Economic and Fiscal Update

The 2015 Revised Budget Law Reflects Gabon's Fiscal Consolidation Efforts in Response to the New Oil Price Environment In an endeavor to lay the ground for a balanced fiscal trajectory in 2015, the Government adopted a conservative approach and adjusted the budget CFA millions, unless otherwise stated 2014 Executed 2015 Initial Budget Law 2015 Revised Budget Law Revised Budget Revenues Oil revenues Non-oil revenues Expenditures 2,349 2,290 1,834 1,035 929 541 1,315 1,361 1,293 Conservative Revenue Assumptions 2,009 2,190 1,943 Current Expenditures 1,366 1,536 1,334 Salaries 691 733 733 Good and Services 265 380 299 Transfers and interventions 410 424 303 Adjusted Expenditures Levels Capital expenditures 606 644 597 Public investment 350 437 319 External project financing 256 207 278 Other 37 10 12 Primary balance 340 100 (109) Interest on debt 111 141 125 Overall balance (commitment basis) Overall balance as a % of GDP 229 (41) 2.7% (235) (2.9%) Stabilization Fund ■ Aimed at absorbing short-term shocks on revenues from commodity price volatility and ensure continuous funding of capital expenditures Sources: Ministry of Economy, Promotion of Investments and Prospective Additional Buffers Unexecuted Provisions Unexecuted provisions on goods and services, transfers and investments amounting to CFA 93 billion EUR/USD exchange rate The Revised Budget Law assumes a 1.24 EUR/USD exchange rate, compared to the current level of 1.1 EUR/USD and an average of 1.12 EUR/USD YTD 14

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