Circular dated January 29, 2019 amending the periodicity of Board of Directors meetings and the number of times of participation via telephone or video call

Cairo: 29 January 2019

Dear Mr. Chairman,

Greetings,

With reference to the Bank Governance Instructions issued on 23 August 2011, as well as the instructions issued on 20 September 2018, and in the context of the Central Bank of Egypt's commitment to enhancing the efficiency and effectiveness of the performance of banks operating in the Egyptian banking sector, and with the aim of alleviating burdens on them, the Board of Directors of the Central Bank of Egypt, in its session held on 23 January 2019, has decided the following:

Amending the following two items from the instructions issued on 20 September 2018, as follows:

• Amending the first item to read: "Regular periodic meetings shall be held no less than eight times during the year, upon the invitation of the Chairman of the Board, or whenever the Chairman of the Board sees fit, accompanied by an agenda of the matters he wishes to present."

• Amending item (1/a) to read: "The principle shall be the physical presence of members, and in the event of impossibility, participation via video or telephone is permitted after approval by the Chairman of the Board and notification to the Secretary of the Board, not exceeding two times during the year for each member, provided that the majority of the Board members are present in person."

This is while the remaining items contained in the aforementioned instructions continue to remain in effect.

Please be kind enough to alert regarding taking the necessary action to implement the aforementioned decision.

Accept our highest regards,

Tarek Amer