Extending the work period of the tourism initiative until June 2015

Dear Chairman of the Board of Directors,

Cairo, December 25, 2014

Bank of Egypt

Greetings,

With reference to the initiative supporting the tourism sector issued in our letter No. (130) dated March 13, 2013, which was extended to remain in effect for one year ending in December 2014, as per our letter No. (402) dated December 2, 2013, and considering the importance of the tourism sector as a pillar of the economy and a source of foreign currency, and relying on the role of the Central Bank of Egypt in supporting the national economy and activating various economic sectors, it has been decided as follows:

• Extend the work period of the tourism sector support initiative for 6 months, ending at the end of June 2015.
• Extend the application period of Article 4 of the initiative, which states "reducing the yield rate without adhering to a minimum limit, and without including the client in settlement accounts in the event of price drops below the credit and discount rate," to end at the end of June 2015, while emphasizing that the determinants provided in the initiative are guidelines through which banks study each case individually and take the appropriate decision regarding it.

Please accept our highest respect.

Hesham Ramses Abdel Hafez