Investor Presentaiton

23 COTE D'IVOIRE INVESTOR MEETING Finally, the Ivorian Authorities Were Not in a Position to Make an Offer to Bondholders that Would Rely on a Realistic Financial Framework The authorities were obliged to postpone their offer considering the very low remaining capacity for payment identified until 2014 under the assumption that completion point is not met and in absence of a financial framework established by the IMF that would take into account the impact of completion point ■ The necessary technical conditions were not met at end 2011 to allow the Ivorian authorities to make the announced offer to bondholders on the full reimbursement of the arrears ■The Paris Club agreement doesn't put Cote d'Ivoire in a position to go beyond a good faith payment to bondholders ■ As of today, the financial framework established by the IMF and the Paris Club does not allow the authorities to make a realistic offer to bondholders for the period beginning in 2013 The November 2011 financial framework doesn't take into consideration completion point in 2012. As a consequence, the capacity to pay remains extremely tight even in 2013 and 2014. By relying on this framework, Cote d'Ivoire would have been bound to propose a very long repayment schedule to bondholders that would have been hardly acceptable to them The IFIs have not already prepared a financial framework that would make the assumption that completion point is met in 2012 and Cote d'Ivoire would not be allowed by the IMF to pre-commit external payments in 2013 and 2014 that would not rely on such a precisely assessed framework

View entire presentation