Expand Your Exposure with Confidence

Partner with a Pioneer in Emerging Markets Value Investing

• Experienced Professionals The Investment Team is composed of experienced professionals who have navigated through many market cycles.
• Commitment to Transparent, Easy to Understand Investment Process The strategy consistently applies a Graham and Dodd, value investing approach centered on a research-driven process of purchasing potentially undervalued companies with the goal of capturing future price appreciation.
• Independent Point of View Brandes Investment Partners is a 100% employee owned firm and its strategies are unhindered by sales quotas or any outside influence that may impede the firms pursuit of investment management excellence.

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market

www.imf.org/external/datamapper/index.php. There is no assurance that a forecast will be accurate. Because of the many variables involved, an investor should not rely on forecasts without realizing their limitations.

2 Source: Worldscope via FactSet as of 6/30/2012, The Brandes Institute: Value vs. Glamour Emerging Markets. April 2013. Past performance is not a guarantee of future results. Emerging market stocks were separated into value and growth deciles based on their price-to-book, price-to-cash flow, and price-to-earnings ratios as of June 30, 1980. The performance of each decile was tracked over the subsequent five years (in U.S. dollars). New deciles were constructed each June 30 through 2007 to create a series of rolling 5-year periods. Results were averaged across all rolling periods to compare the performance of value stocks with growth stocks over the long term. Emerging markets stocks represented by the largest 50% of all public emerging market companies. Rolling periods represent a series of overlapping, smaller time periods within a single, longer-term time period. For example, over a 20-year period, there is one 20-year rolling period, eleven 10-year rolling periods, sixteen 5-year rolling periods, and so forth.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com )

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.

The Brandes Emerging Markets Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of emerging and frontier country issuers.

The strategy benchmark is the MSCI Emerging Markets Index .