1 Table of Contents 1 Table of Contents 1 1.1 List of Tables 2 1.2 List of Figures 2 2 Regime Overview 3 3 State Take Assessment 5 4 Key Fiscal Terms 6 4.1 Royalties, Bonuses and Fees 6 4.1.1 Royalty 6 4.1.2 Rental Fees 6 4.1.3 Fees 6 4.2 Direct Taxation 6 4.2.1 Petroleum Income Tax 6 4.2.2 Additional Profits Tax 6 4.2.3 Ring-Fencing 7 4.3 Deductions and Depreciation 8 4.3.1 Petroleum Income Tax 8 4.3.2 Additional Profits Tax 8 4.4 Indirect Taxation 8 4.4.1 Value Added Tax 8 4.4.2 Withholding Tax 8 4.5 State Participation 8 5 Regulation and Licensing 9 5.1 Legal Framework 9 5.1.1 Governing Law 9 5.1.2 Contract Type 9 5.1.3 Title to Hydrocarbons 10 5.2 Institutional Framework 10 5.2.1 Licensing Authority 10 5.2.2 Regulatory Agency 10 5.2.3 National Oil Company 11 5.3 Licensing Process 11 5.3.1 Licensing Rounds 11 5.3.2 Bidding 11 5.4 License Terms 11 5.4.1 Duration and Relinquishments 11 5.4.2 Obligations 11 5.5 Local Content 11 6 Outlook 12 7 Contact Information 14

1.1 List of Tables Table 1: Summary 3 Table 2: Namibia, Rental Rates (NAD/km2), 2016 6 Table 3: Namibia, APT Rates (%), 2016 7 1.2 List of Figures Figure 1: Regime Flow Chart 4 Figure 2: Namibia, Indicative NPV10/boe, IRR and State Take Comparison - Regional, 2016 5 Figure 3: Legal Framework 9 Figure 4: Institutional Framework 10