Commentary & Deal Flow

The Republic of Angola Announces Maximum Aggregate Purchase Price

21 May 2026 - The Republic of Angola ("Angola" or the "Republic") has today announced the Maximum Aggregate Purchase Price in connection with its previously announced invitation to eligible holders (the "Noteholders") of its outstanding U.S.$1,750,000,000 8.25 per cent. Notes due 2028 (Reg. S ISIN: XS1819680288; Reg. S Common Code: 181968028; Rule 144A ISIN: US035198AB62; Rule 144A CUSIP number: 035198AB6; Rule 144A Common Code: 181968087) (the "2028 Notes") and its outstanding U.S.$1,750,000,000 8.00 per cent. Notes due 2029 (Reg. S ISIN: XS2083302419; Reg. S Common Code: 208330241; Rule 144A ISIN: US035198AD29; Rule 144A CUSIP number: 035198AD2; Rule 144A Common Code: 208389815) (the "2029 Notes", together with the 2028 Notes, the "Existing Notes") to tender such Existing Notes for purchase by the Republic for cash, subject to the satisfaction or waiver of the terms and conditions described in the tender offer memorandum dated 20 May 2026 (the "Tender Offer Memorandum") including, but not limited to, the New Financing Condition (the "Offers").

Following the pricing of the New Notes on 20 May 2026, the Republic has determined that the Maximum Aggregate Purchase Price is U.S.$750,000,000. Subject to applicable law, the Republic expressly reserves the right, but is not obligated, to increase or decrease the Maximum Aggregate Purchase Price in its sole and absolute discretion, as described in the Tender Offer Memorandum.

All documentation relating to the Offers including the Tender Offer Memorandum and any amendments or supplements thereto are or will be, as the case may be, available to Noteholders via the website for the Offers accessible at: https://projects.sodali.com/angola. The Offers are subject to offer restrictions in, among other countries, the United Kingdom, Italy and France, as described below. Capitalized terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Disclaimer

This announcement does not contain the full terms and conditions of the Offers. The terms and conditions of the Offers are contained in the Tender Offer Memorandum, and are subject to the offer restrictions set out below and more fully described therein.

Further information

Deutsche Bank AG, London Branch and J.P. Morgan Securities plc (together, the "Dealer Managers") have been appointed by the Republic to serve as dealer managers for the Offers. Sodali & Co Limited (the "Information and Tender Agent") has been appointed by the Republic to act as the information and tender agent in connection with the Offers.

For additional information regarding the terms of the Offers, please contact Deutsche Bank AG, London Branch by telephone at +44 20 7545 8011 and J.P. Morgan Securities plc by email at em_europe_lm@jpmorgan.com or by telephone at +44 20 7134 2468.Requests for documents and questions regarding the tender of Notes may be directed to the Information and Tender Agent via email: angola@investor.sodali.com or telephone: London: +44 20 4513 6933.

A copy of the Tender Offer Memorandum is available on the tender offer website accessible at: https://projects.sodali.com/angola.

The Tender Consideration, if paid by the Republic with respect to the Existing Notes, will not necessarily reflect the actual value of such Existing Notes. Noteholders should analyze the value of the Existing Notes and make an independent assessment of the terms of the Offers. None of the Republic, the Dealer Managers or the Tender Agent or any of their respective affiliates makes any recommendation as to whether any holder of the Existing Notes should tender or refrain from tendering all or any portion of the principal amount of the Existing Notes and no one has been authorized by any of them to make any such recommendation.