1. UBF ORDINARY GENERAL MEETING:The Meeting was attended by UBF Board of Directors and representatives of member banks. During the meeting, members reviewed and approved activities report for 2015. Also, members have discussed and approved the Financial Statements and Auditors’ report for 2015, budget for 2016 and action plan for 2016. Also, Members elected a new Board of Directors for the years 2016 – 2019.

2. UBF’S NEW BOARD OF DIRECTORS MEETING: The New Board held its first meeting for the year 2016 and elected the Chairman and Vice Chairman for the next three years. The Board also reviewed the Activities and performance of UBF technical Committees. Further, the board approved the Action Plan for 2016 and discussed the preparations for the 4th UBF annual event of 2016 which will be held in Abu Dhabi in November 2.

3. CEOS ADVISORY COUNCIL MEETING: During its second meeting in 2016, The CEOs advisory council discussed the following topics: Commercial / SMEs Skips, EIBOR and IRFS 9. Also the council discussed the 4th edition of its annual event scheduled in November in Abu Dhabi and which is expected to address the following topics: Customer experience, De ‐ Risking, Risk Management and Cyber Security.

4. MOBILE WALLET: A meeting of the shareholding banks in the project convened. The meeting was chaired by H.E. UBF Chairman with the presence of all shareholding banks CEOs during which the project manager was appointed and a Steering committee formed to oversee implementation.

5. IRFS 9 IMPACT ASSESSMENT STUDY: In line with the meetings held between UBF Risk Management Committee and the concerned committee in CBUAE, it was agreed that banks will prepare a report to assess IFRS 9 impact.

6. BASEL III CAPITAL ADEQUACY REGULATION: After sharing the draft regulations with all banks, consequent consultative meetings of UBF Risk Management Committee with Central Bank team were convened whereby UBF committee recommendations were conveyed to CBUAE.

7. SMES DEFINITION: UBF DG and the Head of UBF SME Committee had a meeting with the concerned team of Central Bank and discussed SMEs Definition and general strategy to support SMEs.

8. “IMAGE CHEQUE CLEARING SYSTEM “ICCS”: UBF working group ‐ including Risk, Fraud Prevention, Legal, Operations and IT committees ‐  continued its meetings with the concerned team in Central Bank to discuss enhancement of ICCS security and agree on measures to combat cheques fraud.

9. NATIONALIZATION STRATEGY IN BANKING & INSURANCE SECTORS: UBF HR Committee reviewed the strategy during its meetings in presence of CBUAE representative and proposed its recommendations, which after being shared with banks, has been thereafter sent to Central Bank for consideration.

10. UBF ISLAMIC STRATEGIC COMMITTEE: UBF Islamic Strategic Committee convened its first meeting for the year 2016 and discussed the following topics: Activities of UBF Islamic technical committee (IBC) during 2015 and IBC Priorities for 2016,

11. UAE P AYMENT G ATEWAY “PG”: UBF DGM and Chairman of UBF information Security Committee had a meeting with the concerned committee in CBUAE and discussed ways and means to enhance security of “UAE Payment Gateway”.

12. RISK MANAGEMENT REGULATIONS: After UBF concerned Committees consultative meetings with Central bank team, UBF notes & recommendations on the draft regulations were sent to the CBUAE.

13. FRAUD PREVENTION COMMITTEE: UBFDG Mand Chairman of Fraud Prevention Committee had its first meeting with the working group of CBUAE and discussed issues of mutual concern on fraud prevention.

14. CREATING CHARGES AGAINST MOVABLE PROPERTY :UBF Legal Committee reviewd the draft law on “Creating Charges Against Movable Property” and after consultation with banks, UBF sent comments to the concerned committee in the Federal National Council “FNC”.

15. SWIFT USER GROUP “UAE”:

Swift Users Group, operating under the umbrella of UBF, held it’s Ordinary General Assembly and discussed topics on agenda including approval of the financial statements of 2015, budget 2016, action plan for 2016 and the revised SWIFT by‐ laws. Also,a pproved by the attendees was the election of the new Management Committee for the next three years. The meeting was followed by a workshop organized by SWIFT Regional Office in Dubai on:

• Evolutionof Alliance Access
• Web Platform migration
• Integration

The Management committee of the Group held a meeting and discussed the revised of SWIFT by laws, the estimated budget of 2016, action plan for 2016 and SIBOS 2016. Also, they selected the candidates who will represent UAE in SWIFT MT. Trade Finance Maintenance Working Group formed by SWIFT.

16. FINANCIAL LITERACY COMPETITION: UBF Marketing Committee discussed during its regular meetings the ways of promoting Financial Literacy amongst young adults. Hence, the committee initiated and tailored the Financial Literacy Competition which is intended only for UAE Universities Students by forming teams who can participate through innovation ideas to promote and improve financial literacy. Teams will compete to develop and present project proposals to the Marketing Committee to evaluate, judge, and select winners to receive special prizes from UBF.

17. SUSTAINABLE FINANCE: Upon invitation of UAE Ministry of Climate change & Environment as well as Central Bank, UBF representative has attended the first National Roundtable on “Sustainable Finance” which aimed to raise the awareness and catalyze a process to address environmental and social issues among financial institutions and other relevant industry stakeholders and discuss the role of financial sector in driving Sustainable economic growth in UAE.

The above Roundtable comes in preparation for the United Nations Environment Program “UNEP” FI Global Roundtable to be held in Dubai in 25‐26 October, as the ministry and Central Bank are organizing a Steering Group which aims to showcase the UAE’s profile and commitment insustainable finance at this international high‐ profile event, as well as to provide a platform to improve capacity of UAE financial institutions in this area by sharing experiences and expertise among each other. UBF has beens elected to be a member of the “UAE Steering group on sustainable finance”.

18. UBF COMMITTEES:

Legal Committee Topics discussed:

• DIFC Wills & Probate Registry
• New commercial companies law
• Charges against moveable property
• Enforcement of mortgages against developed land in Dubai
• Close‐out Netting
• Small claims tribunal
• Consumer Banking Committee:
• Topicsdiscussed:

Customer Complaints

Financial Literacy
Retail SMEs Skips
“Lending to individuals” regulation
Islamic Banking Committee:
Topics discussed:

Activities during 2015

• Action Plan for 2016
• Wholesale Banking Committee: Topics discussed:
• Bank References
• Standardization of the Terms & conditions for Discounting
• Commercial / SMEs skips

Audit Committee Topics discussed:

• Audit of Corporate Governance
• IIA Research Report

Risk Management committee Topic Discussed:

• SMEs / Commercial Skips
• CRO Role
• IFRS9
• Image Cheque Clearing System (ICCS)
• Basel III
• DBR Computation
• Al Etihad Credit Bureau

Financial Markets Committee Topics Discussed:

• EIBOR
• Central Bank Reserve Requirements
• GCC Banking System/Liquidity

HR Committee Topics discussed:

• Nationalization Strategy in Banking
• Fraud Prevention
• Priorities for 2016

Compliance Committee Topic discussed:

• Local regulatory implications regarding CRS
• Digital payments Regulation
• Risks associated with open account wire transfer / cleanpayments
• Iran Sanctions

Marketing Committee Topics Discussed:

• Financial Literacy
• UBF Trust Index 2016

SMEs Committee Topics Discussed:

• SMEs Skips
• SME definition
• Collaboration with Khalifa Fund

Operations committee Topics discussed:

• Account Operations & Documentation
• KYC update
• Payments systems
• Reporting systems
• IT Committee:
• Topics discussed

Outsourcing

• Hosting, Cloud, Data Sovereignty and Data Access
• Data retention
• Mobile Wallet
• IT Security

Fraud Prevention Committee Topic discussed:

• SWIFT Cyber security
• The Risk of an insider
• Digital banking Fraud Threats
• Fraud Awareness Campaigns

Digital Banking Committee Topic discussed:

• Block chain

Information Security Committee Topic discussed:

• Priorities for 2016
• Assess the possibility to share real time update on attacks, malware.
• Information Security Breach Reporting Framework.