Publication of Base Offering Circular Supplement

Angola (The Republic of)

20 May 2026

 

SUPPLEMENT NUMBER 3 DATED 20 MAY 2026

TO THE BASE OFFERING CIRCULAR DATED 20 DECEMBER 2024

THE REPUBLIC OF ANGOLA

Global Medium Term Note Programme

This base offering circular supplement (the "Supplement") is supplemental to, forms part of, and must be read and construed in conjunction with, the base offering circular dated 20 December 2024, as supplemented by Supplement Number 1 dated 7 October 2025 and Supplement Number 2 dated 24 March 2026 (together, the "Base Offering Circular") prepared by the Republic of Angola (the "Issuer", the "Republic" or "Angola") in connection with its Global Medium Term Note Programme (the "Programme") for the issuance of notes thereunder (the "Notes").

Terms given a defined meaning in the Base Offering Circular shall, unless the context otherwise requires, have the same meaning when used in this Supplement.

Application may be made to the United Kingdom Financial Conduct Authority (the "FCA") for Notes issued under the Programme to be admitted to the official list of the UK Listing Authority (the "Official List") and to the London Stock Exchange plc (the "London Stock Exchange") for such Notes to be admitted to trading on the London Stock Exchange's main market. For the purposes of any such application, Notes issued under the Programme are exempt from the rules in the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook made in accordance with the Public Offers and Admissions to Trading Regulations 2024 (together, the "UK Prospectus Regime"). Accordingly, this Supplement has not been reviewed or approved by the FCA and, together with the Base Offering Circular, has not been approved as a base prospectus by any other competent authority under the UK Prospectus Regime. Notes admitted to the Official List and admitted to trading on the London Stock Exchange's main market will not be subject to the prospectus requirements of the UK Prospectus Regime but will be issued in accordance with the listing rules of the London Stock Exchange.     

References in this Supplement to Notes being listed (and all related references) shall mean that such Notes have been admitted to trading on the London Stock Exchange's main market and have been admitted to the Official List. The London Stock Exchange's main market is a UK regulated market for the purposes of the UK Prospectus Regime.

The purpose of this Supplement is to update the information in the Base Offering Circular to disclose certain material developments in respect of the Issuer.

IMPORTANT NOTICES

The Issuer accepts responsibility for the information contained in this Supplement. To the best of the knowledge of the Issuer, the information contained in this Supplement is in accordance with the facts and the Supplement makes no omission likely to affect the import of such information.

None of the Arranger or any of the Dealers has independently verified the information contained or incorporated by reference herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability (whether arising in tort or contract or otherwise) is accepted by the Arranger or any of the Dealers, or any director, officer, employee, agent or affiliate (as defined in Rule 405 of the Securities Act (as defined below)) of any such person, as to the accuracy or completeness of the information contained or incorporated by reference in this Supplement or any other information provided by the Issuer in connection with the Programme.  To the fullest extent permitted by law, none of the Arranger or any of the Dealers accepts any responsibility for the contents of this Supplement or for any other statement, made or purported to be made by the Arranger or any of the Dealers or on their behalf in connection with the Issuer or the issue and offering of the Notes. Each of the Arranger and the Dealers accordingly disclaims all and any liability whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Supplement or any such statement.

Save as disclosed in this Supplement, no significant new factor, material mistake or material inaccuracy relating to the information included in the Base Offering Circular which is capable of affecting the assessment of the Notes issued under the Programme has arisen or been noted, as the case may be, since the publication of the Base Offering Circular.

To the extent that there is any inconsistency between: (a) any statement in this Supplement; and (b) any other statement in the Base Offering Circular, the statements in (a) above will prevail.

This Supplement does not constitute an offer of, or an invitation by or on behalf of the Issuer, the Arranger or the Dealers to subscribe for, or purchase, any Notes.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act and such offer or sale is made in accordance with all applicable securities laws of any state or other jurisdiction of the United States. The Notes are being offered and sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and within the United States only to persons who are "qualified institutional buyers" in reliance on Rule 144A under the Securities Act.

AMENDMENTS OR ADDITIONS TO THE BASE OFFERING CIRCULAR

With effect from the date of this Supplement, the information appearing in the Base Offering Circular shall be amended and/or supplemented in the manner described below. To the extent the information in this section is inconsistent with the information contained in the Base Offering Circular, the information in this section supersedes and replaces such information.

ADDITION OF A RECENT DEVELOPMENTS SECTION

The following is included as a new section entitled "Recent Developments" of the Base Offering Circular:

"Exchange Rate

The average Kwanza/U.S. dollar exchange rate in April 2026 was AOA 912.30 = U.S.$1.00.

Balance of Payments

Angola's balance of payments accounts are compiled and disseminated by the BNA. The table below sets forth certain information regarding Angola's balance of payments for the years indicated:

	2021	2022	2023	2024	2025 Preliminary
	(U.S.$ billions)
Current account	8.4	11.8	4.2	6.3	0.5
Trade balance	21.8	32.8	21.8	22.6	15.0
Exports FOB	33.6	50.0	36.9	36.8	30.6
of which oil and gas sector	31.8	47.5	34.7	34.6	28.1
of which non-oil and gas sector	1.7	2.5	2.2	2.2	2.4
Imports FOB	(11.8)	(17.3)	(15.1)	(14.2)	(15.5)
Services (net)	(7.0)	(11.2)	(8.5)	(8.4)	(8.4)
Income (net)	(5.8)	(8.7)	(8.6)	(7.6)	(5.7)
Current transfers (net)	(0.6)	(1.1)	(0.5)	(0.3)	(0.4)
Capital and Financial Account	(6.2)	(7.8)	(4.6)	(6.2)	(0.4)
Capital account	-	-	-	(0.1)	-
Financial account	(6.2)	(7.8)	(4.6)	(6.1)	(0.4)
FDI (net)	(3.3)	(6.6)	(2.2)	(1.1)	1.0
Medium and long term capital (net)	1.3	1.2	(5.9)	(3.8)	6.0
Disbursements	9.5	8.2	3.6	3.6	12.6
of which oil companies	2.0	2.1	0.0	0.0	2.3
Amortisations	(8.2)	(7.0)	(9.5)	(7.4)	(6.5)
of which oil companies	(2.2)	(2.1)	(1.8)	(1.3)	(1.4)
Other Capital (net)	(4.2)	(2.4)	3.4	(1.2)	(7.4)
Errors and omissions	(2.1)	(2.9)	1.3	0.8	(1.4)
Overall balance	0.1	1.0	0.9	0.9	(1.3)
Financing	(0.1)	(1.0)	(0.9)	(0.9)	1.3
Variation of reserves	(0.9)	(1.0)	(1.1)	(0.9)	1.3
Arrears			-	-	-
Rescheduling	0.5	-	0.1	-	-
Debt forgiveness	-	-	-	-	-

Source: National Bank of Angola (BNA)

Foreign Reserves

The table below sets forth certain information regarding Angola's gross accumulated foreign exchange reserves as at the dates indicated below:

	31 December
	2021	2022	2023	2024	2025	Q1 20261
Total gross Foreign Exchange Reserves (U.S.$ billions)	15.5	14.7	14.7	15.8	15.9	15.4
Gross Foreign Exchange Reserves months of import cover	9.9	6.2	7.5	8.3	7.9	7.1

Source: National Bank of Angola (BNA)

¹    As of 6 May 2026, Total Gross Foreign Exchange Reserves were U.S.$16.0 billion.

Inflation

The following table sets forth certain information regarding inflation for the years indicated:

Inflation, year-end	2021	2022	2023	2024	2025	Q1 20261
Angola	27.0%	13.9%	20.0%	27.5%	15.7%	12.4%

Source: National Bank of Angola (BNA)

¹    For the month of April 2026, inflation was 11.6%.

Money Supply

The following table sets forth certain information regarding Angola's money supply at the end of each of the years indicated:

	2021	2022	2023	2024	2025
	(AOA millions)
Foreign assets (net)	5,912,818	6,104,786	10,614,151	12,378,081	12,831,448
Foreign assets	10,464,354	9,360,047	15,753,183	17,692,323	18,188,603
Foreign liabilities	4,551,537	3,255,261	5,139,032	5,314,242	5,357,155
Claims on the government (net)	4,678,812	4,706,564	5,829,155	6,283,060	9,085,998
Claims on government	7,466,114	7,206,045	8,712,725	8,267,320	11,329,851
Liabilities to government	2,787,302	2,499,481	2,883,570	1,984,260	2,243,853
of which: in foreign currency	1,188,014	450,602	1,179,517	553,927	679,818
Claims on other resident sectors	4,642,018	4,432,813	5,896,212	7,629,590	8,813,489
Claims on other financial corporations	262,118	285,325	330,009	741,977	900,170
of which: in foreign currency	1,739	5,669	2,435	3,005	87,104
Claims on the public sector, excl. central government	119,714	91,271	340,833	333,479	456,267
of which: in foreign currency	35,150	57,382	230,316	198,291	305,187
Claims on other resident sectors	4,260,186	4,056,217	5,225,370	6,554,133	7,457,051
of which: in foreign currency	768,597	613,782	1,096,065	1,414,865	1,026,291
Shares and other equity	5,130,002	6,472,737	10,937,845	12,693,212	15,116,477
Other assets/liabilities (net)	(1,414,617)	(2,584,114)	(4,242,277)	(2,822,903)	(2,205,470)
Broad money (M3)	11,518,313	11,355,540	15,643,949	16,420,421	17,819,928
Currency outside depository corporations	401,789	494,518	664,285	678,200	781,009
Transferable deposits	5,318,626	5,282,123	8,021,479	8,416,308	9,147,316
Other deposits	5,792,832	5,578,899	6,958,185	7,325,913	7,891,604
Securities other than shares	5,066	0	0	0	0
Repurchase agreements	0	0	0	0	0

Source: National Bank of Angola (BNA)

Sources and Needs for 2025 and 2026

The following table sets forth Angola's financing sources and needs as at 31 December 2025 and 31 March 2026:

Financial Plan		31 December 2025	31 March 2026
		(U.S.$ billions)
Sources
1.     Fiscal Revenue    …………………………		21.0	4.5
2.     Total Debt Borrowing ………………………………		20.8	7.0
Domestic Debt……………………..……..…..…….		11.1	2.8
External Debt …………...………………...…..……		9.8	4.2
3.     Others1………………………………………..………		0.2	1.8
Sales - Share and Other Equity		0.3	0.3
Deposits		(0.3)	1.0
Total		42.0	13.3
Uses
(i)    Fiscal Primary Expenditure…………………….…		21.5	5.7
(ii)    Total Interest………………….….……………….		5.2	1.1
(iii)    Total debt repayment (exclusive of interest)……..		14.9	3.5
Domestic Debt		6.9	2.0
External Debt		8.0	1.5
(iv)     Others2…………………………………………..…		0.3	3.0
Accounts Payables / Receivables		0.7	0.4
Treasury operations		0.0	0.0
Acquisition - Share and other Equity		0.1	0.0
Total		42.0	13.3

1.     _{Deposits, revenue from sale of shares, other equity and accounts payable, including overpaid fiscal revenue.}

2.     _{Deposits, the cost of acquiring shares, other equity and the cost of servicing accounts receivables, which includes receivables from Sonangol.}

_{Source: Ministry of Finance}

The Banking System

The following table shows the Asset Quality (NPLs relative to total loans) ratio in respect of the banking system for the years indicated:

	31 December
	2021	2022	2023	2024	2025
	(%)
Asset Quality (NPLs relative to total loans)	19.5	13.7	15.6	19.2	15.8

The following table sets forth the combined balance sheet of Angola's commercial banks as at the dates indicated:

	2021	2022	2023	2024	2025
	(AOA millions)
Assets
Currency holdings	221,816.4	203,720.1	221,123.8	301,967	367,926
Deposits with non-residents	1,578,648.8	1,432,097.5	2,307,222.7	2,265,926	2,384,027
Deposits with depository corporations	2,732,789.4	3,056,487.3	3,310,024.5	3,800,278	3,674,701
National Bank of Angola	2,632,647.9	3,018,378.0	3,234,178.8	3,668,411	3,482,537
Other depository corporations	100,141.5	38,109.3	75,845.6	131,868	192,164
Debt securities	6,014,354.3	5,946,776.2	7,652,512.3	7,139,718	8,309,247
Loans	6,033,541.1	5,957,940.1	7,859,895.0	8,775,908	9,200,321
Non residents	25,557.1	15,314.4	1,107.5	18,452	25,939
Central government	304,417.5	285,674.0	383,196.1	545,975	807,116
Public sector excluding central government	119,549.2	89,751.0	337,629.3	329,666	451,511
National Bank of Angola	656,649.0	1,123,755.3	1,714,313.4	1,387,231	458,987
Other depositary corporations and Other financial corporations	830,077.2	548,149.4	496,436.9	191,313	325,230
Private sector	4,097,291.1	3,895,296.0	4,927,211.9	6,303,271	7,131,538
Shares and other equity	28,732.8	55,465.3	65,828.2	484,922	994,894
Other Assets	3,915,991.3	4,002,459.9	3,070,872.0	2,945,683	3,320,001
Total assets	20,525,874.1	20,654,946.5	24,487,478.4	25,714,402	28,251,116
Liabilities
Liabilities included in Broad Money M3	11,116,524.1	10,861,021.6	14,979,664.1	15,742,221	17,038,920
Transferable deposits	5,318,626.4	5,282,123.0	8,021,479.3	8,416,308	9,147,316
Other deposits	5,792,832.0	5,578,898.6	6,958,184.9	7,325,913	7,891,604
Securities other than shares	5,065.7	0.0	0.0	0.0	0.0
Repurchase agreements	0.0	0.0	0.0	0.0	0.0
Liabilities excluded from Broad Money M3	2,742,536.0	3,069,430.9	2,864,735.9	2,154,296	2,488,961
Loans	469,249.4	299,272.5	840,053.5	1,177,299	1,422,485
Shares and other equity	1,598,086.5	2,693,403.9	2,621,133.8	2,930,558	3,706,056
Other liabilities	4,599,478.2	3,731,817.6	3,181,891.1	3,710,028	3,594,695
Total liabilities	20,525,874.1	20,654,946.5	24,487,478.4	25,714,402.0	28,251,116.0

Source: National Bank of Angola (BNA)

The following table sets forth the capital adequacy ratio, the asset quality profiles, and the profitability of each of the six major banks in Angola for the years ended 2021, 2022, 2023, 2024, and 2025:

	2021	2022	2023	2024	2025
Capital Adequacy Ratio(5)
BAI	36.6%	30.6%	29.4%	22.9%	26.8%
BFA	44.4%	43.7%	42.5%	40.7%	40.2%
BPC	12.5%	27.2%	10.6%	13.8%	31.4%
BIC	31.7%	29.1%	31.5%	29.0%	22.4%
BMA	20.5%	19.1%	18.3%	18.1%	17.5%
SBA	44.7%	34.5%	30.5%	30.0%	30.8%
Asset Quality (NPLs relative to total loans)(1)
BAI	11.3%	13.6%	17.9%	8.0%	4.9%
BFA	2.3%	2.1%	1.7%	1.1%	5.6%
BPC	80.6%	33.1%	12.5%	16.0%	21.7%
BIC	12.7%	14.6%	16.5%	18.2%	23.2%
BMA	16.4%	15.7%	23.2%	19.8%	17.4%
SBA	0.2%	0.0%	0.0%	0.0%	0.0%
Asset Quality (NPLs relative to own funds)(2)
BAI	18.5%	18.2%	21.5%	11.7%	8.8%
BFA	2.6%	2.5%	2.1%	1.6%	1.3%
BPC	361.3%	41.9%	49.4%	39.9%	32.3%
BIC	23.1%	29.3%	40.7%	47.1%	55.6%
BMA	56.5%	53.9%	76.9%	63.7%	59.5%
SBA	0.3%	0.0%	0.0%	0.0%	0.0%
Return on Capital (ROE)(3)
BAI	40.2%	24.7%	36.1%	20.1%	37.2%
BFA	34.0%	31.9%	31.7%	22.8%	31.2%
BPC	(71.3) %	(1.1) %	59.5%	71.2%	5.1%
BIC	10.7%	9.4%	13.1%	5.5%	5.6%
BMA	3.3%	1.6%	4.5%	7.6%	9.1%
SBA	51.8%	35.2%	32.2%	46.7%	47.9%
Return on Assets (ROA)(4)
BAI	5.1%	3.6%	5.3%	3.0%	6.3%
BFA	5.6%	5.4%	5.3%	3.0%	5.7%
BPC	(3.8)%	(0.1)%	5.4%	6.5%	0.9%
BIC	2.5%	2.1%	2.8%	1.1%	1.1%
BMA	0.4%	0.2%	0.5%	0.8%	1.0%
SBA	8.2%	6.4%	5.1%	7.5%	7.6%

¹     Calculated as overdue bad debt divided by total own loans.

²     Calculated as overdue bad debt minus provision for overdue bad debt, divided by own funds.

³     Calculated as net income divided by the average of total own funds.

⁴     Calculated as net income divided by the average of total assets.

⁵     2025 capital adequacy ratios are as at 30 June 2025.

Source: National Bank of Angola (BNA)"

AMENDMENT TO TAXATION

Following the revocation of Article 27.3 of the Angolan Investment Income Tax Code (approved by Presidential Legislative Decree No. 2/14 of 20 October 2014) pursuant to Article 41.3 of the State Budget of the Republic for 2026, approved by Law No. 14/25 of 30 December 2025, the paragraph of the sub‑heading "The Republic of Angola" under the heading entitled "TAXATION" (commencing on page 278) of the Base Offering Circular shall be entirely replaced with the following:

"The Republic of Angola

The "Imposto sobre a Aplicação de Capitais" or "Capital Investment Tax" applies to income resulting from the application of capital, including (inter alia) payments of interest, redemption premiums or repayment premiums and to other forms of remuneration of bonds, participation titles or other similar titles issued by any company at the following rates (Articles 27.2 and 29 of the Angolan Investment Income Tax - Presidential Legislative Decree No. 2/14 of 20 October 2014):

a.     a 10 per cent. withholding tax over interest / redemption premiums or repayment premiums and to certain other forms of remuneration of bonds; or

b.     a 10 per cent. withholding tax in respect of (inter alia) the same type of interest, redemption premiums or repayment premiums and to certain other forms of remuneration of bonds, provided that these bonds are traded or admitted to negotiation on regulated markets and its issue has a maturity date equal to or exceeding three years.

Accordingly, payments of interest redemption premiums and repayment premiums under the Notes are, pursuant to applicable legislation, subject to a 10 per cent. withholding tax, in respect of which Angola will have a gross-up obligation pursuant to the Condition 8 of the Notes. Pursuant to Condition 8, all payments of principal and interest in respect of the Notes must be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by Angola or any regional or local subdivision or any authority thereof or therein having power to tax (together "Taxes"), unless such withholding or deduction is required by law. In that event, and subject to certain exceptions, Angola must pay such additional amounts as will result in the receipt by the holders of Notes of such amounts as would have been received by them had no such withholding or deduction been required. See "- Terms and Conditions of the Notes - Taxation".

Article 6 of Legislative Presidential Decree No. 3/14 of 21 October 2014 - Amendment and Republication of the Stamp Duty Code provides that the Republic is exempt from paying stamp duty."

AMENDMENT TO GENERAL INFORMATION

The following entirely replaces the paragraph of the sub-heading entitled "No Significant Change" under the heading entitled "GENERAL INFORMATION" commencing on page 294 of the Base Offering Circular:

"No Significant Change

Since 31 March 2026, except as otherwise disclosed in this Supplement, there has been no significant change in relation to the Issuer's public finances, balance of payments and trade, respectively."

 

END