Notice No. 11/2012 of April 12

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BANCO NACIONAL DE ANGOLA

NOTICE NO. 11/2012 of April 12

OFFICE OF THE GOVERNOR

Whereas it is incumbent upon the Bank of Angola (BNA) to define the regulation applicable to foreign exchange operations provided for in Law No. 2/12 of January 13, the Foreign Exchange Regime Applicable to the Oil Sector.

Whereas it is also incumbent upon the Bank of Angola to define a schedule for the gradual implementation as provided in paragraph 2 of Article 6 of said Law.

In exercise of the competence attributed to me under the combined provisions of Article 3 of Law 5/97 of June 27, Foreign Exchange Law, and Articles 17 and 40 of Law No. 16/10 of July 15, the Bank of Angola Law:

IT IS HEREBY DETERMINED:

Article 1 (Definitions)

For the purposes of this Notice, the definitions set forth in Articles 3 and 4 of the Law of January 13 shall apply.

Article 2 (Subject Matter)

This Notice establishes the procedures and mechanisms to be adopted in foreign exchange operations related to crude oil and natural gas exploration, search, appraisal, development, and production activities, as provided by Law No. 2/12 of January 13, and defines a schedule for their gradual implementation.

Article 3 (National Concessionaire and Investor Companies' Accounts)

1. The amounts referred to in paragraph 1 of Article 8 of Law 2/12 of January 13, the Foreign Exchange Regime Applicable to the Oil Sector, must be deposited in specific foreign currency accounts at banking financial institutions domiciled in the country, starting from May 13, 2013.

2. The National Concessionaire and investor companies, national and foreign, must make payments for the supply of goods and services mandatorily through national and foreign currency accounts opened at banking financial institutions domiciled in the country starting from October 1, 2012.

3. Supply contracts for goods and services concluded by the National Concessionaire and investor companies, national and foreign, with resident exchange entities must be settled in the national currency, mandatorily, starting from July 1, 2013.

Article 4 (Operator's Accounts)

1. The Operator must, in its own name and on behalf of the entities bearing expenses related to oil operations, make payments for supplies of goods and services mandatorily through national currency and foreign currency accounts opened at banking financial institutions domiciled in the country.

2. Payments for supplies of goods and services to resident exchange entities must be made, through the operator's accounts maintained at banking financial institutions domiciled in the country, to accounts of said supplier entities at banking financial institutions domiciled in Angola, starting from October 1, 2012.

3. The payments referred to in the preceding paragraph must be settled in the national currency starting from July 1, 2013.

4. Payments for supplies of goods and services to non-resident exchange entities must be made through the operator's accounts maintained at banking financial institutions domiciled in the country starting from October 1, 2013.

CONTINUATION OF NOTICE NO. 11/2012 2

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BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

Article 5 (Foreign Currency)

The foreign currency to be made available by the National Concessionaire and investor companies, national and foreign, to the Angolan financial system must correspond to free and internationally convertible currencies.

Article 6 (Exchange Rate)

1. The exchange rate applied by the BNA in foreign currency purchase operations is the reference primary market buying exchange rate in force on the day of the transaction, which is published daily on its website.

2. The exchange rate applied in foreign currency purchase and sale operations by banking financial institutions domiciled in Angola is freely negotiated between the parties.

Article 7 (Registration of Foreign Exchange Operations)

1. Foreign exchange operations carried out by the National Concessionaire and investor companies, national and foreign, without prior authorization of the Bank of Angola, under Articles 6, 7, and 10 of Law No. 2/12 of January 13, are subject to registration at the BNA under Articles 9 and 17 of said Law.

2. For the purposes of compliance with the preceding paragraph, banking financial institutions must, on behalf of the National Concessionaire and investor companies, national and foreign, register foreign exchange operations in the Integrated Foreign Exchange Operations System of the Bank of Angola - SINOC, according to its respective regulation.

3. The initial registration of foreign exchange operations carried out by the National Concessionaire and national investor companies subject to prior authorization of the Bank of Angola under Law No. 2/12 of January 13, 2012, must be carried out immediately following the granting of authorization by the BNA.

4. The National Concessionaire and national investor companies are obliged to transmit monthly, by the 5th business day of the following month, electronically in Excel format, to the Bank of Angola/Foreign Exchange Control Department information on the position and flows of foreign currency guarantee accounts, including disbursements and repayments of external debt service, according to the model in Annex I to this Notice, which is an integral part thereof. They are also obliged to transmit quarterly, by the 10th business day of the first month of the following quarter, information on external investment operations, according to the model in Annex II to this Notice, which is an integral part thereof.

5. Without prejudice to the preceding paragraph, banking financial institutions must register these foreign exchange operations in the Integrated Foreign Exchange Operations System of the Bank of Angola - SINOC, according to its respective regulation.

6. The Operator, on behalf of the entities bearing expenses related to oil operations, must transmit quarterly, electronically in Excel format, to the Bank of Angola/Foreign Exchange Control Department, by the 10th business day of the first month of the following quarter, a detailed list of all contracts concluded with non-resident exchange entities, specifying at least the contracted entity, subject matter, amount, currency, destination country of financial resources, and contract validity period, according to the model in Annex III to this Notice, which is an integral part thereof.

7. Without prejudice to the preceding paragraph, while foreign currency payments to resident exchange entities are permitted and occur, the Operator must also transmit quarterly, to the Bank of Angola/Foreign Exchange Control Department, by the 10th business day of the first month of the following quarter, a list of all contracts concluded with foreign currency payments to resident exchange entities, with the details indicated in the preceding paragraph and according to Annex III of this Notice.

Article 8 (Schedule for Entry into Force)

1. All foreign exchange operations, whose entry into force date is not expressly provided in this Notice, are subject to mandatory implementation by October 1, 2013.

CONTINUATION OF NOTICE NO. 11/2012 3

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BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

2. Notwithstanding the implementation dates set forth in Articles 3 and 4 of this Notice, the National Concessionaire and investors, national and foreign, may anticipate the execution of said acts.

3. For the purposes of the preceding paragraph, the act provided for in paragraph 1 of Article 3 of this Notice is excepted.

Article 9 (Infringements)

Infringements of the provisions of this Notice are punishable under the provisions of Law No. 5/97 - Foreign Exchange Law, of June 27, and Law No. 13/05 - Financial Institutions Law, of September 30.

Article 10 (Doubts and Omissions)

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

Article 11 (Entry into Force)

This Notice enters into force on May 12, 2012.

PUBLISHED

Luanda, April 12, 2012

THE GOVERNOR JOSÉ DE LIMA MASSANO

CONTINUATION OF NOTICE NO. 11/2012 5

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BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

Annex I to Notice No. 11/12 - Article 7, paragraph 4 MONTH TO WHICH IT REFERS: NAME OF THE OIL COMPANY: TAX ID NUMBER (NIF) OF THE OIL COMPANY: ASSOCIATION / PETROLEUM BLOCK:

GUARANTEE (ESCROW) ACCOUNTS ASSOCIATED WITH FINANCING CONTRACTS

| BNA AUTHORIZATION NUMBER | FINANCING ENTITY | AGENT BANK | COUNTRY | BALANCE AT END OF PREVIOUS MONTH | DATE | DISBURSEMENT | CURRENCY | AMOUNT | OPERATION DATE | CREDIT TRANSACTIONS | VALUE | OPERATION DATE | DEBIT TRANSACTIONS | VALUE | BALANCE AT END OF CURRENT MONTH | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | | | | | | | | INCOMES | | | CAPITAL | INTEREST | OTHER CHARGES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

SUBTOTALS RELATIVE TO FINANCING 1 SUBTOTALS RELATIVE TO FINANCING 2 SUBTOTALS RELATIVE TO FINANCING N

Notes:

1. Reference of BNA authorization for the escrow account
2. Domiciled financing bank
3. Balance of the guarantee account at the end of the previous month, in the currency of column 7
4. Date of financing disbursement
5. Currency of the disbursement relative to the amount in column 8
6. Amount of the disbursement
7. Date of operations occurred and credit related in column 10 and/or in column 12
8. Value of credit transfers to the guarantee account and account remuneration, occurred on the date in column 9 and in the currency of column 7
9. Date of operations occurred and debit related in columns 13, 14 and 15
10. Value of debit operations to the guarantee account, occurred on the date in column 11 and in the currency of column 7
11. Value of amortized capital debited to the account, occurred on the date in column 11 and in the currency of column 7
12. Value of interest debited to the account, occurred on the date in column 11 and in the currency of column 7
13. Value of other charges debited to the account, occurred on the date in column 11 and in the currency of column 7
14. Balance of the guarantee account at the end of the month and in the currency of column 7

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BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

Annex II to Notice No. 11/12 - Article 7, paragraph 4 REFERS TO: OIL COMPANY:

EXTERNAL INVESTMENTS

INVESTMENT PROJECTS

ASSOCIATED ENTITY	COUNTRY	SUBJECT MATTER OF INVESTMENT	CURRENCY OF INVESTMENT	PREVIOUS POSITION	CAPITAL CONTRIBUTIONS DURING THE PERIOD	REDUCTIONS TO INVESTMENT DURING THE PERIOD	PROFITS AND DIVIDENDS	CURRENT POSITION
					DATE	AMOUNT	DATE	AMOUNT
1 2 3 4 5 6 7 8 9 10 11 12

SUBTOTALS OF PROJECT 1 SUBTOTALS OF PROJECT 2 SUBTOTALS OF PROJECT N

Notes:

1. Name of the associated entity in the investment project
2. Country of the associated entity
3. Brief description of the subject matter of investment
4. Currency defined for carrying out the investment
5. Balance of the investment at the end of the month prior to that to which the Statement refers, in the currency of column 4
6. Date of capital contribution made during the month, in the currency of column 4
7. Amount of capital contributions made during the month, in the currency of column 4
8. Day of the month relative to the decreases referred to in column 9
9. Amount of investment reductions during the month, in the currency of column 4
10. Amount of distributed profits and dividends during the month, in the currency of column 4
11. Amount of reinvested profits and dividends during the month, in the currency of column 4
12. Balance of the investment at the end of the period to which the Statement refers, in the currency of column 4, according to amounts from columns 5, 7, 9, 10 and 11

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BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

Annex III to Notice No. 11/12 - Articles 7, paragraphs 6 and 7

INFORMATION STATEMENT OF CONTRACTS IN FORCE

TAX ID NUMBER (NIF) OF THE OPERATING OIL COMPANY: ASSOCIATION / PETROLEUM BLOCK: PERIOD TO WHICH THE INFORMATION REFERS:

CONTRACTED ENTITY	SUPPLY CONTRACT FOR GOODS AND SERVICES	PAYMENT CONDITIONS	BNA LICENSING, IF APPLICABLE
NAME	NIF	RESIDENT / NON-RESIDENT	COUNTRY OF CONTRACTED ENTITY
1 2 3 4 5 6 7 8 9 10 11 12 13

Notes:

1. Name of the contracted entity for supply of goods and services
2. NIF of the contracted entity
3. Quality of exchange residence of the contracted entity as defined in art 4 of Law 05/97
4. Country of domicile of the contracted entity
5. Country of payment of the supply contract
6. Date of signing of the supply contract
7. Validity date of the supply contract
8. Subject matter of the supply contract
9. Currency contracted for payment of the amount referred to in column 10
10. Total value of the contract in the currency of column 9
11. Periodicity of payment of the amount referred to in column 12
12. Value of each contracted installment in the currency of column 9
13. Reference of BNA licensing, if applicable