Investor Presentaiton slide image

Investor Presentaiton

26 COTE D'IVOIRE INVESTOR MEETING Cote d'Ivoire Solemnly Reaffirms its Willingness to Quickly Reimburse the Arrears Due to the Holders of the 2032 Eurobond The offer to bondholders was postponed due to technical reasons ■ The November 18 Communiqué raised concerns among some creditors ■ The Ivorian authorities are fully aware of the legitimate questions the postponement of the offer has raised among investors ■It is legitimate for the private creditors to ask for all the available technical information that justifies the decision taken by the authorities ■ The Ivorian authorities want to fully reassure all the creditors of their determination to stick to their commitments towards external creditors ■The November 18 Communiqué simply reveals the authorities' technical inability to make an offer to bondholders that would rely on credible and realistic parameters The visibility the authorities can have on the future capacity for payment in the coming years heavily depends on the IFIs and the Paris Club working practices for the implementation of the HIPC Initiative The decision to postpone the offer to bondholders was largely dictated by parameters that are out of the authorities' scope of control ■ The decision to postpone the offer to bondholders is, by no means, a sign of a changing stance of Cote d'Ivoire towards its creditors The Republic has showed in 2011 its willingness to normalize as soon as possible its relationship with all its external creditors The Republic obtained from the Paris Club a flexible interpretation of the comparability of treatment principle in order to allow a full resumption of interest coupon payments in 2012 to private bondholders The Republic acts in good faith and puts its relationships with private creditors in a long term perspective: it is determined to preserve its ability to obtain in the future a sovereign rating at favorable terms and to access capital market in the best conditions ■ The authorities sincerely hope that this investor meeting is the occasion for them to firmly and definitively restore the confident relationship they want to preserve with the holders of the 2032 Eurobond
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