Updated Statement of Commitments

19 December 2016

                                    STATEMENT OF COMMITMENTS
                              BASED ON ACTUAL FUNDS RAISED – $5,800,000
Ausnet Financial Services Limited (formerly Namibian Copper Limited) (the Company) intends to apply funds raised
from the Offer over the first two years following re-admission of the Company to the official list of ASX as follows:

Item                                                                            Notes                     Percentage of
                                                                                        Amount of Funds       Funds
                                                                                            $'000s              %
Total pre-Completion pro-forma cash                                               1             1,026.0
Total funds raised under the Offer (before costs)                                 2             5,800.0

Total Funds Available                                                                           6,826.0

Business Development/National Roll-out                                                          2,300.0            33.7
Platform Development                                                                              550.0             8.1
Expenses of the Offer (excl. Lead Manager fees)                                   3               653.0             9.6
East Coast Expansion                                                                              500.0             7.3
General Operations and Working Capital                                                          2,823.0            41.3

Total                                                                                           6,826.0           100.0

Notes:
1.
        Represents combined cash of the Company and Ausnet as at 31 March 2016
2.
        Total funds raised under the Public Offer of 290,000,000 Shares at an Offer Price of 2.0 cents each (before costs)
3.
        Refer to table below for the itemised costs of Completion:
        Estimated Cost                                                                                           Amount
                                                                                                                  $'000s
        ASIC fees                                                                                                    2.0
        ASX fees                                                                                                    67.0
        Corporate advisory fees                                                                                     49.0
        Investigating Accountant's fees                                                                             20.0
        Joint Lead Managers' and Joint Underwriting fees                                                           367.0
        Legal expenses                                                                                             140.0
        Printing, marketing and distribution, and share registry                                                     8.0

        Total Costs of Completion                                                                                  653.0

Jay Stephenson
COMPANY SECRETARY

Ausnet Financial Services Limited ABN 118 913 232
Registered Office
Suite 12, Level 1, 11 Ventnor Avenue
PO Box 52, West Perth WA 6872
Tel: +61 8 6141 3500 | Fax: + 61 8 6141 3599