Japan Discussion - Brandes Investment Partners

March 2011 Audio Recording

Brandes' Perspective of the Natural Disaster in Japan

Brent V. Woods, CFA

Shingo Omura, CFA

Oliver Murray

Managing Director - Investments

Senior Analyst

President, CEO

Brandes Investment
Partners, L.P.
(Global)

Brandes Investment
Partners & Co.
(Canada)

________________________________________________________________

1. Condolences on the terrible tragedy and introduction of Brandes speakers,

including first-hand Tokyo perspective of Shingo Omura.

(4 min)

2. Overview of the effect on markets, trading disruptions, buying vs. selling,

and the extent of Brandes' Japanese investments.

(3 min)

3. Impact on Brandes' largest Japanese exposures in the short and long term,

including financials and insurance, plus the impact on government debt.

(4min 30sec)

4. Brandes' experience with past crises vis-a-vis new opportunities created.

(4min 30sec)

5. Brandes' current view on averaging down or exiting Japan completely.

(2min)

6. Historical resiliency of the Japanese economy after natural disasters.

(1min 15sec)

The information provided during this call 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. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. International and emerging market securities entail risk such as currency fluctuations and political instability. Stock prices will experience market fluctuations. Indices are unmanaged and are not available for direct investment. The foregoing reflects the thoughts and opinions of Brandes Investment Partners exclusively and is subject to change without notice. Brandes Investment Partners is a registered trademark of Brandes Investment Partners, LP in the United States and Canada.