Five Good Reasons -Emerging Markets Presentation

Since 1974, Brandes Investment Partners® has used the value approach in seeking to generate strong returns in international markets. Our value approach to stock selection is a conservative strategy that requires an investor to have a three- to five-year outlook.

Our Emerging Markets Equity Portfolio applies a Graham & Dodd value approach to security selection. Generally, a security will be bought if it is trading below what we believe to be its intrinsic value. This conservative approach strives to provide investors with a margin of safety. We believe that proper analysis can uncover good values anywhere in the world, thereby expanding the number and scope of investment opportunities. Thus, while emerging markets may be characterized by volatile price movements, this volatility can create short-term mispricings – or opportunities for long-term, value investors. We believe that when prices fall below an estimate of a company’s underlying value, it creates an opportunity for purchase. Conversely, as prices rise toward these intrinsic values, holdings may be sold with the proceeds redeployed in other, undervalued stocks.

International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes; such risks may result in greater share price volatility. Investors should carefully consider these risks in the context of their overall objective, time horizon, and asset allocation before investing.

The Emerging Markets Equity Portfolio Seeks to Offer:

• A disciplined approach to investing in companies operating in developing economies
• Additional diversification in international markets through exposure to emerging markets
• A low turnover approach, which reduces transaction costs
• Long-term capital appreciation

Features:

• Undervalued emerging markets stocks
• Companies with comparatively low price/cash flow, price/earnings, and price/book valuation ratios
• Diversification across a wide range of countries and industries

NOTE: The minimum account size for approved managed account programs is $250,000 for wrap accounts and commission brokerage accounts. The Emerging Markets Equity Portfolio is available only if securities are held/traded through certain custodian/brokers. Please contact your Brandes representative for details.