Cullen

CULLEN NORTH AMERICAN HIGH DIVIDEND VALUE EQUITY FUND

Citywire

New York

June 2012

Disclosure

This document has been prepared by Cullen Funds PLC, for information purposes only. This document is an indicative summary of the terms and conditions of the securities described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the securities will be set out in full in the applicable offering document(s). The performance shown is that of the Cullen Global High Dividend

Value Equity strategy and the Cullen North American High Dividend Value Equity Strategy, the philosophy of which the Cullen Global High Dividend Value Equity Funds and the Cullen North American High Dividend Value Equity Fund (‘The Funds’) will be based. It is represented here to illustrate the success that Cullen Capital Management has had in the past but is not intended to represent The Funds returns. The performance of The Funds will not necessarily mirror that of the strategy due to, among other things, different charging structures, timings and portfolio concentration. All views and opinions are those of Cullen Capital Management and are subject to change without notice. This presentation is based on information we consider reliable, but we do not warrant its accuracy or completeness and it should not be relied on as such. Where securities are mentioned in this presentation they do not necessarily

represent a specific portfolio holding and do not constitute a recommendation to purchase or sell. This document shall not constitute an offer to sell, or the solicitation of an offer to buy any securities described herein. Cullen Funds PLC is not acting as adviser or fiduciary. Accordingly

you must independently determine, with your own advisers, the appropriateness for you of the securities before investing. Cullen Funds PLC accepts no liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein. Cullen Funds PLC does not guarantee the accuracy or completeness

of information which is contained in this document and which is

stated to have been obtained from, or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within, or the accuracy or completeness of any modelling or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. Cullen Capital Management, its affiliates and the individuals associated therewith may (in various capacities) have positions or

deal in securities (or related derivatives) identical or similar to those described herein. This document is being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA

2000 (Financial Promotion Order) 2005. Outside of the UK, it is

directed at persons who have professional experience in matters relating to investments. Any investments to which this document relates will

be entered into only with such persons. This document is not for distribution to retail customers. NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF

ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN, OR FROM ANY

JURISDICTION, EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON CULLEN FUNDS PLC OR ANY OF ITS AFFILIATES. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE

TERMS OF THE SECURITIES AND ANY APPLICABLE RISKS. THIS DOCUMENT

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OF INFORMATION IN THE RELEVANT PROSPECTUS (WHICH HAS BEEN, OR WILL BE PUBLISHED

AND MAY BE OBTAINED FROM CULLEN FUNDS PLC), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN. Results for fully discretionary accounts are market value weighted and are calculated on a total return, time-weighted basis using trade date valuations. Returns reflect the reinvestment of dividends and other earnings. Cash returns are included in a component of the total account and are not detailed separately. Leverage is not used in

managed account and mutual fund strategies. Performance results

will vary based upon the period measured. It is intended that Cullen Funds PLC will make an application to

be recognised for distribution in the United Kingdom by the Financial Services Authority under Section 264 of the Financial Services and Markets Act, 2000 of the United Kingdom. Most or all of the protection provided by the United Kingdom regulatory structure will not apply. The rights of Shareholders may not be protected by the Financial Services Compensation Scheme established in the United Kingdom. ©

2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Copyright Cullen Funds PLC. (all rights reserved). This document

is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Cullen

Funds PLC.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Highlights

3

Independent

100% employee owned firm

Value Investor

Disciplined, Experienced, Research-driven

Headquarters

New York, New York

Assets Under Management

$15.1 Billion as of 3/31/12

Registered investment advisor established in 1983

James P. CullenPresident & Portfolio Manager

47 Years Experience

Strong Team Based Approach

Portfolio management team have an average of 25 years’

experience Supported by a team of seven equity analysts, averaging 9 years

of research experience.

John C. GouldExec. VP & Portfolio Manager

24 Years Experience

Jennifer Chang, CFAVP, Analyst2006 - Present

Carl Gardiner, CFAVP, Analyst2008 - Present

4

Rahul SharmaVP, Analyst1999 - Present

Brooks CullenVP, Analyst1996-Present

Pravir Singh, CFAVP, Analyst2005 - Present

Michael Kelly, CFAVP, Analyst2007 - Present

Erik SchaferAnalyst

2007 - Present

Stephen O’NeilVP, Analyst2002 - Present

Cullen Capital

Management –

Strategy Overview

5

Assets by Strategy as of 31st

March 2012

Strategy Description Established Strategy AUM

High Dividend Value Equity (North American)

US Value Equity strategy with emphasis on dividend yields greater than the S&P 500.

1994 $8.3 Billion

Global High Dividend Value Equity

High Dividend Value Equity strategy with US and international exposure. 2001 $78 Million

International High Dividend Value Equity

High Dividend Value Equity strategy with Non-US exposure only. 2004 $1.2 Billion

Value EquityLow P/E and high earnings growth potential, taking a bottom-up approach to stock selection.

1983 $5.4 Billion

Small Cap Value EquityLow P/E and high earnings growth potential, taking a bottom-up approach to stock selection.

1991 $133 Million

Total Assets $15.1 Billion

Investment Overview

Legendary investor, Benjamin Graham said it best in summarizing his 50 years in the investment business. He said that the key to being successful in investing

was to ignore everything else and focus on the following two key principles:

1.

Invest with a discipline which helps you to avoid overpaying for

your investments. The disciplines he recommended were price/earnings, price/book and dividend yield.

2.

Be a long-term investor. (i.e. 5 years)

6

The Potential Offered by a Disciplined Value Approach

7

Annual performance of the S&P 500

44 Years S&P 500 Top 20% by P/E Bottom 20% by P/E Bottom 20% by P/B Top 20% by Yield

1968-2011 9.4 8.1 14.1 14.1 11.9

Years S&P 500 Top 20% by P/E

Bottom 20% by P/E

Bottom 20% by P/BK

Top 20% by Yield

1968 11.1 11.6 30.5 37.3 27.31969 -8.5 -12.6 -17.5 -20.5 -12.31970 4.0 -5.6 7.8 4.3 18.51971 14.3 20.5 19.0 19.9 9.01972 18.9 20.8 14.8 14.3 15.21973 -14.7 -15.5 -17.7 -10.6 -14.61974 -26.5 -30.9 -12.8 -12.1 -21.41975 37.2 34.5 83.3 94.8 76.51976 23.9 18.9 50.3 57.3 36.51977 -7.2 -9.3 11.0 8.4 1.11978 6.6 6.7 13.1 7.5 1.01979 18.4 26.5 26.3 30.5 9.71980 32.4 40.4 26.4 18.5 17.91981 -4.9 -6.6 15.1 13.5 12.01982 21.4 34.1 31.0 37.0 20.91983 22.5 24.2 24.4 41.2 25.71984 6.3 -6.7 34.3 1.0 16.41985 32.2 23.8 28.4 19.1 30.41986 18.5 15.1 20.5 9.3 23.01987 5.2 7.7 -8.0 10.5 2.21988 16.8 11.3 20.8 24.7 22.01989 31.7 27.0 23.7 15.1 31.9

Years S&P 500 Top 20% by P/E

Bottom 20% by P/E

Bottom 20% by P/BK

Top 20% by Yield

1990 -3.1 -13.9 -18.7 -25.2 -6.91991 30.5 32.5 47.6 55.2 31.01992 7.7 8.8 14.0 27.9 8.91993 10.1 13.5 16.5 18.4 17.21994 1.3 0.0 1.5 3.1 -0.31995 37.6 22.8 42.5 42.1 43.61996 23.0 18.6 18.7 16.4 17.71997 33.4 18.3 35.2 25.4 32.81998 28.6 22.9 -2.3 11.5 20.81999 21.0 26.8 3.4 5.9 -5.52000 -9.2 -2.2 18.3 21.1 21.92001 -11.9 -15.7 15.4 14.6 8.52002 -22.1 -23.2 -8.6 -17.6 -10.92003 28.6 41.7 37.5 56.9 28.12004 10.9 20.2 22.5 23.8 18.62005 4.9 5.1 15.1 12.5 1.72006 15.8 13.2 18.4 20.2 20.92007 5.5 5.2 -3.3 -13.7 -5.12008 -37.0 -48.6 -44.9 -48.0 -38.02009 26.5 40.0 51.9 62.5 15.22010 15.1 22.4 15.8 21.5 15.52011 2.1 0.3 -1.1 -8.5 12.6

Returns noted are for illustrative purposes only and do not represent the performance of an account, fund or composite.Source: CCM Research 31/12/11. The performance data quoted represents past performance, which is no guarantee of future results. The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure of the broad U.S. stock market. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund or separately managed account. It is not possible to invest directly in an index. The Top and Bottom 20% by P/E , P/B, and Yield represents holdings within the S&P 500 Index.

% CAGR

The Potential Offered by a Disciplined Value Approach

Rolling 5-Year Performance

Period S&P 500 Bottom 20% by P/E

S&P 500 Top 20% by Yield

1968-1972 9.7% 10.7%

1969-1973 0.0% 2.2%

1970-1974 1.1% 0.0%

1971-1975 12.4% 8.3%

1972-1976 17.8% 13.3%

1973-1977 17.0% 10.3%

1974-1978 24.7% 14.1%

1975-1979 34.3% 22.0%

1976-1980 24.7% 12.5%

1977-1981 18.2% 8.2%

1978-1982 22.2% 12.1%

1979-1983 24.5% 17.1%

1980-1984 26.1% 18.5%

1981-1985 26.5% 20.9%

1982-1986 27.6% 23.2%

1983-1987 18.9% 19.1%

1984-1988 18.2% 18.4%

1985-1989 16.3% 21.4%

1986-1990 6.1% 13.5%

Past performance is no guarantee of future results. The Standard & Poor's 500 Stock Index (the S&P 500) is a commonly used measure of the broad U.S. stock market. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.Source: CCM Research 31/12/11.

Period S&P 500 Bottom 20% by P/E

S&P 500 Top 20% by Yield

1987-1991 10.5% 14.9%

1988-1992 15.4% 16.4%

1989-1993 14.5% 15.5%

1990-1994 10.1% 9.2%

1991-1995 23.2% 19.1%

1992-1996 17.9% 16.5%

1993-1997 22.0% 21.3%

1994-1998 17.8% 22.0%

1995-1999 18.2% 20.7%

1996-2000 13.9% 16.8%

1997-2001 13.3% 14.9%

1998-2002 4.7% 6.1%

1999-2003 12.1% 7.4%

2000-2004 16.0% 12.4%

2001-2005 15.4% 8.4%

2002-2006 16.0% 10.7%

2003-2007 17.3% 12.1%

2004-2008 -2.3% -3.0%

2005-2009 2.0% -3.6%

2006-2010 2.1% -1.1%

2007-2011 -1.5% -2.5%

8

10-Year U.S. Treasury Yield

5-Year PeriodsTop 20% of

S&P 500 by Yield

Annualized Returns5-Year Periods

Top 20% of S&P 500 by Yield

Annualized Returns

1971-1975 8.3% 1981-1985 21.0%

1972-1976 13.3% 1982-1986 23.2%

1973-1977 10.3% 1983-1987 19.1%

1974-1978 14.1% 1984-1988 18.4%

1975-1979 22.0% 1985-1989 21.4%

1976-1980 12.5% 1986-1990 13.5%

1977-1981 8.2% 1987-1991 14.9%

Average Return 12.65% Average Return 18.78%

Average Return for S&P 500 6.99% Average Return

for S&P 500 16.51%

The performance data quoted represents past performance, which is no guarantee of future results.Source: CCM Research.

1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002

0

2

4

6

8

10

12

14

18

16

4% 4%

16%

Rising Rate Environment(1967-1981)

Falling Rate Environment(1981-2003)

Yield %

9

S&P 500 Stock Prices and Recessions

Recession Period

5 Year Return (Year before

recession started)

Annualised Return (For 5YR

periods)

1969-1970 1968-1972 8.68 %

1973-1974 1972-1976 16.52 %

1981-1983 1980-1984 20.28 %

1991 1990-1994 10.48 %

2001 2000-2004 12.68 %

The performance data quoted represents past performance, which is no guarantee of future results.Source: S&P 500 / CCM 31/12/11.

Blue lines denote recessionary periods

10

Year

Price (S&P 500)

1969-70 73-74 81-83 91 2001 2008

1,550

1,000

500

1,550

1,000

500

5-Year Annualized Returns Starting One Year Before The Recession Began(5-Year Periods / High Dividend Yield Discipline)

INVESTMENT PROCESS & PORTFOLIO

11

3 Key Points

Low P/E

High Absolute Dividend Yield

Strong Dividend Growth

12

North American High Dividend Value Equity Fund

Investment Process

Begin with largest 2,000 publicly traded equities

Dividend yield of 3% or greater

Screen for stocks in bottom quintile according to P/E and P/B basis

Typical market capitalization >$5 B

Sector and Industry Inflection Points

Screening Investable Universe

Screening Investable Universe

Fundamental / Qualitative /

Credit Research

Fundamental / Qualitative /

Credit Research

Portfolio Construction

Portfolio Construction Sell DisciplineSell Discipline

Seek low debt to equity and high returns on investable capital

Search for catalyst that can drive earnings, including:

New markets

New products

Strong managements with clear vision and commitment to shareholder value

Approximately 25-35 holdings

Diversification across 15-20 industries

No more than 5% in any one stock at cost

No more than 15% in any one industry at cost

No more than 30% in any one sector at cost

Typically equally weighted positions

Top 10 holdings typically represent 35 – 40%

Up to 20% non-US exposure (ADR)

Price objectives reached

Earnings/Dividend growth not realized

Deteriorating fundamentals

Decline of 25% - investment thesis reassured

Cuts in dividend policy

13

Cullen North American High Dividend Value Equity

Fundamental Research

14

Attractive Valuations

• P/E bottom quintile

• P/B bottom quintile

• Strong Operating & Free Cash Flow

• Low Debt/Cap, High ROE

• Net Cash Balances

Dominant Company Characteristics

• Leading Market Shares

• Global Brands

• Simple, Defensive Business Models

• Competitive Advantages

• Recurring Cash Flows

Catalysts for Price & EPS Appreciation

• New Markets

• New Products

• Restructuring

• Capital Management Initiatives

• Market Share Gains

• Pricing Power

Superior Dividend Policies

• Minimum Yield of 3%

• Strong DPS Growth

• Adequate Pay-Out Ratios

• Management Committed to Policy

North American High Dividend Value Equity Fund

15

Top Ten Holdings & Sector Weights: 31st

May 2012

Sector Weights

Source: CCM Research, As of 31/5/12

Top Ten Holdings

The Portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or sell any particular security listed.

Company Name Sector Portfolio (%)

Altria Consumer Staples 3.5

Merck & Co. Healthcare 3.5

AT&T Telecommunications 3.5

Raytheon Industrials 3.3

Eli Lilly & Co. Healthcare 3.1

Kimberly-Clark Consumer Staples 3.0

Vodafone Telecommunications 3.0

Intel Information Technology 3.0

Microsoft Information Technology 3.0

ConocoPhillips Energy 2.9

Total Percentage 31.8

Number of Holdings 35

10.5

4.8

6.0

1.6

3.2

11.8

0

10.6

3.7

3.4

19.9

14.3

11.3

11.4

12.7

10.1

11.8

1.4

9.8

14.7

17.7

9.4

0 5 10 15 20 25

Cash

Utilities

Telecommunications

Materials

Info Technology

Industrials

Healthcare

Financials/REIT

Energy

Consumer Staples

Consumer Disc

S&P 500Cullen North American High Dividend

North American High Dividend Value Equity Fund

Portfolio Characteristics

16

Source: Bloomberg/FactSet/CCM

As of 31st March, 2012 Portfolio S&P 500 Index

P/E Ratio (2011) 12.6 13.4

Price / Book Ratio 2.3 2.3

Dividend Yield 4.0 2.0

Projected Long Term EPS Growth 7.1 7.7

Average Market Cap ($ Billion) $101.6 $111.3

Median Market Cap ($ Billion) $67.2 $12.3

North American High Dividend Value Equity Strategy

17

Strategy Composite Performance

Calendar Year Returns (%)

‘11 ‘10 ’09 ‘08 ‘07 ‘06 ‘05 ’04 ‘03 ‘02 ‘01 ‘00 ‘99 ‘98 ’97 ‘96 ‘95 ‘94

Strategy (Net) 11.6 10.4 12.4 -29.4 5.6 21.9 4.9 13.2 27.0 -5.6 2.0 16.7 - 6.3 8.8 29.6 19.6 32.5 4.2

S&P 500 TR USD 2.1 15.1 26.5 -37.0 5.5 15.8 4.9 10.9 28.7 -22.1 -11.9 -9.1 21.0 28.6 33.4 23.0 37.6 1.3

UCITS Strategy Composite

Cumulative Returns (%) – US$

As of May 31st, 2012 1 month 3 months YTD 1 yr 3 yrs 5 yrs 10 yrsInception

1/1/94

Strategy (Net) -4.2% -1.5% 0.6% 3.3% 46.0% -2.5% 67.5% 367.9%

S&P 500 TR USD -6.0% -3.5% 5.2% -0.4% 51.8% -4.5% 50.0% 299.6%

Cullen NAHDVE – “A” Shares USD Strategy Composite

Disclosure: Total return presented in US Dollars, NAV to NAV. Performance returns from 1st January 1994 through to 31st August 2003 are based on the Schafer Cullen Capital Management High Dividend Transaction Based Composite for Separately Managed Accounts. Net of Fee performance has been calculated by applying 1/12th of 1%, which is the Capped Total Expense Ratio of this Fund’s institutional share classes per annum, to gross monthly returns. Performance returns from 1st September 2003 onwards are based on the Retail Share Class (CHDEX) of the Cullen High Dividend Equity Fund, a U.S. Mutual Fund which is a series of the Cullen Funds Trust, a U.S. SEC registered investment company. Therefore, Net of Fees performance for each month reported above is based on a minimum Total Expense Ratio of 1% per annum. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Source: Cullen Capital Management and Lipper, a Thomson Reuters Company to 31/5/2012 *Lipper Global Sector: Equity North America Registered for sale in the United KingdomThe Standard & Poor's 500 Index is the commonly used measure of the broad U.S. stock market

10 year Strategy Risk/Return

Performance is for the underlying 

strategy and not the fund.  Please refer to 

performance disclosure included with this 

presentation.

Source: Lipper, a Thomson Reuters 

company. Total return in US Dollars. 

31/5/2002 to 31/5/2012 and  CCM 

Research 31/5/2012

18

Annualised Standard Deviation (%) – US$

As of May 31st, 2012 YTD 1 yr 3 yrs 5 yrs 10 yrs

Strategy 8.7% 10.7% 11.6% 15.7% 13.1%

S&P 500 TR USD 15.5% 15.4% 16.0% 19.1% 16.0%

UCITS Strategy Composite

Source: Lipper, May 2012

SUMMARY

19

Summary

Economic Outlook:

Mixed

The macro-economic outlook remains mixed, the US economy is showing positive signs, but overshadowed by the European debt crisis: deleveraging takes time

Consensus earnings expectations for the market in 2012 are still

too optimistic in our view

Dividend Outlook:

Positive

The amount of cash held on US companies balance sheets are at an

all time high and dividend payout ratios at an all time low: pointing to scope for further significant dividend increases

Sea change of attitude by US corporate management to paying dividends: realization that paying a growing dividend can lead to share price appreciation

Dividends will once again become an important part of the total return from equities

Lower Risk:

Invest with a long-term mindset

The key to the strategy for long-term investors is its risk-adjusted performance

Historical volatility of the strategy has been less than 4/5ths of the index but still outperformed the S&P 500 over the long-term

Morningstar Analyst View: “We think the fund is likely to outperform in sideways and down markets, and lag in strong rallies”

20

Cullen North American High Dividend Value Equity Fund

Launch Date October 2010 Administrator RBC Dexia Investor Services Ireland

Fund Size $226m Custodian RBC Dexia Investor Services Bank S.A

Structure Irish OEIC – UCITS Status Dealing Line +353 1 440 6555

Minimum Investments

Institutional Shares: $1mRetail Shares: $1,000

Countries RFS and Tax Status

UK - reporting status

Singapore (Restricted), Switzerland

Base currency US Dollar TER Capped at 0.25% above Management Fee

Distributions Quarterly Liquidity Daily

Share Class Currency Type Management Fee ISIN Code

A USD Accumulation Institutional 0.75% IE00B4Y3VK99

B USD Distribution Institutional 0.75% IE00B4YB8D55

E GBP (Hedged) Accumulation Institutional 0.75% IE00B4YC4G39

F GBP (Hedged) Distribution Institutional 0.75% IE00B4VFKM36

I EUR (Hedged) Accumulation Institutional 0.75% IE00B4XN3T34

J EUR (Hedged) Distribution Institutional 0.75% IE00B45KP075

Retail Share classes also available with the same range of currency classes as above: Management fee of 1.5%

21

Distribution History

Fund Details –

As of 31st

May 2012

*The Historic Yield reflects the total of the past 4 quarterly dividend distributions per share class as a percentage of its bid price, as of the effective date of this presentation. Withholding Tax on dividends received by the fund is paid by the fund prior to the dividend distributions being made.

Inception of Share Class 30/06/2011 30/09/2011 31/12/2011 31/03/2012 Total Historic Yield*Class B 25/02/2011 $0.09654 $0.03886 $0.13943 $0.09000 $0.36482 3.46%Class F 21/12/2010 $0.14927 $0.06594 $0.32486 $0.14130 $0.68138 4.11%