Directorate Change

Bank Audi

July 26, 2019

ANNOUNCEMENT

Directorate Change

Bank Audi s.a.l. announces that Dr. Freddie C. Baz has decided to step down from his position as Member and Vice-Chairman of the Board of Directors. The Board acknowledged said resignation on 26 July 2019 and appointed Mr. Marc J. Audi as a new Vice-Chairman for the remainder of the current Board's term.

Freddie Baz said: "Having spent 28 years with the Bank Audi Group, out of my 49 years of professıonal life, I believe I have realized most of my wishes and ambitions for the Bank and am proud to see it leading the Lebanese banking sector. After careful reflection, and in consultation with the Board of Directors, I have decided to devote myself now to other activities that have always captured my interest, notably in art, culture and social volunteering. I am comforted in my decision by the presence of many talents in the Bank that we have formed throughout the years, and are now ready to drive the Group towards new horizons. Bank Audi remains a part of me, and I will stay very close to it."

Samir Hanna, Chairman and Group CEO said: "On behalf of the Board, I would like to thank Dr. Baz for his services to the Bank Audi Group over more than 28 years. His numerous contributions have been very valuable for the growth and expansion of the group. We will always remember, in particular, his conscientiousness and rigor, so nicely spiced up with his exceptional sense of humor. We thank him for his dedication and commitment and wish him well".

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