December 30, 2010
December 30, 2010
RE: Expense Limit Agreement — Causeway Global Absolute Return Fund
Dear Ladies and Gentlemen:
Causeway Global Absolute Return Fund (the “Fund”) is a series of Causeway Capital Management
Trust, a Delaware statutory trust (the “Trust”). The Trust, on behalf of the Fund, has entered
into an agreement with Causeway Capital Management LLC (“Causeway”) whereby Causeway provides
investment advisory services to the Fund (the “Investment Advisory Agreement”).
We hereby agree with respect to each class of the Fund, for so long as this Expense Limit
Agreement is in effect, to waive the fees payable to us under the Investment Advisory Agreement
with respect to each class of the Fund or to reimburse the operating expenses allocable to each
class of the Fund, to the extent that each class’ operating expenses (excluding swap agreement
financing charges and transaction costs, borrowing expenses, dividend expenses on securities sold
short, brokerage fees and commissions, interest, taxes, shareholder service fees, fees and expenses
of other funds in which the Fund invests, and extraordinary expenses) exceed, in the aggregate, the
rate per annum, as set forth in Schedule A, as a percentage of the average daily net assets of each
class of the Fund. We agree that this obligation shall constitute a contractual commitment
enforceable by the Trust and that we may not assert any right to reimbursement of any amounts so
waived or reimbursed if such reimbursement would result in either class of the Fund exceeding the
expense limits set forth in Schedule A.
We acknowledge the limit of shareholder liability as set forth in the Declaration of Trust of
the Trust and agree that any obligation assumed by the Trust pursuant to this agreement shall be
limited in all cases to the Trust and its assets. We agree not to seek satisfaction of any such
obligations from the shareholders of the Trust, nor from the Trustees of the Trust.
December 30, 2010
Page 2
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Except insofar as the Investment Company Act of 1940, as amended, or other federal laws and
regulations may be controlling, this agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of California.
This Expense Limit Agreement is effective as of December 30, 2010 and shall continue in effect
until January 31, 2012. This Agreement may be terminated at any time by the Trust’s Board of
Trustees and will terminate automatically in the event of the termination of the Investment
Advisory Agreement. Any amendment to this agreement shall be in writing signed by the parties
hereto.
If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed
counterpart hereof and return the same to us.
| Very truly yours, CAUSEWAY CAPITAL MANAGEMENT LLC |
||||
| By: | ||||
| Xxxxxx X. Xxxxxxxx, Chief Operating Officer | ||||
The foregoing agreement is hereby
accepted as of December 30, 2010
CAUSEWAY CAPITAL MANAGEMENT TRUST,
on behalf of the Fund and each class of the Fund listed in Schedule A to this Agreement
on behalf of the Fund and each class of the Fund listed in Schedule A to this Agreement
| By: | ||||
| Title: | ||||
SCHEDULE A
| Causeway Global Absolute Return Fund | Expense Limit | |||
Institutional Class |
1.85 | % | ||
Investor Class |
1.85 | % | ||
