Industrias Penoles S.A. de C.V

Ticker: IPOAF CUSIP: P55409141 Class: Common Stock

Cullen Capital Management, LLC's Holding History (CIK: 0001362535)

Note: Option positions (PUT/CALL) are excluded.

Q2 2015

Shares 22,160 Value ($000) $361 Avg Close $16.50 Range $14.64 - $18.10

Q1 2015

Shares 22,160 Value ($000) $386 Avg Close $18.12 Range $15.55 - $19.81

Q4 2014

Shares 22,160 Value ($000) $434 Avg Close $19.46 Range $15.72 - $21.27

Q3 2014

Shares 55,160 Value ($000) $1,262 Avg Close $24.11 Range $21.26 - $26.53

Q2 2014

Shares 28,460 Value ($000) $712 Avg Close $22.92 Range $21.44 - $24.01

Q1 2014

Shares 28,460 Value ($000) $744 Avg Close $22.95 Range $20.68 - $25.34

Q3 2013

Shares 59,860 Value ($000) $1,750 Avg Close $30.28 Range $27.13 - $35.37

Q2 2013

Shares 111,750 Value ($000) $3,360 Avg Close $35.66 Range $25.67 - $45.08

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	22,160	$361	$16.50	$14.64 - $18.10
Q1 2015	22,160	$386	$18.12	$15.55 - $19.81
Q4 2014	22,160	$434	$19.46	$15.72 - $21.27
Q3 2014	55,160	$1,262	$24.11	$21.26 - $26.53
Q2 2014	28,460	$712	$22.92	$21.44 - $24.01
Q1 2014	28,460	$744	$22.95	$20.68 - $25.34
Q3 2013	59,860	$1,750	$30.28	$27.13 - $35.37
Q2 2013	111,750	$3,360	$35.66	$25.67 - $45.08