Circular dated February 26, 2020 regarding extending the reconciliation period to conduct field inquiries about suppliers of credit clients

Cairo on 26: February 2020

Dear Mr. Chairman of the Board of Directors,

Greetings,

Further to the letter issued by the Central Bank of Egypt dated December 3, 2019, regarding the controls to be taken before granting credit to customers to finance working capital represented by the settlement of suppliers' dues, and granting a reconciliation period of three months to conduct field inquiries.

And after studying the banks' position regarding compliance with the aforementioned instructions, and in the context of the Central Bank of Egypt's keenness to facilitate financing procedures and support various sectors, it has been decided to extend the reconciliation period for conducting field inquiries about suppliers of existing customers by an additional three months ending in June 2020. Please be so kind as to take the necessary action to implement the aforementioned decision.

Please accept the highest assurances of respect, Gamal Naguib