Causeway Capital Management LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

The Firm, Causeway Capital Management LLC (“Causeway”), is organized as a Delaware limited liability company and began operations in June 2001. It is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Causeway manages international value equity, global value equity, emerging markets equity, and international market neutral equity assets for corporations, pension plans, public retirement plans, Taft-Hartley pension plans, endowments and foundations, mutual funds, charities, private trusts and funds, wrap fee programs, and other institutions. The firm includes all accounts managed by Causeway excluding non-discretionary accounts and accounts in terminated composites. Causeway has been verified for the periods from June 11, 2001 through December 31, 2007, by an independent verifier. A copy of the verification report is available upon request.

The International Value Select Composite (“Select Composite”) includes all international value equity, U.S. dollar denominated, discretionary accounts, which contain typically 35 to 55 holdings, apply a minimum market capitalization requirement of $5 billion or higher at the time of initial investment, and are not constrained by socially responsible investment restrictions. The international value select strategy seeks long-term growth of capital and income through investment primarily in larger capitalization equity securities of companies in developed countries located outside the U.S. New accounts are included in the Select Composite after the first full month under management. Terminated accounts are included in the Select Composite through the last full month under management. A complete list and description of firm composites is available upon request.

Account returns are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the Select Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in U.S. dollars. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of withholding taxes on dividends, interest income, and capital gains. Additional information regarding the firm’s policies for calculating and reporting returns is available upon request. Past performance is no guarantee of future performance. Composite dispersion is calculated using the equal-weighted standard deviation of all portfolios that were included in the Select Composite for the entire year.

The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE®) Index benchmark is an arithmetical average weighted by market value of the performance of approximately 1,000 non-U.S. companies representing 20 stock markets in Europe, Australasia, New Zealand and the Far East. The Index is gross of withholding taxes, assumes reinvestment of dividends and capital gains, and assumes no management, custody, transaction or other expenses. Portfolios in the Select Composite invest in Canada and South Korea, which countries are not included in the MSCI EAFE® Index.

Gross-of-fees returns are presented before management and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees and all trading expenses, but before custody fees. Causeway’s basic management fee schedules are described in Part II of its Form ADV. The basic separate account annual fee schedule for international value select assets under management is: 0.75% of the first $10 million; 0.65% of the next $40 million; 0.50% of the next $50 million; and 0.45% thereafter. Certain accounts in the Select Composite have different fee schedules.