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Brandes Institute Manager Challenge®

Conducted completely online, teams can participate from anywhere in the world with internet access. The tournament is typically divided into two categories for participation:

1. Investment Professionals: Individuals or teams from any organization in the business of allocating assets among investment managers. In addition to clients of Brandes Investment Partners, L.P., consultants, financial advisors, and institutional investors such as pension funds, endowments, and foundations are invited to participate. (Please identify yourself as an investment professional when you register via email to challengeinfo@brandes.com.)

2. Individual Investors: Those who have an interest in learning more about asset allocation, manager research and selection, and portfolio monitoring.

The team from each category with the highest excess returns will be the winner in that category. The week-long event will advance by one period each day, allowing teams to research and allocate their selections over a 24-hour period, and according to their own schedule.

If you are interested in joining our next Tournament, please contact us at challengeinfo@brandes.com.

Assess Your Performance

Participating teams that complete a post-event online survey will receive a Manager Challenge® Report Card.

This report features analysis of your team's participation in the Manager Challenge, including performance and asset allocation by period, and a summary of the effectiveness of your hiring and firing decisions. We believe this is an interesting and useful tool that may help you better assess your team's overall performance. See the example below.

Target Index: Hypothetical benchmark of equity and fixed income indices against which all players were measured. This competition's index was 60% equity and 40% fixed income.

Liability Index: Required return to fund hypothetical current and future liabilities during the game. This competitions index was 7% per annum.

Absolute Index: 0% each period; the object is not to lose assets in any period of the game.

Subs 3Y Abs: Absolute performance over the ensuing three years.

Subs 3Y Rel: Ensuing three year return of the product relative to the Target Index.

Allo.: Porftolio allocation to that product.

Pd.: Period during the game.

The Manager Challenge® has been created by the Brandes Institute, a division of Brandes Investment Partners®. The Manager Challenge® is a registered trademark of Brandes Investment Partners, L.P. in the United Sates. This material was prepared by the Brandes Institute. It is intended for informational purposes only. It is not meant to be an offer, solicitation, or recommendation for any products or services, or for the purchase or sale of any products or services. All information concerning managers, products and investments is fictitious. Any resemblance between managers, persons or products in the Manager Challenge and any real manager, persons, or products is unintentional. No investment strategy can assure a profit or protect against loss.

The Brandes Institute, together with academic researchers, may use data and results from the Manager Challenge in order to study investor behavior in this simulated investment environment. Throughout the Manager Challenge, the administrator may record information about team actions, including, but not limited to, hirings, firings, and when such actions were effected. The Brandes Institute reserves the right to publish results of any such research (possibly in conjunction with its academic collaborators) at the Brandes Institute website and/or in an academic journal. Any such study or research will not use the names of individuals who participate in the Manager Challenge nor the names adopted for their teams.

The foregoing reflects the thoughts and opinions of the Brandes Institute.

Copyright © 2006-2011 Brandes Investment Partners, L.P. ALL RIGHTS RESERVED. Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. Users agree not to copy, reproduce, distribute, publish, or in any way exploit this material. For more information about Brandes Institute research projects, visit our website at http://www.brandes.com/institute.