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PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 53, ON MARCH 25, 2022

NOTICE NO. 08/2022

SUBJECT: EXCHANGE RATE POLICY – Specific Exchange Rules Applicable to the Exploration, Research, Development, Production and Sale of Unassociated Natural Gas and/or its Derivatives and Provision of Associated Services

Whereas it is necessary to update the regulations governing the exchange operations of entities active in the oil sector, specifically in the exploration, research, development, production and sale of unassociated natural gas and/or its derivatives, such as condensates and liquids of unassociated natural gas and liquefied natural gas, and the provision of associated services;

Considering the provisions of the current exchange legislation and Law No. 02/12, dated January 13, which approves the Exchange Regime for the Oil Sector, aiming to balance the interests of the State, foreign investors, domestic investors and Banking Financial Institutions domiciled in the Country;

In these terms, under the combined provisions of paragraph 2 of Article 28 of Law 5/97, dated June 27, and Article 40 of Law No. 24/21, dated October 18 – the Central Bank of Angola Law.

I DETERMINE:

Article 1. (Subject Matter)

The present Notice establishes the specific exchange rules applicable to entities engaged in the Exploration, Research, Appraisal, Development, Production and Sale of Unassociated Natural Gas, its derivatives, such as condensates and liquids of unassociated natural gas and liquefied natural gas, and the provision of associated services.

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CONTINUATION OF NOTICE NO. 08/2021 Page 2 of 5

Article 2. (Scope)

The recipients of the provisions contained in this Notice are the participants in the Unassociated Natural Gas sector, in carrying out exchange operations, namely: a) Investor Companies involved in the research, development, production and/or sale of Unassociated Natural Gas, its derivatives, such as condensates and liquids of unassociated natural gas and liquefied natural gas, and the provision of associated services; b) Banking Financial Institutions, hereinafter referred to as Commercial Banks.

Article 3. (Definitions)

For the purposes of this Notice, is understood as: a) Unassociated Natural Gas – natural gas and its derivatives, such as condensates and liquids of natural gas and Liquefied Natural Gas, which is not considered associated gas to crude oil, appraised, developed and/or produced under a concession granted in accordance with the Oil Activities Law; b) Exchange Operations – any act, transaction or transfer carried out between a domestic and foreign exchange resident that may result in payment or receipt from abroad, or which is simply qualified by law as such; c) Investor Companies – commercial companies, domestic or foreign, that enter into a contract with the National Concessionaire under any of the forms provided for in the Oil Activities Law and/or that are engaged in the sale of Unassociated Natural Gas and/or its derivatives, such as condensates, liquids of unassociated natural gas and/or liquefied natural gas.

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CONTINUATION OF NOTICE NO. 08/2021 Page 3 of 5

d) Exporting Entity – Investor Companies involved in the sale of Unassociated Natural Gas and/or its derivatives, such as condensates, liquids of unassociated natural gas and/or liquefied natural gas, that export, wholly or partially, their respective Unassociated Natural Gas and/or its derivatives, such as condensates, liquids of unassociated natural gas and/or liquefied natural gas. e) Provision of Associated Services – means the provision of services associated with storage, loading, handling, processing, transportation, export and sale of Unassociated Natural Gas and/or its derivatives, such as condensates and liquids of unassociated natural gas, between Investor Companies.

Article 4. (Settlement Currency in the Sale of Unassociated Natural Gas, its Derivatives and Provision of Associated Services)

1. Transactions concerning the sale of Unassociated Natural Gas, its derivatives, such as condensates and liquids of unassociated natural gas and liquefied natural gas, and the Provision of Associated Services between Investor Companies must be carried out preferably in the national currency, but may occur in foreign currency if this results from an agreement between the parties, provided that the buyer is an Exporting Entity.
2. The settlement of sales of Unassociated Natural Gas and its derivatives, such as condensates and liquids of unassociated natural gas and liquefied natural gas, as well as the Provision of Associated Services, may be carried out in bank accounts held at Commercial Banks abroad, even if conducted between Investor Companies, provided that these ensure the maintenance of funds in bank accounts with Commercial Banks domiciled in the country, to cover associated tax liabilities and other mandatory obligations in the country, as provided for in paragraph 2 of Article 6 of Law No. 2/12, dated January 13.

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CONTINUATION OF NOTICE NO. 08/2021 Page 4 of 5

Article 5. (Sale of Foreign Currency)

Exporting Entities must sell the foreign currency necessary for the acquisition of goods and services in the domestic market in accordance with applicable legislation.

Article 6. (Capital Operations and Transfers of Profits and Dividends)

The capital export and import operations of Investor Companies, as well as the transfers of profits and dividends attributable to them, must be carried out in accordance with Law No. 2/12, dated January 13, and other applicable regulations.

Article 7. (Financing Contracts and Accounts Abroad)

The opening and maintenance of bank accounts, as well as the contracting of financing with Financial Institutions abroad, in the name of Investor Companies, is exempt from authorization by the Central Bank of Angola.

Article 8. (Penalties)

Violations of the provisions of this Notice are subject to penalties provided for in Law No. 5/97, dated June 27, the Exchange Law and other applicable legislation.

Article 9. (Doubts and Omissions)

Doubts and omissions resulting from the interpretation and application of this Notice will be resolved by the Central Bank of Angola.

Article 10. (Repealing Provision)

Notice No. 3/21, dated April 12, on Specific Exchange Rules applicable to the Exploration, Research, Development, Production and Sale of Unassociated Natural Gas and its Derivatives is hereby repealed.

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CONTINUATION OF NOTICE NO. 08/2021 Page 5 of 5

Article 11. (Entry into Force)

The present Notice enters into force on the date of its publication.

PUBLISH. Luanda, March 16, 2022.

THE GOVERNOR JOSÉ DE LIMA MASSANO