CIB's AGM Resolutions

RNS Number : 3063R

Commercial Intnl Bank (Egypt) SAE

08 March 2016

CIB Ordinary General Assembly

7 March 2016

Resolutions Summary

First

Board of Directors Report

CIB Ordinary General Assembly discussed and approved the presented Board of Directors' Report for the financial year ending 31/12/2015.

Second

External Auditors Report

CIB Ordinary General Assembly was advised with the External Auditors' Report on CIB's Financial Statements for the year ending 31/12/2015.

Third

Financial Statements for the Year Ending 31/12/2015

CIB Ordinary General Assembly approved the Financial Statements for the year ending 31/12/2015.

Fourth

2015 Proposed Profit Distribution

Egyptian Pounds

In thousands

Available Net Profit for Distribution 4,639,649

=============

To be distributed as follows:

· Legal Reserve 232,008

· General Reserve 2,944,191

· Shareholders' Dividends 860,295

· Staff Profit Share 463,965

· Board of Directors' Remuneration 69,595

· CIB Foundation 69,595

============

4,639,649

(1/3)

Resolutions Outline (Con't)

CIB Ordinary General Assembly 7 March 2016

CIB Ordinary General Assembly approved the Profit Share Distribution for the year 2015 and delegated the Board of Directors to approve the guidelines for the profit share distribution to the Bank's staff. Dividends of EGP .75 per stock was approved and will be paid to the shareholders on Thursday, 24 March 2016.

Fifth

Releasing Board Members for the Year 2015

CIB Ordinary General Assembly approved releasing members of the Board of Directors for the Financial Year ending 31/12/2015 and approved their board meetings attendance remuneration for the year 2016 to be EGP 75,000 to be paid directly to each member.

Sixth

Appointment of the External Auditors

Based on the recommendation of the Bank's Audit Committee and as concurred by the Board of Directors, CIB Ordinary General Assembly approved appointing Mr. Hassan Bassiouni El Bashah, Partner, (KPMG & Hazem Hassan Public Accountants and Consultants) and Mr. Kamel Magdy Saleh, Managing Partner (Deloitte - Saleh, Barsoum & Abdel Aziz Auditing Firm) as the Bank's External Auditors for the Financial Year 2016.

The Ordinary General Assembly approved the 2016 external auditing fees to be EGP 1.280 million to be equally divided between the two auditors for rending the following services:

· EGP 880,000 for auditing the Bank's annual and quarterly Standalone Financial Statements and issuing related audit reports as required by the Central Bank of Egypt and the Egyptian Financial Supervisory Authority.

· EGP 400,000 for auditing the Bank's annual and quarterly Consolidated Financial Statements and issuing the related audit reports as required by the Central Bank of Egypt and the Egyptian Financial Supervisory Authority.

Seventh

Authorization to Donate

CIB Ordinary General Assembly approved authorizing the Board of Directors to effect donations during the year 2016 for over EGP 1000 each in accordance to Article 101 of Companies' Law 159 for 1981.

(2/3)

Resolutions Outline (Con't)

CIB Ordinary General Assembly 7 March 2016

Eighth

2016 Compensation for the Board's Committees

Based on the recommendation of the Governance and Compensation Committee and the approval of the Board, CIB Ordinary General Assembly was advised of the approved 2016 remuneration for the Audit Committee Members to be a net of EGP 72k for the chairperson of the committee and EGP 60k for each member.

Ninth

Changes in the Composition of the Board of Directors

Since the Previous General Assembly

There was no changes in the composition of the Board of Directors since the last General Assembly held in 12 March 2015.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/3063R_-2016-3-7.pdf