Brandes Corporate Focus Fixed Income

Fact Sheet / Through 31 December 2015 (currency reported in USD) Brandes Corporate Focus Fixed Income FIRM OVERVIEW Founded: 1974 Staff Total: 325 Investment Professionals: 53 Ownership: 100% Employee owned Investment Style: Value Investment Process: Bottom-up Total Assets Under Management: $26.0 B Institutional/Private Client: $20.7 B SMA Division*: $5.3 B Brandes Investment Partners ( Brandes Group ) is a leading investment advisory firm, specializing in managing global equity and fixed-income assets for clients worldwide. Since the firm s inception in 1974, Brandes has applied the value investing approach, pioneered by Benjamin Graham, to security selection and was among the first investment firms to bring a global perspective to value investing. The independently owned firm manages a variety of active investment strategies and applies its investment philosophy consistently in all market conditions. Headquartered in San Diego, Brandes employs more than 300 professionals worldwide. CORPORATE FOCUS FIXED INCOME The investment objective of the Corporate Focus Fixed Income Strategy is to enhance investment returns relative to the Barclays U.S. Intermediate Credit Bond Index. The portfolio is predominantly invested in corporate debt obligations issued from U.S. and non-u.s. corporations. Up to 50% of the portfolio s assets may be invested in securities which are rated below investment grade, and an additional 30% of the portfolio s assets, determined at the time of purchase, may be invested in non-u.s. dollar denominated securities issued by corporations or governments. The minimum average credit quality of the portfolio is Baa3/BBB-.** INVESTMENT PHILOSOPHY The Brandes Group provides bottom-up, Graham and Dodd, value-oriented, equity and fixed-investment advisory services. The Group believes that buying securities at a discount to estimates of their true value has the potential to produce favorable long-term results. Brandes and its affiliates view securities as small pieces of a business for sale; often, a security s price and its intrinsic value detach from one another. The Group specializes in the rigorous analysis of the fundamental characteristics of a company in order to develop an estimate of its intrinsic value. Because of the volatile nature of the overall market where sentiment can shift rapidly between optimism and uncertainty prices of securities tend to fluctuate more than the intrinsic value of the companies they represent. By choosing securities that are selling at a discount to our estimates of their intrinsic business value, the Brandes Group seeks to establish a margin of safety and an opportunity for superior performance. Margin of safety is defined as the difference between a company s market price and what the firm believes is its intrinsic value. In Brandes opinion, the market should eventually realize the true worth of the company, and its price should climb toward its intrinsic value over the long term. This combination of rational fundamental analysis and the discipline to seek to take advantage of marketprice irrationality enables the firm to target competitive long-term results. INVESTMENT PROCESS Value oriented, bottom-up security selection style Analyze securities based on current, anticipated and worst case credit rating Do not attempt to time market tops or bottoms Do not sell securities when presented with short-term disappointments Tend to add to positions when presented with market weakness Structured, research-driven process Daily review of markets, bond offerings and portfolio structure Review of companies presented to the Equity Investment Committees Fixed-income analysts present bond evaluations to Fixed-Income Investment Committee Fixed-Income Investment Committee approves buy and sell decisions The duration of the portfolio is maintained within a narrow band to that of its benchmark, and sector weightings are the result solely of the security selection and portfolio construction process. Corporate Focus Fixed Income Features: Disciplined, value-driven approach to evaluating and selecting issues Holdings diversified among fixed-income sectors and economic industries Short-to-intermediate maturity issues Fixed-income issues offering a potentially high level of income plus potential capital appreciation Portfolio management focused on long-term fundamental analysis Flexibility to invest in non-investment grade issues Fixed-Income Investment Team: Charles S. Gramling, CFA Director of Fixed Income Timothy M. Doyle, CFA Fixed Income Portfolio Manager David J. Gilson, CFA Senior Fixed Income Analyst Ping Wong, CFA Associate Portfolio Manager/Analyst Executive Committee: Charles H. Brandes, CFA Chairman Jeffrey A. Busby, CFA Executive Director Glenn R. Carlson, CFA Executive Director Gary Iwamura, CPA Director of Finance Brent V. Woods, CFA Chief Executive Officer For Additional Information: Please contact the Brandes Institutional Services Department at 800.237.7119 or via email at instsalesspt@brandes.com. FOR INSTITUTIONAL USE ONLY

Brandes Corporate Focus Fixed Income Strategy Characteristics Maximum exposure to corporate securities ª 100% Maximum exposure to high yield ª 50% Maximum exposure to MBS/CMBS ª 40% Maximum exposure to ABS ª 30% Maximum exposure to non-u.s. dollar bonds ª 30% Typical number of issues 60-150 Typical annual turnover 30-60% Issuer limit (ex. Treasuries and Agencies) ª 10% ª at time of purchase Fundamental Summary as of 31 December 2015 Brandes Corporate Focus Fixed Income Barclays U.S. Intermediate Credit Bond Index Average Maturity 6.39 years 4.77 years Average Yield to Maturity 4.72% 2.92% Current Yield 5.13% 3.53% Average Coupon 4.67% 3.59% Average Duration 3.48 4.24 Average Quality A- A+ Average Price $99.55 $101.63 Sector Exposure As of 31 December 2015 68.5% 81.7% 25.3% 0.0% 0.0% 18.3% 0.8% 0.0% 5.1% 0.0% 0.3% 0.0% U.S. Treasury Non-U.S. Government Related Corporate Bonds Non-Agency MBS Asset Backed Securities Cash & Equivalents Credit Quality Exposure** As of 31 December 2015 27.7% 11.7% 7.5% 11.2% 15.5% 35.0% 26.5% 42.1% 22.8% 0.0% AAA (Incl. Cash) AA A BBB <BBB Brandes Corporate Focus Fixed Income Barclays U.S. Intermediate Credit Bond Index 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. 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 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. In addition, bonds generally go down in value as interest rates rise, and the reverse is also true. Unlike bonds issued or guaranteed by the U.S. government or its agencies, stocks and other bonds are not backed by the full faith and credit of the United States. Stock and bond prices will experience market fluctuations. Please note that the value of government securities and bonds in general have an inverse relationship to interest rates. Bonds carry the risk of default, or the risk that an issuer will be unable to make income or principal payment. There is no assurance that private guarantors or insurers will meet their obligations. The credit quality of the investments in the portfolio is no guarantee of the safety or stability of the portfolio. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. All Indices are unmanaged and are not available for direct investment. The portfolio characteristics shown relate to a single account as of date noted, deemed by Brandes to be generally representative of its standard account noted. Not every account will have these exact characteristics. The actual characteristics with respect to any particular account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. Data is updated on a quarterly basis. The Barclays U.S. Intermediate Credit Bond Index measures performance of U.S. dollar-denominated U.S. Treasuries, government-related and investment-grade U.S. corporate securities that have remaining maturities of greater than one year and less than ten years. This index is a total return index which reflects the price changes and interest of each bond in the index. *The SMA Division encompasses the firm s Separately Managed Account business (subadvisory wrap-fee business with brokerage firms). **BondEdge composite rating. As of 31 December 2015, 1.2% of the bonds in the portfolio were un-rated. 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, L.P. in the United States and Canada. FOR INSTITUTIONAL USE ONLY Brandes Investment Partners (Asia) Pte. Ltd Company Registration No: 201212812M ARBN: 164 952 710 Asia Square Tower 2 12 Marina View #23-01 Singapore 018961 50002 INST 0116

You are being provided the attached report regarding Brandes Investment Partners, L.P. for your information. Brandes Investment Partners (Asia) Pte. Ltd. ( Brandes Asia ) was incorporated in Singapore in 2012 and was granted a capital markets services license by the Monetary Authority of Singapore in March of 2013. Brandes Investment Partners, L.P., a U.S. registered investment adviser and a sister entity to Brandes Asia, provides research, portfolio construction and other support to Brandes Asia. Brandes Investment Partners (Asia) Pte. Ltd Company Registration No: 201212812M ARBN: 164 952 710 Asia Square Tower 2 12 Marina View #23-01 Singapore 018961 +65 6317 8587 Fax +65 6317 8889 www.brandes.com

Corporate Focus Fixed Income Quarterly Performance (Net and Gross)* Through December 31, 2015 Annualized Performance Net* 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception (06/30/00) Corporate Focus Fixed Income -2.80 % 0.80 % 3.53 % 8.53 % 3.91 % 5.39 % 5.55 % Primary Benchmark (a) 0.90 % 1.61 % 3.63 % 5.89 % 4.82 % 5.35 % 5.60 % Relative Performance -3.70 % -0.81 % -0.10 % 2.64 % -0.91 % 0.04 % -0.05 % Gross* 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception (06/30/00) Corporate Focus Fixed Income -2.47 % 1.14 % 3.87 % 8.88 % 4.27 % 5.76 % 5.92 % Primary Benchmark (a) 0.90 % 1.61 % 3.63 % 5.89 % 4.82 % 5.35 % 5.60 % Relative Performance -3.37 % -0.47 % 0.24 % 2.99 % -0.55 % 0.41 % 0.32 % Annual Periods (Net)* 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Corporate Focus Fixed Income -2.80 3.92 1.40 11.36 4.27 13.95 30.85-26.14 2.39 9.43 3.33 8.65 18.47 2.57 9.76 Primary Benchmark (a) 0.90 4.16-0.17 8.10 5.37 7.76 15.93-2.76 5.60 4.49 1.42 4.08 6.91 10.14 9.77 Annual Periods (Gross)* 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Corporate Focus Fixed Income -2.47 4.27 1.73 11.73 4.59 14.30 31.29-25.85 2.86 9.80 3.69 9.03 18.88 2.93 10.14 Primary Benchmark (a) 0.90 4.16-0.17 8.10 5.37 7.76 15.93-2.76 5.60 4.49 1.42 4.08 6.91 10.14 9.77 Please see important information on the attached annual returns page. The 2015 returns are preliminary, unaudited, and subject to change. Page 1 of 4

Corporate Focus Fixed Income Quarterly Performance (Net and Gross)* Through December 31, 2015 Year 1Q 2Q 3Q 4Q YTD 2015 NET 1.63-0.63-1.00-2.78-2.80 GROSS 1.71-0.54-0.92-2.69-2.47 Primary Benchmark(a) 1.77-0.94 0.54-0.45 0.90 2014 NET 1.81 1.64-0.28 0.70 3.92 GROSS 1.90 1.73-0.19 0.78 4.27 Primary Benchmark(a) 1.63 1.79-0.11 0.80 4.16 2013 NET 1.63-2.04 0.52 1.32 1.40 GROSS 1.72-1.96 0.60 1.41 1.73 Primary Benchmark(a) 0.47-2.30 1.01 0.68-0.17 2012 NET 4.84 1.15 3.65 1.31 11.36 GROSS 4.93 1.23 3.74 1.40 11.73 Primary Benchmark(a) 2.50 1.53 2.90 0.95 8.10 2011 NET 2.59 1.90-1.54 1.31 4.27 GROSS 2.66 1.97-1.46 1.39 4.59 Primary Benchmark(a) 0.99 2.21 0.94 1.13 5.37 2010 NET 4.65 1.65 5.72 1.33 13.95 GROSS 4.73 1.72 5.80 1.40 14.30 Primary Benchmark(a) 2.35 2.41 4.07-1.22 7.76 2009 NET -0.22 14.89 10.14 3.62 30.85 GROSS -0.12 15.00 10.22 3.71 31.29 Primary Benchmark(a) -0.05 7.59 6.10 1.61 15.93 2008 NET -3.45-0.18-13.93-10.95-26.14 GROSS -3.36-0.08-13.85-10.86-25.85 Primary Benchmark(a) 1.29-1.00-5.60 2.72-2.76 Quarterly Performance (Net and Gross)* Year 1Q 2Q 3Q 4Q YTD 2007 NET 2.00-0.58 0.52 0.44 2.39 GROSS 2.08-0.45 0.68 0.53 2.86 Primary Benchmark(a) 1.69-0.40 2.05 2.17 5.60 2006 NET 1.42 0.73 3.63 3.36 9.43 GROSS 1.51 0.82 3.71 3.45 9.80 Primary Benchmark(a) -0.53 0.06 3.67 1.27 4.49 2005 NET -0.23 2.99 0.48 0.08 3.33 GROSS -0.15 3.08 0.57 0.17 3.69 Primary Benchmark(a) -1.17 2.76-0.52 0.39 1.42 2004 NET 2.39-0.93 4.19 2.80 8.65 GROSS 2.48-0.84 4.28 2.89 9.03 Primary Benchmark(a) 2.82-2.82 3.37 0.77 4.08 2003 NET 4.04 8.00 2.16 3.20 18.47 GROSS 4.13 8.10 2.25 3.29 18.88 Primary Benchmark(a) 2.26 4.02 0.12 0.39 6.91 2002 NET -1.68-1.32 1.17 4.49 2.57 GROSS -1.59-1.23 1.26 4.59 2.93 Primary Benchmark(a) -0.17 3.18 4.19 2.63 10.14 2001 NET 4.42 1.06 2.59 1.38 9.76 GROSS 4.51 1.15 2.68 1.47 10.14 Primary Benchmark(a) 3.97 1.01 4.15 0.35 9.77 2000 NET 3.12 2.00 5.18 GROSS 3.21 2.09 5.37 Primary Benchmark(a) 3.21 3.27 6.58 Please see important information on the attached annual returns page. The 2015 returns are preliminary, unaudited, and subject to change. Page 2 of 4

Corporate Focus Fixed Income Quarterly Performance (Net and Gross)* Through December 31, 2015 Composite Characteristics % of Total non-fee Firm Assets Disper- paying Assets Year #Accts (mil) sion (2) assets (mil)(1) 2015 3 108 20,666 2014 3 120 N/A 0 20,722 2013 3 119 N/A 0 21,464 2012 3 106 N/A 0 22,171 2011 3 71 N/A 16 26,658 2010 3 71 N/A 16 38,659 2009 3 65 N/A 15 42,152 2008 3 37 N/A 18 40,591 2007 3 46 N/A 20 83,242 2006 1 10 N/A 88 85,974 2005 1 8 N/A 100 101,874 2004 1 8 N/A 100 98,078 2003 1 7 N/A 100 75,789 2002 1 6 N/A 100 51,808 2001 1 6 N/A 100 61,996 2000 1 5 N/A 100 50,852 Year Annualized Performance 3 Year Annualized Corporate Focus Fixed Income Primary Benchmark (a) 2015 NET 0.80 % 1.61 % GROSS 1.14 % 2014 NET 5.47 % 3.98 % GROSS 5.83 % 2013 NET 5.59 % 4.38 % GROSS 5.94 % 2012 NET 9.78 % 7.07 % GROSS 10.13 % 2011 NET 15.85 % 9.59 % GROSS 16.21 % 2010 NET 3.27 % 6.70 % GROSS 3.63 % 2009 NET -0.35 % 5.98 % GROSS 0.05 % 2008 NET -6.11 % 2.38 % GROSS -5.74 % 2007 NET 5.00 % 3.83 % GROSS 5.41 % 2006 NET 7.10 % 3.32 % GROSS 7.47 % Year Standard Deviation (3) 3 Year Annualized Corporate Focus Fixed Income Primary Benchmark (a) 2015 NET 2.65 % 2.58 % GROSS 2.65 % 2014 NET 2.76 % 2.66 % GROSS 2.76 % 2013 NET 3.48 % 3.00 % GROSS 3.48 % 2012 NET 3.89 % 2.85 % GROSS 3.89 % 2011 NET 7.29 % 3.85 % GROSS 7.30 % 2010 NET 12.69 % 6.49 % GROSS 12.69 % 2009 NET 12.37 % 6.36 % GROSS 12.37 % 2008 NET 9.93 % 5.66 % GROSS 9.93 % 2007 NET 2.45 % 2.49 % GROSS 2.42 % 2006 NET 2.81 % 3.12 % GROSS 2.81 % (1) As of 1/1/2006, Total Firm Assets do not include SMA Division assets. (2) The measure of dispersion is the asset-weighted standard deviation for annual period gross returns in USD. No measure is displayed when there are five or fewer portfolios in the composite for an entire annual period. As such, measure may not be meaningful. (3) The three-year annualized ex-post standard deviation measures the variability of the gross composite returns and the benchmark returns over the preceding 36-month period. The three-year standard deviation is not required for periods prior to 2011; it is not presented for periods of less than three years. * The net and gross quarterly and annual returns, calculated in USD, presented for the Brandes Corporate Focus Fixed Income composite were calculated on a time-weighted and asset-weighted, total return basis, including reinvestment of all dividends, interest and income, realized and unrealized gains or losses and are net of brokerage commissions, execution costs, and any applicable foreign withholding taxes, without provision for federal and state income taxes, if any. Returns prior to 4/1/06 reflect the deduction of administrative fees. Please see important information on the attached annual returns page. The 2015 returns are preliminary, unaudited, and subject to change. Page 3 of 4

Corporate Focus Fixed Income Quarterly Performance (Net and Gross)* Through December 31, 2015 As of 9/30/2013, Brandes Investment Partners includes the non-sma Division of Brandes Investment Partners L.P., Brandes Investment Partners (Europe) Limited, Brandes Investment Partners (Asia) Pte Ltd and the Brandes Investment Partners & Co. assets subadvised by Brandes Investment Partners, L.P. The firm was redefined to reflect the expansion of the organization. As of 1/1/2006, Brandes Investment Partners was divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or wrap fee program clients, including those who may invest in an SMA product; and the non-sma Division of Brandes Investment Partners (Brandes), which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts and high net worth clients outside of wrap fee programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner and may offer investment advice which differs from the other depending upon the individualized needs of the clients served. The performance data presented does not contain any SMA Division accounts. Cash flows are weighted on a daily basis. Securities transactions are accounted for on the trade date. Dividend and interest income is accounted for on an accrual basis. Cash and cash equivalents are included in performance returns. The Brandes Corporate Focus Fixed Income Composite seeks long-term returns in excess of its benchmark (the Barclays Intermediate U.S. Credit Index) by investing primarily in corporate debt and high quality United States government and agency securities. The composite will be predominately invested in corporate debt obligations issued by U.S. and non-u.s. corporations. A minimum of 50% of the investments must be rated investment grade by a nationally recognized rating agency at the time of purchase. An additional 30% may be invested in non U.S. dollar denominated debt instruments measured at the time of purchase. With the exception of United States Treasury securities, typically no more than 30% of the value of total composite assets will be invested in any single U.S. agency at the time of purchase. No more than 10% of the value of a composite s assets may be invested in any other single issuer at the time of purchase. The composite's duration is generally within a 20% margin (higher or lower) of its benchmark index duration. The firm believes this fixed income composite to be aggressive with regard to certain risks, especially credit risk. The Brandes Corporate Focus Fixed Income composite results include all actual, fee-paying and non-fee-paying, fully discretionary Corporate Focus Fixed Income accounts under management by Brandes Investment Partners after one full calendar month beginning 6/30/2000 (except for the Brandes Corporate Focus Fixed Income pooled account which was fully invested at its inception), that have substantially the same investment objectives, policies, techniques and restrictions. The gross returns do not give effect to investment advisory fees, which would reduce such returns. Investment management fees and any other expenses that may be incurred in the management of the account will reduce actual returns. When fees are deducted quarterly total portfolio performance will be reduced at a compounded rate. Beginning 1/1/2007, composite performance after management fee returns are determined by reducing the gross of fee returns monthly by the highest applicable fee schedule per account. The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. (a) The Barclays U.S. Intermediate Credit Bond Index measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. This index is a total return index which reflects the price changes and interest of each bond in the index. The benchmark returns are not covered by the report of independent verifiers. Please note that all indices are unmanaged and are not available for direct investment. Brandes Investment Partners is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. Please see important information on the attached annual returns page. The 2015 returns are preliminary, unaudited, and subject to change. Page 4 of 4

Corporate Focus Fixed Income Annual Performance Presentation As of December 31 Period End Annual Performance % Composite Characteristics Composite Composite Assets Number of Internal Non-Fee Paying Total Firm Assets Annualized 3 Year Standard Deviation % (3) Composite Period Gross* Net* Benchmark (a) $ Millions Accounts Dispersion (2) Assets (%) $ Millions (1) Gross Benchmark (a) 2014 4.27 3.92 4.16 120 3 N/A 0 20,722 2.76 2.66 2013 1.73 1.40-0.17 119 3 N/A 0 21,464 3.48 3.00 2012 11.73 11.36 8.10 106 3 N/A 0 22,171 3.89 2.85 2011 4.59 4.27 5.37 71 3 N/A 16 26,658 7.30 3.85 2010 14.30 13.95 7.76 71 3 N/A 16 38,659 12.69 6.49 2009 31.29 30.85 15.93 65 3 N/A 15 42,152 12.37 6.36 2008-25.85-26.14-2.76 37 3 N/A 18 40,591 9.93 5.66 2007 2.86 2.39 5.60 46 3 N/A 20 83,242 2.42 2.49 2006 9.80 9.43 4.49 10 1 N/A 88 85,974 2.81 3.12 2005 3.69 3.33 1.42 8 1 N/A 100 101,874 4.11 4.19 (1) As of 1/1/2006, Total Firm Assets do not include SMA Division assets. (2) The measure of dispersion is the asset-weighted standard deviation for annual period gross returns in USD. No measure is displayed when there are five or fewer portfolios in the composite for an entire annual period. As such, measure may not be meaningful. (3) The three-year annualized ex-post standard deviation measures the variability of the gross composite returns and the benchmark returns over the preceding 36-month period. The three-year standard deviation is not required for periods prior to 2011; it is not presented for periods of less than three years. * The net and gross annual returns, calculated in USD, presented for the Brandes Corporate Focus Fixed Income composite were calculated on a time-weighted and asset-weighted, total return basis, including reinvestment of all dividends, interest and income, realized and unrealized gains or losses and are net of brokerage commissions, execution costs, and any applicable foreign withholding taxes, without provision for federal and state income taxes, if any. Returns prior to 4/1/06 reflect the deduction of administrative fees. As of 9/30/2013, Brandes Investment Partners includes the non-sma Division of Brandes Investment Partners L.P., Brandes Investment Partners (Europe) Limited, Brandes Investment Partners (Asia) Pte Ltd and the Brandes Investment Partners & Co. assets subadvised by Brandes Investment Partners, L.P. The firm was redefined to reflect the expansion of the organization. As of 1/1/2006, Brandes Investment Partners was divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or wrap fee program clients, including those who may invest in an SMA product; and the non-sma Division of Brandes Investment Partners (Brandes), which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts and high net worth clients outside of wrap fee programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner and may offer investment advice which differs from the other depending upon the individualized needs of the clients served. The performance data presented does not contain any SMA Division accounts. Cash flows are weighted on a daily basis. This composite was created in 2001. Securities transactions are accounted for on the trade date. Dividend and interest income is accounted for on an accrual basis. Cash and cash equivalents are included in performance returns. Prior to April 2014 accounts were included in the composite when the market value is US$1 million or greater. The Brandes Corporate Focus Fixed Income Composite seeks long-term returns in excess of its benchmark (the Barclays Intermediate U.S. Credit Index) by investing primarily in corporate debt and high quality United States government and agency securities. The composite will be predominately invested in corporate debt obligations issued by U.S. and non-u.s. corporations. A minimum of 50% of the investments must be rated investment grade by a nationally recognized rating agency at the time of purchase. An additional 30% may be invested in non U.S. dollar denominated debt instruments measured at the time of purchase. With the exception of United States Treasury securities, typically no more than 30% of the value of total composite assets will be invested in any single U.S. agency at the time of purchase. No more than 10% of the value of a composite s assets may be invested in any other single issuer at the time of purchase. The composite's duration is generally within a 20% margin (higher or lower) of its benchmark index duration. The firm believes this fixed income composite to be aggressive with regard to certain risks, especially credit risk. Please see important disclosures on the following page. Page 1 of 2

Corporate Focus Fixed Income Annual Performance Presentation As of December 31 Period End The Brandes Corporate Focus Fixed Income composite results include all actual, fee-paying and non-fee-paying, fully discretionary Corporate Focus Fixed Income accounts under management by Brandes Investment Partners after one full calendar month beginning 6/30/2000 (except for the Brandes Corporate Focus Fixed Income pooled account which was fully invested at its inception), that have substantially the same investment objectives, policies, techniques and restrictions. Standard fee schedule - First $20 million 0.40%; Next $30 million 0.30%; Amounts over $50 million 0.25%; Minimum Annual Fee $80,000. Brandes investment advisory fees are detailed in Part 2A of its Form ADV. The gross returns do not give effect to investment advisory fees, which would reduce such returns. Investment management fees and any other expenses that may be incurred in the management of the account will reduce actual returns. When fees are deducted quarterly total portfolio performance will be reduced at a compounded rate. Beginning 1/1/2007, composite performance after management fee returns are determined by reducing the gross of fee returns monthly by the highest applicable fee schedule per account. For the period 6/30/2000 through 12/31/2005, a hypothetical fee based on the highest fee charged by the firm for this product during that period was applied to calculate net of fee returns.. Brandes claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Brandes has been independently verified for the annual periods 1995 through 2014. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Corporate Focus Fixed Income composite has been examined for the periods since inception through year end 2014. The verification and performance examination reports are available upon request. The complete list and description of Brandes composites and additional information regarding policies for valuing, calculating and reporting returns are available upon request. Contact client service at 800-237-7119 or write 11988 El Camino Real, Suite 600, P.O. Box 919048, San Diego, California 92191-9048 or email ClientService@Brandes.com. The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance. (a) The Barclays U.S. Intermediate Credit Bond Index measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. This index is a total return index which reflects the price changes and interest of each bond in the index. The benchmark returns are not covered by the report of independent verifiers. Please note that all indices are unmanaged and are not available for direct investment. Brandes Investment Partners is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. Page 2 of 2