Amended Operating Expense Letter

This will confirm that the expense limitation letter agreement between us dated October 31, 1998, as amended, has been further amended to apply to the Trust’s fiscal year ending September 30, 2007 and shall continue in effect thereafter for additional periods not exceeding one (1) year so long as such continuation is approved at least annually by Brandes Investment Partners, L.P., and the Board of Trustees of the Trust. Except as set forth herein, the letter agreement remains in full force and effect.