Investor Presentaiton

Solid CFFO of €127 mn in 1H19 Free cash flow (€ mn) CFFO €127 mn (+26% YoY: 1H18 was €101mn) MOTAENGIL 1 1 1,002 955 194 52 52 15 39 52 52 15 17 51 55 21 21 1 1,008 Net debt Jun.18 Net debt Dec. 18 EBITDA tax Changes in Corporate Net financials Maintenance working capital capex Growth capex LT capex Dividends paid Changes in m/l term & perim. Net debt Jun.19 ¹Net debt considers Angola's sovereign bonds denominated in US$ and US$ linked as "cash and cash equivalents" which amounted to €160 mn (€176 mn nominal value) in June 2019, €152 mn in December 2018 and €150 mn in June 2018 and Malawi's sovereign bonds that amounted to €14 mn in December 2018. 14

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