Instruction No. 03-2020, of March 30

INSTRUCTION NO. 03-2020 of March 30 SUBJECT: EXCHANGE RATE POLICY

• Reference Exchange Rates

Considering the need to adjust the process for determining the reference exchange rates published by the National Bank of Angola, taking into account the introduction of Bloomberg’s electronic trading platform “FXGO” for foreign exchange operations by (i) oil sector companies covered by Notice No. 13/19 of December 11, (ii) Banking Financial Institutions in the interbank market, (iii) the National Bank of Angola, and (iv) other participants to be defined by the National Bank of Angola;

Pursuant to Article 40 of Law No. 16/10, dated July 15, the National Bank of Angola Law, and in exercise of the powers conferred upon me by Article 51 of said Law.

I HEREBY DETERMINE:

1. Publication of Exchange Rates 1.1. The National Bank of Angola shall publish, on its institutional portal, at 4:00 p.m. each business day, the market exchange rates of the Euro and the United States Dollar against the Kwanza. 1.2. The published exchange rates shall be an arithmetic mean of the buy and sell quotes on Bloomberg’s electronic trading platform “FXGO”, at the moment immediately preceding their publication by the National Bank of Angola.

CONTINUATION OF INSTRUCTION NO. 03-2020 Page 2 of 2 1.3. The published exchange rates are purely informative and shall not be used for market operations. 1.4. The exchange rates published by the National Bank of Angola shall be designated as “Reference Exchanges”. 2. Doubts and Omissions Doubts and omissions arising from the interpretation and application of this Instruction shall be resolved by the National Bank of Angola. 3. Revocation Instruction No. 16/2019, dated October 24, is hereby revoked. 4. Entry into Force This Instruction shall enter into force on April 1, 2020.

PUBLISH. Luanda, March 30, 2020.

THE GOVERNOR JOSÉ DE LIMA MASSANO