Notice No. 03/2019, dated March 31

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NOTICE NO. 03/2019 SUBJECT: FOREIGN CURRENCY TRANSACTION PRICING SCHEDULE

• Maximum Limits on Fees and Charges
• Maximum Exchange Margin Applicable to Certain Operations
• Currency for Fee Collection

Whereas it is necessary to establish maximum limits for the fees and charges levied on foreign currency transactions, as well as for the exchange margin applied to certain operations, and to define the currency for collecting the aforementioned fees, aiming to ensure the protection of financial service consumers; Under the combined provisions of item b) of paragraph 1 of Article 26 of Law No. 16/10, dated July 15 – National Bank of Angola Law, and Article 64 of Law No. 12/2015, dated June 17 – Framework Law of Financial Institutions. IT IS DETERMINED:

Article 1. (Subject Matter) This Notice establishes maximum limits for the fees and charges levied on foreign currency transactions and for the exchange margin applied to certain operations, as well as defines the currency for collecting the aforementioned fees.

Article 2. (Scope) This Notice applies to Banking Financial Institutions under the supervision of the National Bank of Angola, hereinafter referred to as Commercial Banks.

Article 3. (Limits on Fees, Charges and Exchange Margin in Certain Operations)

1. No other fees, charges or costs may be levied on foreign currency transactions, including those related to the use of cards

CONTINUATION OF NOTICE NO. 03/2019 Page 2 of 6 credit or prepaid cards abroad, beyond those referred to in the Annex to this Notice, without prior authorization from the National Bank of Angola. 2. The maximum limits on fees and charges levied on foreign currency transactions are defined in the Annex to this Notice, which forms an integral part thereof. 3. Notwithstanding the provisions in points 2.2 and 2.4 of Instruction 20/2018, dated December 3, the maximum exchange margin applicable to foreign currency sales for the settlement of letters of credit and payment of foreign currency credits is limited to what is defined in the Annex to this Notice. 4. The maximum margin referred to in the preceding paragraph for sales operations intended for the payment of foreign currency credits applies regardless of whether such credits are for interest or principal, partial or total. 5. The National Bank of Angola, based on market circumstances, may alter the items referred to in the Annex to this Notice, as well as update the margins or limits indicated herein, whenever deemed necessary.

Article 4. (Reference Currency and Collection of Fees/Charges and Applicable Margins)

1. Only the fees and charges referred to in the Annex to this Notice in foreign currency may be calculated based on that currency, while all other fees, charges and costs, regardless of the products to which they relate, must be reflected in Commercial Banks' pricing schedules in national currency and may not be indexed to any foreign currency.
2. The fees, charges and potential costs in foreign currency referred to in the Annex to this Notice, regardless of whether they are fixed or a percentage of the transaction value, must always be collected in national currency.
3. The maximum exchange margins applied to the conversion of fees, charges and potential costs calculated in foreign currency and collected in national currency are those defined in the Annex to this Notice.

CONTINUATION OF NOTICE NO. 03/2019 Page 3 of 6

Article 5. (Penalties) Non-compliance with the provisions of this Notice constitutes an offense provided for and punishable under Law No. 12/15, dated June 17 - Framework Law of Financial Institutions.

Article 6. (Questions and Omissions) Questions and omissions arising from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 7. (Transitional Provision) Commercial Banks must comply with the provisions of this Notice within 60 (sixty) days from the effective date.

Article 8. (Entry into Force) This Notice enters into force on the date of its publication.

PUBLISHED. Luanda, March 22, 2019. THE GOVERNOR JOSÉ DE LIMA MASSANO

CONTINUATION OF NOTICE NO. 03/2019 Page 4 of 6 ANNEX Limits on Fees and Charges Levied on Foreign Currency Transactions and Exchange Margin Applicable to Certain Operations

1. International Transactions Maximum 1.1 Prepaid Card per transaction Reloads/Top-ups 2.00% Withdrawals 3.00% Purchases or payments 3.00% 1.2 Credit Card Withdrawals (“cash advance” at ATMs or bank branches) 7.5% Purchases or payments 3.00%

2. Sale of Foreign Currency Banknotes Fee EUR 2.00

3. Fee and applicable exchange margin on foreign currency sales / conversion of foreign currency fees to national currency Fee - foreign currency sales 0.25% Margin - Foreign currency sales for payment of foreign currency credit 1 on the National Bank of Angola (NBA) reference exchange rate (sale) 0.25%1 Margin - conversion of fees calculated in foreign currency to national currency applicable to payment of foreign currency credit 1 on the National Bank of Angola (NBA) reference exchange rate (sale) 0.25%1 Margin - Foreign currency sales for payment of documentary credits 1 on the National Bank of Angola (NBA) reference exchange rate (sale) 0.50%1 Margin - conversion of fees calculated in foreign currency to national currency applicable to letters of credit 1 on the National Bank of Angola (NBA) reference exchange rate (sale) 0.50%1

CONTINUATION OF NOTICE NO. 03/2019 Page 5 of 6

4. Foreign Currency Cash Withdrawal from Current Account Fee 3%

5. Interbank Transfers in Foreign Currency 5.1 Issuance of Payment Orders Fee as a percentage of the transfer value, regardless of its purpose 0.60% with a maximum of EUR 450.00 Total expenses including administrative, correspondent, communication, among others.* EUR 70.00 Return due to payer error/cancellation/stop payment EUR 10.00

5.2 Receipt of Payment Orders Fee EUR 10.00

6. Documentary Collections Maximum 6.1. Documentary Collections for Imports Registration Fee 1.5% Settlement Fee 0.5% Administrative and Communication Fees EUR 60.00 Protest Fees EUR 30.00 Cancellation Fees EUR 30.00 Amendment Fees EUR 30.00

6.2 Documentary Collections for Exports Registration, Communication and Notification Fees EUR 60.00

7. Documentary Credits 7.1 Documentary Credits for Imports Opening Fee 1.25% flat Value increase Fee 1% per quarter Term extension Fee 1% per quarter Settlement Fee 0.25% Cancellation Fees EUR 30.00 Notification/Administrative and Communication Fees EUR 15.00

7.2 Documentary Credits for Exports Notification Fee 0.2% flat Confirmation Fee 1% per quarter Value increase Fee 1% per quarter

CONTINUATION OF NOTICE NO. 03/2019 Page 6 of 6

Term extension Fee 1% per quarter Notification/Administrative and Communication Fees EUR 60.00 Cancellation Fees EUR 30.00

8. Provided Guarantees (including "Standby" documentary credits) Issuance Premium (including review and preparation) 2.5% flat Guarantee Fee (including for value change/term extension) 2.5% per quarter Execution Fee in case of default 0.75% flat

• Includes fees from other Banks, when costs are borne by the payer, and does not allow an additional value debit after transfer execution based on correspondent bank costs.