Formal Notice

Commercial Intnl Bank (Egypt) SAE
17 October 2006


                                 PRESS RELEASE



'Following weeks of extensive evaluation of the opportunity of BoA, including
the related integration and restructuring requirements, the Board of Directors
and CIB management elected to submit a proposal with terms that would allow CIB
to achieve earnings growth and returns on investment in line with its historical
performance and future expectations.



Consistent with CIB's long history of responsible corporate governance and
commitment to protecting shareholders' interests, the Board of Directors applied
a disciplined analytical approach in its evaluation of the strategic opportunity
and restricted CIB's proposal to terms that would not dilute shareholder value.
CIB believes the interests of its shareholders are best served by continuing to
implement the Company's current business strategy and organic growth plans. In
so doing, CIB expects to maximize shareholders' wealth over the medium and long
term.



CIB has achieved a compound average organic growth rate in EPS of approximately
20% over the past 20 years; CIB's management is confident that implementing its
current strategy will enable the Company to continue to produce consistent,
superior earnings growth and returns on investment.



CIB also announced it has entered into a Memorandum of Understanding with
Egyptian and United Arab Emirates investors to establish a subsidiary in Algeria
to be branded CIB-Algeria. The Algerian banking sector offers significant growth
opportunities, particularly in corporate banking, as the role of the country's
private sector expands through privatization and FDI. The shareholding structure
of CIB-Algeria provides a strong platform for the venture, offering a robust
entry into Algeria.'









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