Investor Presentaiton

19 The Paris Club Negotiations Focused on the Year 2012 COTE D'IVOIRE INVESTOR MEETING The financial framework assessed by the IMF would be largely affected by completion point in 2012 ■ The Paris Club agreement doesn't take into account the assumption that Cote d'Ivoire may reach completion point in 2012 ■ Paris Club creditors, as well as the IMF, don't take into account the potential impacts of future debt treatments in their financial assessments ■If completion point is to be reached during 2012, the provisions of the November 15 Paris Club deal would be abandoned and replaced by a new comprehensive stock treatment agreement ■ According to preliminary data released by the IMF, reaching the HIPC completion point and implementing the subsequent Multilateral Debt Relief Initiative (MDRI) would significantly increase Cote d'Ivoire's capacity for payment after 2013 The 2009 Decision point document stated that if completion point had been reached in 2011, Cote d'Ivoire would have obtained, on top of pre-committed HIPC debt relief, a US$ 2013.5 million multilateral debt relief in nominal terms: US$ 1692.6 million from IDA (World Bank Group) - US$ 311.6 million from the ADF (African Development Bank Group) - US$ 9.3 million from the IMF The IFIs have not yet assessed the impact of the HIPC completion point and of MDRI on Cote d'Ivoire annual debt service obligations after 2013 This will be made once completion point is actually in sight

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