Investor Presentaiton

21 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 In July 2011, the authorities expressed their willingness to make a proposal to the holders of the 2032 Eurobond before year end ■In their July 8, 2011 Communiqué to the holders of the 2032 Eurobond, the Ivorian authorities stated that: ■ They << undertake to resume contractual payment to bondholders, beginning in 2012 >> ■ They «< further intend to make a detailed proposal to bondholders by the end of the year, immediately following the adoption of a new 3 year IMF program under the ECF and the negotiation of a new interim agreement with the Paris Club regarding interest payments due in December 2010, June and December 2011 >> ■ They also announced that «< it is expected that the repayment of these three installments of interest will be made over a period of time beginning in the first half of 2012 and ending as soon as permitted by the capacity to pay of the Republic of Cote d'Ivoire as assessed by the IMF >> ■This schedule was confirmed in September 2011 in Washington during the last investors meeting ■This three-steps approach for the normalization of the relationships with external creditors was conformed to standard IFIS and Paris Club practices ■First, in priority, the normalization of the relations with multilateral creditors in order to resume assistance (May - June 2011) ■Secondly, the negotiation of a Paris Club agreement immediately following the adoption of an ECF Program with the IMF(November 2011) ■Finally, the negotiation of a reimbursement schedule for the arrears due to bondholders, based on the macroeconomic and financial framework established by the IMF

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