Statement re Board of Directors

 EFG Hermes Board of Directors met on Thursday 21st April 2011 at 5.30 pm and approved the following:

First: Submitting disclosure forms required by the Egyptian Financial Supervisory Authority (EFSA), according to article 16 of listing rules , to receive EFSA's approval before sending the AGM invitation which entails increasing the capital from EGP1,913,570 to EGP2,104,927,000 by distributing 1 bonus share to every 10 held.

Second: Delegate the Chairperson of the Board of Directors to determine the AGM meeting date by a maximum of one week from receiving the EFSA's approval. Noting that AGM will also approve the following:

1. Ratification of the Board of Directors' report for the fiscal year ending 31/12/20010;

2. Ratification of the auditor's report on the Financial Statements for the fiscal year ending 31/12/2010;

3. Ratification of the Financial Statements for the fiscal year ending 31/12/2010;

4. Approval of the appropriations account for the fiscal year ending 31/12/2010;

5. Approval of the release of the Board of Directors' from liability for management for the fiscal year ended December 31, 2010;

6. Approval of the Board of Directors' allowances for attending the meetings for the fiscal year 2011;

7. Approval of the re-appointment of the auditors (KPMG - Hazem Hassan) for the fiscal year 2011 and determining their fees;

8. Appointment of Board of Directors

9. Approval of the donations made in 2010 and authorization to the Board of Directors to make donations in excess of EGP 1,000 during the fiscal year 2011.