Emphasizing the necessity of adhering to the decision of the Board of Directors of the Central Bank dated January 3, 2012 regarding amending the rules governing the credit registration system at the Central Bank of Egypt

Dear Sir, Bank

Greetings,

We wish to remind you of the provisions contained in the decision of the Board of Directors of the Central Bank of Egypt No. 104/2012, issued during its session held on January 3, 2012, regarding the amendment of the rules governing the credit registration system at the Central Bank of Egypt, and the executive procedures related thereto, specifically concerning categories of customers who are non-compliant with repayments, including the instructions for listing individuals on negative lists and the basis for dealing with them. The decision stipulated the necessity of clearing negative lists by a maximum deadline of the end of June 2012, and emphasized the accuracy of information sent by banks to the Central Bank of Egypt and the Egyptian Credit Information Company.

It has come to our attention that some banks have not complied with reviewing the data of customers listed on negative lists in accordance with the decision, with the aim of excluding customers whose outstanding balances consist of expenses, commissions, and accrued interest without them having withdrawn any funds from the creditor bank, or whose names were incorrectly listed by the bank. It has also become apparent that some banks have not updated the data of customers listed on negative lists immediately upon their repayment, by recording the repayment date and reclassifying them according to the repayment categories set forth in the executive procedures of the aforementioned decision.

In connection with the above, and to reinforce the provisions of the Central Bank of Egypt letter dated February 20, 2013, it is required that the issuance of receipts to customers against the settlement of their debts coincide with the recording of the repayment date in the Central Bank of Egypt's information network.

It is worth noting that if it is proven that your bank has failed to comply with the above, and the validity of any complaints submitted by customers (whether individuals or companies) to either the Central Bank of Egypt or the Egyptian Credit Information Company is verified, proving the bank's negligence in reporting the settlement of debts or updating their data, this will expose your bank to the application of any of the measures stipulated in Article 135 of Central Bank, Banking System and Currency Law No. 88 of 2003.

Please accept our highest respect,

Gamal Naguib