Sociedade Nacional de Combustveis de Angola (Sonangol) - EP (National Fuel Company of Angola - a Public Corporation)

2010 REPORT AND ACCOUNTS

Finance Department Sonangol - EP

Notes to the Accounts for the Financial Year Ended December 31, 2010 Amounts expressed in kwanza (AKZ)

REPORT AND ACCOUNTS

This report contains: Balance Sheet Earnings Statement Notes to the Accounts

BALANCE SHEET AT DECEMBER 31, 2010 (Amounts expressed in kwanza)

Financial Year Note ASSETS Noncurrent assets Tangible fixed assets Intangible fixed assets Investments in mining Investments in subsidiaries and associates Other financial assets Other noncurrent assets TOTAL NONCURRENT ASSETS Current assets Inventories Accounts receivable Cash and other liquid assets Total current assets TOTAL ASSETS SHAREHOLDER EQUITY AND LIABILITIES Shareholder equity Capital Reserves and funds Earnings TOTAL SHAREHOLDER EQUITY Noncurrent liabilities Medium and long-term loans Provisions for risks and charges Other noncurrent liabilities Total noncurrent liabilities Current liabilities Accounts payable Other current liabilities Total current liabilities TOTAL CAPITAL AND LIABILITIES /s/ Jacinto Manuel Veloso Chief, Accounting Department /s/ Mbiavanga Filipe, Director of Internal Control and Audit Registration No. 3227 /s/ Raquel Rute da Costa David Vunge Director of Finance 19 21 16 18 19 12 12 8 9 10 4 5 4A 6 7 9 2010 2009

EARNINGS STATEMENT AT DECEMBER 31, 2010 (By type) (Amounts expressed in kwanza)
Financial Year Note Sales Other operating income 22 24 2010 2009

Change in finished products and products in process Delivery of sales - concessionaire Cost of merchandise sold and raw materials consumed Payroll costs Amortizations Other operating costs and losses

25.1 25.2 27 28 29 30

Operating balance Financial balance Subsidiaries and associates balance Nonoperating balance 31 32 33

Earnings before taxes Tax on profits Net earnings from current activities Noncurrent earnings Tax on profits Net profit for the financial year 34 35

/s/ Jacinto Manuel Veloso Chief, Accounting Department /s/ Mbiavanga Filipe, Director of Internal Control and Audit Registration No. 3227

/s/ Raquel Rute da Costa David Vunge Director of Finance

INTRODUCTION 1A. Areas of business The Sociedade Nacional de Combustveis de Angola, E.P. (hereinafter called Sonangol - EP, or the company), is a wholly publicly owned corporation, created under Angolan law in 1976 by Decree 52/76 of June 9, 1976. According to its current articles of association approved by Presidential Decree 42/10 of May 4, 2010, the main activities of Sonangol - EP are prospecting, research, development, upstream production, transport, marketing, refining, and processing of liquid and gaseous hydrocarbons and their derivatives, including downstream petrochemical operations. Law 10/04 (the Law on Petroleum Activities) identifies Sonangol - EP as the Angolan enterprise to which the state has granted mining rights for prospecting, research, development, and production with respect to liquid and gaseous hydrocarbons. As concessionaire, Sonangol - EP is authorized to enter into partnerships with foreign and domestic entities for the conduct of oil operations within the national territory. These operations are currently based on partnership agreements and production sharing agreements. To fulfill more effectively and professionally its role as the national hydrocarbons concessionaire, the company created subsidiary companies Sonangol Pesquisa e Produo (Sonangol Research and Production) and Sonangol Gs Natural (Sonangol Natural Gas). These two subsidiaries have been used by Sonangol - EP, over time and in partnerships, as vehicles for investment in the exploration and development of crude oil and natural gas. Nonetheless, Sonangol - EP still partly engages in the crude oil business, through investments in Block 0 - the Cabinda Concession. The table below summarizes the areas of business in which the company is involved through its subsidiaries and projects, thus gradually fulfilling its corporate purpose:

SUBSIDIARY/PROJECT Sonangol Pesquisa e Produo

BUSINESS Prospecting, research (on natural gas), development, and production of crude oil Development and production of natural gas Transport of crude and refined oil Refining of crude oil in Luanda Refining of crude oil in Lobito (under construction) Supply and storage of refined oil products Marketing and distribution of refined oil products Marketing of crude oil and LPG Marketing of crude oil Marketing of crude oil Contracting of medium- and long-term credit Air transport services to support oil operations Real estate and property management

Sonags Sonangol Gs Natural Sonangol Shipping Sonarel Sonangol Refinaria de Luanda Sonaref Sonangol Refinaria (Project) Sonangol Logstica Sonangol Distribuidora Sonangol Limited (UK) Sonangol USA Company Sonangol Asia Limited Sonangol Finance Limited Sonair

MST ESSA Sonangol Holdings, Lda PUAA Administrao e Gesto, S.A. Solo Properties (Knightsbridge) Ltd SONIP Sonangol Imobiliria e Propriedades Sonangol Investimentos Industriais

Telecommunications services Professional training services Financial equity holding Real estate and property management Real estate and property management Real estate promotion and property management

Coordination of the management, promotion, and development of industrial projects Hospital business Hydrocarbon research and mining

CG Clnica Girassol Sonangol Hidrocarbonetos

7 In 2010, Sonangol - EP expanded its business, with the establishment of two new subsidiaries, Sonangol Investimentos Industriais and Sonangol Hidrocarbonetos, the former being devoted mainly to coordinating the management, promotion, and development of industrial projects for Sonangol - EP and its subsidiaries in the Special Luanda Bengo Economic Zone, and the latter being involved primarily in hydrocarbons research and mining. 2. Accounting policies adopted in the preparation of the financial statements 2.1 Bases of presentation the accounts consolidation criterion The Sonangol Board of Directors has chosen Sonangol - EP as the consolidating entity of the Group. Accordingly, since 2008 the implementation of the Accounting Policies Manual (Manual de Polticas ContabilsticasMPC) has been under way. The objective is to lay the foundation for the first consolidation of the companys accounts; but, for the time being, consolidated financial statements were not prepared, presented, and audited for 2010. 2.2 Bases of presentation preparation of the financial statements The financial statements were prepared on the basis of accounting records maintained as prescribed in the current Angolan legislation, defined in the general chart of accounts (Plano Geral de Contabilidade PGCDecree 82/01 of November 16, 2001), and in accordance with generally accepted accounting principles and standards. The accounts classification established in the PGC has been amended, with the introduction of a number of specific items relating to the companys business (oil and gas industry). Accordingly, Sonangol - EP and its subsidiaries have devised a single chart of accounts for the Group so as to recognize those specific items, taking into account the MPC, which was designed for that purpose. The numbering of the notes below reflects that shown in the PGC. Notes not included in this annex are not applicable or insignificant for understanding the financial statements. 2.3 Exchange rate fluctuations Transactions are recorded on a historical cost basis and adjusted at year-end for the effects of exchange-rate fluctuations occurring during the year between the kwanza (AKZ) and the foreign currency in question. In 2010, current assets and liabilities denominated in foreign currency were revalued at the exchange rate prevailing on December 31, 2010, as published by the National Bank of Angola, and under the terms stated in Ministry of Finance Resolution 104/91 of October 18 and reiterated in Instruction 01/DF-DC/2010. The exchange rates used were as follows:

12/31/09 USD 1 = EURO 1 = AKZ 89,621 AKZ 128,526

12/31/10 AKZ 92,874 AKZ 123,021

2.4 Key accounting criteria The key accounting criteria used to prepare the financial statements were as follows: (a) Investments in mining in Block 0 Investments in mining include the share of Sonangol - EP in the expenditure relating to research, development, operations, and other expenses incurred by the operator of Block 0. These investments are recorded at historical cost. Development expenses and those of management and capitalized services are amortized using the straight-line method, at rates depending on the amortization period specified in each concession contract. The contractual amortization period is six years. (b) Tangible fixed assets Tangible fixed assets are shown at purchase cost, with adjustments for legally required revaluations minus cumulative amortization. Revaluations are based on the corresponding coefficients published each year by the Ministry of Finance. Amortizations are done using the straight-line method, at rates calculated to ensure that the value of properties is fully absorbed during their useful life, as estimated for each fixed assets item, as follows: Fixed Assets Item Buildings and other construction Basic equipment Transport equipment Administrative equipment Consignable packaging Other tangible fixed assets Useful Life (Years) 20-50 10 5 8-10 5 5-10

9 Expenses incurred for the repair and current maintenance of fixed assets are considered costs in the year in which they occur. Large-scale repairs that lengthen the useful life of fixed assets are capitalized and amortized over the remaining portion of their useful life. (c) Intangible fixed assets Intangible fixed assets are shown at purchase cost, minus cumulative amortization. Amortizations are done using the straight-line method, at rates calculated to ensure that the value of the fixed assets is fully absorbed during their useful life, estimated for each fixed assets item, as follows: Fixed Assets Item Development expenses Industrial property and other rights and contracts Start-up expenses Other intangible fixed assets Useful Life (Years) 3 10 5 5-10

(d) Mining investments and works in progress Tangible fixed assets relating to oil exploration and production are recorded at purchase cost and basically correspond to the following: Expenses incurred in respect of exploration area (field) research and development, plus the structure and financial costs incurred up to the date of the start of production, which are capitalized in works in progress. When the field begins its production these expenses are transferred from works in progress to fixed assets and are amortized; Research expenses, when incurred, involve the whole geographic area of the field, irrespective of where the reserves are located; Research expenses relating to a field under exploration and development are classified in works in progress; and All expenses incurred during a phase of oilfield research that proves unsuccessful are recognized as costs in the earnings statement for the financial year in which the research and/or development work is halted. Also considered as current financial year expenses are all exploration costs, such as seismic interpretation and acquisition as well as geological and geophysical costs in general.

10 (e) Investments in subsidiaries and associates Shareholdings in subsidiary and associate companies are recorded at purchase cost. Financial investments classified as other financial assets represent investments in asset markets (venture capital investment funds) and are valued at the market value prevailing on the balance sheet date. (f) Inventories Crude oil inventories are valued at the cost price equivalent to the average annual production cost. Valuation is based on the quantities declared in the operators inventory. The cost of stocks sold is calculated on the basis of the specific production cost of each concession. (g) Accounts receivable and other noncurrent assets The balances of accounts receivable from customers, other debtors, and subsidiary and associate companies are recorded at their net payment value. Noncurrent assets consist of medium- and long-term financial transfers to subsidiaries. These are permanent interest-bearing loans with a repayment period longer than 12 months, the balance of which is shown at net market value. (h) Cash and other liquid assets Cash and other liquid assets include: (i) cash; (ii) bank sight and time deposits; and (iii) other short-term investments maturing in up to three months that can be immediately callable without significant risk of fluctuations in value. (i) Provisions Provisions are established whenever: (i) there is a legal or constructive obligation resulting from past events; (ii) it is likely that an outlay of funds will be needed to settle a liability; and (iii) a reliable estimate can be made of the amount of the liability. Provisions are not made for future operating losses. Provisions are reviewed on the balance sheet date and are adjusted to reflect the best estimate at that date. (j) Other current liabilities Supplier balances and other current liabilities are recorded at their nominal value. (k) Sales and provision of services Sales are recorded net of taxes, discounts, and other intrinsic costs, at the market value of the amount received or receivable. (l) Interest Interest received is recorded on the basis of the financial year specificity principle, taking account of the amount owed and the actual rate in force during the period until maturity.

11 (m) Taxes, duties, and fees Block 0 The company is liable for mining taxes, duties, and fees under Law 13/04 of December 24 (the Law on the Taxation of Petroleum Activities). Under this legislation, taxable earnings are defined as presumed monthly profit and calculated provisionally for each Block under production, reported to the tax authorities in provisional tax returns, and paid by legally established deadlines. Provisional tax returns are replaced at the end of the financial year by final tax returns, adjusted to reflect the tax reference prices, the final costs incurred by the company in oil operations, and its structural costs. Final tax returns are subject to review and adjustment by the National Tax Directorate (DNI), Ministry of Finance, which is the revenue authority. Taxes for 2009 are currently being reviewed and definitively established. The taxes, duties, and fees referred to above include the following: Oil production tax levied on the amounts of crude oil and natural gas produced in the year, valued at the tax reference prices, at the rate of 20 percent for the Cabinda concession (Block 0); Oil transaction fee levied on the annual profit recognized under partnership agreements at the rate of 70 percent and deductible for the purposes of calculating the oil income tax assessment basis; and Oil income tax levied on annual profit (net of the oil production tax and the oil transaction fee) recognized under partnership agreements (Cabinda concessions) and at the rate of 65.75 percent. Only current tax is recognized, there being no calculation or recording of any deferred taxes, whether positive or negative, resulting from temporary differences between the accounting base and the tax base. (n) Income of the national concessionaire Under current legislation, Sonangol - EP is required to transfer to the state an amount equivalent to a minimum of 90 percent of its earnings from sales made as national concessionaire. This amount is considered a tax and, as such, is included in the costs for the financial year. 3. Changes in accounting policies No changes in accounting policies were made or reported. Nonetheless, the Accounting Policies Manual is currently being implemented in the Sonangol Group, the objective being to provide information on the account consolidation process. The achievement of this objective will make it even more possible, through the harmonization and documentation of accounting principles from the standpoint of the Group, to take account of the specific nature of the business activities of the various companies comprising the Group. To date, policies have been implemented

12 concerning the Groups chart of accounts, additions and deferments, and financial statements. Procedures for closing accounts and settling intra-Group transactions have also been put into place.

13 NOTES TO THE BALANCE SHEET 4. Tangible fixed assets 4.1 Composition of tangible fixed assets, by item

Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total

Gross Amount

Cumulative Amortization

Net Amount

4.3 Movements during the financial year, in gross amounts

Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total

Initial Balance

Revaluation

Increase

Sales

Writeoff/Transfer

Final Balance

14 4.4 Movements during the financial year, in cumulative amortization

Item Tangible fixed assets Land and natural resources Buildings and other construction Basic equipment Transport equipment Administrative equipment Other tangible fixed assets Works in progress Total

Initial Balance

Revaluation

Increase

Sales

Writeoff/Transfer

Final Balance

4A Investments in mining 4A.1 Composition, by item

Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total Gross Amount Cumulative Amortization Net Amount

15 4A.2 Movements during the year, in gross amounts

Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total

Initial Balance

Increase

Decrease

Final Balance

4A.3 Movements during the year, in cumulative amortization

Item Research expenditure Development expenditure Inventory material Supply material Material in transit Means of transport Other investments Works in progress Total

Initial Balance

Increase

Decrease

Final Balance

16 4B Works in progress 4B.1 Composition, by item

Item Nonmining - Buildings and other construction - Refinery project - SINCO project - Cabinda biodiversity project - Prospection and research project - Miscellaneous projects Mining - Block 0 Total

Initial Balance

Increase

Decrease

Final Balance

In the case of works in progress, the following changes were made during the period: i. Transfer of the amount allocated for the Sonaref project, against payment, to Sonangol Refinaria do Lobito, in the context of its establishment as a subsidiary in the Group; Closure of the items relating to the SINCO project and the prospection and research project, the amounts in question having been recognized as charges to the company; and Closure of the Cabinda biodiversity project item, the amount in question having been assigned to expenditure for the period.

ii.

iii.

5. Intangible fixed assets 5.1 Composition, by item

Item Intangible assets - Intangible fixed assets Grand total Gross Amount Cumulative Amortization Net Amount

17 5.2 Movements during the financial year, in gross amounts

Item Intangible assets - Intangible fixed assets Grand total Initial Balance Revaluation Increase Sales Writeoff/Transfer Final Balance

5.3 Movements during the financial year, in cumulative amortization

Item Intangible assets - Intangible fixed assets Grand total Initial Balance Revaluation Increase Sales Writeoff/transfer Final Balance

6. Investments in subsidiaries and associates 6.1 Composition, by item

Item Subsidiaries Shareholdings Gross Amount Cumulative Provisions Net Amount

Associates Shareholdings Loans Total

18 6.2 Movements in the initial balance and in transactions during the year
Gross Amount Item Subsidiaries Shareholdings Loans Initial Balance Increase Decrease Final Balance

Associates Shareholdings Loans Total

19 6.3 Details on subsidiaries and associates

Company Shareholder Equity Subsidiaries Sonangol P&P Sonangol Gs Natural Sonangol Refinaria de Luanda Sonaref Sonangol Shipping Sonangol Logstica Sonangol Distribuidora Sonangol Finance Ltd Sonangol Holdings Lda Sonair MST Telecomunicaes Sonangol Limited Sonangol USA Company Sonangol Asia Puaa Essa SONIP SOLO Properties Clnica Girassol Sonangol Hidrocarbonetos Ltd Sonangol Investimentos Industrias Total Subsidiaries Associates Banco Millennium BCP Banco Caixa Geral Totta Angola Banco Millennium Angola Petroci Banco Privado Atlntico Banco Privado Atlntico Europa Angolan Securities and Derivatives Exchange Total - Associates Subsidiary Accounts Percent of Equity Holding Amount Held Gross Amount Recorded

Grand total

20

The percentage of equity held by the company in each of the subsidiaries is as stated in Decision 06/GPCA/06 of April 20, 2006. For Sonangol Holdings Lda, it is as stated in Decision 02/2007 of March 5, 2007. In the cases of the subsidiaries Sonair, Servio Areo SARL, and Sonangol Gs Natural, it is as stated in Decisions 023/2008 and 02/2009 of December 22, 2008 and April 6, 2009 respectively. In March 2009, Sonangol - EP and Caixa Geral de Depsitos signed a strategic partnership agreement for the establishment of the Banco de Produo e Desenvolvimento (BPD). The BPD will have $500 million in statutory capital, with Sonangol - EP directly holding 50 percent of its shares, which represents an investment of $250 million. As at December 31, 2010, Sonangol - EP held 685,138,638 shares in Millennium BCP, corresponding to a 14.59 percent shareholding and valued at market price (fair value). In accordance with the valuation criteria specified in the PGC, whenever the purchase cost exceeds the sale value the corresponding provisions must be constituted. In this regard, and based on the market listings obtained as at December 31, 2010, the company recognized an impairment loss on this investment, as shown below:

Value Date 12/31/07 12/31/08 12/31/09 12/31/10 Fair market value at 12/31/10

No. of Shares

Amount in Euro

Amount in Kwanza

These securities are held at Banco de Investimento Global (BIG) under the terms of the custody contract signed with Sonangol - EP.

21 7. Other financial assets 7.1 Details of other investments

Gross Amount Item Investments Energy Fund II Energy Fund III Total Initial Balance Increase/ Decrease Final Balance

7.1.1
Item

Composition
Gross Amount 12/31/10 12/31/09

Energy Fund II - CDM Resource - Cobalt International Energy, LP - Legend Natural Gas II, LP - Niska Gas Storage - Petroplus International - Stallion Oilfield Services, Lda Subtotal Energy Fund III - Cobalt International Energy, LP - Dresser Inc. - Foresight Reserves, LP - Frontier - Hong Hua LDT - Jade Partners LLC - Kinder Morgan Inc. - Legend Natural Gas III, LP - Moreno Energy Inc. - Niska Gas Storage, LLC - Permian Tank & Manufacturing, Inc. - Phoenix Exploration Company LP - Red Technology Alliance LLC - Targe Energy LLC - Titan Specialties - Vantage Energy LLC Subtotal GRAND TOTAL

22 7.2 Commitments
Description Carlyle-Energy Fund II Carlyle-Energy Fund II Commitment Amount (USD) Percentage of Shareholding Executions (USD)

The amounts recorded for venture capital investments Energy Fund II and Energy Fund III represent their fair market value, as shown in the final reports as at December 31, 2010. 8. Inventories 8.1 Inventory movements during the financial year
Item Raw materials Crude oil or natural gas Initial Balance Increase Decrease Final Balance

Block 0 Total

8.2 Composition of inventories, by Block

Item Block 0 Areas A and B Total Quantity Average Unit Cost (AKZ) Total

9. Other noncurrent assets and accounts receivable

23 9.1 Composition
Item Current Noncurrent Maturing in Maturing in up to 5 years over 5 years Final Balance

Customers Domestic Foreign Advances to suppliers Subsidiaries and associates Intra-Group transactions Other debtors Total accounts receivable

9.1.1 Composition, by type of other noncurrent assets

Company Subsidiaries Sonangol P&P Sonags Sonangol Shipping Holding (SSHL) Sonangol Logstica Sonangol Holdings Lda Sonair Essa SONIP Total - Subsidiaries Associates FCKS China Sonangol International Grupo Genius Sonils Force Petroleum Kwanda Limitada ACREP Aspenway Total - Associates Grand total Initial Balance Increase/Decrease Final Balance

The transfers made by Sonangol - EP to each of its subsidiaries as well as its loans to associates are each the subject of a contract. Any reimbursement not made is automatically transformed into a further transfer.

24

Such transfers represent investments made by the company in its subsidiaries and not only those for which the repayment period is deferred. Also included here are loans granted to nonassociate companies, primarily Force Petroleum (Angola) and ACREP, to finance their oil operation liabilities, and to the Kwanza Sul cement factory (FCKS), all of these within the framework of the Business Development Law. 9.1.2 Composition of accounts receivable, by type
Item Customers Domestic Foreign Miscellaneous debtors Increases and deferments Intra-Group transactions Stock of the concessionaire Others Total accounts receivable 12/31/10 12/31/09

25 9.1.2.1 Composition of customer balances

Item Customers Domestic - Sonangol Refinaria de Luanda Subtotal Foreign - Trafigura Beher Amsterdam - Sonangol Congo Kinshasa - DTS Refining Pte Ltd - Enco So Tom - Braskem Incorp. - PTT Public Company Ltd - Formosa Petrochem Co. - STASCO Shell International Trading - Shell Trading Comp. Ltda - Conoco Trading - CNOOC Trading - China Sonangol International Hld Ltd - China National Unit Oil - TOTSA Total Oil Trading - Reliance Industries - Indian Oil Corporation - DT Refining - Kangoi Oil Trading Ltd - Unipec China Intern. Chemic. Beijing - Valero Marketing & Supply - Vitol S.A. - Others Subtotal Total Customers 12/31/10 12/31/09

The balance maintained with Sonangol Refinaria de Luanda is largely the result of crude oil sales made during the fourth quarter but not yet paid for. These sales have generally been settled only after publication of the tax reference price by the Oil Ministry. The balance in respect of foreign crude oil customers will be fully settled in January 2011. This represents a post-closure event but is in keeping with the terms and conditions for crude oil sales.

26 9.1.2.2 Composition, by type of debtor

Item Other miscellaneous debtors Increases and deferments Sonangol Shipping (Angola), Luanda Sonangol Gs Natural Sonangol Distribuidora Sonangol Logstica Sonangol Holdings Sonangol Refinaria de Luanda Essa Clnica Girassol Sonangol Finance Ltd Sonangol Shipping Holding Limited SIIND Tuala Kumoxi Amounts receivable Barclays Wealth Amounts receivable Esperaza BV Supplies Elf Advances to suppliers Concessionaire inventory Amounts receivable BCGTA partners) Amounts receivable Total EP (Abandonment Fund Block 3/8) Material stimulus social fund Workers social fund Subscription Others Subtotal Total - Other miscellaneous debtors 12/31/10 12/31/09

The Increases and deferments item reflects the amount for Sonags accounts receivable, related to the collection of Sanha operating costs, which will take place in early 2011. Transactions with the subsidiaries relate basically to services provided to Sonangol EP and to amounts charged by the latter and remaining unpaid, related to the reimbursement of principal and interest on transfers it has granted. As regards the intra-Group transactions, the Sonangal Finance balance consists mainly of amounts resulting from the differences found between the remainder to be transferred after debt servicing in the context of financing contracted by Sonangol EP and the amount actually transferred by the subsidiary in question. It also includes dividends for 2009, recognized and paid to the subsidiary at the end of the period.

27 9.1.3.1. Stock of oil rights as concessionaire (value)

Item Concessionaire Block 2/85 Block 2/05 Block 3/85 Block 3/91 Block 3/05 Block 4 Gimboa Block 14 (Kuito) Block 14 (BBLT-Nemba) Block 14 (BBLT-Kuito) Block 14 (TL) Block 14 (Belize Norte) Block 15 (Hungo) Block 15 (Kisanje) Block 15 (Xikomba) Block 15 (Mondo) Block 15 (Saxi-Baluque) Block 17 (Girassol) Block 17 (Dlia) Bock 18 (Plutnio) Initial Balance Increase (Production) Decrease (Exports) Final Balance

Total

28 9.1.3.2. Concessionaires stock of oil rights (in barrels)

Block Initial Stock Concessionaires Profit Oil Concessionaires Exports Adjustments Final Stock

Block 2/85 Block 2/05 Block 3/85 Block 3/91 Block 3/05 Block 3 Gimboa Block 14 (Kuito) Block 14 (BBLT-Nemba) Block 14 (BBLT-Kuito) Block 14 (TL) Block 14 (Belize Norte) Block 15 (Kisanje) Block 15 (Xikomba) Block 15 (Mondo) Block 15 (Saxi-Batuque) Block 17 (Girassol) Block 17 (Dlia) Bock 18 (Plutnio

Total

Concessionaires stock fell sharply because of the volume of exports in 2010, as recorded in the fourth quarter.

29 10. Cash and other liquid assets 10.1 Composition, by type

Item Cash Transfers of funds Balances held at banks Sight deposits Time deposits Bonds Total Movement in Cash and Other Liquid Assets 2010 2009

10.2 Details of bonds

Product Amount (USD) Amount (AKZ) BAI deposit bonds Treasury bonds* Total * Represents 20,000 bonds, each valued at US$5,000. Date Maturity Date

The negotiable securities portfolio consists of: (i) 35,000 subordinated deposit bonds issued by the BAI, each with a nominal value of US$1,000, after the redemption of 10,000 bonds this year. These mature in six years and bear interest paid semiannually at the six-month LIBOR plus a margin. Returns on this investment totaled US$748,240; and (ii) 20,000 treasury notes maturing in five years, generating income on the order of US$3,823,505. 12. Shareholder Equity 12.1 Composition and movements during the year
Item Statutory capital Supplementary contribution Legal reserve Investment fund Current balance for the financial year Total Initial Balance Increase Decrease Final Balance

Given the need to adjust the companys capital structure and build its borrowing capacity in light of future challenges, the proposal was presented, in Decision 8/2010,

30 to increase the statutory capital of Sonangol - EP to AKZ 1,000,000,000,000 (one trillion Kwanza). Such an adjustment, through the incorporation of asset inflows and reserves, was approved by the shareholders in letter 2344/66/01/GMF/2010 of October 14, 2010. Out of the total for adjustment, as at December 31, 2010 action had been taken in respect of AKZ 900,000,000,000, leaving AKZ 100,000,000,000 to be incorporated into financial year 2011, based on the distribution of 2010 earnings. By Presidential Decree 42/10 of May 10, 2010 (setting forth the Policy on the Distribution of Earnings), the companys profits, after the deduction of withheld taxes, are to be distributed as follows: (a) 10 percent for constitution of the legal reserve, whose cumulative value should not exceed 2 percent of the statutory capital; At least 10 percent for constitution of the fund to assess potential exploration for hydrocarbon resources; At least 5 percent to the fund for other investments; Up to 5 percent to the social fund; Allocation of individual incentives to workers and to members of the management body by way of their share in the profits, within the limitations set in the pertinent legislation; and Any other voluntary funds approved by the board of directors and agreed by the competent state bodies.

(b)

(c) (d) (e)

(f)

18. Provisions for risks and charges

Item Workplace accidents Pension provisions Abandonment provisions - Block 2 - Block 3 Total Initial Balance Increase Decrease Final Balance

The amount shown above in Provisions for risks and charges includes Abandonment provisions. These consist of liabilities declared by the oil operators of various Blocks, for which funds (collected in the form of cost oil) are periodically

31 transferred to the companys accounts. The funds in question are intended to cover future expenses related to the closure of oil wells and the removal of platforms and other installations when reserves run out. The company currently records and recognizes abandonment provisions only in respect of Blocks 3/05 Canuku, Block 2/85, and the now extinct Block 3/80. The company is aware that substantial amounts are held in operators accounts for Blocks 3/85, Block 3/91, Block 15 Xicomba, and Block 14 Kuito. As these amounts are not controlled by the company, it is also impossible to recognize them in the accounts. As concessionaire, Sonangol - EP has used the provisions, making the funds available to Sonangol Pesquisa e Produo, as the pertinent operator, to meet the costs of dismantling the FPSO and of the environmental impact and inspection of the project for abandonment. 19. Other noncurrent liabilities and accounts payable 19.1 Other noncurrent liabilities
Item 2010 Sonangol Finance - SNL Finance US$1 bn (SCB) - SNL Finance US$3 bn (SCB) - SNL Finance US$2.5 bn (SCB) - SNL Finance US$1.5 bn (CA-CIB) - SNL Finance US$1 bn (CDB & SCB) - SNL Finance US$2.5 bn (ICBC) Subtotal Subscription to be made - Sonangol Gs Natural - PUAA Subtotal Total Movement 2009 Maturity (months)

This item records loans contracted by the company through its subsidiary Sonangol Finance Limited. Although recorded in Other noncurrent liabilities, the following notes are presented in accordance with the principles set out in the general chart of accounts.

32 19.2 Short and long-term loans obtained 19.2.1 Composition of loans

Item Acquisition Year Initial Balance Increase Gross Amount Repay- Current ment Amount Noncurrent Amount Maturity (Months)

Liabilities - SNL Finance US$1 bn (SCB) - SNL Finance US$3 bn (SCB) - SNL Finance US$2.5 bn (SCB) - SNL Finance US$1.5 bn (CACIB) - SNL Finance US$1 bn (CDB & SCB) - SNL Finance US$2.5 bn (ICBC) Total

As a further increase was needed for Sonangol - EP to finance its capital structuring projects and other operating expenses under its annual budget for the financial year, in 2010 the company engaged in two new financing operations, as can be seen in the Increase column in Table 19.2.1. The loans contracted were in the sums of $1,000,000,000 and $2,500,000,000, from consortiums led respectively by China Development Bank (CDB) in April and by Industrial and Commercial Bank of China (ICBC) in November. The financing mentioned above is guaranteed by the Gross Oil Income Contract between Sonangol - EP and Sonangol Finance Limited, under which the former is required to collateralize monthly income corresponding to 125 percent of the monthly debt service, and a corporate guarantee in which financial accords require Sonangol - EP to observe the following: (a) The net position amount may not, in any circumstances, be less than AKZ 750,000,000,000; (b) The EBITDA/net debt ratio may not be less than 0.5; and (c) The EBITDA/debt service ratio may not be less than 1.3. In 2010 and as required by the reporting requirements that form an integral part of credit agreements, the company comprehensively observed the terms of the financial accords, as it is in compliance with all of them.

33 19.3 Composition of accounts payable

Item Suppliers Mining creditors Other creditors and liability accounts Transactions with the concessionaire Intra-Group transactions Other obligations Total

12/31/10

12/31/09

19.3.1 Composition
Item Suppliers Domestic Foreign Mining creditors Cabinda Association Other creditors and liability accounts Total 12/31/10 12/31/09

34 19.3.2 Composition
Item Transactions with the concessionaire Oil taxes - Bonuses - Price caps - Concessionaires income Transactions with the National Treasury - Taxes payable - Tax contingencies Increases and deferments Intra-Group transactions Sonair Sonangol Shipping (Angola) Luanda Sonangol P&P MS Telecom SONIP Other obligations FINA (minority shareholders) Social and material incentives fund Somoil Kotoil OGE Dividends OGE Customs Capital investment tax (IAC) Industrial Tax Law 7/97 FS/FST concession Others Total 12/31/10

The amounts payable to Somoil, Kotoil, and the FS/FST concession relate to the sale on their behalf, at end-2009, of crude oil, the delivery of which is confirmed during the subsequent financial year.

35 19.3.3 Transactions with the National Treasury Transactions with the concessionaire

Item Initial Balance

General Table of Transactions with the Concessionaire Amount Payable Current Amount Receivable Amount Paid Final Balance

Initial balance Concessionaires income External debt service Transfer to the concessionaire Novas Centralidades Others Subtotal Bonuses Price caps Subtotal Total

As regards transactions with the government, the concessionaires income represents the value of profit oil from the various Blocks under production, which is settled in three forms: (i) payments directly to the accounts of the National Treasury; (ii) transfers to the accounts of the concessionaire; and (iii) payments representing government debt service. The total amount recognized as profit oil in 2010 was AKZ 1,513,923,340,867. The sum of AKZ 1,600,666,338,005 was validated in 2010, but, from it, income for the year, net of payments related to 2009 liabilities, stood at AKZ 77,896,185,799. Accordingly, the liabilities pending settlement at December 31, 2010 were those established as at December 2010 plus the Block 17 liabilities for December 2009. These liabilities were settled during the first quarter of 2011. Based on the current legislation, the concessionaires income declared by the company is subject to review by the DNI; this explains the tax contingencies recorded as a liability for the company. The amounts posted in the amended accounts for FY 2007 and FY 2008 are shown under that heading. Under article 54 of Law 13/04 on the Taxation of Petroleum Activities, payments from the national concessionaire revert to the General Government Budget. These are covered under price caps and bonuses (which include contributions to social

36 projects, trade discovery, and signings) and relate to payments made by the companies for the development of oil operations. Sonangol - EP disbursed funds for the development of a housing project called Novas Centralidades, under the responsibility of its subsidiary SONIP. Those funds will be recovered, within the legal framework of the state, through transactions with the concessionaire. The amounts received from these companies operating in the oil sector are in the custody of Sonangol - EP, as concessionaire, and constitute a liability of Sonangol EP to the National Treasury. 19.3.4 Transactions with the National Treasury Oil taxes payable

Item Initial Balance

General Table of Transactions with the National Treasury Amount Receivable/ Payable Amount Payable Current Additional Amount Paid Final Balance

Tax payable - Production fee - Oil transaction fee - Oil income tax Total

The amount of tax payable relates to the December liabilities that will be settled in 2011, which include the adjustments made at the end of the period when the final returns are recorded. Under the legislation in force, the final tax declared by the company is subject to revision by the DNI. This explains the tax contingencies posted in the amended accounts for FY 2002 to FY 2008.

37 19.3.5 Transactions with the National Treasury Tax contingencies

Item Initial Balance

General Table of Transactions with the National Treasury Amount Receivable/ Payable Amount Payable Current Additional Amount Paid Final Balance

Tax contingencies - Production fee - Oil transaction fee - Oil profit tax - Concessionaires income - Dividends for collection Total

21. Other current liabilities 21.1 Composition of other current liabilities

Item 2010 Liquidity management - Sonangol Distribuidora - Sonangol Logstica - MS Telecom Total Movement 2009

This item includes the loans granted to Sonangol EP, relating to the investment of cash surpluses from the subsidiaries Sonangol Logstica, Sonangol Distribuidora, and MS Telecom. Those loans are subject to respective contracts.

38 21.2 Composition of short-term liabilities

Item Sonangol Finance - SNL Finance US$1 bn (SCB) - SNL Finance US$3 bn (SCB) - SNL Finance US$2.5 bn (SCB) - SNL Finance US$1.5 bn (CA-CIB) - SNL Finance US$1 bn (CDB & SCB) - SNL Finance US$2.5 bn (ICBC) Total

Current Amount

The above amounts represent contractual liabilities that the company must assume in 2011 to the financial institutions.

39 NOTES TO THE EARNINGS STATEMENT 22. Sales 22.1 Composition, by area of business and by market

Area of Business

Domestic Market 2010 2009

Foreign Market 2010 2009 2010

Total 2009

Mining Crude oil Associate Crude oil - Concessionaire Accessory products

Deliveries to refinery Total

24. Other operating income 24.1 Other operating income

Type Income from secondary business Sales of refined products Marketing fees Other Total 12/31/10 12/31/09

Included in other operating income are operating costs collected from Sanha and the income related to bonuses paid for trade discovery.

25.1 Change in finished products and goods in the manufacturing process 25.1.1 Composition of the change in the concessionaires stock
Item Crude oil - Concessionaires stock Total Initial Stock Final Stock Change/Year

40 The concessionaires stock item shows the concessionaires rights (profit oil) at the end of each period. This is recognized as the concessionaires asset and/or liability with respect to the Group. Accordingly, the change corresponds to any decrease noted in the final stock after deduction of the volume of exports for the year. 25.2 Surrender of proceeds from the concessionaires sales to the government
Concessionaires income Concessionaire - Block 2-85 Concessionaire - Block 2-05 Concessionaire - Block 3-85 Concessionaire - Block 3-91 Concessionaire - Block 3-05 Concessionaire - Block 3 Canuku Concessionaire - Block 4 Concessionaire - Block 14 Concessionaire - Block 15 Concessionaire - Block 17 Concessionaire - Block 18 Total

12/31/10

12/31/09

The amounts involved represent income from crude oil salesthe rights of the concessionaire at least 90 percent of which must, under article 55(2) of Law 13/04 of December 24, 2004, be surrendered to the National Treasury. In the absence of a costing system that makes it possible to separate out the costs of exercising the concessionaire function, the company has opted for the largest deduction possible, constantly bearing in mind the charges that are legally eligible for such a deduction.

27. Cost of stocks sold and raw materials consumed

Item Production fees Production costs Production expenses Marketing expenses - Associate - Concessionaire Subtotal Charges for refined products Total Association Contract 12/31/10 12/31/09

41 28. Payroll costs 28.1 Composition

Type Wages and salaries Special services Subsidy for shift in function Training expenses Premiums and other additional remuneration Family bonuses Social gatherings and social action Accommodation expenses Medical expenses Insurance expenses Pensions Uniforms Other Total 12/31/10 12/31/09

29. Amortization
Type Tangible assets - Buildings and other construction - Basic equipment - Transport equipment - Administrative equipment Subtotal Intangible assets - Intangible fixed assets Subtotal Investments in mining Research expenses Development expenses Inventory material Subtotal Total Amount in AKZ 12/31/10 12/31/09

42 30. Other costs and operating losses 30.1 Composition

Type Conservation and repairs Representation expenses Fuel and lubricants Rent and leases Communications Insurance Information technology hardware Travel and accommodation Fees and adjustments Publicity and advertising Surveillance and security services Offers and grants Taxes and fees Specialized work Hygiene and comfort material Water and electricity Auditors and consultants Office material Legal cases and notary services Food products and meals Books and technical documentation Other Total 12/31/10 12/31/09

31. Profit and loss account 31.1 Composition

In AKZ Type Profits and gains Interest Return on property investments Return on equity investments Positive exchange differences Costs and losses Interest Banking expenses Financing-related charges Negative exchange differences Provision for financial investment Total 12/31/10 12/31/09

43 32. Balances with subsidiaries and associates

Company Subsidiaries Sonangol P&P Sonangol Gs Natural Sonangol Refinaria de Luanda Sonangol Shipping Sonangol Logstica Sonangol Distribuidora Sonangol Finance Ltd Sonangol Holdings Ltda Sonair MST Telecomunicaes Essa Total Subsidiaries Associates Banco Millennium BCP Total Associates Grand total Subsidiary Account Shareholder 2009 Equity Balance Dividend Share Dividend Partners Sonangol Holdings - EP IAC (10%) Dividend Paid Owed

This item concerns the amounts collected from the subsidiaries by way of dividends for the 2009 financial year, minus the capital investment tax (IAC), which is withheld by the subsidiaries.

33. Nonoperating balances 33.1 Composition

In AKZ Type Profits and gains Gains on fixed assets Adjustment related to previous years Costs and losses Provisions for doubtful loans Losses on fixed assets Irrecoverable debt Adjustment related to previous years Compensation Discontinuation of operations (projects) Other losses Total 12/31/10 12/31/09

By management decision, provisions were made and recognized as irrecoverable debt with respect to amounts receivable from Sonangol Congo (50 percent) and Kwanda Ltda (100 percent).

44

34. Noncurrent balances 34.1 Composition

In AKZ Type Noncurrent profits and gains Other gains Noncurrent costs and losses Fines and penalties Other losses Total 12/31/10 12/31/09

35. Income tax Under the legislation in force, the companys final income tax liabilities stood at AKZ 102,902,461,541. This amount relates to oil income tax and the oil transaction fee. 35.1 Adjustment to the companys tax liabilities 35.1.1 Adjustment to the companys tax liabilities for 2010
Type Fees Production fees Taxes Oil transaction fees Oil income tax Profit oil Concessionaires income Total Tax Return Provisional Final Additional Tax (-)/ Tax Credit (+)

The table above shows the difference between the taxes recognized in the provisional tax returns and those in the final tax returns as at 12/31/10. The latter amount may be altered in the accounts by amendment of the Tax Assessment Committee, so that changes can be expected to the final tax.

45 35.1.2 Production fees

Tax Returns Year Final (Sonangol) Review Committee Final (Min. of Finance)

2002 2003 2004 2005 2006 2007 2008

35.1.3 Oil transaction fees

Tax Returns Year Final (Sonangol) Review Committee Final (Min. of Finance)

2002 2003 2004 2005 2006 2007 2008

46 35.1.4 Oil income tax

Tax Returns Year Final (Sonangol) Review Committee Final (Min. of Finance)

2002 2003 2004 2005 2006 2007 2008

35.1.5 Concessionaires income

Tax Returns Year Final (Sonangol) Review Committee Final (Min. of Finance)

2002 2003 2004 2005 2006 2007 2008

47 39. Balances with related entities 39.1 Composition of current transactions

Company 12/31/09 Loans Granted Repayment 12/31/10

Subsidiaries Sonangol P&P Sonangol Gs Natural Sonangol Shipping Holdings Ltd Sonangol Logstica Sonangol Holdings Lda Sonair Essa SONIP Total

39.2 Composition of noncurrent transactions

Company 12/31/09 Loans Granted Repayment 12/31/10

Subsidiaries Sonangol P&P Sonangol Gs Natural Sonangol Shipping Holdings Ltd Sonangol Logstica Sonangol Holdings Lda Sonair Essa SONIP Total

Apart from the transactions with subsidiaries shown in this table, the company had already disclosed transactions with the National Treasury (see note 11- no. 53 and note 16- nos. 65 and 66) as well as transactions with public enterprises (EDEL only see note 11) and with associated companies (note 7).

48 41. Pensions The company does not recognize any balance sheet liability as regards the defined pension plan, insofar as the general chart of accounts considers its recognition as a temporary exclusion. Nonetheless, the company is holding funds in its assets to cover future deficits in the cost of the pension plan. The funds being managed by Sonangol and AAA Penses show the following cumulative balances:

[Date] 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10

Cumulative Pension Plan Balance AAA Penses Sonangol - EP

42. Financing guarantee Sonangol - EP is assumed to be the guarantor of external financing for the Republic of Angola from international financial institutions, in the sum of $4,500 million. The guarantees in question are established through the earmarking of crude oil ladings/sales, in accordance with the pertinent contractual clauses. 43. Events occurring after the balance sheet date 43.1 Kwanza Sul Cement Factory (FCKS) By decision of the companys shareholders, the ongoing investment in the FCKS construction project will be called the Instituto de Desenvolvimento Industrial de Angola (Angolan Industrial Development InstituteIDIA). Disbursements made by the company to date under the Business Development Law 14/03 of July 18, 2003 will be recovered in accordance with the pertinent procedures. 43.2 Sonangol Holdings Limitada (SHL) By decision of the companys shareholders, the financial investments secured by its exclusive subsidiary Sonangol Holdings in some of the associated companies will undergo adjustments, the nature and size of which are yet to be determined. Such adjustments will give legitimacy to the subsidiary in securitizing future income

49 (dividends), with a substantial impact on its capacity to repay its liabilities to the company.

50 44. Additional mining information 44.1 Sonangols stake in joint ventures

Area/Block 1. Concessions in Angola Block 0 - Cabinda Areas A and B Block 01/06 Block 2/85 Block 2/05 Morsa West Block 3/05 Block 3/85 and 3/91 Block 4 - Gimboa Block 5/06 Block 6/06 Block 8/05 Block 14 Block 15/06 Block 16 Block 17/ 06 Block 18/06 Block 23 Block 26 Block 31 Block 32 Block 33 Block 34 2. International concessions Blocks in Brazil Block C-M-498 Block C-M-622 Block S-M-225 Block ES-T-410/Espirito Santo Block ES-T-401/Espirito Santo Block REC-T-166 Block REC-T-130 Block POT-T-749 Block POT-T-794 Block POT-T-748 Block BT-REC-18-Maritaca Field Block BT-REC-7/Cambacica Field Block BT-SEAL-18/Aracuo Field Block BT-REC-19/Guanambi Field Iraq Block Iran Block Gulf of Mexico Blocks Sudan Block 3. Gas consortium Open Area 4. Angola LNG Project Zaire Soyo

Percen -tage 41 20 25 70 25 6.25 50 20 20 20 20 15 20 24 20 20 20 20 20 20 20

Investor

Status

Operator

Other Companies

Sonangol - EP Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P

Production Exploration Production Production Production Production Production Exploration Exploration Production Production Production Exploration Exploration Development Development Exploration Development Development Exploration Exploration

Chevron Texaco Tullow Angola BV Sonangol P&P Sonangol P&P Sonangol P&P Total Sonangol P&P Vaalco Angola Sonangol P&P Maersk Oil & Gas Chevron Texaco Eni Maersk Oil & Gas Total Petrobras Maersk Oil & Gas Petrobras BP Total Total Sonangol P&P

Total, Eni Prodoil, Force Petroleum Braspetrom BV, Chevron, Somoil, Poliedro Oil, Kotoil Somoil China Sonangol, Ajoco, Eni, Somoil, Nafigas, Ina-Nafte Eni, Ajoco, Svenska, Nanaftaplun, Naftagas Norsk Hydro, Somoil, ACR Inter Oil Falcon Oil, Initial Oil Svenska Eni, Total, Petrogal SSI, Total, Falcon Oil, Statoil, Petrobras Odebrecht, Ocean Angola Devon SSI, Falcon Oil, ACR, Partex, Somoil SSI, Falcon Oil, Grupo Gema Svenska Esso, Marathon, SSI, Statoil Esso, Marathon, Petrogal, SSI Falcon Oil, NIR, GALP Norsk Hydro, Phillips, Braspetro, Shell

100 100 60 50 50 57 50 30 30 30 50 25 30 20 75 20 20 30 40

Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonangol P&P Sonags

Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Exploration Development Development Production Production Exploration Exploration Exploration Exploration Exploration

Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Petrobras Petrobras Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Sonangol P&P Brazil Petrobras Sonangol P&P Brazil Petrobras Sonangol P&P Sonangol P&P Cobalt Sonangol P&P Sonags

Petrobras

Somoil Petrobras Petrobras Petrobras Petrobras Somoil Petrobras Najmah & Qaiyarah Southpars 12 & Petropars HS Resources & other entities ENI, Gas Natural, GALP, EXEM ENI, BP Angola, Total

22

Sonags

Development

Angola LNG LDT

51

Information in addition to mining data relates to the stake of Sonangol - EP in Block 0, as an investor, and its indirect stake in the other blocks through its subsidiary Sonangol Pesquisa e Produo.

44.2 Summary of crude oil and natural gas reserves (Thousands of barrels) Units Reserves at January 1, 2010 Revisions Purchases Sales Production Reserves at December 31, 2010 This information, concerning proven reserves, relates solely to claims secured by Sonangol - EP, as investor in Block 0, and by Sonangol Pesquisa e Produo, as investor and operator in the other blocks, as shown in note 42.1- Sonangols stake in joint ventures.

52 As a result, the stakes of Sonangol EP, as concessionaire, are not included, owing to the characteristics of the production sharing agreements, which determine the degree of predictability of the oil resources.

/s/ Jacinto Manuel Veloso Chief, Accounting Department /s/ Raquel Rute da Costa David Vunge Director of Finance /s/ Mbiavanga Filipe Director of Internal Control and Audit Seen and approved /s/ Francisco de Lemos Jos Maria Executive Director /s/ Manuel Domingos Vicente Chairman of the Board of Directors