SCHAFER CULLEN

CAPITAL MANAGEMENT

International High Dividend Equity

2Q 2014

STRATEGIES

International High Dividend Equity

High Dividend Value Equity

Value Equity

Small Cap Value Equity

FIRM PROFILE

Independent & Registered Investment Advisor

30 Years of Experience as a Value Investment Management Firm

Approx. $19.6 Billion Assets Under Management

42 Employees16 Investment

19 Client Service 7 Administrative

STYLE

International Value

Equity Income

BENCHMARK

MSCI EAFE Index

OBJECTIVE

Long Term Capital Growth

Current Income

STRATEGY OVERVIEW

In 1994, for investors more concerned with risk, Schafer Cullen Capital Management began managing portfolios with the Schafer Cullen High Dividend Value Equity strategy. The High Dividend strategy takes a conservative approach by including a high yield component to our low P/E discipline. Over time, significant allocations of our portfolios were invested in ADRs of international companies which added, what we considered, outstanding risk adjusted performance to our portfolios.

In 2004, for investors seeking current income and international exposure, we began managing the Schafer Cullen International High Dividend Equity portfolio. This strategy gives investors a way to participate in the long-term upside potential of international equities while at the same time providing greater than average downside protection, given dividend yield support.

Here, we select international stocks that combine the following:

We invest primarily in non-US companies whose stocks trade on foreign exchanges or offer ADRs that trade on US exchanges. By applying the Schafer Cullen High Dividend Equity investment process to an international universe, investors gain exposure to the stronger diversification and valuation characteristics of international equities, as well as the higher dividend yields and dividend growth that these equities often offer relative to US stocks.

While the foreign markets provide considerable upside potential, they are also exposed to additional political and currency risk. We believe the combination of low P/E, high dividend yield and dividend growth should offset this risk and reduce the overall volatility of the portfolio.

LOW P/E DISCIPLINE

HIGH DIVIDEND YIELDS

STRONG DPS & EPS GROWTH

2Q14 International High Dividend Summary Schafer Cullen Capital Management, Inc.

International High Dividend Equity

AN N U A L RE T U R N S (%) 2013 2012 2011 2010 2009 2008 2007 2006 2005

International High Dividend (Gross) 17.1 17.9 -7.3 7.9 28.8 -43.0 17.4 26.4 19.3International High Dividend (Net) 15.9 17.0 -7.9 7.2 27.9 -43.4 16.7 25.8 18.8MSCI EAFE Index 22.8 17.3 -12.1 7.8 31.8 -43.4 11.2 26.3 13.5S&P 500 Index 32.4 16.0 2.1 15.1 26.5 -37.0 5.5 15.8 4.9

RETURNS (%) as of June 30, 2014

QTD YTD 1 yr 3 yr 5 yr 7 yr Since Inception

International High Dividend (Net)** 5.0 4.6 19.1 7.0 11.3 0.9 8.2

MSCI EAFE Index 4.1 4.8 23.6 8.1 11.8 1.0 7.4S&P 500 Index 5.2 7.1 24.6 16.6 18.8 6.2 8.3

I N V E S T M E N T D E C I S I O N P R O C E S SINITIAL SCREEN: Bottom up approach which begins with a universe of international stocks, with market capitalizations in excess of $1 billion and a dividend yield greater than 3%.SCREEN FOR VALUE: • Price to earnings ratio which is less than the market multiple • Long term earnings growth prospects that are greater than the market multiple • High-dividend yields & strong dividend growth rate potentialFUNDAMENTAL RESEARCH: • High standards with regard to cash flow, debt to capitalization, price to book, EV to EBITDA, return on equity, payout ratios and other measures of financial strength • Leading market share, favorable business prospects, competitive advantages and other identifiable catalysts for price, EPS & DPS appreciation • Meetings and discussions with management, industry analysts, suppliers and customers • Tax efficient structures, high net dividend yields and attractive dividend policies • Unique geographic, business and quantitative exposure • Improving or stable political and currency riskPORTFOLIO CONSTRUCTION: • Diversification across approximately 35-45 stocks • No more than 30% invested in any one sector at cost • No more than 15% invested in any one industry at cost • No more than 5% invested in any one stock at cost • Generally, no more than 20% invested in any one country at cost • Generally, at least 50% in ADRs, low cash balancesSELL DISCIPLINE: • Price to earnings multiple not justified by earnings growth rate • Deteriorating fundamentals, negative business trend or change in investment thesis • Change in dividend policy or significant decline in yield due to price appreciation • Change in structure negatively impacting tax efficiency

SECTOR WEIGHTS * (%) Intl HighDividend

iSharesMSCI EAFE

Consumer Discretionary 2.3 11.8

Consumer Staples 15.2 11.1

Energy 11.8 7.4

Financials / REIT 14.9 25.4

Health Care 15.7 10.7

Industrials 11.3 12.7

Information Technology 1.2 4.3

Materials 2.9 7.9

Telecommunications 15.3 5.0

Utilities 5.4 3.8

Cash 3.9 0.0

Total 100.0 100.0

PORTFOLIO *CHARACTERISTICS

Intl HighDividend

iSharesMSCI EAFE

P/E Ratio (Forward) 13.5 14.2

P/B Value Ratio 2.4 1.8

Dividend Yield 4.5 3.3

LT Debt to Capital 28.5 30.0

LT EPS Growth (est.) 9.1 8.7

Average Market Cap. ($B) 87.0 69.9

Source: SCCM, Bloomberg 6/30/14

2Q14 International High Dividend Summary Schafer Cullen Capital Management, Inc.

GEOGRAPHIC EXPOSURE *

TOP TEN HOLDINGS (%) *

Nippon Telephone & Telegraph 3.5

Total S.A. 3.5

Novartis (ADR) 3.3

Deutsche Telekom 3.3

Nestle 3.2

GlaxoSmithKline 3.2

SSE 3.0

Imperial Tobacco Group 2.7

Orkla-Borregaard 2.7

Reckitt Benckiser 2.5

TO P FI V E CO U N T R Y EX P O S U R E *

United Kingdom 24.1

Switzerland 12.5

Germany 11.5

France 10.1

Norway 6.4

SI N C E IN C E P T I O N RI S K RE T U R N AU G U S T 31, 2004 T O JU N E 30, 2014

Developed Markets 89.3% Emerging Markets 6.8%

Asia Pacific Emerging 1.2%Cash 3.9%

EMEA 5.6%

North America 6.9%

Asia Pacific 13.3%

United Kingdom 24.1%

Continental Europe 45.0%

DISCLOSURE: Schafer Cullen Capital Management (SCCM) is an independent investment advisor registered under the Investment, Advisers Act of 1940. Cullen Capital Management, LLC (CCM) and Cullen Funds Trust (CFT) are

affiliates of SCCM. The use of the term “firm” in describing total assets refers to SCCM and CCM only. The composite benchmark is the MSCI EAFE Index for performance and valuation comparison. This benchmark is expected to have similar performance characteristics to the fund due to the internationl exposure. The

MSCI EAFE Index is a free float-adjusted market capitalization index that measures the equity market performance of developed markets, excluding the US & Canada. Returns are expressed in US dollars. This composite represents clients whose transaction costs are incorporated into a single annual fee that includes the investment management fee payable to Schafer Cullen. Clients typically

pay a single annual fee which covers all transaction costs, management fees and custodian fees, and is generally known as a “wrap fee”. Gross of fee performance is calculated gross of wrap fees and is presented only as supplemental information as mandated by GIPS. Net of fee performance is calculated net of wrap fee.

Past performance does not guarantee future results. Individual account performance will not match the composite and will depend upon various factors including market condition at the time of investment. Returns reflect the reinvestment of dividends and other earnings. It should not be assumed that recommendations made in the future will be as profitable or surpass the historical performance of the securities in the composite. This presentation is not a solicitation or recommendation to buy or sell a particular security. A complete list of all recommendations made by the investment adviser within the immediately preceding period of not less than one year is available upon request. SCCM claims compliance with the Global Investment Performance Standards (GIPS®). SCCM has received a Firm-wide GIPS Verification for the period 1994-2013. To receive a complete list and description of SCCM’s composites and/or a presentation that adheres to GIPS, contact Steve Mullooly at (212) 644-1800, smullooly@schafer-cullen.com, write Schafer Cullen Capital Management, 645 Fifth Avenue, Suite 1201, New York, New York 10022 or go to the website: www.schafer-cullen.com.

* This material is supplemental to GIPS compliance requirements and is provided for your information. This supplemental material complements

the GIPS compliant composite presentation which is available upon request or provided with this brochure in one-on-one presentations.

INVESTMENT TEAM

To receive additional information, please contact us at:Schafer Cullen Capital Management, Inc.

645 Fifth Avenue, Suite 1201, New York, NY 10022212.644.1800 800.644.6595 info@schafer-cullen.com www.schafer-cullen.com

JAMES P. CULLEN

CEO / CHAIRMAN / PORTFOLIO MANAGER

50 YEARS1983-PRESENT1978-19831975-19781971-19751964-19711961-19641961

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTDONALDSON, LUFKIN & JENRETTE - VP RAUSCHER PIERCE - NY RESEARCH GROUPSPENCER TRASK & CO. - ACCOUNT EXEC.MERRILL LYNCH - ACCOUNT EXECUTIVENAVAL OFFICER - USS ESSEXSETON HALL UNIVERSITY, B.S.

BROOKS CULLEN, VICE PRESIDENT / ANALYST

24 YEARS1994-PRESENT1993-19951990-1993

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTFORDHAM UNIVERSITY, M.B.A.MERRILL LYNCH - RETAIL ASSISTANT

CARL GARDINER, CFA, VICE PRESIDENT / ANALYST

22 YEARS 2008-PRESENT 2002-2005, 20072005-2006 1992-2000 1992

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTCOPPER ARCH CAP. - SR. ANALYST NORTH SOUND CAP. - MANAGING DIRECTORMERRILL LYNCH - DIRECTORJOHNS HOPKINS UNIVERSITY, M.A

MICHAEL KELLY, CFA, VP / DIRECTOR OF RESEARCH 10 YEARS2007-PRESENT2004-20072004

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENT NEUBERGER BERMANEMORY UNIVERSITY, B.A.

ERIK SCHAFER, ANALYST

7 YEARS2007-PRESENT2003-20072003

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTSMALL BUSINESS MANAGEMENTUNIVERSITY OF COLORADO, B.A.

ANUCA LAUDAT, ANALYST

2 YEARS2012-PRESENT2008-2012

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTCOLUMBIA UNIVERSITY, B.A.

RAHUL SHARMA

VICE PRESIDENT / PORTFOLIO MANAGER

14 YEARS1999-PRESENT1998-19991994

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENT ALES COMPANY - GENERAL MANAGERCOLLEGE OF WILLIAM AND MARY, B.A.

JENNIFER CHANG, CFA, VICE PRESDIENT / ANALYST

15 YEARS2006-PRESENT2004-200520041999-20021999

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTPNC ADVISORS WHARTON SCHOOL OF BUSINESS, M.B.A.BAIN & COMPANYRICE UNIVERSITY, B.S.

TIMOTHY CORDLE, VICE PRESIDENT / ANALYST

21 YEARS2012-PRESENT1993-201220111983-199319921979

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTSCOTT & STRINGFELLOW, V.P.ADJUNCT BUSINESS, VIRGINIA MILITARY AEROSPACE INUSTRY, PLANNING & COMM.AVERETT UNIVERSITY, M.B.A.VIRGINIA MILITARY INSTITUTE, B.A.

PRAVIR SINGH, CFA, VICE PRESIDENT / ANALYST

9 YEARS2005-PRESENT2004

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTDEPAUW UNIVERSITY, B.A.

BRIAN DRUBETSKY, VICE PRESIDENT / ANALYST

12 YEARS2013-PRESENT2010-20132009-20102007-20092004-20072002-2004

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTMANATUCK HILL PARTNERSSPENCER CAPITAL MANAGEMENTCOLUMBIA UNIVERSITY, M.B.A.NEUBERGER BERMANKPMG

STEPHEN O’NEIL, ANALYST / INVESTOR RELATIONS

29 YEARS 2002-PRESENT1985-20011977

INVESTMENT EXPERIENCESCHAFER CULLEN CAPITAL MANAGEMENTBANKER’S TRUST / DBMIDDLEBURY COLLEGE, B.A.