Investor Presentaiton

COTE D'IVOIRE INVESTOR MEETING Cote d'Ivoire Believed It Would Have Been Able to Quickly Negotiate with Bondholders the Terms of the Reimbursement of the Arrears (cont'd) ■Moreover, all the stakeholders discussed a significantly increased capacity for payment in 2012 and in the subsequent years thanks to the strong pick-up in growth observed in the second half of 2011 The very small capacity for payment of Cote d'Ivoire identified in October by the IMF was dramatically inferior to the reasonable expectations that were earlier made, based on previous IMF programs - The deferred effect of the crisis on the 2012 tax revenues of the Government is anticipated to be much stronger than initial estimates - The level of the primary balance anticipated is largely inferior to the ones forecasted in previous IMF programs 22 22

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