Hello, @Dr_Teek!
As the issuer's arbitrator, you have always tried to find the best solution for the issuer's records in question. I had supported you in merging the records, because for Egyptian banknotes, the more we can simplify things, the better.
In the case of these two banknotes, in addition to the watermark, I noticed a small difference in the security strip (number of "windows"). These two differences, despite the guidelines, might not make that much of a difference in a single record. There are always cases and cases that we need to check to make the best decision. But in the case of these two Egyptian issues, we also have a considerable number of annual lines, signatures, etc. in each one. Perhaps merging them, in this case, is not the best solution.
If you agree, we can keep the records as they are, improving whatever we can - and I know how hard you are working to fix things there. =)
I await your return on this case.
Regards,
Vladimir.