Video Transcript International Stock Fund Closure Diana Strandberg: We’re closing the Dodge & Cox International Stock Fund effective January 16th, 2015, to new investors. We’re an investment firm, first and foremost, with a keen focus on only six investment strategies. Five of our funds will remain open to existing and new shareholders. Over the past couple of years, we’ve seen significant but manageable inflows into the International Stock Fund. A meaningful portion of our inflows have come from existing fund shareholders and we want to preserve their ability to continue to grow with us. We remain confident in our ability to find attractively valued long term investment opportunities in both the developed and emerging markets. Global markets are large and as the global economy continues to grow, markets will also expand. We remain committed to our long term approach, thoughtful, intensive bottomup research into individual companies, a long term investment horizon and price discipline because we think starting point matters. We make gradual and deliberate moves in the portfolio. We’ve been able to effectively manage the flows into the International Fund as well as the assets entrusted to us, and we hope that our shareholders, looking at our more recent and, more importantly, long term investment returns, will agree. So to conclude, we’re an independent firm that can make long term decisions in the best interests of our current clients and fund shareholders. We believe that closing the International Fund to new investors will allow us to balance growth and enable existing shareholders to continue to grow with us. More information is available on this website. Thank you for your confidence and your time today. Statements in this presentation represent the opinions of the speakers expressed at the time the presentation was recorded, and may change based on market and other conditions. The statements are not intended to forecast future events, guarantee future results, or serve as investment advice. 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. The information provided is historical and does not predict future results or profitability. This is not a recommendation to buy, sell, or hold any security and is not indicative of Dodge & Cox’s current or future trading activity. The securities identified are subject to change without notice and may not represent an account’s entire holdings. Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets. Before investing in any Dodge & Cox Fund, you should carefully consider the Fund’s investment objectives, risks, and charges and expenses. To obtain a Fund’s prospectus and summary prospectus, which contain this and other important information, visit www.dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary prospectus carefully before investing.