General Authority for Financial Supervision

Board of Directors Decision No. 39 of 2015
Date: 19/4/2015

Regarding the Issuance of the Egyptian Real Estate Valuation Standards

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

Having reviewed Law No. 54 of 1975 concerning Private Insurance Funds; And Law No. 159 of 1981 concerning Joint Stock Companies, Commandite Companies by Shares, and Limited Liability Companies; And Law No. 10 of 1981 concerning Supervision and Control over Insurance; And Law No. 95 of 1992 concerning the Capital Market; And Law No. 95 of 1995 concerning Financial Leasing; And Law No. 148 of 2001 concerning Real Estate Financing, as amended by Law No. 55 of 2014; And Law No. 10 of 2009 concerning the Regulation of Supervision over Non-Egyptian Markets and Financial Instruments; And Cabinet Resolution No. 1 of 2001 Issuing the Executive Bylaws of the Real Estate Financing Law, as amended by Cabinet Resolution No. 21 of 2015; And Board of Directors Decision No. 11 of 2014 Concerning Rules for Listing and Delisting Securities on the Egyptian Exchange and its amendments; And Board of Directors Decision No. 57 of 2014 Concerning the Minimum Qualifications for Valuation Report Preparers and the Methodology for Preparing Them Regarding Real Estate Assets Prior to Their Purchase or Sale or When Valuing Them for the Purpose of Calculating the Fund's Net Asset Value;

And Having Reviewed the Results of the Work of the Committee for Developing the Real Estate Valuation System in Egypt, Established by Authority Chairman Decision No. 156 of 2014; And Having Reviewed the Approval of the Board of Directors in its Meeting No. (6) Held on 19/4/2014, Approving the Issuance of the Egyptian Real Estate Valuation Standards;

Has Decided:

(Article One)

The Egyptian Real Estate Valuation Standards attached to this Decision shall be applied, and registered real estate valuation experts with the Authority shall be bound to comply with these Standards when conducting real estate valuation activities for activities subject to the provisions of Law No. 10 of 2009, and shall indicate this in their reports. All companies and entities conducting non-Egyptian financial activities subject to the provisions of Law No. 10 of 2009 shall be bound to observe the attached Standards when valuing the real estate assets they own or lease that are subject to these activities. Companies whose shares are listed on one of the Egyptian stock exchanges shall also be bound to observe the attached Standards when valuing the real estate assets they own or trade in.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's and the Egyptian Exchange's websites, and shall take effect as of 1 July 2015.

Chairman of the Board
Sherif Samy