03 04

MATURITY 2018 - 2020

COSTS 1,50%

| 2 | BNI PROJECTS

PROJECT BETA PROPETY INVESTMENT FUND

YIELD 10% - 20%

MATURITY 10 YEARS

| 3 | BNI TERM DEPOSITS

6M 12M

100K - 5M

>5M - 50M

>50M - 100M

100M+

AMOUNT 1M 2M 3M

10,90%

11,40%

11,90%

12,40%

11,05%

11,55%

12,05%

12,55%

11,20%

11,70%

12,20%

12,70%

11,35%

11,85%

12,35%

12,85%

11,50%

12,00%

12,50%

13,00%

05

BOND MARKET

07 MARKET ANALYSIS

MARKET BULLETIN

01 02 CROSS CURRENCY MATRIX

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PASSION FORANGOLA.To realise, develop and participate in Angola’s growth.This is where we apply our passion. To always do better.

| 1 | USD INDEXED BOND

BNI: INVESTMENTOPPORTUNITIES

Source:

Graphic Nº 2

Avenida Che-Guevara nº42-A,Bairro Maculusso - Município da IngombotaPO Box: 578 Luanda - Angola

Fax (+244) 222 371 887

HEAD OFFICE II

Avenida Pedro Castro Van-Dumen Loy Condominio Plaza - Torre A Mirantes Talatona Luanda - Angola

Tel. (+244) 222 632 900 / (+244) 222 632 901Fax: (+244) 222 371 887

Luanda - Angola

Tel: (+244) 222 632 900 / (+244) 222 632 901

Condominio Plaza - Torre A Mirantes Talatona Luanda - Angola

Tel. (+244) 222 632 900 / (+244) 222 632 901Fax: (+244) 222 371 887

HEAD OFFICE I

06

Standard Bank Angola (SBA) is the first company in Angola to see its Bonds admitted to BODIVA (Angolan Stock Exchange), more precisely in the private bond market that started the negotiation of the South African bank bonds about a month ago, in a ceremony that had the right of opening with a bell ring. The SBA's only private bond trading transaction resulted in 700 million Kz of a total of 4.7 billion issued in this first tranche which corresponds to about 50% of the SBA's bond issue program in the aggregate amount of 9.5 billion that was approved in 2018 by CMC (graph nº 1).

This fact demonstrates that although bonds issued by the SBA are offering a coupon of 17% well above the OTNRs issued by the state (coupons of 12%), the market continues to have a greater demand for indexed treasury bonds that have served as mitigation of the risk represented by the volatility of the national currency.

Exchange rate devaluation and economic slowdown have also contributed to the loss of purchasing power for many Angolans. From 2014 until now there has been a fall in the purchasing power of public sector workers of about 55% (graph nº 2), since prices rose 2.5 times in this period and wages only 10%. This trend tends to remain as per the IMF's Broadening Government Financing Program plan, which determines that the wage increases should not be higher than inflation which is expected to decrease to one digit.

Taking into account the IMF's Broadening Government Financing Plan, the state's public debt had to be revised. Under the terms of the agreement, the Sonangol and TAAG debts must be included in the Public Debt perimeter as well as the inclusion of public guarantees and external arrears. This means that the Angolan public debt has risen from the past 67% to 91% of Angolan GDP 2018, representing approximately 95 billion USD (graph nº 3). BNI - International Finance

Source:

Graphic Nº 3

BT

BT

BT

OTX

OTX

OTX

BT - Treasury Bills - Bonds Indexed to USDOTX

91 DAYS

182 DAYS

364 DAYS

3 YEARS

4 YEARS

5 YEARS

16,15%

20,25%

23,90%

7,00%

7,50%

7,75%

Graphic Nº 1

Source

PUBLIC EMPLOYEE´S PURCHASING POWER

REVISED PUBLIC DEBT

2019, a new yearfor new business.

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SBA CORPORATE BONDS

07 - 11 Jan 2019

FonteXECurrency

1 AOA

1 USD

1 GBP

1 EUR

1 ZAR

1,00000

0,00323

0,00254

0,00283

0,04513

309,176

1,00000

0,78509

0,87399

13,9539

393,812

1,27375

1,00000

1,11324

17,7738

353,752

1,14418

0,89828

1,00000

15,9657

22,1569

0,07166

0,05626

0,06263

1,00000

AOA USD GBP EUR ZAR

BODIVA

Expansão

2014 - 2019

0%

-10%

-20%

-30%

-40%

-50%

-60%

Poder de compra de trabalhadores públicos

FMI

GDP 2018 Public Debt 2018 Rivised D.P FMI

120 000 000 000,00

100 000 000 000,00

80 000 000 000,00

60 000 000 000,00

40 000 000 000,00

20 000 000 000,00

STB Bonds Bought

10 000 000 000,00

9 000 000 000,00

8 000 000 000,00

7 000 000 000,00

6 000 000 000,00

5 000 000 000,00

4 000 000 000,00

3 000 000 000,00

2 000 000 000,00

1 000 000 000,00

0,00