Investor Presentaiton

11 COTE D'IVOIRE INVESTOR MEETING According to the Program, the Capacity for Payment Will Be Limited (cont'd) ■ The capacity for payment of external obligations established on the basis of IMF figures for the year 2012 relies on ambitious assumptions in terms of access to domestic and regional capital markets to finance the fiscal deficit ■The program is based on the hypothesis that domestic and regional financing will reach at least FCFA 600 billion, i.e. a net financing of approximately FCFA 400 billion, compared to FCFA 230 billion in 2010 Mobilizing these resources remains uncertain and will determine the effective capacity for payment for Cote d'Ivoire in 2012 ■ The improvement of the capacity for payment will only be very slow until completion point is reached ■IMF's forecast for tax revenues is 17% of GDP in 2014, only recovering to 2010 levels ■ Primary spending is expected to be limited to 19.1% of GDP in 2014, below the level predicted under the previous 2009 IMF ■The primary balance would improve progressively over time: from -0.5% of GDP in 2013 to +0.2% in 2014 program In 2009, the previous IMF program forecasted a primary balance of 1.2% of GDP and 1.1% of GDP in the first two years of the program

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