Board of Directors Decision

The Egyptian Financial Supervisory Authority

No. (8) of 2013 dated 27/2/2013

Board of Directors of the Egyptian Financial Supervisory Authority

Having reviewed the Joint Stock Companies, Commandite by Shares and Limited Liability Companies Law issued by Law No. (159) of 1981 and the decisions issued in implementation thereof; and the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations, and the decisions issued in implementation thereof; and the Central Deposit and Registration of Securities Law issued by Law No. 93 of 2000 and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Presidential Decree No. (191) of 2009 on the provisions governing the management and financial affairs of the Egyptian Exchange; and the Statute of the Egyptian Financial Supervisory Authority issued by Presidential Decree No. (192) of 2009; and the Rules for Listing, Continuing Listing, and Delisting of Securities at the Cairo and Alexandria Stock Exchanges issued by the Board of Directors Decision No. (30) of 2002 dated 18/6/2002, amended by Decision No. 132 dated 1/11/2010; and the Rules for Listing Securities Issued by Small and Medium Enterprises issued by the Board of Directors Decision No. (81) of 2011 dated 17/10/2011; and the approval of the Authority's Board of Directors in its meeting No. (6) of 2013 dated 27/2/2013;

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Has Decided

(Article One)

The following text is added to the last paragraph of Article (12) bis (1) of the Rules for Listing, Continuing Listing, and Delisting of Securities at the Egyptian Exchange, referred to above:

«The percentage of shares issued in the form of foreign depositary receipts must not exceed one-third of the issued capital».

(Article Two)

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. The Egyptian Exchange and the competent department within the Authority shall implement it, each within its respective jurisdiction.

Chairman of the Board of Directors of the Authority Ashraf El-Sharqawy

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