June 27, 2000
Board of Trustees
Cullen Funds Trust
645 Fifth Avenue
New York, NY 10022
Re: SUBSCRIPTION FOR SHARES OF THE CULLEN VALUE FUND (THE "FUND")
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Dear Trustees:
James P. Cullen 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/ JAMES P. CULLEN
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James P. Cullen
ACCEPTED AND AGREED to this 27th day of June, 2000.
Cullen Funds Trust
By: /S/ CURTIS J. FLANAGAN
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Name: CURTIS J. FLANAGAN
Title: TRUSTEE
