Mr. Chairman of the Board of Directors

Cairo, April 23, 2015

Bank

Greetings,

With reference to the meeting held on February 4, 2015, with the chairmen of the boards of directors of banks regarding the establishment of a maximum limit for deposits in US Dollars or their equivalent in other foreign currencies in banks, not exceeding ten thousand US Dollars per day, and a maximum of fifty thousand US Dollars per month, in order to tighten control over foreign currency transactions and ensure the safety of the banking sector.

It has come to our attention recently that some customers have been resorting to purchasing foreign currency cash from outside the banking sector and depositing it into the accounts of other customers (according to the maximum limits mentioned above), and then consolidating it to be transferred internally within the bank to the original customer's account and used to execute import operations or settle debts in US Dollars arising from import financing.

In this regard, we emphasize the necessity of your verifying that internal transfers in foreign currencies between customer accounts in your bank are consistent with the instructions previously communicated to you, and confirming the application of the "know your customer" principle to verify the purpose of those transfers. We would like to inform you that these transactions will be monitored as part of the periodic inspection of banks, and in the event that similar cases are discovered, the concerned bank will be subject to the provisions of Article (135) of the Central Bank, Banking System and Currency Law issued by Law No. 88 of 2003.

Please accept our highest respect,

Gamal Naguib