Review for Quarter Ended 12/31/09 Performance Review Capping a dramatically volatile rebound year, equity markets continued to appreciate during the 4th quarter of 2009. In contrast to the calamitous twelve months ended December 2008 when over 90% of developed market equities lost value, in calendar 2009, over 90% of equities produced positive returns. In a sharp reversal from prior months, the dollar appreciated versus the Euro and the Japanese yen this quarter. For US dollar based investors, this dampened returns of international equities in these regions, although it may enhance competitiveness - and thus earnings - of many non-US companies. This quarter’s top performing developed equity markets included Norway, Singapore, United Kingdom, Canada and Australia, while the biggest laggards included Greece and Austria. Due to superior stock selection, the Composite outperformed the MSCI EAFE® Index this quarter. Relative performance was strengthened by holdings in the banks, transportation, energy, pharmaceuticals & biotechnology, and media industry groups, while holdings in the insurance, materials, consumer durables, consumer services, and food beverage & tobacco industry groups detracted from relative performance. Two of the largest individual positive contributors to performance this quarter were energy services firms, Technip (France) and Aker Solutions (Norway). Additional notable top contributors to return included metals and mining company, Rio Tinto (UK), postage and express parcel delivery company, TNT (the Netherlands), and luxury goods retailer, Richemont (Switzerland). The top individual detractor this quarter was pachinko game manufacturer, Sankyo (Japan). Other notable detractors included global financial services firm, UBS (Switzerland), lottery services provider, OPAP (Greece), condominium developer, Haseko (Japan), and insurer, Aviva (UK).* *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.