General Authority for Financial Supervision

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

---

Decision of the Board of Directors of the General Authority for Financial Supervision

No. (154) of 2018 dated 30/9/2018

Amending Decision of the Board of Directors No. (11) of 2014

Regarding the Rules for Listing and Delisting Securities on the Egyptian Exchange

Board of Directors of the General Authority for Financial Supervision

Having reviewed the Law on Joint Stock Companies, Limited Partnerships with Shares, Limited Liability Companies, and Single-Person Companies issued by Law No. (159) of 1981 and its executive regulations;

And the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations;

And Law No. (93) of 2000 issuing the Central Depository and Registration Law for Securities and its executive regulations;

And Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

And Presidential Decree No. (192) of 2009 issuing the Statute of the General Authority for Financial Supervision;

And Decision of the Board of Directors of the Authority No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange;

And its amendments;

And upon the approval of the Board of Directors in its session held on 30/9/2018.

Decided

(Article One)

Article (49) concerning the splitting of the nominal value of shares from the rules for listing and delisting securities on the Egyptian Exchange issued pursuant to Decision of the Board of Directors of the Authority No. (11) of 2014 mentioned above is hereby repealed.

(Article Two)

The two definitions added to Article (4) of the rules for listing and delisting securities on the Egyptian Exchange as stipulated by Decision of the Board of Directors of the Authority No. (92) of 2018, and items (e) and (f) of Article (6) of the same rules, are hereby replaced with the following definition and items:

Article (4): Definitions

Cumulative Voting: Refers to granting each shareholder a number of votes equal to the number of shares they own to vote for the election of the company's board of directors, and the shareholder may allocate all their votes to one or more candidates, thereby enabling proportional representation on the board whenever possible.

---

Article (6): General Conditions for Listing Securities:

Listing on the exchange boards requires prior registration with the Authority and fulfillment of the following general conditions:

(e) The company's articles of association must stipulate the mandatory use of the cumulative voting method for electing board members, thereby enabling proportional representation on the board whenever possible.

(Article Three)

This decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.

---

Chairman of the Board of Directors

General Authority for Financial Supervision

Dr. Mohamed Omran

46076

---

Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg

Smart Village, Building B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg