Performance Review for Quarter Ended 3/31/10 The Causeway Emerging Markets Composite outperformed the MSCI Emerging MarketsIndex (gross of fees), which posted positive performance of 2.45% during the quarter. In our investment process, we use a combination of bottom-up and top-down quantitative factors to select securities. The portfolio’s exposure to our bottom-up factors added to relative performance. Our valuation factors added the most to performance during the quarter followed by our earnings growth factors, while our technical factors detracted from relative performance. Our top-down factors, which have a smaller weight in the model, hurt relative performance. All three top-down groups of factors detracted value, with our macro factors doing the poorest, followed by our country factors and sector factors. The quarter saw significant cross-sectional dispersion at the country/region and industry levels in the Index. Most countries and industries in the Index had positive returns. At the country level, the outperformers were Thailand, Hungary, and Egypt. The underperformers were Taiwan, China, and the Czech Republic. At the industry group level, the outperformers were pharmaceuticals and biotechnology, food and staples retailing, and materials. The underperformers were consumer durables and apparel, technology hardware and equipment, and insurance. *The securities identified and described above do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Past performance does not guarantee future results. For a description of our performance attribution methodology, or to obtain a list showing every holding’s contribution to the overall account’s performance during the quarter, please contact our product manager, Kevin Moutes, at 310-231-6116 or moutes@causewaycap.com.