Dear Mr. Chairman

Bank, greetings.

With reference to the Circular Letter dated December 12, 2019, regarding the initiative concerning legal persons, whether targeted or not, regarding whom judicial measures have been taken, and whose debt balance is less than 10 million pounds, and the subsequent letter amending some items of the initiative, daily meetings were held at the Central Bank of Egypt with the presence of the concerned banks and several struggling companies and factories with doubtful and poor collectible debts. These meetings addressed the obstacles faced by investors and their companies, the causes of distress, and what is required from the banking sector to facilitate their re-entry into the economic system again and raise the production capacity of their factories. It became clear from the discussions that clients need to modify repayment periods and ratios to relieve them of the distress required for repayment, as well as their financial situation, in the desired manner, based on matching cash flows with obligations. Given the necessity of unifying the initiative's conditions among all clients from the perspective of applying the principle of fairness in treatment, and in order to restart factories and companies and work on raising their production capacity, the Board of Directors of the Central Bank of Egypt, in its session held on February 9, 2020, decided to modify the following two items as follows:

1. Item No. (4): In the event that the client makes cash repayment or in-kind repayment (in case the bank accepts in-kind repayment) a portion of the debt balance according to their cash flows, and the study prepared for each client individually to set the appropriate time frame, the following shall apply:
   a. Removal from the blacklist in the Central Bank and the Egyptian Company for Credit Information (I-Score) system. b. The ban on dealing regarding this debt shall not apply.
   c. Waiver of all pending and exchanged cases before courts immediately upon the client's agreement with their dealing banks on the repayment terms.
   d. Release of all guarantees specific to those debts.

2. Cancellation of Item No. (5)

Please accept our highest respect,
Gamal Naguib