The Financial Regulatory Authority

Decision of the Board of Directors of the Authority No. 89 of 2015

Dated 11/8/2015

Regarding Official Indicators

To be Used in Real Estate Financing Agreements

The Board of Directors of the Financial Regulatory Authority

Having reviewed the Law No. 159 of 1981 on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies, and its executive amendments;

and the Law No. 148 of 2001 on Real Estate Financing, as amended by Presidential Decree-Law No. 55 of 2014;

and the Law No. 10 of 2009 concerning the regulation of supervision over non-Egyptian securities and financial instruments;

and Cabinet Resolutions No. 1 of 2001 issuing the executive regulations of the Real Estate Financing Law, and Nos. 1 and 2 of 2015 amending said executive regulations;

and Presidential Decision No. 192 of 2009 issuing the Basic Statute of the Financial Regulatory Authority;

and the memorandum from the Central Administration for Supervision and Oversight of Financing Companies dated 4/8/2015;

and the approval of the Authority's Board of Directors in its session held on 11/8/2015;

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HAS DECIDED:

(Article One)

In real estate financing agreements where the installment value is not fixed, the installment value must be determinable in advance using a fixed formula pegged to one of the following indicators:

1- The average bid rate for 3-year Treasury bonds (average of the last three tenders). (Ministry of Finance)

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(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its issuance date. Any provision conflicting with its provisions is hereby repealed.

Chairman of the Board of Directors of the Authority Sherif Samy