Extending the work period of the tourism initiative until June 2016

Dear Mr. Chairman of the Board of Directors,

Bank

Greetings,

With reference to the issuance of the tourism sector support initiative by letter No. (130) dated March 13, 2013, which was extended by letter No. (467) dated December 25, 2014, to expire at the end of June 2015, and considering the importance and centrality of the tourism sector as one of the pillars of the economy, given the role of the Central Bank of Egypt in supporting the national economy and activating various economic sectors and foreign currency resources, a decision was issued by the Board of Directors of the Central Bank of Egypt at its meeting held on June 2, 2015, including the following:

• Extending the implementation period of the tourism sector support initiative for one year, ending at the end of June 2016.
• Extending the implementation period of Article 4 of the initiative, which states: "Reducing the yield rate without adhering to a minimum floor, and without including the client in settlement accounts in the event that prices fall below the credit and discount rates," ending at the end of June 2016, while emphasizing that the determinants contained in the initiative are guidelines by which banks study each case individually and make the appropriate decision regarding it.

Please accept our highest respect, Hesham Ramses Abdel Hafiz