business in 2000.  Prior to entering business school, she worked for Booz Allen & Hamilton as a management consultant.

Ms. Horkan joined Dodge & Cox in

2000.  She is a shareholder of the firm and a CFA charterholder.

JOHN

N.

IANNUCCILLO

–

Mr.

Iannuccillo

received

his

B.A.

degree

from

Merrimack

College

in

1990

and

his

M.B.A.

degree

from

the

Harvard

Business

School

in

1997. 

Prior to entering graduate school, he worked as a consultant with Arthur Andersen LLP and is licensed as a Certified Public Accountant.  He joined Dodge & Cox in 1997.

Mr. Iannuccillo is a shareholder of the firm and a CFA charterholder.

LUCINDA

I.

JOHNS

–

Ms.

Johns

received

her

B.A.

degree

from

Williams

College

in

1996

(magna

cum

laude)

and

her

M.B.A.

degree

from

the

UCLA

Anderson

School

of

Management in 2004.   Prior to graduate school, she worked for approximately two years each at Merrill Lynch as a financial analyst, Dodge & Cox as a research assistant,

and NBC Internet as a Senior Product Manager.  Ms. Johns rejoined Dodge & Cox in 2004 and is a CFA charterholder.

KEVIN

D.

JOHNSON

–

Mr.

Johnson

received

his

B.A.

degree

from

Harvard

University

in

1984

and

his

M.B.A.

degree

from

the

Stanford

Graduate

School

of

Business

in

1989.  Prior to entering graduate school, he worked for three years as a securities analyst with Fred Alger Management.  He joined Dodge & Cox in 1989.  He is a

shareholder of the firm and a CFA charterholder.

NANCY

A.

KELLERMAN

–

Ms.

Kellerman

received

her

B.S.

in

Business

Administration

from

the

University

of

New

Hampshire

in

1992.

Prior

to

joining

Dodge

&

Cox

in

1996, she worked at State Street Bank and Trust Company in its Mutual Fund Services Division.  Ms. Kellerman is a CFA charterholder and a shareholder of the firm.

ROGER

G.

KUO

(IP)

–

Mr.

Kuo

received

his

B.A.

degree

from

Harvard

College

(magna

cum

laude)

in

1993

and

his

M.B.A.

degree

in

1998

from

Harvard

University.

Prior

to graduate school, he worked at Bear Stearns as a financial analyst.  He joined Dodge & Cox in 1998.  Mr. Kuo is a shareholder of the firm and a CFA charterholder.

PETER

C.

LAMBERT

(F)

–

Mr.

Lambert

received

his

B.A.

from

the

University

of

California,

Santa

Cruz

in

1976

and

his

M.B.A.

from

the

Graduate

School

of

Management at U.C.L.A. in 1985.  Mr. Lambert worked for Western Asset Management Co. for three years before joining Dodge & Cox in 1988.  He is a shareholder of

the firm, a CFA charterholder, and a Chartered Investment Counselor.

THINH

V.

LE

–

Mr.

Le

received

his

B.A.

degree

in

Economics

from

Cornell

University

in

1997.

Prior

to

joining

Dodge

&

Cox

in

2000,

he

worked

at

Morgan

Stanley

in their Debt Capital Markets Services division.  Mr. Le is a shareholder of the firm.

NICHOLAS

V.

LOCKWOOD

–

Mr.

Lockwood

received

his

B.S.

degree

from

The

U.S.

Naval

Academy

in

2001.

After

graduation

he

served

as

an

officer

in

the

U.S.

Navy. 

He joined Dodge & Cox as a fixed income research and trading associate in 2007.

KAROL

MARCIN

–

Mr.

Marcin

received

his

B.A.

from

Whitman

College

(summa

cum

laude)

in

1995

and

his

M.B.A.

from

the

Stanford

Graduate

School

of

Business

in

2000.  Prior to entering graduate school, he worked for three years as a financial analyst with Salomon Brothers.  Mr. Marcin joined Dodge & Cox in 2000. Mr. Marcin is a

CFA charterholder and a shareholder of the firm.

KATHLEEN

GREY

MCCARTHY

-

Ms.

McCarthy

received

her

B.A.

degree

in

Economics

from

Stanford

University

in

2001

and

her

M.B.A.

degree

from

the

Stanford

Graduate School of Business in 2007.  Prior to graduate school, she worked at Merrill Lynch and Palladium Equity Partners.  Ms. McCarthy joined Dodge & Cox in 2007.

RAYMOND

J.

MERTENS

JR.

–

Mr.

Mertens

received

his

B.A.

from

Harvard

College

in

1994

and

his

M.B.A.

from

the

Harvard

Business

School

in

2003.

Prior

to

graduate

school, he worked at Idealab and as an Associate at TA Associates, and as an Investment Banking analyst at Alex. Brown.  He joined Dodge & Cox in 2003. 

Mr. Mertens is a shareholder of the firm.

MARY

ANN

MILIAS

–

Ms.

Milias

received

her

B.A.

from

Stanford

University

in

1967,

M.A.

degree

from

Columbia

University

in

1969,

and

her

M.B.A.

from

the

Harvard

Business School in 1974.  Her experience includes 14 years at Miller Anderson & Sherrerd

as founder, partner and manager of its San Francisco office and

13 years at

Castle & Cooke, Inc., where she held various positions including

Vice President and Treasurer.  She joined Dodge & Cox in 2001.

Ms. Milias is a shareholder of the firm.

I = Member of Investment Policy Committee          F = Member of

Fixed Income Investment Policy Committee          IP = Member of International Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

JOEL-PATRICK

MILLSAP

–

Mr.

Millsap

received

his

B.A.

from

Texas

Christian

University

in

2001

(summa

cum

laude)

and

an

M.B.A.

from

the

University

of

Chicago

in

2006 (high honors).  Prior to graduate school, he worked as a Fixed Income Analyst at Barrow, Hanley, Mewhinney & Strauss, an investment management firm in Dallas,

TX.   Mr. Millsap joined Dodge & Cox in 2006 and is a CFA charterholder.

SHIRLEE

R.

NEIL

–

Vice

President.

Ms.

Neil

received

her

B.A.

degree

from

the

University

of

Colorado,

Boulder

in

1988.

Prior

to

joining

Dodge

&

Cox

in

1992,

she

worked for Merrill Lynch in the Capital Markets division and Financial Center Bank.  Ms. Neil is a shareholder of the firm and a

CFA charterholder.

AMANDA

L.

NELSON

–

Vice

President.

Ms.

Nelson

received

her

B.A.

from

Columbia

University

in

1994

and

her

M.B.A.

from

The

Wharton

School,

University

of

Pennsylvania, in 2000. Prior to entering graduate school, she worked for Goldman Sachs for four years as a financial analyst in equity research and asset management. Ms.

Nelson joined Dodge & Cox in 2000 and is a shareholder of the firm.

RIA

T.

NICKENS

–

Ms.

Nickens

received

her

B.A.

degree

from

Cornell

University

in

1992.

Prior

to

joining

Dodge

&

Cox

in

2000,

Ms.

Nickens

was

a

Consultant

and

Client Liaison and then a Performance Analyst at Husic Capital Management. 

STEPHANIE

DAVIS

NOTOWICH

–

Vice

President.

Ms.

Notowich

received

her

B.B.A.

degree

in

Economics

from

Pace

University

in

1988.

From

1988

to

1992,

she

worked

at an economic analysis firm and a major commodities exchange in

New York City.  Ms. Notowich worked at HSBC Markets for four years prior to joining Dodge & Cox

in 1995.  She is a shareholder of the firm and a CFA charterholder.

KENNETH

E.

OLIVIER

(I)

–

President.

Mr.

Olivier

graduated

from

Stanford

University

in

1974.

He

received

a

J.D.

degree

from

the

University

of

California,

Hastings

College of Law in 1977 and his M.B.A. from the Harvard Business School in 1979. He is a Trustee of the Dodge & Cox Funds.  Mr. Olivier is a past president of the CFA

Society of San Francisco, and a member of the American Bar Association and the California Bar Association (inactive).  He joined

Dodge & Cox in 1979 and is a

shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

E.

SAUL

PEÑA

–

Mr.

Peña

received

his

B.A.

degree

in

Economics

from

the

University

of

San

Francisco

in

2000

(cum

laude).

He

joined

Dodge

&

Cox

as

a

research

assistant in 2000 and assumed fixed income research responsibilities in 2004.

CHARLES

F.

POHL

(I,IP,G,F)

–

Senior

Vice

President

and

Chief

Investment

Officer.

Mr.

Pohl

received

his

B.A.

degree

in

1980

and

his

M.B.A.

degree

in

1981

from

the

University of Chicago.  He was with Wells Fargo Investment Advisors from 1981 until joining Dodge & Cox in 1984.  Mr. Pohl is a  Senior Vice President of  the Dodge &

Cox Funds.  He is a shareholder of the firm and a CFA charterholder.

LYNN

ANDERSON

POOLE

–

Vice

President.

Ms.

Poole

received

her

B.A.

degree

from

Stanford

University

in

1982

and

her

M.B.A.

from

the

Graduate

School

of

Management at U.C.L.A. in 1987.  Prior to entering the M.B.A. program, she worked three years for Sutro & Co..  She joined Dodge

& Cox in 1987.  She is a shareholder

of the firm, a CFA charterholder, and a Chartered Investment Counselor.

KENT

E.

RADSPINNER

(F)

–

Vice

President.

Mr.

Radspinner

received

his

B.S.

degree

from

the

University

of

Minnesota

in

1988

and

his

M.P.P.M.

from

the

Yale

School

of

Management in 1996.  Between degrees, he served in the U.S. Navy.  He joined Dodge & Cox in 1996.  Mr. Radspinner is a shareholder of the firm and a CFA

charterholder.

NILS

M.

REUTER

–

Mr.

Reuter

received

his

B.A.

degree

from

Brown

University

in

Biology

and

Sociology

in

2003.

Mr.

Reuter

joined

Dodge

&

Cox

in

2003

and

is

a

CFA

charterholder.

LARISSA

K.

ROESCH

(F)

–

Vice

President.

Ms.

Roesch

received

her

A.B.

degree

in

music

and

mathematics

from

Dartmouth

College

in

1988

(cum

laude).

She

received

her M.B.A. from the Haas School of Business at the University of

California, Berkeley in 1997.  Prior to graduate school, she worked for seven years in the performing arts

industry.  She joined Dodge & Cox in 1997.  Ms. Roesch is a shareholder of the firm and a CFA charterholder.

Portfolio Managers, Investment Analysts and Client Service (cont.)

I = Member of Investment Policy Committee; IP = Member of International Investment Policy Committee;  G = Global Investment Policy Committee;  F = Member of Fixed Income Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

ADAM

S.

RUBINSON

–

Mr.

Rubinson

graduated

from

Columbia

College

in

1988

and

received

his

J.D.

degree

from

the

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.

MATTHEW

J.

SCHMIDT

–

Mr.

Schmidt

received

his

B.A.

from

Georgetown

University

in

1996.

Prior

to

Dodge

&

Cox,

he

worked

in

a

private

equity

consulting

group

at

State Street Bank.  He also worked as an analyst for mPower Advisors, LLC and a research assistant at Wentworth, Hauser & Violich.  He joined Dodge & Cox in 2003 and

is a CFA charterholder.

GREGORY

R.

SERRURIER

(I,IP)

–

Mr.

Serrurier

received

his

B.S.

degree

in

1979

from

Oregon

State

University

and

his

M.B.A.

from

the

Stanford

Graduate

School

of

Business in 1984.  He joined Dodge & Cox in 1984.  He is a shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.

TARA

E.

SHAMIA

–

Ms.

Shamia

received

her

B.S.

degree

in

Finance

and

Human

Resource

Management

from

Syracuse

University

in

1998.

Prior

to

joining

Dodge

&

Cox

in 2001, Ms. Shamia was in the Client Service and Performance Attribution department of Seneca Capital Management.

PARITOSH

SOMANI

-

Mr.

Somani

received

his

B.S.

and

M.Eng.

degrees

in

Electrical

Engineering

and

Computer

Science

from

MIT

in

2001

and

his

M.B.A.

degree

from

the Stanford Graduate School of Business in 2007. Prior to graduate school, he worked as a private equity associate at Francisco

Partners and a corporate finance analyst at

Morgan Stanley.  Mr. Somani joined Dodge & Cox in 2007.

JAY

J.

STOCK

–

Mr.

Stock

received

his

B.S.

in

Electrical

Engineering

from

the

University

of

Arizona

in

1983

and

his

M.B.A.

from

the

University

of

Chicago

in

1992. 

Between degrees  he was an electronic design engineer for Ford Aerospace Corporation.  Prior to joining Dodge & Cox in 2002, he worked in fixed-income for BARRA, as

a fixed-income portfolio manager/trader for Mellon Capital, and as a managing director for Visible Markets.

DIANA

S.

STRANDBERG

(I,IP)

–

Ms.

Strandberg

graduated

from

the

University

of

California,

Berkeley

in

1981

(Phi

Beta

Kappa)

and

received

her

M.B.A.

degree

from

the Harvard Business School in 1986.  After two years as a securities analyst at the First Boston Corporation, she joined Dodge & Cox in 1988. Ms. Strandberg is a Senior

Vice President of the Dodge & Cox Funds.

She is a shareholder of the firm and a CFA charterholder.

ROBERT

B.

THOMPSON

(F)

–

Mr.

Thompson

received

his

A.B.

degree

from

Stanford

in

1971,

served

as

a

U.S.

Navy

submarine

officer,

and

then

returned

to

Stanford

to

obtain his M.B.A. in 1977.  He worked in the fixed income departments of three major securities firms and as a principal of a small San Francisco-based investment

management firm.  He joined Dodge & Cox in 1992.  He is a shareholder of the firm, a CFA charterholder, a Chartered Investment Counselor, and a past president of the

CFA Society of San Francisco.

STEVEN

C.

VOORHIS

(I)

–

Mr.

Voorhis

received

his

B.A.

and

M.A.

degrees

from

Stanford

University

in

1992

and

his

M.B.A

from

the

Harvard

Business

School

in

1996. 

Prior to graduate school, he worked at Goldman Sachs as a financial analyst.  He joined Dodge & Cox in 1996.  Mr. Voorhis is a shareholder of the firm and a CFA

charterholder.

ERIC

R.

WARNER

–

Mr.

Warner

received

his

B.S.

degree

from

the

University

of

Delaware

in

1984

and

his

M.B.A.

from

the

J.L.

Kellogg

Graduate

School

of

Management

at Northwestern in 1990. Prior to graduate school, he worked as a credit analyst for two Philadelphia banks.  After graduate school he worked for an investment advisor in

San Francisco and then founded Telegraph Hill Investment Counsel

in 1997, managing the firm until he joined Dodge & Cox in 2005.

Mr. Warner is a CFA charterholder

and a Chartered Investment Counselor.

TAE

YAMAURA

–

Ms.

Yamaura

received

her

B.A.

degree

from

the

University

of

Tokyo

in

1995,

MA

from

the

University

of

Pennsylvania

in

2000

and

her

MBA

from

the

Wharton School, University of Pennsylvania in 2000.  Prior to joining Dodge & Cox in 2008, she worked for Booz Allen & Hamilton as a management consultant.

AYANO

YONEDA

–

Ms.

Yoneda

received

her

B.A.

degree

from

Keio

University

in

2002.

Prior

to

joining

Dodge

&

Cox

in

2004,

she

worked

at

Merrill

Lynch

Japan

Securities for three years in their Equity Research department.

Portfolio Managers, Investment Analysts and Client Service (cont.)

I = Member of Investment Policy Committee          F = Member of

Fixed Income Investment Policy Committee          IP = Member of International Investment Policy Committee

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

MARIAN

ZISCHKE

BALDAUF

–

Administration.

Ms.

Baldauf

received

her

A.B.

from

Dartmouth

College

in

1984.

Prior

to

joining

Dodge

&

Cox

in

1986,

she

worked

for

The Northern Trust Company in Chicago.  She is a shareholder of the firm and a CFA charterholder.

DAMON

T.

BLECHEN

–

Equity

Trading.

Mr.

Blechen

received

his

B.A.

in

Economics

from

Dartmouth

College

in

1998.

Mr.

Blechen

joined

Dodge

&

Cox

in

2002.

His

previous experience includes four years with Goldman Sachs where

he worked as a clerk on the New York Stock Exchange and as a sales trader in the San Francisco office. 

He is a CFA

charterholder.

JANELLE

R.

BOLTZ

–

Client

Service

Associate.

Ms.

Boltz

received

her

B.S.

degree

from

the

University

of

California,

Leangles

in

1993.

Ms.

Boltz

joined

Dodge

&

Cox

in

2001.  Previously she was Assistant Vice President at Gruntal & Co. Inc. in fixed income sales.  Ms. Boltz is a shareholder of the firm.

JIM

BOWBLISS

–

Systems.

Mr.

Bowbliss

received

a

B.S.

in

Management

of

Information

Technology

from

the

University

of

Phoenix

in

1998.

He

joined

Dodge

&

Cox

in

2006 after serving as Applications Development Director of JP Morgan Private Client Services.  He has over 10 years experience in financial IT and has held senior

positions at Merrill Lynch and Bank One; he was president/founder of his own consulting company, The Bliss Group.

PREM

CERVENKA

–

Systems.

Mr.

Cervenka

received

his

degree

in

software

analysis

from

the

Prague

School

of

Economics

in

1965.

Prior

to

joining

Dodge

&

Cox

in

1993, he worked as an independent software consultant.  He is a shareholder of the firm.

DANIEL

F.

CHAPEY

–

Equity

Trading.

Mr.

Chapey

received

his

B.A.

from

Adelphi

University

in

Garden

City,

New

York,

graduating

magna

cum

laude

in

1992.

When

he

joined Dodge & Cox in 2004, he brought over 16 years of trading experience. 

MICHELE

L.

COBBLE

–

Equity

Trading.

Ms.

Cobble

received

her

B.A.

degree

in

Applied

Mathematics

from

the

University

of

California,

Berkeley

in

1985.

Ms.

Cobble

joined Dodge & Cox in 2002.  Her previous experience includes trading equities and bonds with Osterweis Capital Management for 15 years, where she was an Assistant

Vice President and Head Trader. 

EMILIANO

ZAPATA

DAWKINS

–

Equity

Trading.

Mr.

Dawkins

received

his

B.A.

from

the

University

of

California,

Berkeley

in

1992.

Prior

to

joining

Dodge

&

Cox

in

2005, his 12 years of previous experience included working as a Vice President/Sales & Trading at WR Hambrecht and making markets in NASDAQ securities at Banc of

America Securities.

THOMAS

GIVAN

–

Systems.

-

Mr.

Givan

received

his

B.A.

from

Hampshire

College

in

1979.

Mr.

Givan

joined

Dodge

and

Cox

in

April,

2007.

He

has

held

senior

IT

positions at JP Morgan, Bank One, FolioFN, and Scudder-Kemper Investments. 

TAMARA

G.

GUNAWARDANA

–

Compliance

Analyst.

Ms.

Gunawardana

received

her

B.A.

from

California

State

University,

Sacramento

in

1999.

She

has

over

eight

years

experience in investment management compliance and has held positions at Highmark Capital Management, Wells Fargo Funds Management, E*Trade Financial, and was

the president/founder of her own consulting company, Concipio, Inc.  Ms. Gunawardana

joined Dodge & Cox in 2007.

GLEN

S.

GUYMON

-

Associate

Counsel.

Mr.

Guymon

received

his

B.A.

from

Stanford

University,

an

M.S.F.S.

from

Georgetown

University,

and

his

J.D.

from

the

University of Virginia School of Law. He joined Dodge & Cox in 2007. Mr. Guymon previously served as associate counsel for international affairs at the Investment

Company Institute and as an associate at WilmerHale.  Mr. Guymon is admitted to the Bar in California and the District of Columbia.

THOMAS

R.

HOFMANN,

JR.

–

Client

Service

Associate.

Mr.

Hofmann

received

his

B.A.

degree

from

the

University

of

Oregon

in

1966.

He

joined

Dodge

&

Cox

in

1997 after 29 years with the Wells Fargo Bank Private Banking/Trust Division.  Mr. Hofmann is a shareholder of the firm.

PATRICIA

A.

HUGHES

–

Operations/Administration.

Ms.

Hughes

received

her

M.S.

degree

from

Hofstra

University

in

New

York

in

1974.

Ms.

Hughes

joined

Dodge

&

Cox in 1987 after serving as Vice President and Manager of Client Services, Marketing and Compliance in the Business Trust Division at Wells Fargo Bank.  She was with

Wells Fargo for eight years.   She is a shareholder of the firm.

Administration & Trading

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Administration & Trading (cont.)

ROBERTA

R.

KAMEDA

–

Senior

Counsel.

Ms.

Kameda

received

her

B.A.

with

distinction

from

the

University

of

Hawaii

and

her

J.D.

from

Columbia

University

School

of

Law.  Prior to joining the firm, she was a senior lawyer at Franklin Templeton Investments, an associate at Debevoise

& Plimpton, and Special Counsel in the SEC's

Division of Investment Management.  She is a member of the Hawaii and District of Columbia Bar Associations.  Ms. Kameda joined Dodge & Cox in 2006.

RON

A.

KANTER

–

Systems.

Mr.

Kanter

received

his

B.S.

in

Artificial

Intelligence

from

the

University

of

California,

San

Diego

in

1985.

Prior

to

joining

Dodge

&

Cox

in

1998, Mr. Kanter

worked for nine years with Capital Management Sciences, where he was Vice President of the MIS and Technical Consulting departments.  Prior to that,

he was a research associate and programmer at the University of California, Los Angeles Medical Center.

JOE

KARDEK

–

Systems.

Mr.

Kardek

received

his

B.A.

(Honors)

from

New

Hampshire

College

in

1982.

He

joined

Dodge

&

Cox

in

April

of

2005

after

serving

as

CIO

for JP Morgan/Bank One's Private Client, Asset Management, and Brokerage areas. He has over 20 years experience and has held senior IT positions with Merrill Lynch,

Standish, Ayer and Wood, and Fidelity.  He is a shareholder of the firm.

LI

Y.

KAO

–

Senior

Compliance

Analyst.

Ms.

Kao

received

her

Bachelor's

degree

in

Environmental

Economics

and

Policy

from

UC

Berkeley.

Prior

to

joining

Dodge

&

Cox, she was a Senior Compliance Associate at Mellon Capital Management Corp.  Prior to working at Mellon, Ms. Kao worked in Compliance at Western Asset

Management Co and Dresdner RCM Global Investors LLC.  Ms. Kao is

a Chartered Financial Analyst.  She joined Dodge & Cox in 2008.

LINDA

M.

KOCENIAK

–

Administration.

Ms.

Koceniak

received

her

B.B.A.

in

Accounting

from

the

University

of

Massachusetts,

Amherst

in

1992.

She

joined

Dodge

&

Cox in 2000.  Her prior experience includes nearly three years with PricewaterhouseCoopers LLP and three years with State Street

Bank & Trust.  Ms. Koceniak

is a

Certified Public Accountant.

MARCUS

L.

KONG

–

Equity

Trading.

Mr.

Kong

received

his

B.A.

in

Economics

from

Purdue

University

in

1995.

Mr.

Kong

joined

Dodge

and

Cox

in

2006.

His

previous

experience includes trading equity at Banc of America Securities

for five years on their Nasdaq

trading desk and Prime Brokerage division.

WILLIS

J.

KOO

–

Administration.

Mr.

Koo

received

his

B.S.

in

Business

Administration

from

the

University

of

California,

Berkeley

in

1999.

Prior

to

joining

Dodge

&

Cox in 2006, he worked at Ernst & Young LLP and Olympus Capital,

a private equity fund company, and interned at Dodge & Cox in 1999.  Mr. Koo is a Certified Public

Accountant.

JANE

F.

LARROW

–

Client

Service

Associate.

Ms.

Larrow

received

her

B.S.B.A.

(magna

cum

laude)

from

Suffolk

University,

Massachusetts

in

1994.

She

joined

Dodge

& Cox in June 2001.  Her prior experience includes that of  Assistant Vice President in the Institutional Client Service Division at Putnam Investments for three years and

15  years with Keystone Investments.  Ms. Larrow

is a shareholder of the firm. 

NAOMI

R.

LEONARD

–

Client

Service

Associate.

Ms.

Leonard

received

her

B.A.

from

Emory

University

in

1997.

Prior

to

joining

Dodge

&

Cox

in

2002,

she

worked

in

the Consultant Relations Group at Sanford C. Bernstein & Co. in New York.

JOHN

M.

LOLL

–

Administration.

Mr.

Loll

received

his

B.A.

with

honors

from

the

University

of

Southern

California

in

1988.

Prior

to

joining

Dodge

&

Cox

in

1994,

he

was employed by Price Waterhouse, where he performed auditing and tax services in their Investment Company Group.  He is a shareholder of the firm and a Certified

Public Accountant. 

DAVID

H.

LONGHURST

–

Administration.

Mr.

Longhurst

received

his

B.S.

in

Accounting

(cum

laude)

from

Brigham

Young

University

in

1982.

Prior

to

joining

Dodge

&

Cox in 2004, he served as Vice President and Treasurer of the Safeco Mutual Funds.  Prior to Safeco, he worked at Ernst & Young,

serving investment company clients. 

Mr. Longhurst is a Certified Public Accountant.  He is a shareholder of the firm.

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Administration & Trading (cont.)

BRUCE

T.

MASATSUGU

–

Systems/Administration.

Mr.

Masatsugu

received

his

B.A.

degree

from

Marietta

College

in

Ohio

and

his

M.B.A.

from

the

University

of

Oregon in 1977.  He joined Dodge & Cox in 1989 from Wells Fargo Bank where he was Vice President and Manager of Planning and Analysis in the Asset Management

Division.  Mr. Masatsugu

is a shareholder of the firm.

THOMAS

M.

MISTELE

–

Chief

Operating

Officer

and

General

Counsel.

Mr.

Mistele

received

his

B.S.

degree

from

the

University

of

Scranton,

M.Ed.

and

Ed.S.

degrees

from Kent State University, and J.D. degree from the Catholic University of America.  Prior to joining the firm, he was General Counsel of the U.S. Templeton Mutual

Funds and a senior executive officer of the Franklin/Templeton Group.  He is a member of the Board of Governors of the Investment Company Institute.  He is also a

member of the California Registered In-House Counsel and the Virginia Bar Associations.  Mr. Mistele

joined Dodge & Cox in 1996. He is a shareholder of the firm.

STEVEN

Z.

MO

–

Systems.

Mr.

Mo

is

a

Microsoft

Certified

Systems

Administrator

as

well

as

a

Microsoft

Certified

System

Engineer.

Prior

to

joining

Dodge

&

Cox

in

2005, he worked as an executive support specialist at Agilent Technology and desktop support specialist at Hewlett Packard headquarters.

JANET

R.

MONTOYA

–

Equity

Trading.

Ms.

Montoya

joined

Dodge

&

Cox

in

1987

after

having

spent

the

previous

two

years

as

Vice

President

of

Operations

for

an

investment management firm in Boston.  Her investment experience

also includes seven years in portfolio administration.  She is a shareholder of the firm.

SUDHA

A.

MURTHY

–

Systems.

Dr.

Murthy

received

her

Ph.D

in

Atomic

Physics

and

M.S

in

Physics

from

the

University

of

Massachusetts,

Amherst,

MA.

She

has

worked as a senior software engineer in several Bay Area software firms including Solomon Software, GreatPlains, ProBusiness, and MobileFrame.  She joined Dodge &

Cox in 2004.

STEPHEN

J.

NODEN

–

Equity

Trading.

Prior

to

joining

Dodge

&

Cox

in

2005,

Mr.

Noden

spent

over

20

years

trading

in

equities

around

the

world.

He

has

been

a

market

maker in International equities and ADRs

at Dresdner Kleinwort Benson in both New York & London before becoming Vice President in equities at JP Morgan. More

recently he has worked as an international trader at Cantor Fitzgerald and TD Waterhouse.

MEGAN

A

O'KEEFFE

–

Compliance

Analyst.

Ms.

O'Keeffe

received

her

B.A.

degree

from

the

University

of

California,

Berkeley

in

2003.

Prior

to

joining

the

firm,

she

worked as a finance assistant at ServiceSource

International.  Ms. O’Keeffe joined Dodge & Cox in 2005.

KATHERINE

M.

PRIMAS

–

Associate

Chief

Compliance

Officer.

Ms.

Primas

received

her

B.S.

in

Business

Administration

from

the

University

of

San

Francisco

and

her

M.B.A. from Notre Dame de Namur University.  Prior to joining Dodge & Cox, she was a Director in Internal Audit with the Charles

Schwab Corporation and a

Compliance Manager with Franklin Templeton Investments.  Ms. Primas

is a Certified Internal Auditor.  She joined Dodge & Cox in 2004.

TIMOTHY

D.

ROBISON

–

Systems.

Mr.

Robison’s

prior

work

experience

includes

six

years

with

Morgan

Stanley’s

operations

department

in

San

Francisco.

He

served

four

years as a member of the US Naval Submarine Force.  Mr. Robison joined Dodge & Cox in 1997.

MURRAY

J.

ROLFE

–

Performance/Operations.

Mr.

Rolfe

received

his

B.S.

degree

in

Econometrics

and

Finance

from

the

University

of

New

South

Wales

in

1992.

Prior

to

Dodge & Cox, his ten years of investment experience includes analytical positions held with Pictet

Asset Management (London), Lend Lease Corporation, and

Commonwealth Investment Management (Australia). Mr. Rolfe joined

Dodge & Cox in 2002 and is a CFA charterholder and is GIPS certified.

SAVVY

S.

SOUN

–

Head

of

Equity

Trading.

Mr.

Soun

received

his

B.S.

degree

in

Industrial

Engineering

and

Operations

Research

from

Columbia

University

in

1995

and

his M.B.A. from the Haas School of Business at University of California, Berkeley in 2007.  He joined Dodge & Cox in 2001.  His previous experience includes four years

with the NASDAQ trading desk of Banc of America Securities. Mr. Soun

is a shareholder of the firm.

KRISTIN

A.

STANS

–

Equity

Trading.

Ms.

Stans

received

her

B.S.

degree

in

Kinesiology

from

San

Francisco

State

University

in

1996.

She

joined

Dodge

&

Cox

in

2002. 

Ms. Stans

previous experience includes two years on the trading desk at Elijah Asset Management. 

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Administration & Trading (cont.)

VIVIAN

THORPE

–

Client

Service

Associate.

Prior

to

joining

Dodge

&

Cox

in

1992,

Ms.

Thorpe

was

employed

by

Bank

of

America

for

eight

years

where

her

responsibilities included budget and compliance analysis in the Stock Transfer and Corporate Trust Departments.  Ms. Thorpe is a

shareholder of the firm.

CHRISTINA

A.

TUNG

–

Client

Service

Associate.

Ms

Tung

received

her

B.S.

degree

from

San

Francisco

State

University

in

1974.

She

joined

Dodge

&

Cox

in

1992. 

Previously, she was a Vice President in the Private Banking Division at Wells Fargo Bank.  During her 18 years with Wells Fargo,

she worked in the Commercial Banking,

Trust, Probate, and Custody Departments.  She is a shareholder of the firm.

MARCIA

P.

VENEGAS

–

Chief

Compliance

Officer

(CCO)

and

Chief

Compliance

Officer

of

the

Dodge

&

Cox

Funds.

Ms.

Venegas

received

her

B.A.

degree

from

Wollongong University (Australia) in 1991. Prior to joining the firm, she was Business Risk Manager with Deutsche Asset Management Australia Limited and Senior

Corporate Auditor with Citibank Limited (Australia). She joined Dodge & Cox in 2003.

Ms. Venegas

is a Certified Regulatory and Compliance Professional (CRCP).

BETTY

L.

WANG

–

Client

Service

Associate.

Ms.

Wang

received

her

B.S.

degree

in

Finance

from

the

University

of

Illinois

at

Urbana-Champaign

in

1998.

Prior

to

joining Dodge & Cox in 2001, she worked in client servicing at Northern Trust Global Investments in Chicago.  Ms. Wang is a shareholder of the firm.

ADRIENNE

M.

WHEELER

–

Administration.

Ms.

Wheeler

received

her

B.A.

from

Kent

State

University

in

1992.

Prior

to

joining

Dodge

&

Cox

in

2001,

Ms.

Wheeler

worked as an Associate Portfolio Manager for Harris Bretall

Sullivan & Smith.  Her previous experience includes four years as a Senior Associate account administrator in

the Private Investment Counsel division of Scudder Stevens & Clark.  Her investment experience also includes an additional three

years of portfolio administration in

Cleveland, Ohio. 

SUZANNE

E.

WIELAND

–

Client

Service

Associate.

Ms.

Wieland

received

her

B.S.

degree

from

the

University

of

San

Francisco

in

1988.

She

joined

Dodge

&

Cox

in

1997 after having spent eight years with Morgan Stanley’s fixed income division, where her concentration was in the area

of mortgage-backed securities.  She is a

shareholder of the firm.

DOROTHY

M.

WISMAR

–

Client

Service

Associate.

Ms.

Wismar

received

her

B.A.

degree

in

Economics,

International

Area

Studies

from

the

University

of

California,

Los

Angeles (Phi Beta Kappa) in 1995.  Ms. Wismar joined Dodge & Cox

in 2005.  Her previous experience includes equity research sales at Goldman Sachs.

JEFFREY

P.

ZENDER

–

Systems.

Mr.

Zender

received

his

B.S.

degree

in

Psychology

from

Pomona

College

in

1983.

Prior

to

joining

Dodge

&

Cox

in

2001,

Mr.

Zender

worked for ten years as an independent IT consultant in the Financial and Television industries.  Before starting his business in 1990, he worked five years as a Network

Systems Engineer for a large computer retailer. 

08-205

June 30, 2008

Dodge & Cox  /  Investment Managers  /  San Francisco

Mutual Fund Client Service/Administration

ROBERT

CURRAN

–

Mr.

Curran

received

his

B.A.

from

California

State

University,

Sacramento

in

1996

and

his

M.B.A.

with

a

concentration

in

Management

and

Leadership from the University of La Verne in 2004.  Prior to joining Dodge & Cox in 2007, he was a Vice President and Senior Manager of WM Shareholder Services for 

the WM Group of Funds and was employed with Franklin Templeton Investments.

SANDY

A.

HE

–

Ms.

He

received

her

B.A.

from

the

University

of

California,

Berkeley

in

2002.

Prior

to

joining

Dodge

&

Cox

in

2005,

she

was

a

Client

Services

Associate

at Fisher Investments.

PATRICIA

L.

GRIBBEN

–

Ms.

Gribben

received

her

B.S.

degree

from

the

University

of

Kansas

in

1971.

She

joined

Dodge

&

Cox

in

1998.

Her

prior

experience

includes

15 years in the Business Trust and Retirement Programs Divisions

of Wells Fargo Bank and four years with the Investment Management Division of Union Bank of

California. 

KRISTEN

M.

HARLOW

–

Ms.

Harlow

received

her

B.A.

from

Hobart

and

William

Smith

Colleges

in

1996

and

M.B.A.

with

an

emphasis

in

Finance

from

the

University

of

San Francisco in 2003 (Beta Gamma Sigma). Prior to joining Dodge

& Cox in 2004, Ms. Harlow's previous experience includes five years in marketing.

MARY

E.

KLABUNDE

–

Ms.

Klabunde

joined

Dodge

&

Cox

in

1998.

Previously,

she

was

a

Vice

President

with

the

Mutual

Fund

Services

Division

of

Firstar

Trust

Company in Milwaukee.  Her 13 years of mutual fund service experience with Firstar included client services, custody, and administration.  She is a shareholder of the

firm.

RICK

M.

MARINO

–

Mr.

Marino

received

his

B.A.

from

the

University

of

Virginia

in

1993.

His

fifteen

years

of

mutual

fund

operations

experience

includes

positions

held

with Banc of America Securities LLC, The Calvert Group, and Scott & Stringfellow, Inc.  Mr. Marino joined Dodge & Cox in 2003.

08-205

June 30, 2008