Notice No. 03/2021, April 12 – Specific Exchange Rate Rules Applicable to Non-Associated Natural Gas Exploration, Research, Development, Production and Sale

PUBLISHED IN THE OFFICIAL GAZETTE, I SERIES, NO. 63, OF APRIL 12, 2021 NOTICE NO. 03/2021 SUBJECT: EXCHANGE RATE POLICY - Specific Exchange Rate Rules Applicable to the Exploration, Research, Development, Production and Sale of Non-Associated Natural Gas and Its Derivatives Whereas the provisions of the current exchange rate legislation, Law No. 02/12 of January 13, which approves the New Exchange Rate Regime for the Oil Sector, and taking into account the Executive's policy to ensure financial intermediation of oil operations, aiming to balance the interests of the State, foreign investors, domestic investors and Banking Financial Institutions domiciled in the Country; Whereas it is necessary to update the regulations governing the exchange rate operations of entities active in the oil sector, specifically in the Exploration, Research, Development, Production and Sale of Non-Associated Natural Gas and its derivatives, aiming to maximize the value of resources existing in onshore and offshore blocks through a differentiated exchange rate regime; Therefore, under the combined provisions of Article 28(2) of Law 5/97 of June 27, and Article 51 of Law No. 16/10 of July 15, the National Bank of Angola Act. I HEREBY DETERMINE: Article 1. (Subject Matter) This Notice establishes the specific exchange rate rules applicable to entities engaged in the Exploration, Research, Appraisal, Development, Production and Sale of Non-Associated Natural Gas and its derivatives. CONTINUATION OF NOTICE NO. 03/2021 Page 2 of 5 Article 2. (Scope) The recipients of the provisions contained in this Notice are the stakeholders in the Non-Associated Natural Gas sector, in carrying out exchange rate operations, namely: a) Companies involved in the research, development, production and/or sale of Non-Associated Natural Gas and its Derivatives; b) Banking Financial Institutions. CONTINUATION OF NOTICE NO. 03/2021 Page 3 of 5 Article 3. (Definitions) For the purposes of this Notice, it is understood that: a) Non-Associated Natural Gas – natural gas that is not considered associated with crude oil, appraised, developed and/or produced under a concession granted in accordance with the Oil Activities Law; b) Banking Financial Institutions – Banks, companies whose main activity consists of receiving deposits or other refundable funds from the public in order to invest them on their own account, by granting credit, in accordance with Article 4 of the Financial Institutions Law; c) Exchange Rate Operations: any act, transaction or transfer carried out between a domestic and foreign exchange resident, which may result in payment or receipt from abroad, or which is simply qualified as such by law; d) Integrated Exchange Rate Operations System (SINOC) – automated information system provided by the National Bank of Angola to Banks, for registration, monitoring and control of exchange rate operations; e) Companies involved in the Research, Development, Production and/or Sale of Non-Associated Natural Gas and its Derivatives – commercial companies, national or foreign, that enter into a contract with the National Concessionaire under any of the forms provided for in the Oil Activities Law. CONTINUATION OF NOTICE NO. 03/2021 Page 4 of 5 Article 4. (Settlement Currency in the Sale of Non-Associated Natural Gas and Its Derivatives)

1. Sales of Non-Associated Natural Gas to foreign exchange residents are settled in foreign currency, and the total revenue from each export operation must be deposited into a foreign currency account at Banking Financial Institutions domiciled in the country, held by Investor Companies engaged in the Exploration, Research, Development, Production and Sale of Non-Associated Natural Gas.
2. Services provided by domestic exchange residents in the sale of Non-Associated Natural Gas to foreign exchange residents are charged and settled in foreign currency.
3. Transactions between domestic exchange residents regarding the sale of Non-Associated Natural Gas should preferably be carried out in national currency, but may be carried out using own foreign currency funds, if agreed by the parties, provided that the buyer is an export entity. CONTINUATION OF NOTICE NO. 03/2021 Page 5 of 5 Article 5. (Availability of Foreign Currency) Export entities of Non-Associated Natural Gas must sell the foreign currency necessary for the acquisition of goods and services in the domestic market and maintain balances in foreign currency at Banks domiciled in the country for the settlement of foreign currency expenses. Article 6. (Procedures for the Sale of Foreign Currency) The negotiation and sale of foreign currency by export entities must be carried out, in accordance with Instruction No. 2/2020 of March 30 and other applicable exchange rate legislation. Article 7. (Capital Operations and Transfers of Profits and Dividends)
4. The capital export and import operations of foreign investors, as well as the transfers of profits and dividends attributable to these investors, must be carried out in accordance with Law No. 2/2012 of January 13 and other current regulations.
5. Capital export operations and the transfer of profits or dividends must be settled by debiting the foreign currency account held by the domestic exchange paying entity in the country, using own funds. Article 8. (Financing Contracts and Foreign Accounts)
6. The opening and maintenance of accounts at Banking Financial Institutions domiciled abroad, in the name of domestic exchange residents, is subject to prior authorization by the National Bank of Angola, and the opening of an escrow account may be authorized for the purpose of debt service repayment.
7. The contracting of financing abroad is not subject to approval or licensing by the National Bank of Angola, and the interested entity must submit, through its national Banking Financial Institution where its account is domiciled, complete information on the terms and conditions of the proposed financing. Article 9. (Registration of Exchange Rate Operations) The exchange rate operations carried out by the companies covered by this Notice must be registered in SINOC, in accordance with exchange rate regulations. Article 10. (Penalties) Violations of the provisions of this Notice are subject to penalties provided for in Law No. 5/97 of June 27, Exchange Rate Law, and Law No. 12/2015 of June 17, Basic Law of Financial Institutions, and other applicable legislation. Article 11. (Questions and Omissions) Questions and omissions resulting from the interpretation and application of this Notice will be resolved by the National Bank of Angola. Article 12. (Entry into Force) This Notice enters into force on the date of its publication. PUBLISH. Luanda, April 01, 2021. THE GOVERNOR JOSÉ DE LIMA MASSANO