Circular dated September 4, 2022 amending the periodicity of Board of Directors meetings

Greetings,

With reference to the instructions on bank governance issued on August 23, 2011, and its subsequent circulars, particularly those concerning the number of board of directors meetings held by banks during the year, as well as the possibility of members participating in board meetings via telephone or video conference under specific conditions, and in order to facilitate the procedures accompanying the holding of bank board of directors meetings, the Board of Directors of the Central Bank decided in its meeting held on August 30, 2022, the following:

First: Amending the decision of the Board of Directors in its meeting held on January 23, 2019, and issued pursuant to Circular No. 29 of January 2019, to read as follows:

• The board shall meet regularly at least six times during the year, upon the invitation of the Chairman of the Board, or a majority of its members, or at the request of the Chief Executive Officer of the bank to invite the Chairman of the Board to convene, provided that it is accompanied by the agenda he wishes to present.

• The principle shall be the physical attendance of members, and in case this is not possible, participation via video or telephone is permitted after obtaining the approval of the Chairman of the Board and notifying the Secretary of the Board, for no more than two times during the year for each member, provided that the majority of the members of the Board of Directors attend in person.

• The remaining provisions contained in the circular dated September 20, 2018, shall continue to apply in matters not addressed herein.

Second: The exceptions contained in Circular No. 17 of March 2020 and its subsequent circulars shall continue to apply.

Please be advised to comply with the aforementioned decision effective from its date.

Accept the highest regards, Hassan Abdullah