Economic and Fiscal Update

The Government Has Created a Stabilization Fund to Weather Future Adverse Oil Price Shocks Objective ■ Aims at reducing the impact on public spending of future commodities prices volatility Target Objective to reach US$500m within the next four years ■ 5% of total revenue derived from extractive industries (oil and mining) ■ Exceptional revenue derived from the spread between budgeted prices and actual prices Funding ■ 25% of the proceeds from tax disputes between the State and oil & mining companies Domiciliation Governance ■ 100% of financial income generated by the fund ■ Dedicated account at the BEAC ☐ Management committee, presided by the Ministry of Economy, with the participation of the Ministry of Budget, the Ministry of Mining and the Ministry of Hydrocarbons. Management committee to conduct a comprehensive audit of oil/mining revenues every three months and determine the share of revenues allocated to the fund ■ Investment strategy focused on assets negatively correlated to commodities prices Investment Strategy ■ No expenses related to the management /operations of the Fund Oversight ■ Fund subjected to the control of the Gabonese "Cour des Comptes" (Court of Auditors) Sources: Ministry of Economy, Promotion of Investments and Prospective 17

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