We Are Invested Alongside Our Clients Brandes’ long-standing commitment to co-investment closely links the investable assets of our employees to those of our clients. Employees and firm partners have a significant portion of their investible net worth committed to various Brandes strategies: Approximately $600 million in total investment (among just 371 employees).* The firm’s Profit Sharing Plan and 401(k) Plan are 100% and 89%, respectively, invested across Brandes strategies.* Owners of the firm–the partners of the parent company–are also directly impacted by the investment performance of Brandes strategies and changes in assets under management. * As of June 30, 2013

Brandes Co-Investment Guidelines (adopted 6/30/2013) Objective: To ensure all Brandes Investment Committee members maintain meaningful personal investment levels in Brandes-managed strategies. Dual Requirements (per Investment Committee member): 1. Target Dollar Amount: One times (1x) average trailing three-year taxable income from the firm. 2. Minimum Allocation: At least 30% of Target Dollar Amount within all strategies managed by the Investment Committee on which the member serves. Policy Implementation: Until the Target Dollar Amount is reached and maintained, each Investment Committee member’s annual required investment is based on a percentage of income from the firm: 5% as we transition into the policy in 2013 / 2014 10% thereafter Monitoring: Brandes Compliance and Finance departments report annually to senior management on aggregate amounts invested and adherence to the Co-Investment Guidelines by all Investment Committee members.