Notes:

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, and emerging markets 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, 2008, by an independent verifier. A copy of the verification report is available upon request.

The International Opportunities Composite (formerly All Country World Index ex U.S. Composite)includes all International Opportunities, U.S. Dollar denominated, discretionary accounts. The International Opportunities strategy seeks long-term growth of capital through investment primarily in equity securities of companies in developed and emerging markets outside the U.S. using Causeway’s asset allocation methodology to determine developed and emerging weightings, and using Causeway’s international value equity strategy for the developed portion of the portfolio and Causeway’s emerging markets strategy or Causeway Emerging Markets Fund for the emerging markets portion of the portfolio. The international value equity strategy seeks long-term growth of capital and income through investment primarily in equity securities of companies in developed countries located outside the U.S. The emerging markets equity strategy seeks long-term growth of capital through investment primarily in equity securities of companies in emerging markets. New accounts are included in the International Opportunities Composite (formerly All Country World Index ex U.S. Composite)after the first full month under management. Terminated accounts are included in the International Opportunities Composite (formerly All Country World Index ex U.S. Composite)through the last full month under management. Prior to July 2009, the International Opportunities strategy was called the All Country World Index ex U.S. equity strategy and the International Opportunities Composite was called the All Country World Index ex U.S. Composite. 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 International Opportunities Composite (formerly All Country World Index ex U.S. 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 International Opportunities Composite (formerly All Country World Index ex U.S. Composite)for the entire year.

The Morgan Stanley Capital International All Country World Index ex U.S. benchmark is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. The Index is gross of withholding taxes, assumes reinvestment of dividends and capital gains, and assumes no management, custody, transaction or other expenses.

Gross-of-fees returns are presented before management, performance and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees, performance 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 relevant separate account annual fee schedule for International Opportunities assets under management is 0.75% of the first $100 million; 0.65% of the next $150 million, and 0.55% thereafter. Accounts in the International Opportunities Composite (formerly All Country World Index ex U.S. Composite) may have different fee schedules, and certain accounts may pay performance based fees.