CULLEN RESOURCES LIMITED — Share Issue/Capital Change 2018

Oct 22, 2018

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

Notification of Consolidation/Split

Announcement Summary

Entity name

CULLEN RESOURCES LIMITED

Applicable security for the reorganisation CUL ORDINARY FULLY PAID CULAC OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES Announcement Type Update to previous announcement Date of this announcement Tuesday October 23, 2018 Reason for the Update Shareholder approval received for the share consolidation on 23 October 2018

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

1.1 *Name of +Entity CULLEN RESOURCES LIMITED Registration Number 1.2 *Registered Number Type ABN 46006045790 1.3 *ASX issuer code CUL 1.4 *The announcement is Update/amendment to previous announcement 1.4a Reason for update to a previous announcement Shareholder approval received for the share consolidation on 23 October 2018

1.4b * Date of previous announcement(s) to this update Wednesday September 19, 2018 1.5 *Date of this announcement Tuesday October 23, 2018

Notification of Consolidation/Split

1 / 4

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

1.6 *Securities affected by the reorganisation

CUL ORDINARY FULLY PAID CULAC OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Part 2 - Approvals

2.1 *Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

==> picture [477 x 106] intentionally omitted <==

----- Start of picture text -----

Approval/Condition Date for determination Is the date estimated Approval
+Security holder Tuesday October 23, or actual? received/condition
approval 2018 Actual met?
Yes
Comments
----- End of picture text -----**

Part 3 - Reorganisation timetable and details

3.1 *+Record date

Friday October 26, 2018

3.2 Date of +security holder meeting

Tuesday October 23, 2018

3.3 Last day for trading in the pre-re-organised +securities

Wednesday October 24, 2018

3.4 *Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date.

Thursday October 25, 2018

3.5 Record date

Friday October 26, 2018

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis Monday October 29, 2018

Notification of Consolidation/Split

2 / 4

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

3.7 *+Issue date. +Deferred settlement market ends. Last day for +entity to send notices to

+security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis

Friday November 2, 2018

3.8 Trading starts on a normal T+2 basis

Monday November 5, 2018

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Wednesday November 7, 2018

Part 4 - Reorganisation type and details

4.1 *The reorganisation is

+Security consolidation

4.1a *Consolidation ratio: the +securities will be consolidated on the basis that every

22

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

4.2 *Scrip fraction rounding

Fractions rounded down to the nearest whole number or fractions disregarded

Part 5 - +Securities on issue before and after reorganisation

5.1 *+Securities on issue before and after the reorganisation

==> picture [477 x 237] intentionally omitted <==

----- Start of picture text -----

ASX +Security Code ASX +Security
CUL Description
ORDINARY FULLY
PAID
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Quoted before reorganisation reorganisation Estimated
2,598,560,131 118,116,370
ASX +Security Code ASX +Security
CULAC Description
OPTION EXPIRING
VARIOUS DATES EX
VARIOUS PRICES
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
20,000,000 909,091
----- End of picture text -----

5.2 *Exercise price of options

Notification of Consolidation/Split

3 / 4

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

ASX +Security Code ASX +Security Description CULAC OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES Quoted/unquoted Exercise price before Exercise price after Unquoted reorganisation reorganisation AUD 0.00000000 AUD 0.06600000 Part 6 - Further information 6.1 Further information relating to the reorganisation 6.2 Additional information for inclusion in the Announcement Summary

Notification of Consolidation/Split

4 / 4