After greetings,

Reference to Central Bank Circular No. 25/2005 dated 13/4/2005 regarding the above subject, please abide by the said circular except for article no. (5) which has been amended from date until further notice, as follows:

1. 5- Loans extended against pledge of shares of companies which have been in operation for more than five years should not exceed 80% of the market value of these shares.

Yours faithfully,