Ausnet Services : Appendix B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

AusNet Services Ltd

ABN

ABN 45 603 317 559

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1. +Class of +securities issued or to be issued
2. Number of+securities issued or to be issued (if known) or maximum number which may be issued
3. Principal terms of the+securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully paid ordinary shares.

37,146,857

Same terms as existing ordinary shares.

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 1

4 Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

From the issue date the new ordinary shares will rank equally with existing ordinary shares.

Not applicable

1. Issue price or consideration
2. Purpose of the issue
   (If issued as consideration for the acquisition of assets, clearly identify those assets)

6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the+securities the subject of this Appendix 3B, and comply with section 6i

6b The date the security holder resolution under rule 7.1A was passed

6c Number of +securities issued without security holder approval under rule 7.1

A$1.75

The ordinary shares will be issued pursuant to the AusNet Services Distribution Reinvestment Plan and the proceeds used for capital management purposes and to fund capital expenditure.

No

Not applicable

Not applicable

6d	Number of +securities issued with	Not applicable
	security holder approval under rule
	7.1A
6e	Number of +securities issued with
Not applicable
	security holder approval under rule
	7.3, or another specific security
	holder approval (specify date of
	meeting)

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 2

6f Number of +securities issued under an exception in rule 7.2

6g If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation.

Not applicable

Not applicable

6h	If +securities were issued under rule	Not applicable
	7.1A for non‐cash consideration, state
	date on which valuation of
	consideration was released to ASX
	Market Announcements
6i	Calculate the entity's remaining issue
Not applicable
	capacity under rule 7.1 and rule 7.1A -
	complete Annexure 1 and release to
	ASX Market Announcements
7	+Issue dates
27 June 2019
	Note: The issue date may be prescribed by ASX (refer
	to the definition of issue date in rule 19.12). For
	example, the issue date for a pro rata entitlement
	issue must comply with the applicable timetable in
	Appendix 7A.
	Cross reference: item 33 of Appendix 3B.

1. Number and+class of all +securities quoted on ASX (includingthe +securities in section 2 if applicable)
2. Number and+class of all +securities not quoted on ASX (includingthe +securities in section 2 if applicable)

Number	+Class
3,689,811,233	Ordinary shares

Number	+Class
Nil

10 Dividend policy (in the case of a There will be no change in dividend policy.trust, distribution policy) on the

increased capital (interests)

Part 2 - Pro rata issue

11	Is security holder approval required?	Not applicable

12 Is the issue renounceable or non‐ Not applicablerenounceable?

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 3

1. Ratio in which the+securities will be offered
2. +Class of +securities to which the offer relates
3. +Record date to determine entitlements
4. Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

Not applicable

Not applicable

Not applicable

Not applicable

1. Policy for deciding entitlements inNot applicablerelation to fractions
2. Names of countries in which theNot applicableentity has security holders who will
   not be sent new offer documents

	Note: Security holders must be told how their
	entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for receipt of acceptances
Not applicable
	or renunciations
20	Names of any underwriters
Not applicable

21	Amount of any underwriting fee or	Not applicable
	commission

1. Names of any brokers to the issue
2. Fee or commission payable to the broker to the issue
3. Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders

Not applicable

Not applicable

Not applicable

25	If the issue is contingent on security	Not applicable
	holders' approval, the date of the
	meeting
26	Date entitlement and acceptance form
Not applicable
	and offer documents will be sent to
	persons entitled
+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 4

27	If the entity has issued options, and	Not applicable
	the terms entitle option holders to
	participate on exercise, the date on
	which notices will be sent to option
	holders

1. Date rights trading will begin (ifNot applicableapplicable)
2. Date rights trading will end (ifNot applicableapplicable)
3. How do security holders sell theirNot applicableentitlements in fullthrough a broker?

31	How do security holders sell partof	Not applicable
	their entitlements through a broker
	and accept for the balance?
32	How do security holders dispose of
Not applicable
	their entitlements (except by sale
	through a broker)?
33	+Issue date
Not applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of +securities (tick one)

(a)		+Securities described in Part 1

1. All other+securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 5

36If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 ‐ 1,000

1,001 ‐ 5,000

5,001 ‐ 10,000

10,001 ‐ 100,000

100,001 and over

37		A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

1. Number of+securities for which +quotation is sought
2. +Class of +securities for which quotation is sought
3. Do the+securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?
   If the additional +securities do not rank equally, please state:
4. • the date from which they do
   • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
   • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
5. Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another +security, clearly identify that other +security)

Number+Class

42 Number and +class of all +securities quoted on ASX (includingthe +securities in clause 38)

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 6

Quotation agreement

1	+Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote
	the +securities on any conditions it decides.

2 We warrant the following to ASX.

• The issue of the+securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those+securities should not be granted +quotation.
• An offer of the+securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any+securities to be quoted and that no‐one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the+securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

1. We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
2. We give ASX the information and documents required by this form. If any information or document is not available now, we will give it to ASX before+quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

Date: 27 June 2019

	(Company Secretary)
Print name:	Claire Hamilton

== == == == ==

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 7

Appendix 3B - Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for eligible entities

Introduced 01/08/12 Amended 04/03/13

Part 1

Rule 7.1 - Issues exceeding 15% of capital

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

Insertnumber of fully paid +ordinary	Not applicable
securities on issue 12 months before the
+issue date or date of agreement to issue
Addthe following:	Not applicable
• Number of fully paid +ordinary securities
issued in that 12 month period under an
exception in rule 7.2
• Number of fully paid +ordinary securities
issued in that 12 month period with
shareholder approval
• Number of partly paid +ordinary
securities that became fully paid in that
12 month period
Note:
• Include only ordinary securities here -
other classes of equity securities cannot
be added
• Include here (if applicable) the
securities the subject of the Appendix
3B to which this form is annexed
• It may be useful to set out issues of
securities on different dates as separate
line items
Subtractthe number of fully paid +ordinary	Not applicable
securities cancelled during that 12 month
period
"A"	Not applicable

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 8

Step 2: Calculate 15% of "A"

"B"	0.15
	[Note: this value cannot be changed]
Multiply"A" by 0.15	Not applicable

Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used

Insertnumber of +equity securities issued	Not applicable
or agreed to be issued in that 12 month
period not countingthose issued:
• Under an exception in rule 7.2
• Under rule 7.1A
• With security holder approval under rule
7.1 or rule 7.4
Note:
• This applies to equity securities, unless
specifically excluded - not just ordinary
securities
• Include here (if applicable) the
securities the subject of the Appendix
3B to which this form is annexed
• It may be useful to set out issues of
securities on different dates as separate
line items
"C"	Not applicable

Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1

"A" x 0.15	Not applicable
Note: number must be same as shown in
Step 2
Subtract "C"	Not applicable
Note: number must be same as shown in
Step 3
Total["A" x 0.15] - "C"	Not applicable
	[Note: this is the remaining placement
	capacity under rule 7.1]

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 9

Part 2

Rule 7.1A - Additional placement capacity for eligible entities

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

"A"	Not applicable

Note: number must be same as shown in

Step 1 of Part 1

Step 2: Calculate 10% of "A"

"D"0.10

Multiply"A" by 0.10

Not applicable

Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used

Insertnumber of +equity securities issued	Not applicable
or agreed to be issued in that 12 month
period under rule 7.1A
Notes:
• This applies to equity securities - not
just ordinary securities
• Include here - if applicable - the
securities the subject of the Appendix
3B to which this form is annexed
• Do not include equity securities issued
under rule 7.1 (they must be dealt with
in Part 1), or for which specific security
holder approval has been obtained
• It may be useful to set out issues of
securities on different dates as separate
line items
"E"	Not applicable

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 10

Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A

"A" x 0.10	Not applicable
Note: number must be same as shown in
Step 2
Subtract "E"	Not applicable
Note: number must be same as shown in
Step 3
Total["A" x 0.10] - "E"	Not applicable
	Note: this is the remaining placement
	capacity under rule 7.1A

+ See chapter 19 for defined terms.
04/03/2013	Appendix 3B Page 11