EIGHT REASONS TO INVEST IN

1. A STABLE AND OPEN COUNTRY

Located on the west coast of , between 12 ° 88 and 16 ° 41 north latitude and 11 ° 21 and 17 ° 32 west longitude, the location of Senegal at the western end of the African continent in its most advanced in the Atlantic Ocean, gives it a hub position connecting Africa to the rest of the world. Praised as the easiest and fastest gateway to , it opens access to a common market of 300 million consumers.

Senegal also serves as an important gateway to major export markets in , Asia and the Americas. Economic indicators have been improving steadily for several years.

Area: 196,722 km2

Capital:

Population: 15 million inhabitants

 Uniqueness

Democracy, multiparty system, strong institutions, recognition of political and social rights, freedom of speech : Senegal is a model in West Africa :

 A stable country recognized as an example throughout the world and presenting a moderate level of risk according to “Credit Risk International” (CRI). The country has a long tradition of peace and democracy. This peaceful climate has helped create a business environment conducive to investment and increased FDI flows.  Crossroads of West Africa, Senegal is a country with multiple influences reconciling modernity and respect for traditions. A place of exchange where any investor, without distinction of origin, is free to settle, to prosper and to repatriate capital.  Senegal is a country with a liberal economy where the private sector is fully supported by the authorities. The vast privatization program, free competition, the simplification of the regulatory and legal framework and the dynamism of the investment promotion system promote a healthy business climate.  As a major influence in Africa, Senegal is a signatory to international conventions on environmental protection, human rights, trade, copyright, labor law, etc. He stands out for his leadership in making major decisions in favor of Africa. 2. A HEALTHY AND COMPETITIVE ECONOMY

Senegal is the second largest economy in French-speaking West Africa

GDP growth :> 7%

Senegal is a political exception in Africa. A sure value confirmed by a good number of international organizations and multinationals which have made Dakar, the capital, the base of their regional operations. Exemplarity at all levels of the State has been established as a dogma and the promotion of good governance is a major axis of State policy.

The first country in West Africa to have been rated “B + / B” by Standard & Poors, Senegal confirms its international recognition with a Ba3 rating with stable outlook, attributed by Moody's and due to its macroeconomic stability, unlimited access to currencies, growing but moderate debt, support from the international financial community. Monetary policy is governed by the Central Bank of West African States (BCEAO) headquartered in Dakar. The fixed parity between the euro and the CFA franc (1 € = 655 CFA) guarantees stability of the exchange rate in trade relations with partners of the European Union. Senegal shares a common currency with 8 countries of the West African Economic and Monetary Union (UEMOA).

 Voluntary

Looking to the future, the State has implemented an accelerated growth strategy intended to boost investment and to fight poverty in the long term. This formal commitment is reflected in a proactive and innovative investment promotion policy and the implementation of incentive measures.

 Transparent

The macroeconomic objectives and the strategic choices are clearly defined and communicated, in advance, to the private sector. The conditions set and the benefits granted are known and identical for all, nationals and foreigners. Thanks to its good governance practices, Senegal enjoys the confidence of international financial institutions.

 Efficient

Senegal is the first West African country to be awarded a “B + / stable / B” rating for three consecutive years (Standards & Poor's). Inflation is under control, financial revenues are on the rise, and the country is among the top 5 countries in Africa with the strongest growth in 2018

3. HIGH-QUALITY HUMAN RESOURCES

Senegal has a large base of workforce that is young and skilled. It is estimated that the majority of the population is between 15 and 55 years old and therefore is active. Indeed, technical and vocational training is a serious option in state policy. In addition to the traditional education system (primary, middle, secondary and higher) there are several training systems whose numbers are constantly increasing (from 29,000 learners in 2012, they rose to 55,000 in 2016). In addition, the Skills-Based Approach (APC) has replaced the traditional approach, for qualifying professional training allowing pupils and students to be more operational.

“As a Spanish group, we are satisfied with our investment in Senegal. Senegalese is someone who learns very quickly and our management staff are mostly of Senegalese nationality. "

Pedro Gonzales

Chairman and CEO of Top Pneus

 Mentored

Convinced that the quality of men and women constitutes the real wealth of a country, Senegal devotes more than half of its national budget to education and health. The country has many public and private primary, secondary and higher education establishments. Prestigious universities and foreign schools offer high-level specialized training on site, or in partnership.

 Trained Senegal has a large pool of executives and high-level experts trained locally or abroad. The local offer contains a wide range of high-quality vocational training. Technical apprenticeship provides practical training adapted to the needs of the labor market.

4. MODERN AND STRUCTURING INFRASTRUCTURES

Senegal has made significant progress in improving its transport infrastructure. Substantial investments have enabled the expansion of national and cross-border networks to improve the mobility and security of people and goods, and promote the creation of new economic centers across the country.

Thanks to the good condition of its infrastructure (air, land, sea) and its unique geographical position, Senegal ranks first in West Africa when it comes to logistics performance, according to the World Bank. Having recently invested heavily in its transport infrastructure, Senegal offers companies world-class structures, based on a “door-corridor” mechanism that allow them to ship their goods to markets more quickly, under modern and efficient conditions.

The largest airlines connect Dakar to business centers around the world every day: Paris, London, Dubai, New York, Johannesburg and Air Senegal SA, the national airline, provides connections from Dakar to the within Senegal and to other countries.

Senegal is an efficient maritime stopover which offers navigation gains for ships coming from the North compared to other ports on the West African Coast. The Port of Dakar offers a range of professional services and latest generation infrastructures 24 hours a day, helping to optimize stopover, transit and transshipment conditions.

According to the International Telecommunications Union (ITU), Senegal is the first country in West Africa for the rate of penetration and the quality of services.

 Major infrastructure projects

The development of efficient infrastructure is a prerequisite for economic development. It is a key factor in any investment promotion strategy. In this spirit, the authorities have initiated a series of structuring projects.

 Road

Senegal has a dense and well-maintained road network that can ensure the smooth movement of people and goods. An urban mobility improvement program is underway in order to optimize travel to and within the capital.

In the road sector, major projects such as the Dakar-AIBD-SINDIA, Ila Touba toll motorways and the construction and rehabilitation projects of national roads will further improve access to major roads Dakar - Bamako, Dakar - Conakry and Dakar - Tanger.

 Railways

Large projects are underway to rehabilitate and modernize the rail system in Senegal.

The Dakar – Bamako railway with 1,286 km to improve connectivity between Dakar and Bamako.

The Regional Express Train (TER) from Dakar with 55 km to connect Dakar to AIBD airport. The Dakar-AIBD Regional Express Train (or TER Dakar-AIBD) is a line of electric railway to standard spacing under construction in Senegal, the opening of the first section of which is scheduled for early 2019. It will link the capital of Dakar, at the Blaise-Diagne International Airport(AIBD) as well as new towns located on the mainland of the country.

This project will make it possible to open up the capital, which represents the major part of the country's activity, to the rest of Senegal and to move towards international rail networks.

 Airport

Senegal has put into service a latest generation international airport, located about fifty kilometers from Dakar. Blaise Diagne International Airport (AIBD) offers the very best in world- class airport standards. It currently has a capacity of three (03) million passengers per year and should reach ten (10) million per year, which makes it a regional and international mobility hub. Decongestion of Dakar and the emergence of a second economic pole outside the capital. Compliance with new international air traffic requirements.

 Energetic

Production of electricity of satisfactory quality and in sufficient quantity thanks to major investments in the energy sector.

 4 solar power plants

 1000 megawatts produced in 2017

Lower costs of production factors (water, electricity, etc.).

 Ports

At the crossroads of several maritime routes, the Autonomous Port of Dakar enjoys an exceptional geographical location. Located at the crossroads of three key trade roads (North America - Africa, Europe - Africa and Europe - ), access is direct, any time of year, unrestricted from tide, and vessel operations and handling 24/7. Containers, hydrocarbons, food and seafood are handled there day and night. The service offering is competitive and diversified and includes ship repair. A major modernization and extension program, in progress, provides for the construction of a third container terminal, a new ferry terminal and a fruit quay. The construction of a mineral terminal is also planned.

 Communicational

The undisputed leader in West Africa, Senegal has an efficient and fully digitized telecommunications network which has more than 2,200 km of optical fibers. It is connected to Europe, America, Asia and the Middle East via permanent cable connections. The penetration of the Internet and of telephone services is important for businesses and individuals alike. The liberalization of the telecommunications sector has led to healthy competition in basic services and an explosion in the supply of specialized services.

Some key figures in 2017

Mobile phone: 15.7 million subscribers

Mobile services penetration rate: 103.29%

Coverage rate: 90% Internet service penetration rate: 62.97%

9.34 million 2G + 3G subscribers

(97.20% coverage rate)

 Special Economic Zones

"SEZs, competitiveness poles and growth engines for the Senegalese economy"

With a fiscal and customs incentive framework, the latest generation infrastructure and management that meets the best international standards, the SEZs are spaces designed to host economic activities and aim to position Senegal as a hub of integrated logistics platforms in West Africa. Eventually, they will enable Senegal to meet the best standards of business environment and offer investors a range of high quality services.

5. AN INCENTIVE LEGAL AND FISCAL FRAMEWORK

 Competitive

Senegal has adopted a new investment code that provides specific incentives to stimulate investment in key sectors such as agriculture and agro-food, fisheries, livestock and related industries, manufacturing, tourism, and mining, among other sectors. Investment incentives include, but are not limited to:

 Customs duty exemptions (over 03 years);

 Suspension of VAT (over 03 years);

 40% tax credits for the eligible and deductible investment within 05 years;

 A free export company status for agricultural, industrial and telecommunications companies deriving at least 8% of their turnover from exports.

 Free Export Company Status

This status is granted to companies which export at least 80% of their production. Agriculture in the broad sense, industry and teleservices are the sectors eligible for EFE status. Several advantages are granted to companies, in particular the reduction of the corporation tax (15%), the exemption from the tax on the wages, on the registration and stamp duties, on the contribution of the patents, the exemption from duties and taxes on production equipment and raw materials, and more.

 Renovated

In Senegal, investment is supported by an attractive incentive policy based on regularly updated legal, tax and customs measures. Tax relief measures, guarantees and advantages are granted to investors through the new investment code, the free export company regime and the BOT law. A modern single window centralizes, facilitates and speeds up administrative formalities.

6. PRIVILEGED ACCESS TO REGIONAL AND INTERNATIONAL MARKETS

 Integrated Senegal is a member of the West African Economic and Monetary Union (UEMOA) a regional organization of 8 countries and 112 million inhabitants which represents a market of 90 million consumers, whose mission is to promote economic integration by strengthening the competitiveness of their economies within the framework of an open and competitive market and a harmonized legal environment.

Senegal is also a member of the Economic Community of West African States (ECOWAS), a regional bloc of 15 countries (around 360 million inhabitants) to promote economic integration in different sectors, including transport, energy, industry, agriculture, natural resources and trade.

As an important member of the above economic blocks, and thanks to its strategic position, Senegal is an access point to a large market of over 300 million consumers located in Africa.

Member of:

The West African Economic and Monetary Union (UEMOA);

The Economic Community of West African States (ECOWAS);

The African Union (AU);

The Gambia River Development Organization (OMVG);

And the Organization for the Development of the Senegal River (OMVS).

 Privileged

Senegal benefits from preferential access to the European (EU / ACP agreements), American (AGOA) and Canadian (Canadian Initiative Act) markets. These measures make it possible to export consumer goods there without quotas and duty-free or at reduced rates.

 Accessible

Senegal is less than 5 hours from Europe and 7 hours from the United States by plane. Dakar is at the crossroads of many maritime routes and presents a real comparative advantage for sea freight. The connection is made in less than 6 days for Europe, and in 7 days for the United States. The port of Dakar offers quality logistics services and a direct link with the train and major roads.

7. EXCEPTIONAL QUALITY OF LIFE

The hospitality of the people is legendary. The nickname “Country of Téranga” covers this very Senegalese virtue. The "World Economic Forum" ranked Senegal the 6th most welcoming country in the world, according to tourists.

Senegal is a country with pleasant living conditions. Its mild and sunny climate is refreshed by the 700km of beaches which offer its residents and visitors a varied choice of leisure activities. Modern residential neighborhoods with luxury housing, shopping centers where famous international brands line up side by side, gourmet restaurants, foreign schools (French, American) contribute to the creation of a range of high-end amenities adapted to expatriates.

Authenticity and innovation give a unique cachet to Senegalese artistic programming. The cultural scene is extremely vibrant, animated by world-famous artists and eclectic styles. The film industry is at its peak with the international recognition of Senegalese talents.  Welcoming

Senegal is a country where hospitality is a real national currency. The population is young, dynamic and tolerant. The climate is pleasant and the sun shines all year round. The country offers an ideal living environment for fulfilling oneself, working and doing good business.

 Reassuring

A haven of peace, Senegal offers a secure and peaceful environment. The country has well- equipped hospitals and health centers. In Dakar and in the major cities, modern private polyclinics offer specialized care of international quality, including medical evacuation services.

 Convenient

The residence formalities are simple for visitors and residents. Hotel, residence or dream villa, the offer in terms of quality accommodation is multiple and varied. For the education of children, the private school offers quality training opportunities, in French as in English, from preschool to higher education.

 Convivial

Senegal offers a living environment where tradition and modernity come together. A large network of banks provides automated services and instant bank transfers, nationwide. The presence of shopping centers, supermarkets, bookstores, casinos and excellent restaurants brighten up the daily life.

 Stimulating

Sport, leisure and culture occupy a prominent place in Senegalese society. Sport fishing, diving, sailing, karting and golf are some of the popular activities. The cultural life is rich and offers amateurs of local and international productions of high level. Beachfront lodges, nature reserves and thalassotherapy centers invite you to relax and get away from it all.

8. A VERY ATTRACTIVE BUSINESS CLIMATE

The government of Senegal has taken important steps to improve the country's business environment. As a result of the implementation of the business environment reforms, it is much easier to set up and operate a business in Senegal. Investors are now able to:

 Register a business in 24 hours;

 Make an import or export operation in 10 days;

 Make a transfer of ownership in 50 days;

 Obtain a building permit online in 40 days;

 Make an online declaration and tax payment;

 Create an LLC without any requirement for share capital;

 Benefit from the services of commercial courts;

 Perform all procedures related to the life of the online business (e - tax, Teledac, etc.).

Investment protection Senegal is a land of opportunities; the business environment is favorable and constantly improving. The government of Senegal has been implementing the Business Environment and Competitiveness Reform Program (PREAC) since 2013. Many innovations have been made such as the abolition of share capital for the creation of an LLC, the creation of one-stop shops for setting up a business or connecting to electricity, the dematerialization of customs procedures, the reduction of taxes for companies that invest, as well as the various tax incentives permitted by the Investment Code and the free export company regime.

Senegal has signed several Investment Protection and Promotion Agreements (APPI) with dozens of partner countries around the world. In a context of globalization, these agreements improve the legal security of investments. They provide for the free repatriation of investment capital and returns on investment, guarantee expropriation and provide for a Most Favored Nation (MFN) clause for the treatment of investors. They also provide for compensation for losses in the event of war, armed conflict or riot. Senegal is fully committed to improving its business climate to promote investment and foster economic growth driven by the private sector.