August 1, 2003
Board of Trustees
Cullen Funds Trust
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Re: Subscription for Shares of the Cullen High Dividend Equity Fund (the "Fund")
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Dear Trustees:
Xxxxx X. Xxxxxx offers to purchase from Cullen Funds Trust 10,000 shares of
beneficial interest of the Fund at a price of $10.00 per share for an aggregate
purchase price of $100,000 cash, all such shares to be validly issued, fully
paid and non-assessable upon issuance of such shares and receipt of said payment
by the Fund.
These shares are not being purchased with any present intent of
distributing or reselling the same to the public, and will be held for
investment by Cullen Funds Trust.
Sincerely,
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Accepted and Agreed to this 1st
day of August, 2003.
Cullen Funds Trust
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
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Title: Executive Vice President
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