1. BRANDES INVESTMENT PARTNERS ROSS LOCHER

2. BACKGROUND Graduated UC San Diego, 2011 Major: Management Science Minor: Accounting Interned at City National Bank, 2010-2011 Commercial Credit Analyst Brandes Investment Partners, 2011- Present Equity Research Associate Passed CFA Level 3

3. BRANDES INVESTMENT PARTNERS The firm: ~$27 Billion in Assets Under Management (AUM) Deep Value Long only 3-5 year investment time horizon Industrials team Aerospace & Defense Construction & Engineering Homebuilders/Building Materials Industrial Conglomerates others

4. DEEP-VALUE INVESTING Investment philosophy started by Ben Graham and David Dodd Security Analysis, 1928 Intelligent Investor, 1949 Invest in companies trading significantly below their intrinsic value Margin of safety Capital Preservation is one of the primary goals of a value investor Portfolio Growth is secondary Risk management A high return is not necessarily a good return depending on the riskiness of the investment Risk is not necessarily in the underlying asset, but the price you pay for that asset One of the most important attributes of a value investor is humility Just because you’re smart does not mean you can predict the future