Investor Presentaiton

16 | COTE D'IVOIRE INVESTOR MEETING Cote d'Ivoire Succeeded in Obtaining From the Paris Club the Resumption of Full Payments To The Holders of The 2032 Eurbond in 2012 The implementation of the «< comparability of treatment principle » was a critical element of the negotiation with the Paris Club ■ According to one of its key principles, the Paris Club conditions debt treatments to the acceptance by other bilateral public creditors and by private creditors of "comparable" efforts The Paris Club evaluates the "comparability" of the efforts made by various classes of creditors according to a "global analysis", taking into account efforts in terms of net present value (NPV) reduction of claims, but also the reduction in debt service over the consolidation period ■The strict application of the comparability of treatment principle could have justified a demand by the Paris Club to the Holders of the 2032 Eurobond of an effort in terms of coupon payment reduction in 2012 ■ In 2012, coupon payments due to the Holders of the 2032 Eurobond will amount to US$ 87.5 million, representing 65% of the total capacity for payment identified by the Paris Club for payments to bilateral public creditors and private creditors (US$ 135 million) ■The Paris Club could have asked for a reduction in coupon payments in a proportion equivalent to the effort it has conceded on its own claims over the consolidation period

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