| 1 | USD INDEXED BOND

MATURITY 2019 - 2023

COSTS 1,50%

| 2 | BNI TERM DEPOSITS

6M 12M

100K - 5M

>5M - 50M

>50M - 100M

100M+

AMOUNT 1M 2M 3M

10,90%

11,40%

11,90%

12,40%

11,05%

11,55%

12,05%

12,55%

11,20%

11,70%

12,20%

12,70%

11,35%

11,85%

12,35%

12,85%

11,50%

12,00%

12,50%

13,00%

01 02 CROSS CURRENCY MATRIX

BNI: INVESTMENT OPPORTUNITIES

BRENT OIL PRICE

19th August 2019

Source: XECurrency

0403

Graphic 2 | Source: EIA - Energy Information Administration Source: XECurrency

MARKET ANALYSIS0605

MARKET BULLETIN

BOND MARKET07BT - Treasury Bills

BT - Treasury Bills

BT - Treasury Bills

OTX - Bonds Indexed to USD

OTX - Bonds Indexed to USD

OTX - Bonds Indexed to USD

91 DAYS

182 DAYS

364 DAYS

3 YEARS

4 YEARS

5 YEARS

16,15%

20,25%

23,90%

7,00%

7,50%

7,75%

Greater Security for your business,more comfort for your customers.

Saudi Arabia has deployed the whatever-it-takes weapon to increase oil prices. This is not the first time the Kingdom has committed itself to do the same, in May 2017, energy minister Khalid Al-Falih used that exact phrase when Brent crude had slipped below $50 a barrel. It sparked a brief rally, followed by a brief dip again, that ultimately segued into a sustained march toward $86 by the fall of 2018 (Graphic nº 2).

During the organization actually had some favourable trends going its way. One of these was its own hesitancy to deliver on the production cuts agreed in late 2016. Apart from Saudi Arabia and the involuntary “discipline” of Venezuela and Angola, the rest of the group didn't collectively get with the program until toward the end of 2017.

In other words, there was plenty of room in May 2017 for many members just to do something, none of this holds true today. Saudi Arabia already bears a disproportionate share of the OPEC+ cuts and relies on just a handful of others (including Russia) to maintain credibility on this front. Iran's output is down by 1.6 million barrels a day already. And the balance between global oil demand growth and non-OPEC supply has reversed completely (Graphic nº 2).

According to the National Institute of Statistics (INE) the National Consumer Price Index (IPCN) for July 2019, the year-on-year change reached 17.24%, a decrease of 1.77% compared to the same period of the previous year. This increase, between June and July, also boosted the 12-month accumulation, which went from 16.94% to 17.24%, the first increase since the beginning of 2019. The Housing, Water, Electricity and Fuels ” category with a rise of 3.53%, was the one that registered the biggest price increase.(Graphic nº 3).

BNI - Direcção Financeira Internacional

CERTIFICAÇÃO INTERNACIONAL DE QUALIDADE

BNI - Banco de Negócios InternacionalAvenida Che-Guevara nº 42 - A, Bairro Maculusso, Distrito da Ingombota. Caixa Postal 578. Luanda - AngolaTel: (+244) 222 632 900 / (+244) 222 632 901 / Fax: (+244) 222 371 887

www.bni.ao

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

Graphic 1 | Source: Bloomberg

Graphic 3 | Source: BNA

NATIONAL CONSUMER PRICE INDEX

AOA

USD

GBP

EUR

ZAR

1 00000,

0,00276

0,00228

0,00249

0,04238

361,981

1,00000

0,82514

0,90055

15,3391

438,693

1,21192

1 00000,

1,09139

18,5897

401,957

1,11044

0,91626

1,00000

17,0330

23,5987

0,06519

0,05379

0,05871

1,00000

1 AOA 1 USD 1 GBP 1 EUR 1 ZAR

2017 2018 2019

$ per barrel 90

80

70

60

50

40

Brent Crude Oil Price

OIL GLOBAL DEMAND / NON-OPEC SUPPLY

2014 2015 2016 2017 2018 2019 2020

3

2

1

0

-1

Global Demand Non-OPEC Supply

17,30%

17,20%

17,10%

17,00%

16,90%

16,80%

16,70%Jun 2019 Jul 2019

Millio

n B

arrels a day