Circular dated December 29, 2016 regarding extending the work period for the tourism sector support initiative and the retail loans initiative for workers in the tourism sector

Cairo on: December 29, 2016 To: The Chairman of the Board Bank [Bank Name] Greetings, Referring to the initiative to support the tourism sector issued on February 23, 2016, and the initiative for retail loans for workers in the tourism sector issued on December 7, 2015, whose work period was extended until the end of December 2016 by virtue of the circular issued on May 15, 2016. Given the importance of the tourism sector as a pillar of the economy and a source of foreign currency, and in light of the continued impact on the sector and its workers, the Board of Directors of the Central Bank of Egypt decided in its meeting held on December 28, 2016, to approve the following decision:

1. The period of validity of the initiative to support the tourism sector shall be extended for an additional year, ending at the end of February 2018. During this period, any requests for deferral of bank dues shall be accepted for a maximum period of 3 years, with the following being emphasized:

• The determinants stipulated in the initiative are indicative determinants through which banks study each case individually and make the appropriate decision regarding it.

• The remaining terms of the initiative shall continue to be valid as they are without amendment for matters not covered by this provision.

2. The period of validity of the initiative for retail loans for workers in the tourism sector shall be extended for 6 months, ending at the end of June 2017. During this period, banks shall be allowed to defer the dues of customers for consumption loans and housing loans for personal housing for an additional 6 months from their due date. This applies only to regular customers as of September 30, 2016, without calculating late interest for that period, while the rest of the initiative's provisions remain in effect.

Furthermore, to facilitate for these customers who have previously benefited from the retail loan initiative for tourism sector workers since its issuance on December 7, 2015, they are entitled to defer their loan installments.

Please accept our highest regards. Gamal Negm

1 In accordance with the principles of customer creditworthiness assessment and provisioning issued by the Board of Directors of the Central Bank of Egypt in its meeting held on May 24, 2005.