ANGOLAMay 2015y

INTERNATIONAL SUPPORT KIT OF OPPORTUNITIESOPPORTUNITIES

The Country's Economic Context

Industry Structure

I i l T d Bil l T d i h P l d O i iInternational Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Angola 2

ANGOLA Business Environment and Key FactorsBusiness Environment and Key Factors

Business environment

Ease of doing business 181/189(Doing Business 2015 ranking)

Investor protection 94/189C b d t d 167/189Cross-border trade 167/189Contract fulfilment 187/189

Economic Freedom 160/178(Economic Freedom 2014 ranking)

Luanda

Competitiveness 142/144(Global Competitiveness Index 2014-2015 ranking)

Basic Requirements 137/144Infrastructure 139/144Infrastructure 139/144Institutions 143/144

Efficiency Enhancers 140/144

Innovation and Sophistication 144/144p

Cosec (Risk group) 5Grade 1 (lowest risk) to 7 (highest risk)

Standard & Poor’s (Rating)

S IMF W ld B k COSEC W ld E i F Gl b l H it

(AAA rating (lowest risk) to D (highest risk, default))

Long term debt in local currency BB-Long term debt in foreign currency BB-Outlook Stable

Capital: Luanda Official Language: PortuguesePopulation (Millions): 20.82 million (2013) Surface Area: 1 246 thousand km2

Time Zone: GMT+1 Currency: Kwanza (AOA)Type of Government: Presidential Religion: Catholic majority

3ISKO Angola

Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage..

Macroeconomic IndicatorsANGOLA

2013 2014 2015E 2016E 2017E

Macroeconomic Indicators

GDPCurrent pricesEUR billion

93.5 96.8 96.5 110.3 118.8

GDP real growth ratePercentage

6.8 4.2 4.5 3.9 5.1

Inflation RatePercentage

Exchange Rate

8.8 7.3 8.4 8.5 7.7

128 2 130 6 120 0 121 0Exchange RateEUR/AOA

Current AccountP t f GDP

128.2 130.6 120.0 118.0 121.0

6.7Percentage of GDP

Fiscal BalancePercentage of GDP

-0.8 -6.3 -4.2 -2.6

-0.3-2 8 4 7 -2.3 -2.2

E Estimates.Sources: IMF, Bloomberg.

2.8 -4.7 2.3

4ISKO Angola

International IntegrationANGOLA International Integration

CPLP – Community of Portuguese-Speaking CountriesComprising Portugal, Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, SãoTomé and Príncipe and East Timor, it seeks to harmonize political and diplomaticrelations in terms of international foreign policy, namely in the defence and promotionof common interests and in relation to specific issues, promote cooperation, particularlyin economic, social, cultural, legal, technical and scientific fields, and implementprograms to promote and spread the Portuguese languageprograms to promote and spread the Portuguese language.www.cplp.org/

SADC – Southern African Development Community Founded on 1 April 1980, the SADC was formed with the objective of promoting politicfreedom in Southern Africa having been preceded by the Southern Africanfreedom in Southern Africa, having been preceded by the Southern AfricanDevelopment Coordination Conference (SADCC). The SADC’s mission is to promotesustainable and equitable economic and social development through effectiveproduction systems, based on closer cooperation and integration, good governance,peace and security.http://www.sadc.int/http://www.sadc.int/

OPEC – Organization of the Petroleum Exporting CountriesIs an oil cartel whose main objective is to stabilise the oil market and the revenue of oil-producing countries, relying on a quota system applicable to member countries to thisend. www.opec.orgend. www.opec.org

AfDB – African Development BankFounded in 1964, this financial institution emerged from 3 Africa development funds. Itsobjective is to contribute to sustainable economic development and poverty reductionon the African continent. Portugal is a non-regional member since 1982. The bankg gcurrently has its headquarters in Tunis and its most recent initiative in Tunisia wasaimed at giving support to refugees on the Tunisian-Lebanese border.www.afdb.org

5ISKO Angola

Sources: European Comission, CIA, NB.

The Country's Economic Context

Industry Structure

I i l T d Bil l T d i h P l d O i iInternational Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Support to Internationalisation

Contacts

ISKO Angola 6

Sectoral Structure of GDPANGOLA Sectoral Structure of GDP

Good growth prospects in the non-oil sectors.

Breakdown of GDP by sector (2012)

7 4%

0.8%Diamonds and gold

7.4%

Others

44.5%

g

6.5%Manufacturing

10.7%

Oil and Gas8.4%

Construction

10.7%

Agriculture and Fisheries

S BNA

21.7%Distribution

7ISKO Angola

Source: BNA.

The Economy’s Sectoral Structure (I)ANGOLA The Economy s Sectoral Structure (I)

Competition in the Angolan banking sector has contributed to an increasing penetrationCompetition in the Angolan banking sector has contributed to an increasing penetrationof banking services in the country and the main banks seek to gain a presence in all ofthe 18 national provinces. The Banco de Poupança e Crédito emerges as the largestbank operating in Angola in terms of Tier 1 capital (capital risk weighted), followed byth B A l d I ti t Th 29 C i l B k i t d ithe Banco Angolano de Investimentos. There are 29 Commercial Banks registered inAngola. In August 2014, the financial system recorded, regarding the distribution ofcredit, 91% targeted the private sector and 9% to the public sector.

FINANCIAL SYSTEM

The largest banks operating in Angola, 2013

Capital Tier 1 AssetsSYSTEM Capital Tier 1(USD Millions)

Assets(USD Millions) ROA

Banco de Poupança e Crédito 881 10 129 0.96%

Banco Angolano de Investimentos 720 10 657 1 012%Banco Angolano de Investimentos 720 10 657 1.012%

Banco BIC 681 7 701 2.69%

Banco de Fomento de Angola 623 8 897 2.89%

S IMF “Th B k ” W ld E i F BNA

8ISKO Angola

Sources: IMF, “The Banker”, World Economic Forum, BNA.

The Economy’s Sectoral Structure (II)ANGOLA The Economy s Sectoral Structure (II)

In terms of primary energy consumption, the country is still highly dependent on the consumption ofbi hi h t d 55% f i ti i 2011 id f th th i d ibiomass, which represented 55% of primary energy consumption in 2011, evidence of the growth required inthe energy sector. Various bottlenecks exist in Angola’s electricity sector in the three main stages of theenergy cycle: generation, transmission and distribution and these need to be addressed through coordinatedand combined investment projects, since they are inter-related and dependent on one another. The Angolangovernment, with financial assistance from China, has made notable improvements to its power sector, andg , , p p ,electricity capacity has more than doubled since the end of the war. However, more than half of the country’sinhabitants still do not have access to electricity and rely on traditional biomass and waste (mostly wood andcharcoal) to meet their household energy needs.

The importance of the oil and gas sector to Angola’s economy is undisputed: in 2013, the sector accounted

ENERGYPrimary energy consumption,

for 40% of GDP (according to the IMF), 78% of current state revenues and 36% of private investment(ANIP).

Angola’s Energy and Water Minister has stated thegovernment’s aim of carrying out investments in the sector,which are expected to total USD 17 6 billion through to 20172011 which are expected to total USD 17.6 billion through to 2017.In the electrical component production, the Governmentintends to quintuple the installed capacity of 1200 MW to 6200MW.

Aside from the construction of hydroelectric power plants andHydro

6%

Natural Gas5%

Aside from the construction of hydroelectric power plants andthe installation of diesel-fired plants in certain places, the useof LNG is envisaged for the production of electricity withcombined cycle and other types of power plants.

The implementation of electrification projects, both rural as

Oil30%

6%

The implementation of electrification projects, both rural aswell as urban, with the use of renewable energies based onsolar, wind, biomass or other sources has merited particularattention from the energy sector.

Biomass59%

9ISKO Angola

Sources: OPEC, EIA, ANIP.

The Economy’s Sectoral Structure (III)ANGOLA The Economy s Sectoral Structure (III)

Oil production increased gradually in Angola between 1980 and 2008 at an average annual rate of 10%.Oil production increased gradually in Angola between 1980 and 2008 at an average annual rate of 10%.Initially production was concentrated in offshore fields off the coast of Cabinda. Production in deep seafields began in 1991 with the concession of Block 16. Further deep water fields were licensed in 1994,leading to more than 50 significant discoveries. As a result, oil production increased substantiallybetween 2002 and 2008 (average annual growth rate of 14 1%) Production peaked in 2008 reachingbetween 2002 and 2008 (average annual growth rate of 14.1%). Production peaked in 2008, reachingaround 1.97 million barrels per day and has remained stable around this level since, due to persistenttechnical problems with water injection systems, refrigeration and storage as well as unloading facilitiesrelated to certain projects. In 2013 the production achieved the level of 1.8 million bpd.A new surge in production is expected according to Sonangol which sees production rising to 2 million

OIL

A new surge in production is expected, according to Sonangol, which sees production rising to 2 millionbpd in 2015 and remaining at that level for five years.

The potential for new discoveries remains high as Oil production in Africa, 2013 (thousand bpd)gthe pre-salt exploration and develops various projects initiated activity.Oil plays a key role in

2 322

1 8011 575

988Oil plays a key role in Angola’s goods exports, accounting for 97% of total goods exports in 2013. The main markets for oil exports

988714

311 281 237 122 99 94 62 211er

ia

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eria

bya

gypt

oria

l ea ng

o

bon

dan

dan

had

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a

frica

main markets for oil exports were China (50%), the US (14%) and India (12%).

Nig

e

Ang

Alge Li E g

Equ

ato

Gui

ne

Rep

. of C

o

Ga Su

d

Sou

th S

ud C

Tun

Oth

er A

f

10ISKO Angola

Sources: BP, UNContrade, NB.

The Economy’s Sectoral Structure (IV)ANGOLA The Economy s Sectoral Structure (IV)

In recent years intensive investments have been made in the rehabilitation of road infrastructure, rail,

ANIP (Angolan National Private Investment

In recent years intensive investments have been made in the rehabilitation of road infrastructure, rail,port and airport of Angola, for which continuity perspective. The National Development Plan 2013-2017 (December 2012), gives special priority to be inserted, namely, the cluster of Transport andLogistics infrastructure projects.

Main ports and their connections, AngolaANIP (Angolan National Private Investment Agency) points the following projects:• Almost the entire road network, both primary and secondary;

P t i f t t

INFRASTRUCTURES

• Port infrastructures;• The railway between Luanda/Malangewas restored (479 km)• The main airports require considerable upgrading and/or repairs;• The urban water supply and drainage systems currently reach only a small proportion of the population, and the existing systems are in poor condition;• The rural environment lacks infrastructure to support production and transportation;• The housing stock is highly degraded and g g y gfalls well short of demand. The challenge is to address this, and to cope with a population growth of 7% per year.

11ISKO Angola

Sources: ANIP, Universo, NB.

The Economy’s Sectoral Structure (V)ANGOLA The Economy s Sectoral Structure (V)

The rapid growth of the Angolan economy provides numerous opportunities in the distribution sectorThe rapid growth of the Angolan economy provides numerous opportunities in the distribution sector,supported by the significant potential size of the internal market: i) Angola is characterised by a young andgrowing population which, according to the United Nations, will increase from 21 million in 2013 to 54million in 2050, ii) growth in purchasing power (according to the IMF, between 2003 and 2013, Angola’sper capita GDP increased 7 times from USD 820 to USD 5 955 and the Fund sees this figure rising toper capita GDP increased 7 times, from USD 820 to USD 5,955 and the Fund sees this figure rising toUSD 7,008 in 2018) and by a natural rise in the middles classes. A significant expansion in the luxurysegment is also foreseen.

The National Development Plan 2013-2017 (“Plano Nacional de Desenvolvimento”) foresees totalinvestment of AOA 76 2 billion in infrastructure for PRESILD (Restructuring Programme for the Logisticsinvestment of AOA 76.2 billion in infrastructure for PRESILD (Restructuring Programme for the Logisticsand Distribution System for Essential Products for the Population – “Programa de Reestruturação doSistema de Logística e de Distribuição de Productos Essenciais à População”). The following projects areworthy of mention: Luanda Logistics and Distribution Centre; the Viana logistics warehouse; the CaálaLogistics and Distribution Centre; Construction of municipal markets; the Malanje Logistics andWHOLESALE Logistics and Distribution Centre; Construction of municipal markets; the Malanje Logistics andDistribution Centre; Construction of new shopping districts.

In addition to the government’s efforts to provide the country with trading infrastructure, privateinvestments are also being made. For example: i) Teixeira Duarte Group has been investing in fooddistribution through the Maxi Retail cash & carry chain of stores; ii) Shoprite (a South African group)distribution through the Maxi Retail cash & carry chain of stores; ii) Shoprite (a South African group)started operations in Angola in 2003 and now has 36 stores throughout the country, covering the followingformats: Shoprite supermarkets; Usave discount stores and OK Mobiliário furniture and white goodsstores. By June 2015, seven more stores are expected to open; iii) Mega Cash & Carry, belonging toRefriango an Angolan and Portuguese group; iv) Score Distribution belonging to the Angolan groupRefriango, an Angolan and Portuguese group; iv) Score Distribution, belonging to the Angolan group,Score Investments, began operating in June 2013, with stores in the cash & carry (C & C) andhypermarket segments (Descontão); and Mel, a supermarket chain. It has one C & C hypermarket andone supermarket. In 2010, it established a partnership with the Portuguese group, Jerónimo Martins.

Sonae the largest retail group in Portugal is expected to open its first store in Angola in 2015S OECD IMF ANIP NB

12ISKO Angola

Sonae, the largest retail group in Portugal, is expected to open its first store in Angola in 2015.Sources: OECD, IMF, ANIP, NB.

The Economy’s Sectoral Structure (VI)ANGOLA The Economy s Sectoral Structure (VI)

AGRICULTURE

The agricultural sector, comprising crop-growing and cattle-raising, is the second most importantnon-oil sector in Angola. Angola possesses resources that could render it one of the richestfarming nations in Africa. Only 6.2% of Angolan arable land (57 million hectares) is currentlyexploited The country enjoys huge unexploited potential in terms of irrigation A mere 3 5% of theexploited. The country enjoys huge unexploited potential in terms of irrigation. A mere 3.5% of the3.7 million hectares that could potentially be irrigated are farmed.

The development of the telecommunications sector is a priority for national economic and socialpolicy and various investment projects are slated for the sector over the next few years. In theNational Development Plan 2013-2017 (“Plano de Desenvolvimento Nacional”), the Angolanauthorities have established ambitious targets for the country and for the TMTs sector includingauthorities have established ambitious targets for the country and for the TMTs sector, includinginvestment projects earmarked at USD 1.6 billion. The country has ambition and is committed tobecoming a leader and a model in the TMTs sector in Africa.

The most visible facet of this potential is in the mobile telecommunications segment with over 12TELECOMS p gmillion users in 2012, as compared with 140 thousand ten years earlier. The mobiletelecommunications segment has recorded impressive growth over the last few years. However,the performance of fixed-line telecommunications has been broadly stagnant: infrastructure isl ki d t k i li it d (i 2012 th l 169 905 li t d

S OECD IMF NB

lacking and network coverage is limited (in 2012, there were only 169,905 lines connected, apenetration rate of only 0.89 lines per 100 inhabitants). On the other hand, the mobile operatorsare expected to continue to grow.

13ISKO Angola

Sources: OECD, IMF, NB.

The Country's Economic Context

Industry Structure

I t ti l T d Bil t l T d ith P t l d O t itiInternational Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Support to Internationalisation

Contacts

ISKO Angola 14

International Trade PartnersANGOLA

International Trade – Partners

Angola’s imports by country, 2013 Angola’s exports by country, 2013

Ranking Country 2013(EUR Milli )

Share(%)

CAGR08-13

(%)Ranking Country 2013

(EUR Milli )Share

(%)CAGR08-13

(%)g y (EUR Million) (%) (%)

1 China 24 069.9 49.7 9.6

2 USA 6 719.0 13.9 -12.7

g y (EUR Million) (%) (%)

1 Portugal 3 111.0 19.9 6.5

2 China 2 984.2 19.1 8.3

3 India 5 117.9 10.6 42.3

4 Portugal 2 632.4 5.4 45.1

5 Spain 2 171 5 4 5 12 1

3 USA 1 091.7 7.0 -5.4

4 Brazil 957.0 6.1 -6.5

5 South Korea 934 8 6 0 1 7 5 Spain 2 171.5 4.5 12.1

6 South Africa 1 476.2 3.0 -4.2

7 Canada 1 134.8 2.3 -8.5

5 South Korea 934.8 6.0 1.7

6 South Africa 756.0 4.8 4.4

7 United Kingdom 645.5 4.1 12.2

8 France 923.0 1.9 -19.5

9 United Kingdom 748.5 1.5 0.7

10 Brazil 547 2 1 1 -18 5

8 France 461.3 3.0 -1.9

9 Belgium 443.9 2.8 3.5

10 India 421 3 2 7 13 4

Source: UN Comtrade, DESA/UNSD (mirror data).

10 Brazil 547.2 1.1 18.510 India 421.3 2.7 13.4

15ISKO Angola

International Trade – Goods Imports and Exports ANGOLA(World)

Angola’s top 10 imports 2013 Angola’s top 10 exports 2013Angola s top 10 imports, 2013 Angola s top 10 exports, 2013

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude); Preparations 1 540.7 4.8 16.0

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)

2709 - Petroleum Oils And Oils Obtained From 95 543.3 96.5 2.1Bituminous Minerals (Excl. Crude); Preparations Containing >= 70 % By Weight Of Petroleum Oils

1 540.7 4.8 16.0

8905 - Light-Vessels, Fire-Floats, Dredgers, Floating Cranes, And Other Vessels The Navigability Of Which Is Subsidiary To Their Main Function; Floating Docks,

769.0 2.4 -11.6

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes Boiler Shells Tanks Vats Or The Like Incl 761 0 2 4 32 3

Bituminous Minerals, Crude95 543.3 96.5 2.1

2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude); Preparations Containing >= 70 % By Weight Of Petroleum Oils

1 319.4 1.3 14.0

7102 - Diamonds, Whether Or Not Worked, But Not Mounted Or Set (Excl Unmounted Stones For Pick Up 952 8 1 0 4 7Pipes, Boiler Shells, Tanks, Vats Or The Like, Incl.

Pressure-Reducing Valves And Thermostatically 761.0 2.4 32.3

8431 - Parts Suitable For Use Solely Or Principally With The Machinery Of Heading 8425 To 8430, N.E.S.

674.3 2.1 -8.7

0207 - Meat And Edible Offal Of Fowls Of The Species

Mounted Or Set (Excl. Unmounted Stones For Pick-Up Styluses, Worked Stones, Suitable For Use As Parts Of

952.8 1.0 -4.7

2711 - Petroleum Gas And Other Gaseous Hydrocarbons 836.1 0.8 10.2

7204 Ferrous Waste And Scrap; Remelting Scrap IngotsGallus Domesticus, Ducks, Geese, Turkeys And Guinea Fowls, Fresh, Chilled Or Frozen

662.3 2.1 18.3

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

637.3 2.0 -5.2

7204 - Ferrous Waste And Scrap; Remelting Scrap Ingots Of Iron Or Steel

80.4 0.1 29.6

2516 - Granite, Porphyry, Basalt, Sandstone And Other Monumental Or Building Stone, Whether Or Not Roughly Trimmed Or Merely Cut, By Sawing Or Otherwise, Into

53.6 0.1 5.8

7404 - Waste And Scrap, Of Copper (Excl. Ingots Or Other8704 - Motor Vehicles For The Transport Of Goods, Incl. Chassis With Engine And Cab

563.6 1.8 -15.1

9403 - Furniture And Parts Thereof, N.E.S. (Excl. Seats And Medical, Surgical, Dental Or Veterinary Furniture)

527.9 1.7 8.0

7404 Waste And Scrap, Of Copper (Excl. Ingots Or Other Similar Unwrought Shapes, Of Remelted Copper Waste And Scrap, Ashes And Residues Containing Copper, And

45.0 0.0 67.1

0306 - Crustaceans, Whether In Shell Or Not, Live, Fresh, Chilled, Frozen, Dried, Salted Or In Brine, Even Smoked

24.6 0.0 -1.3

7602 W t A d S Of Al i i (E l Sl7304 - Tubes, Pipes And Hollow Profiles, Seamless, Of Iron Or Steel (Excl. Products Of Cast Iron)

416.3 1.3 -0.9

7308 - Structures And Parts Of Structures "E.G., Bridges And Bridge-Sections, Lock-Gates, Towers, Lattice Masts, Roofs, Roofing Frameworks, Doors And Windows"

409.0 1.3 -9.7

7602 - Waste And Scrap, Of Aluminium (Excl. Slags, Scale And The Like From Iron And Steel Production, Containing Recoverable Aluminium In The Form Of

19.0 0.0 40.7

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats Or The Like, Incl. Pressure-Reducing Valves And Thermostatically

15.7 0.0 21.7

16ISKO Angola

Source: UN Comtrade, DESA/UNSD (mirror data).

International Trade – Bilateral relations with ANGOLAPortugal (I)

Portugal’s balance trade with Angola, 2008, 2012 and 2013 (EUR millions)

Compound Annual Growth Rate (CAGR)CAGR08-13 of exports = 9%

CAGR08-13 of imports = 39.4%

Surplus balance EUR 1 7221 million

In 2013, 9 408 companies

exported goods to

Imports

p gAngola

4 321 4 530

6º share: 4.5%

4º share: 6.6%

Services(1%)

Services(11%)

+6.6%2 945

4 321

1 930

2 807

1 416

176

Exports

Goods(99%)

Goods(89%) In 2012

8 827 companiesexported goods to

534

1 930

3 1132 632

p gAngola

Exports of goods and services Imports of goods and services

Ranking and share as Portugal customer and provider (goods)

2008 2012 2013 2013 2013

17ISKO Angola

Sources: INE, Banco de Portugal.

International Trade – Bilateral relations with ANGOLA

T 10 P t t t A l 2013T 10 P t i t f A l 2013

Portugal (Goods) (II)

Top 10 Portuguese exports to Angola, 2013Top 10 Portuguese imports from Angola, 2013

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)

2709 - Petroleum Oils And Oils Obtained From

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)

2709 Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

2 595.8 98.6 45.0

2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude); Preparations Containing >= 70 % By Weight Of Petroleum Oils

18.3 0.7 n.a.

2203 - Beer Made From Malt 122.6 4.3 6.5

7308 - Structures And Parts Of Structures "E.G., Bridges And Bridge-Sections, Lock-Gates, Towers, Lattice Masts, Roofs, Roofing Frameworks, Doors And Windows"

95.3 3.3 0.6

2204 Wine Of Fresh Grapes Incl Fortified Wines; Grape2711 - Petroleum Gas And Other Gaseous Hydrocarbons 13.1 0.5 n.a.

9101 - Wrist-Watches, Pocket-Watches And Other Watches, Incl. Stop-Watches, With Case Of Precious Metal Or Of Metal Clad With Precious Metal (Excl. With

0.7 0.0 n.a.

4403 - Wood In The Rough, Whether Or Not Stripped Of

2204 - Wine Of Fresh Grapes, Incl. Fortified Wines; Grape Must, Partly Fermented 93.8 3.3 11.2

3004 - Medicaments 73.3 2.6 15.6

1601 S A d Si il P d t Of M t Off l Og , ppBark Or Sapwood, Or Roughly Squared (Excl. Rough-Cut Wood)

0.6 0.0 3.4

8517 - Telephone Sets, Incl. Telephones For Cellular Networks Or For Other Wireless Networks; Other Apparatus For The Transmission Or Reception Of Voice

0.5 0.0 19.5

1601 - Sausages And Similar Products, Of Meat, Offal Or Blood; Food Preparations Based On These Products

70.7 2.5 9.8

8544 - Insulated "Incl. Enamelled Or Anodised" Wire, Cable "Incl. Coaxial Cable" And Other Insulated Electric Conductors; Optical Fibre Cables

56.6 2.0 6.1

8537 - Boards Panels Consoles Desks Cabinets And8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

0.4 0.0 68.8

2515 - Marble, Travertine, Ecaussine And Other Calcareous Monumental Or Building Stone Of An Apparent Specific Gravity Of >= 2,5, And Alabaster,

0.3 0.0 42.8

0901 Coffee Whether Or Not Roasted Or Decaffeinated;

8537 Boards, Panels, Consoles, Desks, Cabinets And Other Bases, Equipped With Two Or More Apparatus Of Heading 8535 Or 8536, For Electric Control Or The

53.3 1.9 20.5

1507 - Soya-Bean Oil And Its Fractions, Whether Or Not Refined (Excl. Chemically Modified)

47.1 1.6 4.2

2202 Waters Incl Mineral Waters And Aerated Waters0901 - Coffee, Whether Or Not Roasted Or Decaffeinated; Coffee Husks And Skins; Coffee Substitutes Containing Coffee In Any Proportion

0.3 0.0 -5.2

4407 - Wood Sawn Or Chipped Lengthwise, Sliced Or Peeled, Whether Or Not Planed, Sanded Or End-Jointed, Of A Thickness Of > 6 Mm

0.2 0.0 79.8

2202 - Waters, Incl. Mineral Waters And Aerated Waters, Containing Added Sugar Or Other Sweetening Matter Or Flavoured, And Other Non-Alcoholic Beverages (Excl. Fruit

46.3 1.6 9.6

8418 - Refrigerators, Freezers And Other Refrigerating Or Freezing Equipment, Electric Or Other; Heat Pumps; Parts Thereof (Excl. Air Conditioning Machines Of Heading

38.6 1.3 7.4

18ISKO Angola

Fontes: INE, Banco de Portugal.

Goods export opportunities (I)ANGOLA

Goods export opportunities (I)

Set of products (merchandise) identified as needs (imports) of Angola for which Portugal has production and export capacity thus representing opportunities to increase the volume of Portuguese exports to Angolacapacity, thus representing opportunities to increase the volume of Portuguese exports to Angola.

Top 10 export opportunities to Angola

6302 - Bedlinen, Table Linen, Toilet Linen And Kit h Li Of All T Of T til M t i l

4802 - Uncoated Paper And Paperboard

6302 - Bedlinen, Table Linen, Toilet Linen And Kitchen Linen

8412 - Engines And Motors

1509 - Olive Oil

8481 - Taps, Cocks, Valves6104 - Women'S Or Girls' Suits, Ensembles,

Jackets, Blazers, …, Knitted Or Crocheted

Kitchen Linen Of All Types Of Textile Materials

7228 - Other Bars And Rods Of Alloy Steel Other Than Stainless

6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics

1701 - Cane Or Beet Sugar

And Uppers Of Rubber Or Plastics

19ISKO Angola

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

Goods export opportunities (II)ANGOLA

Goods export opportunities (II)

Top 10 export opportunities to Angola(Amount and rank of Angola world imports)(Amount and rank of Angola world imports)

Products (H.S. 4) 2013(EUR Million) Rank 2013 Share 2013

(%)Annual growth2012-2013 (%)

CAGR10-13

(%)

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats 380.5 3 2.4 55.7 7.7

1701 - Cane Or Beet Sugar And Chemically Pure Sucrose, In Solid Form 172.6 15 1.1 50.4 19.1

6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics 122.3 28 0.8 67.3 17.0

7228 - Other Bars And Rods Of Alloy Steel Other Than Stainless, Angles, Shapes And Sections Of Alloy Steel Other Than Stainless 65.8 67 0.4 61.9 25.2

6104 W 'S O Gi l ' S i E bl J k Bl D Ski Di id d Ski6104 - Women'S Or Girls' Suits, Ensembles, Jackets, Blazers, Dresses, Skirts, Divided Skirts, Trousers, Bib And Brace Overalls, Breeches And Shorts, Knitted Or Crocheted 46.3 85 0.3 65.0 39.9

6302 - Bedlinen, Table Linen, Toilet Linen And Kitchen Linen Of All Types Of Textile Materials 36.1 103 0.2 37.1 14.1

4802 - Uncoated Paper And Paperboard, Of A Kind Used For Writing, Printing Or Other Graphic Purposes, And Non-Perforated Punchcards And Punch-Tape Paper 21.3 165 0.1 37.1 31.0

6303 - Curtains, Incl. Drapes, And Interior Blinds; Curtain Or Bed Valances Of All Types Of Textile Materials (Excl. Awnings And Sunblinds) 20.7 170 0.1 60.7 22.2

8412 - Engines And Motors (Excl. Steam Turbines, Internal Combustion Piston Engine, Hydraulic Turbines, Water Wheels, Gas Turbines And Electric Motors); Parts Thereof 19.6 177 0.1 42.2 14.6

1509 - Olive Oil And Its Fractions Obtained By Mechanical Or Other Physical Means 16.2 199 0.1 22.0 20.2

20ISKO Angola

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

Goods export opportunities (III)ANGOLA

Goods export opportunities (III)

Cloud of Export Opportunities to Angola

Agricultural and food Machinery and appliances Clothing and Footwear

p pp g

1103 - Cereal Groats, Meal And Pellets 8503 - Parts For Use With Electric Motors And Generators, Electric Generating Sets

6103 - Men'S Or Boys' Suits, Ensembles, Jackets, Blazers, Trousers, Bib And Brace Overalls

1604 - Prepared Or Preserved Fish; Caviar And Caviar Subst. Prepared From Fish Eggs

8419 - Machinery, Plant Or Laboratory Equipment Whether Or Not Electrically Heated

6405 - Footwear With Outer Soles Of Rubber Or Plastics, With Uppers Other Than Rubber

2002 - Tomatoes, Prepared Or Preserved 8544 - Insulated Wire, Cable "Incl. Coaxial Cable"; 6116 - Gloves, Mittens And Mitts, Knitted Or2002 Tomatoes, Prepared Or Preserved Otherwise Than By Vinegar

8544 Insulated Wire, Cable Incl. Coaxial Cable ; Optical Fibre Cables

6116 Gloves, Mittens And Mitts, Knitted Or Crocheted (Excl. For Babies)

2105 - Ice Cream And Other Edible Ice, Whether Or Not Containing Cocoa

8405 - Producer Gas Or Water Gas Generators, With Or Without Their Purifiers; Acetylene Gas

6117 - Made-Up Clothing Accessories, Knitted Or Crocheted; Knitted Or Crocheted Parts Of Gar

2204 - Wine Of Fresh Grapes, Incl. Fortified Wines; Grape Must, Partly Fermented

8536 - Electrical Apparatus For Switching Or Protecting Electrical Circuits

6401 - Waterproof Footwear With Outer Soles And Uppers Of Rubber Or Of PlasticsG ape us , a y e e ed o ec g ec ca C cu s Uppe s O ubbe O O as cs

Plastic, Rubber Products Common Metals Transport equipment

4011 New Pneumatic Tyres Of Rubber 8307 - Flexible Tubing Of Base Metal, With Or 8903 - Yachts And Other Vessels For Pleasure Or 4011 - New Pneumatic Tyres, Of Rubber gWithout Fittings Sports; Rowing Boats And Canoes

3921 - Plates, Sheets, Film, Foil And Strip, Of Plastics

7418 - Table, Kitchen Or Other Household Articles, Sanitary Ware, And Parts Thereof

8708 - Parts And Accessories For Tractors and Motor Vehicles

4012 - Retreaded Or Used Pneumatic Tyres, Tyre Treads And Tyre Flaps Of Rubber

8211 - Knives With Cutting Blades, Serrated Or Not, Incl Pruning Knives

8907 - Rafts, Tanks, Coffer-Dams, Landing Stages, BuoysTreads And Tyre Flaps, Of Rubber Incl. Pruning Knives Buoys

4016 - Articles Of Vulcanised Rubber (Excl. Hard Rubber)

7320 - Springs And Leaves For Springs, Of Iron Or Steel (Excl. Clock And Watch Springs)

8712 - Bicycles And Other Cycles, Incl. Delivery Tricycles, Not Motorised

3924 - Tableware, Kitchenware, Other Household Articles And Toilet Articles, Of Plastics

8301 - Padlocks And Locks "Key, Combination Or Electrically Operated", Of Base Metal

21ISKO Angola

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

The Country's Economic Context

Industry Structure

I i l T d Bil l T d i h P l d O i iInternational Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Angola 22

ANGOLA Novo Banco Internationalisation Support (I)

At Novo Banco we support your internationalisation through the International

Novo Banco Internationalisation Support (I)

At Novo Banco we support your internationalisation through the InternationalPremium Unit.

This Unit is composed of an experienced team of relationship managers, organizedp p p g , gby Geographical Desks.

5 Geographical desksgeográficos

5Africa

Knowledge of how to do business in the main

markets;Developed Markets &

China

E t E Á i &

markets;

Relationship with local players;

Latin America

Eastern Europe, Ásia & Middle East Knowledge of national development

programmes;Latin America

North Africa & Turkey Participation in fairs and entrepreneurial

missions in the local markets.

23ISKO Angola

ANGOLA Novo Banco Internationalisation Support (II)

We are present with solutions in all the phases of the process:

Novo Banco Internationalisation Support (II)

Fine Trade: identification of potential markets.1. Knowledge

A team with recognized experience to support3. Foreign Trade

We are present with solutions in all the phases of the process:

your foreign trade operations.

In 2014, 28% of Trade Finance transactionspassed through Novo Banco*passed through Novo Banco .

2. Business Development 4. Investment Identification of local counterparts through

the Group’s network of Banks, partner Banks; Diplomatica Network or International Chambers

Structuring, implementation and monitoring ofoperations with local correspondents.

Funding for investment with Developmentof Commerce;

Client Referrals;

Organization of Entrepeneurial Missions * Trade Finance Market Share as

g pBanks and Multilateral entities.

24ISKO Angola

Organization of Entrepeneurial Missions.of December 2014.

The Country's Economic Context

Industry Structure

I i l T d Bil l T d i h P l d O i iInternational Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Angola 25

International Premium Unit

Head Marta Mariz marta.mariz@novobanco.pt

Desk Africa Bruno Pereira International Business bruno.pereira@novobanco.ptte at o a us ess

26ISKO Angola

Disclaimer

This document was prepared by NOVO BANCO and/or any of subsidiaries and is intended solely for release by NOVO BANCO to qualified investors. Its use is restricted to qualified investors, and their representatives.All information contained in this document was compiled in good faith by NOVO BANCO, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, with theexception of information about NOVO BANCO, NOVO BANCO makes no representation as to the accuracy or completeness of such information.The opinions expressed in this document reflect NOVO BANCO’s point of view as of the date of its release and may be subject to change without prior notice. NOVO BANCO does not assure the update of thisdocument.This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document areindicative prices only and do not constitute firm bids or offers. NOVO BANCO may choose to make a market for any instruments referred in this document, but is not obliged to do so. Any such market-makingactivities may be discontinued at any time without notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.NOVO BANCO may trade for their own account or of their clients any instruments that may be referred to in this document, as well as they may have any business relationship with the entities referred on it. NOVOBANCO may act as market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. NOVO BANCO may actas placement agent, advisor, lender or in other capacities in with respect to financial instruments or issuers referenced in this document.NOVO BANCO may trade for its own account and may also engage in securities transactions in a manner inconsistent with this document and with respect to financial instruments covered by this document.NOVO BANCO has no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forthg p , y y y , y p , p j ,herein, changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change without notice. This document is provided for informational purposes only. NOVOBANCO will not accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.The financial instruments discussed in this document may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessaryand based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affectthe price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financialinstruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.The financial instruments discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is eachThe financial instruments discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is eachinvestor’s responsibility to ensure that it is authorized to invest in those financial instruments.This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of thisdocument is not allowed.Additional information is available upon request.

Additional disclosures for US personsThe enclosed document does not constitute or any kind of research report or any kind of offer to sell any of the instruments discussed herein nor is it soliciting an offer to buy such financial instruments The financialThe enclosed document does not constitute or any kind of research report or any kind of offer to sell any of the instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The financial instruments issued by Companies that may be discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or insaid countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.The financial instruments discussed in this material may not be suitable for all investors. Investors should make their own assessment of the risks from a legal, tax and accounting perspective prior to investing insuch products. Past performance is no guarantee to future performance.This document is being distributed to, and is intended solely for the use of institutional investors. Notwithstanding the generality of the preceding sentence, this document is intended solely for the use of theinstitutional investor to which it has been sent by NOVO BANCO and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return immediately to NOVO BANCOreturn immediately to NOVO BANCO.The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. NOVO BANCO or its affiliates may choose to make a market for any suchfinancial instruments, but neither NOVO BANCO nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time without notice. Certain information contained inthis document has been derived from public sources that NOVO BANCO deems to be reliable. Neither NOVO BANCO nor any of its affiliates, however, have independently verified such publicly availableinformation nor do they take responsibility for its accuracy or completeness.Any U.S. person receiving this document and wishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through NOVO BANCO and not through any non-U.S. affiliate ofNOVO BANCO.

27ISKO Angola