Chairman of the Board of Directors

Decision of the Board of Directors of the Authority No. (94) of 2016

Dated 26/7/2016

Amending Decision of the Board of Directors of the Authority No. (11) of 2014 Regarding the Rules for Listing and Delisting Securities at the Egyptian Exchange

Board of Directors of the Egyptian Financial Supervisory Authority

Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued by Law No. (159) of 1981 and its Executive Regulations; And the Capital Market Law issued by Law No. (95) of 1992 and the decisions issued pursuant thereto; And the Law on Central Deposit and Registration of Securities issued by Law No. 93 of 2000 and its Executive Regulations; And Law No. (10) of 2009 on regulating supervision over markets and non-banking financial instruments; And Presidential Decision No. (191) of 2009 on the provisions organizing the management and financial affairs of the Egyptian Exchange; And the Statutes of the Egyptian Financial Supervisory Authority issued by Presidential Decision No. (192) of 2009; And Decision of the Board of Directors of the Authority No. (11) of 2014 regarding the rules for listing and delisting securities at the Egyptian Exchange and its amendments; And the approval of the Board of Directors of the Authority in its meeting No. (7) held on 26/7/2016;

Decided:

(Article One)

A new article numbered (34 bis) shall be added to the Rules for Listing and Delisting Securities at the Egyptian Exchange, with the following text:

The following:

Article (34 bis): Circumstances requiring listed companies to take special measures:

Without prejudice to the provisions of Article (21) of the Capital Market Law and the disclosure rules that must be complied with pursuant to the aforementioned Law and its Executive Regulations, as well as what is stipulated in these Rules, a company whose shares are listed on the Exchange shall be required to study the fair value of the company's shares in the event of a unidirectional price change exceeding 50% within a period not exceeding three months, or exceeding 75% within a period not exceeding six months, provided such change is inconsistent with the direction of market or sector indices to which the issuing company belongs and/or the issuing company's business results, and considering the extent to which fundamental news justifies such change.

The company shall be required to appoint an independent financial advisor registered with the Authority to prepare the study and a summary thereof, which shall be sent to the Authority within a period not exceeding one month from the date of the Authority's request. The summary of the study shall be published on the trading screens and on the Exchange's website, as well as on the homepage of the issuing company's website.

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(Article Two)

This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.

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Chairman of the Board of Directors
Sherif Samy

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Egyptian Financial Supervisory Authority
Egyptian Financial Supervisory Authority

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