WELL POSITIONED FOR

Cullen Resources Limited

RE‐RATING

INVESTOR PRESENTATION ‐ NOVEMBER 2015

Chris Ringrose - Managing Director

IMPORTANT NOTICE

This presentation has been prepared by Cullen Resources Limited ACN 006 045 790 (Cullen) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in Cullen, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation.

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control on Cullen and its directors, officers and advisers. Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified for Cullen or its directors and officers, nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation.

1. MAINTAIN 30% EQUITY POSITION ‐

   Mt STUART IRON ORE JV (MSIOJV)

2. DRILL GOLD TARGETS - Mt EUREKA

3. DRILL NICKEL SULPHIDE TARGETS - Mt EUREKA

4. DIVEST COPPER (Cue) and TUNGSTEN (NSW) PROJECTS

5. PROGRESS TARGETING FOR Ni, Au and Li. NEW, EARLY STAGE PROJECTS : DUNDAS (ALBANY‐FRASER REGION) - Ni and Au; and, CENTRAL PILBARA - Li

6. ON‐GOING PROJECT GENERATION

7. 1:2 RIGHTS ISSUE OFFER AT 0.2c IN PROGRESS TO RAISE up to ~$1.38M (CLOSING 24 NOVEMBER 2015)

1

IRON ORE RESERVE

DRILL TARGETS ‐ 4

2 NICKEL SULPHIDES

AND GOLD

3

TARGET GENERATION