Directive No. 09, of December 20, 2024

GOVERNOR DIRECTIVE NO. 09/2024 ORIGIN: MARKETS DEPARTMENT (DME) DATE 20/12/2024 SUBJECT: FINANCIAL SYSTEM − Requirements for Calculation and Compliance of Mandatory Reserves

Given the need to update the requirements for determining and complying with Mandatory Reserves in line with the current macroeconomic framework, aiming at the efficiency of monetary policy instruments, pursuant to Instruction No. 06/2024 of June 12 on Mandatory Reserves; This Directive serves to establish the following:

1. The period for establishing the incidence base for calculating Mandatory Reserves in national currency (NC) and foreign currency (FC) is monthly, with calculation performed in the following month (m+1) after balance formation (m), and compliance occurring in the subsequent month (m+2);
2. The Mandatory Reserves coefficient in NC to be applied to the monthly average balances of the items comprising the incidence base, as provided in paragraph 2 of Instruction No. 06/2024 of June 12 on Mandatory Reserves, is 21% (twenty-one percent).
3. The Mandatory Reserves coefficient to be applied to the monthly average balances of accounts for Local Governments and Municipal Administrations - NC, is 21% (twenty-one percent).
4. Daily balances of the Mandatory Reserves account in NC, opened at the Bank of Angola (BNA) in the name of each Banking Financial Institution, are eligible for compliance with Mandatory Reserves in NC.

CONTINUATION OF DIRECTIVE NO. 09/2024 Page 2 of 4 5. Non-compliance with the Mandatory Reserves level will be considered whenever the average balance during the period in the Mandatory Reserves account is lower than the effective requirement. 6. Daily balances of guarantee accounts for the Credit Transfer Subsystem (STC), Check Clearing Subsystem (SCC), Direct Debits Subsystem (SDD), and Multicaixa subsystem (MCX) are not eligible for compliance with Mandatory Reserves in NC. 7. The Mandatory Reserves coefficient in FC to be applied to the monthly average balances of the items comprising the incidence base, as provided in paragraph 3 of Instruction No. 06/2024 of June 12 on Mandatory Reserves, is fixed at 22% (twenty-two percent). 8. The Mandatory Reserves coefficients to be applied to the daily balances of accounts for Central Government - FC, Local Governments and Municipal Administrations - FC, are 100% (one hundred percent). 9. The following assets are eligible for compliance with Mandatory Reserves in FC: a) Foreign currency National Treasury Bonds issued after the publication date of this Directive, belonging to the own portfolio of Banking Financial Institutions, registered in SIGMA, up to 50% (fifty percent) of the effective requirement; and b) The balance of the foreign currency deposit account opened at the Bank of Angola, in the name of each Banking Financial Institution, reduced by the corresponding 100% (one hundred percent) of deposits in the name of the Central Government, maintained in the books of the Financial Institution. 10. The Credit Rights item comprises: a) 80% (eighty percent) of Assets representing the value of disbursements for credits in NC in regular status, relating to projects in the agriculture, livestock, forestry, and fisheries sectors, granted up to April 14, 2021, provided they have a residual maturity equal to or greater than 24 (twenty-four) months; b) Credits defined according to Article 8 of Notice No. 10/22 of April 6 on Credit Granting to the Real Sector of the Economy, regardless of residual maturity; c) Credits defined according to Article 11 of Notice No. 09/23 of August 3 on Housing Credit Granting, regardless of residual maturity; d) The outstanding principal of the effective credits to be deducted from mandatory reserves, referred to in the preceding sub-items, shall only be processed after validation by the Organizational Unit of the Bank of Angola responsible for credit monitoring within the scope of the aforementioned regulations; e) For purposes of total or partial deduction of credit rights, Banking Financial Institutions must submit information to the Organizational Unit of the Bank of Angola responsible for Credit Monitoring within the scope of the aforementioned regulations, indicating the credits to be deducted from Mandatory Reserves. f) Credit rights are suspended until proper regularization with the Organizational Unit of the Bank of Angola responsible for Credit Monitoring, relating to all credit operations granted under Notice No. 10/22 of April 6 and Notice No. 09/2023 of August 3, which are in a state of non-compliance for a period equal to or greater than 180 (one hundred and eighty) days." 11. For the purpose of establishing the incidence base for calculating Mandatory Reserves, Banking Financial Institutions must consider deposits from November 1, 2024. 12. Effective compliance with the requirement mentioned above must occur starting January 1, 2025. 13. Doubts and omissions arising from the interpretation of this Directive are resolved by the Bank of Angola.

CONTINUATION OF DIRECTIVE NO. 09/2024 Page 3 of 4 14. Directive No. 04/24 of June 17 is hereby revoked, along with all regulations contrary to the provisions of this Directive. 15. This Directive enters into force on the date of its publication. Luanda, December 20, 2024. MARKETS DEPARTMENT Tânia Patrícia de Oliveira Mendes Lopes -Director-