Investor Presentaiton

COTE D'IVOIRE INVESTOR MEETING According to the Program, the Capacity for Payment Will Be Limited (cont'd) The Table of State Fiscal Operations established by the IMF illustrates continuing financial tensions in 2012 ■The program established with the IMF Staff still anticipates a significantly negative fiscal stance in 2012 and reveals a very limited capacity for payment this year CFA Francs billion Revenues (excluding grants) Revenues. Total Tax Revenues Direct Taxes Indirect Taxes Non-Tax Revenues Total Spending (excl. external debt service) Current spending(excl. external debt service) Capital spending domestic financing external financial Net lending Global deficit 2012 2207.4 2207.4 1949.7 484.2 1465.5 257.7 2646.8 2031 619.3 501.4 117.9 -3.5 -439.4 Domestic Financing Change in external arrears (excluding debt service) Financing by domestic banks Central bank credit (net) Other domestic bank financing (net) 70.7 -30 116.2 -31.3 147.5 Non bank financing (net) -15.5 External Financing Loans Project loans WAEMU financing Grants Projects Programs (including post-crisis) Multilateral grants (World Bank) IMF lending under the new ECF program 497.5 292.3 78.7 213.6 108.9 37.1 2.1 69.7 96.3 Capacity to pay external debt service 128.8 Multilateral debt service (old debts) 66.8 Multilateral debt service excluding IMF IMF 60.8 6.0 Interests on new multilateral debts 0.3 Residual capacity to pay bilateral public and private creditors 61.7 12 Equivalent in million USD 135.0

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