London, 27 th February 2019

1. London, 27th February 2019 New Private Investment Framework & Business Opportunities in Angola ChathamHouse

2. Angola – An Agenda for Change Angola's institutional framework is changing, with a political and macro-economic agenda focused on development, transparency and inclusion Full Commitment to Transparency and Anti-Corruption practices A. Control of Budget Deficit, already with positive results and growth of the Net International Reserves of Foreign Currency B. Economic Stabilization Plan (approved by IMF ) impacting positively with reduction in inflation and convergence between formal and informal exchange rates C. D. Schedule for Privatizations of Public Companies being finalized, with future impacts on efficiency, public spending and on a pure market oriented economy

3. The Role oftheState in theEconomy The role of the State has undergone changes of paradigm, being that it is the Private Sector’s responsibility of development, diversification and economic inclusion STATE • Supervision and regulation - segregation of State agencies’ responsibilities (regulator vs. participating party in the economy (ex. new Oil & Gas Regulation Agency) • Promotion the right business environment for private investment (ex. Implementation of new Competition Law) • Promoting the right infrastructure for economic development CORE FUNCTIONS GROWTH AND ECONOMIC DIVERSIFICATION OVERALL OBJECTIVE

4. Business Environment Continuous improvement of the business environment is at the top of the Executive’s agenda, already with visible results on the Doing Business ranking Doing Business Angola – Ranking evolution (2015 = Baseline = 183º) 173rd ExamplesofOngoingInitiatives Starting a Business - Reduction from 8 to 5 procedures, scrapping of minimum capital requirement and public deed. Construction Permits - New electronic platform that has accelerated license issuing Registering Property - New Law for the Simplification and Modernization of Building, Commercial and Notarial Records (8 days for certificate issuing) Protecting Minority Investors - New laws related to good governance practices Trading Across Borders - ASYCUDA implementation (automated system for customs data) 183rd Main areas of Improvement (2016-2019): GettingElectricity TradingAcrossBorders “… eased with the modernization of the Luanda power grid” “…export & importeasedbyimplementing ASYCUDA” Starting a Business Paying Taxes “paying taxes eased & lesscostly” “…easedwiththescrappingofminimum capital requirement” Source: Doing Business

5. New PrivateInvestmentProjects The new context already has positive impacts, with private investment intentions rounding 569 M USD, in the last 6 months alone Private investment proposals registered in AIPEX (million of USD, August - December 2018) 569 Total: 215 M USD 249 M USD 57 M USD Maininvestors : Multi-countryinvestors Source: AIPEX

6. Addressing Private Investment concerns Several key initiatives are in place addressing major concerns from private investors 1. New PrivateInvestmentLaw, that caters for significant tax benefits, eliminates previous constraints on the form of company ownership and reaffirms the investors rights for repatriation of dividends, royalties and invested capital, and the newCompetitionLaw 2. AIPEX, the Private Investment and Export Promotion Agency, that provides one stop shop services to investors and can act as a facilitator in all required interaction with other Government agencies and ministries 3. Visa Processes Changes, that have been simplified and can be easily and faster obtained for investors 4. Commercial Banks’ Access to Foreign Currencies, where changes have been introduced and there has been a steady offer of foreign currency through competitive open tender processes, with offer exceeding demand

7. The New PrivateInvestmentLaw The Private Investment Law reflects the willingness and commitment of the Executive to quickly mitigate obstacles to the flow of private investment in Angola… Investment Amounts Priority Sectors Development Areas Investment Regimes Investor’s Rights Legal Guarantees • No minimum amount of investment to start a project • No obligation of sharing capital with a national investor • Priority Sectors and Development Zones that impacts in different investment regimes, with tax exemption and reduction • Investor’s rights includes the repatriation of dividends, royalties or other incomes • Jurisdictional guarantees indicates the access to Angolan courts (equal rights to investors)

8. Key Sectors for Private Investment …namelyin priority and structural sectors … PRIORITY SECTORS AGRO-INDUSTRY OCEAN ANIMAL PRODUCTS MINING ACTIVITIES TO SUPPORT CONSTRUCTION PRECIOUS STONES & METALS TOURISM CLOTHING FORESTRY STRUCTURAL SECTORS INFRASTRUCTURES ENERGY & WATER EDUCATION HEALTHCARE

9. Investment Potential per Region (1/2) …in different regions (1/2) • Cuanza-Norte • Maize production, palmar culture • Coffee and cotton crops • Agro-industry • Dynamization of Industrial poles of Lucala and Dondo • Bié • Development of the provincial cluster of agro industry, to take advantage of the high agricultural potential • Bengo • Transformation of products oriented to the internal market of Luanda • Sustainable forestry • Industrial fishing and salinas • Cuanza Sul • Agricultural production on scale • Industrial fishing center at Porto Amboim and other sea products • Huíla • Agricultural and agro-industrial development • Exploration of iron, gold and ornamental stones • Tourism Potential • Huambo • Modernization of family farming, forestry, inland fisheries and beekeeping activities • Promotion of agro-industry • Namibe • High Potential for the fishery sector • High Potential of the agro-livestock sector and promotion of agro-industrial • High Potential for Beach Tourism • Benguela • Recovery of agro-livestock industry • Development of the local fishing cluster mainly in Lobito, Benguela and BaíaFarta • Valorization of coastal and cinegetic tourism

10. Investment Potential per Region (2/2) …in differentregions (2/2) • Cabinda • Development of wood industries • Exploration of gold • Exploitation of agriculture and commercial fishing • Tourist attraction (Maiombe forest) • Uíge • Coffee and citrus production (by mass) sustainable forestry • Mining (Prospecting the Mavoio mine) • Dynamization of the Negage ind. pole c • Malange • Agro-livestock farming and agro-industry development • Forestry and Timber Industry • Touristic poles (egCalandula Falls) • Zaire • Industrial production of agricultural prod. • Coffee crop production (Robusta) • Sustainable forestry • Craft fishing • Beach tourism, nature and historical-cultural • Lunda Sul • Promotion of family and sustainable agriculture, forestry and inland fisheries • Lunda Norte • Development of mining (diamond and related activities); • Increase in Agriculture and livestock; • Promoting sustainable tourism • Moxico • Large-scale rice production • Exploration of the 2nd timber reserve • Use of mineral resources • Hotel and Tourism Opportunities • Cunene • Valorization of existing livestock and potential of agricultural production • Exploration of mineral and forestry resources • Promotion of landscape, historical and cultural tourism • Cuando Cubango • Intensive rice and maize farming • Boosting Okavango Tourism • Exploration of the row of wood

11. Come andinvest in Angola Angola invites all private investors to participate, as key partners, in its economy’s development, diversification and inclusion High potential for domestic market Diversity and abundance of natural resources Important location as gateway to Southern Africa Growing infrastructure and logistics framework Socio-economic stability and young population Executive’s high determination & commitment in attracting investment