BANKING SECTOR REPORT

4th of January, 2009

Sector Coverage Team:

TAREK YAGHMOUR Assistant Vice President Research Department Tel: +962 6 5200330 Ext. 327 Tarek.Yaghmour@CapitalInv.jo NASSER MOU'MEN Research Analyst Tel: (962 6) 5200330 Ext. 478 E-mail: Nasser.Moumen@CapitalInv.jo EMAN BILBAISI Research Analyst Tel: +962 6 5200330 Ext. 805 Eman.Bilbaisi@CapitalInv.jo

CONTENTS
HISTORICAL BACKGROUND...........3 CENTRAL BANK OF JORDAN.....4 THE JORDANIAN ECONOMY... ...................................5 INTERNATIONAL RATING AGENCIES.. .....6 SECTOR PERFORMANCE... ...8 ASSETS....8 DEPOSITS..10 PROFITABILITY.........10 . BANKING SECTOR ON THE ASE..... ........11 OUTLOOK. ...12 BANKS' PROFILES ...14 SELECTED RATIOS AND FIGURES....30 SCORECARDS.... ...32

HISTORICAL BACKGROUND
Jordan's banking sector has historically moved from strengh to strengh, posting impressive results along the way despite political and economical instability affecting the region. This growth was a consequence of effective and efficient management practices and a well regulated opertaing enviroment spearheaded by the Central Bank of Jordan (CBJ). Banking in Jordan traces back to the early 1900's with the establishment of the "Ottoman Bank" in 1925. Soon after, the largest commercial Palestinian bank "The Arab Bank" was relocated to Amman as a result of the 1948 Arab-Israeli war and a number of local and foreign banks subsequently started their operations in Jordan. Deposits and loans more than doubled between the mid-1970's and the early 1980's Benefiting from favorable economic conditions, the banking sector has undergone major progress, as deposits and loans more than doubled between the mid-1970's and the early 1980's. During the same period the number of financial institutions tripled. The government encouraged the expansion of banking services as a key driver to its economic development policy and took a number of measures to enhance it, beginning with the deregulation of interest rates in 1988, which helped attract deposits from other Arab nations and remittances of many Jordanians who had never used banks before. By the mid-1980's, Jordan was the only Arab country in which the value of banks' assets exceeded its GDP. In the past decade, the numbers posted by the sector were no less than impressive; total commercial bank assets rose from JD12.9 billion in 2000 to JD30.1 billion until the end of August 2008 while total deposits increased from about JD8.2 billion to JD16.0 billion during the same period. By the end of 2007, the top 3 banks in Jordan controled 76.9% of total customer deposits while holding 71.6% of total sector assets The Jordanian banking sector is considered overbanked as it currently consists of 24 banks including 16 locally licensed ones, three of which are Islamic, serving a population of 5.8 million. By the end of 2007, the top 3 banks in Jordan controled 76.9% of total customer deposits while holding 71.6% of total sector assets, therefore, and in an effort to force banks towards further consolidation, the CBJ raised the minimum capital requirements for banks to JD40 million in 2004. However, the ease in which banks where able to raise new capital was a stumbling block in the path to a less fragmented banking sector, for that reason the CBJ is considering raising the minimum capital requirement to JD100 million in upcoming years.

The following table represents banks currently working in the kingdom and their establishment date. Bank Arab Bank Ahli Bank Bank of Jordan Cairo Amman Bank Jordan Dubai Islamic Bank The Housing Bank for Trade & Finance Jordan Kuwait Bank Jordan Commercial Bank Arab Jordan Investment Bank Jordan Islamic Bank for Finance & Investment Arab banking Corporation/Jordan Jordan Investment & Finance Bank Union Bank For Saving & Investment Societe General de Banque- Jordanie Capital Bank of Jordan HSBC Bank Middle East LTD Egyptian Arab Land Bank Rafidian Bank Standard Chartered Bank Citibank Islamic International Arab Bank PLC Blom Bank Audi Bank National Bank of Kuwait Establishment Date 1930 1965 1960 1960 1965 1974 1977 1978 1978 1979 1989 1989 1991 1993 1996 1949 1951 1957 1969 1974 1997 2004 2004 2004

THE CENTRAL BANK OF JORDAN (CBJ)

The CBJ was established in 1964 as an independent corporate body replacing the Jordan Currency Board which had been established in 1950. The capital of CBJ, which is wholly owned by the government, was increased gradually from JD1 million to JD18 million. The objectives and functions of the CBJ are: 1) Issuing and regulating bank notes and coins: The CBJ is the sole issuer of the Jordanian currency to meet the needs of the national economy and maintains an adequate inventory of these notes and coins for the same purpose. 2) Maintaining and managing the Kingdom's reserves of gold and foreign exchange: The CBJ is responsible for determining the suitable

investment opportunities as well as setting ratios and components of the reserves. 3) Acting as a banker to banks and a fiscal agent to the government and public institutions: The CBJ acts as a banker and fiscal agent to the government and public institutions as it manages their monetary transactions. 4) Acting as a banker to banks and specialized credit institutions: The CBJ is engaged in several transactions with licensed banks in addition to issuing licenses authorizing banks to operate and branch in Jordan. 5) Maintaining the safety of the banking system: One of the major roles of the CBJ is the supervision of the banking system to ensure its soundness and to protect depositors and shareholders. 6) Advising the government on the formulation and implementation of fiscal and economic policies: The CBJ issues recommendation and suggestions relating to the prevailing economic, financial and monetary conditions. 7) Managing monetary problems and participating in containing local economic problems: The CBJ adopts procedures and measures to deal with economic problems and avoid their adverse effect on the economy. 8) Regulating credit: The CBJ regulates the quantity, quality, and cost of credit to meet the requirements of economic development and monetary stability. 9) Other roles: The CBJ has also actively participated in the establishment of a number of financial institutions and corporations.

THE JORDANIAN ECONOMY

As of the third quarter of 2008, Gross Domestic Product (GDP) at both constant and current market prices grew by 6.5% and 27.0% In spite of the many challenges the Jordanian economy faced during 2007, highlighted in the significant increase in international oil prices, the economy continued its growth drive, albeit at a slightly slower pace compared to the past few years. As of the third quarter of 2008, Gross Domestic Product (GDP) at both constant and current market prices grew by 6.5% and 27.0%, compared with 6.6% and 10.5% respectively during the second quarter of 2007.

Inflation in Jordan rose rapidly in the past three quarters, with the consumer price index surging by 15.4% until November 2008 compared to 5.4% during the same period last year. This sharp increase in the prices of good and services was mainly driven by external factors, the most significant of which was the skyrocketing prices of oil which, combined with the removal of fuel subsidies, left Jordan's population exposed to surging fuel prices. However, oil prices have fallen steeply since July 2008 and these favorable oil prices will help the Kingdom relief from inflationary pressures caused by fuel imports. On the level of public finance, the state budget, including grants, showed a deficit amounting to JD381.6 million in the first three quarters of 2008 against a surplus of JD84.9 million during the same period in 2007; however when foreign grants are excluded the real budget deficit surged to JD874.6 million compared to a surplus of JD63.8 million in 2007. On a different note, gross domestic debt reached JD5.291 billion by the end of September 2008 compared to JD3.181 billion for the same period in 2007. CBJ's foreign currency reserves rose by JD422.1 million, or 8.3%, during the first ten months of 2008 to reach JD5.494 billion On the monetary front, the CBJ's foreign currency reserves rose by JD422.1 million, or 8.3%, during the first ten months of 2008 to reach JD5.494 billion compared with their level at the end of 2007. In addition, domestic liquidity (M2) increased by JD850.0 billion, or 56.8%, during the first 10 months of 2008 compared with the same period in 2007. The value of national exports grew by 39.2% and the re-exports by 38.9% in the first ten months of 2008 to stand at JD3672.1 million and JD956.1 million respectively. On the other hand the value of imports has risen by 32.2% to stand at JD10.303 billion during the same period. In light of the above, the Trade balance deficit, calculated as the value of total exports minus the value of imports, grew by 27.0% during the first ten months of this year reaching JD5.675 billion compared to JD4.467 billion during the same period last year despite the increase in exports and re-exports.

INTERNATIONAL RATING AGENCIES

The safety and soundness of banks and saving institutions is usually measured and rated by a number of rating agencies. As for Jordan the banking system was rated by the following agencies:

Standard & Poor's

Standard & Poor's, in their report issued on July 4th 2007, awarded the banking system in Jordan a rating of BB/Stable/B for foreign currency, and BBB/Stable/A-3 for local currency. The report also scaled the banking industry at group 8 out of 10.

Capital Intelligence
The international credit rating agency; Capital Intelligence, ranked some of Jordan's banks as follows:
M o o Arab Bank d Arab Banking Corporation y Arab Jordan Investment 'Bank Cairo Amman Bank s Capital Bank of Jordan Housing Bank for Trade & Finance R Jordan Ahli Bank a Jordan Commercial Bank tJordan Investment & iFinance Bank Jordan Islamic Bank for n Finance & Investment Jordan Kuwait Bank g

Foreign Currency
Long Term BB BB BB BBBB BB BB BB BB BB BB Short Term B B B B B B B B B B B

Financial Strength
A BBB BBB BB+ BBB ABB BB+ BB+ BBBBBB+

Outlook

Date

Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

Sep-2007 Nov-2007 Nov-200 Dec-2007 Nov-2007 Nov-2007 Jan-2008 Dec-2007 Jan-2008 Nov-2007 Nov-2007

Moody's
According to Moody's Investors Services, the fundamental credit outlook for the Jordanian financial system is stable According to the latest report released by Moody's Investors Services in December 2008, the fundamental credit outlook for the Jordanian financial system is stable, reflecting the good operating environment and the banks' solid financial fundamentals. However exposure to the struggling real estate and volatile local equity markets, the large concentration of banks relative to the size of the economy, in addition to tightening international credit conditions are causes for concern. Moody's also rated some of the banks in Jordan using Bank Financial Strength Rating (BFSR). The results can be summarized as follows:

BSFR
Arab Bank Plc Housing Bank for Trade & Finance Cairo Amman Bank C+ CD-

Date
Dec-2008 Apr-2007 Apr-2007

SECTOR PERFORMANCE
Fuelled by a booming economy in the past few years, Jordan was exposed to an abundance of liquidity and increased investment which brought about unprecedented performance for all the banks in the sector. Operating revenues soared, deposits and credit facilities increased and investment portfolios generated phenomenal revenues, leading to an overall expansion of the sector.

Assets
In the period from 2000 to 2007, Jordanian banks' assets grew by 107.7% During 2007, the banking sector recorded impressive results led by the favorable economic conditions, where aggressive economic expansion resulted in increased demand for capital thus enabling banks to increase their profits and assets base. In the period from 2000 to 2007, Jordanian banks' assets grew by 107.7%, increasing from JD12.9 billion to reach JD26.8 billion. Banks' assets continued their growth in the first ten months of this year to reach JD39.7 billion by the end of October.
35000 30000 JD milliion 25000 20000 15000 10000 5000 0 2000 2001 2002 2003 2004 2005 2006 2007 Oct.2008 Total Assets

Total direct credit facilities extended by the banking sector grew by 148.5% in the period 2000 - 2007

Total direct credit facilities extended by the banking sector grew by 148.5%, increasing from JD4.5 billion in 2000 to reach JD11.3 billion in 2007.
Total Credit Facilitie s Exte nde d by Lice nce d Banks

13500 12000 10500 JD million 9000 7500 6000 4500 3000 1500 0 2000 2001 2002 2003 2004 2005 2006 2007 Oct-08

As of the end of October 2008, the total credit facilities extended by the banking sector totaled JD13.3 billion

As of the end of October 2008 the total credit facilities extended by the banking sector totaled JD13.3 billion. Moreover, the asset quality of Jordanian banks has been on the rise, mainly as a result of a booming economy and an expansion in retail lending.

Moreover, the following pie chart demonstrates the distribution of the credit facilities among different economic sectors in 2007, where the general trading, construction and the industrial sectors made up 50.7% of the total value of credit facilities.
Credit Facilities Extended by Sector 2007

General Trade 22%

Construction 17%

Transportation services 3% Tourism Hotels and Resturants 2% Public Services 7%

Industry 11%

Mining 1% Agriculture 1%

Other 33%

Financial Services 3%

The general trade sector came in the first place accounting for 21.55% (JD2.435 million) followed by the construction sector with 17.19% (JD1.942million) and the industrial sector which accounted for 11.93% (JD1.348 million) of the total direct credit extended. The increase in lending by banks was a natural consequence to the changing scene in the Jordanian economy. The overall boom in the kingdom resulted in an increase in deposits which in turn enabled banks to increase the amount of facilities they could grant to debt-thirsty companies and individuals who resorted to financial institutions for financing their projects and needs, while successfully maintaining comfortable ratios of deposits to facilities. Average capital adequacy ratio for banks in 2007 stood at 21% As shown in the graph below, average capital adequacy ratio for banks in 2007 stood at 21%, higher than CBJ's recommended ratio of 14%, while nonperforming loans to total loans ratio remained stable in the past three years.

24% 20% 16% 12%

19.6% 17.5%

Capital Adequacy (2007) 21.4% 17.8% 15.9% 17.6% 20.8%

16.6%

CBJ Minimum Requirement 12%

8%
Basel Minimum Requirement 8%

4% 2000 2001 2002 2003 2004 2005 2006 2007

Deposits
As for customer deposits, total deposits grew to JD15.988 billion by the end of 2007 with an increment of 94.4% over the figures recorded in the year 2000. The following chart clarifies further the upward movement of the deposits balance during the past 10 years.
Deposits (1998-2008)

20,000 16,000 JD Million 12,000 8,000 4,000 2000 2001 2001 2003 2004 2005 2006 2007 Oct-08

In the first 10 months of 2008, deposits increased by 11.5% to reach JD17.8 billion

As for the first 10 months of 2008, deposits reached JD17.8 billion increasing by 11.5% over 2007 year-end figures.

Profitability
Jordanian banks' managements have taken a big leap forward in terms of efficiency and effectiveness evident by the soaring profitability in recent years, indicating a better utilization of assets on hand.

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During 2007, the overall profit of ASE listed banks grew by 14.9%; it further grew by 22.1% in the first nine months of 2008

During 2007, the overall profit of ASE listed banks grew by 14.9% to reach JD639.74 million, it further grew by 22.1% in the first nine months of 2008 to reach JD781.3 million. The following chart depicts the profitability of the listed banks in the past 6 years.
AS E Li s te d B a n k s ' Pro fi ta bi l i ty (2 0 0 3 -2 0 0 8 ) 700 600 500 JD Million 400 300 200 100 0 2003 2004 2005 2006 2007 Sep -0 8

Going forward, we believe that banks' profitability will be affected by higher credit costs, in addition the decline in the stock market which will be translated into lower brokerage fees, mark-to-market losses and lower trading income.

THE BANKING SECTOR ON THE ASE

The banking constituted 55% of the total market capitalization as of November 2008 The banking sector, which constituted 55% of total market capitalization as of November 2008, is the largest sector on the Amman Stock Exchange (ASE). There are 15 banks listed on the ASE trading on the first market, except for Socit Gnrale Bank Jordan which is traded on the second market.
ASE Market Capitalization by Sector November 2008

Industry 27%

Banking 55%

Services 16%

Insurance 2%

The ASE general index closed out the year 2007 at 3675.0 points, rising by 36.3% from its year-end level in 2006, its highest point for the year. The strong

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performance of the ASE especially in the last quarter of 2007 can be attributed to a number of heavyweight stocks especially in the banking and mining sectors as these sectors' indices increased during the year by 29.7% and 70.0% respectively. In the first two months of 2008 the banking sector index showed a high correlation with the ASE general index. However, by the end of February the two indices began to diverge as a result of the extraordinary performance of heavyweight stocks in the mining & extraction sector. This has drove the general index to a year-to-date increase of 29.9% at the end of June, while the banking sector index only rose by 7.5% for the same period.
ASE Index VS. Banking Inde x

35% 25% 15% 5% -5% -15% -25% -35% Aug-08 Jul-08 Feb-08 Dec-07 Mar-08 May-08 Sep-08 Jun-08 Nov-08 Apr-08 Jan-08 Oct-08

ASE

Banking Index

In the following months, and as a result of the current global financial crisis, all sector indices witnessed a decline which realigned the general and banking sector indices; they currently stand at a loss of 24.9% and 18.1% respectively since the beginning of 2008.

OUTLOOK
High domestic inflation and decreased spending power of Jordanian consumers will affect the banks' asset quality The upcoming years will prove challenging to the Jordanian banking sector as a result of the current financial crisis, as tighter lending regulations adopted by most banks in Jordan in the face of increased uncertainty will probably affect their profitability. Internal factors such as high domestic inflation and decreased spending power of Jordanian consumers will also affect the banks' asset quality and thus the effectiveness of the banks' credit policies and risk management will be put to the test.

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Banks with high exposure to Arab and international markets will be hit the hardest amid highly uncertain economic conditions in these countries which is expected increase the number of non-performing loans as the full effects of this financial turmoil is yet to materialize. Lower income due to deteriorating capital markets is also in the folds, as trading and brokerage income will be reduced significantly. This, however, is not expected to slow down the Jordanian economy, since banks in Jordan sit on a substantial amount of excess liquidity and the common belief suggests that any eligible borrower will have no difficulty getting access to credit facilities. The upcoming few months will be difficult for most banks around the world and Jordanian ones are no exception. However, conservative regulation and monitoring from the central bank, in addition to wise lending policies adopted by most banks in the kingdom will at least ensure that the Jordanian banking sector is well equipped to face theses threats.

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BANKS' PROFILES

14

ARAB BANK GROUP (ARBK)

CHAIRMAN & CEO Mr. Abdel Hamid Shoman DEPUTY CHAIRMAN. Mr. Sabih Masri TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X)

Closing Price (JD) YTD Change 52 week High/Low (JD)

14.95 -23.57% 23.13/12.80

6.27 million 95.88 million 1.17

The Arab Bank group (ARBK) was founded in 1930 in Jerusalem as the first private banking institution in the Arab World with a capital of 15,000 Palestinian pounds and seven shareholders. However, due to the 1948 ArabIsraeli War the Arab bank was relocated to Amman.
24

Share Price Performance (JD)

Financial performance of the ARBK has been impressive over the years as the bank's bottom line exceeded all other banks in the sector with the final 2007 net income growing 24.1% from 2006 results to reach JD549.449 million. The bank's assets also showed an impressive growth in 2007 increasing by 18.1% to reach JD27.178 billion, whilst its shareholders' equity reached JD4.862 billion. As for 2008, ARBK reported a net income of JD477.08 million during the first nine months compared to JD405.53 million in the same period last year, representing a growth of 17.64% thus maintaining its leading position amongst banks. Furthermore, the value of assets within the group grew by an impressive 20.8% to reach JD32.84 billion by the end of September 2008, while the total shareholders' equity rose by 11.2% reaching JD5.405 billion.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital 2007 27178.313 13813.555 22316.493 16070.439 4861.820 372.258 Sep 2008 32841.197 16485.859 27436.644 19765.211 5404.533 550.203 %Change 20.84% 19.35% 22.94% 22.99% 11.16% 47.80% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 2.3% 100.1% 2.4% 18.1% 2007 23.0% 17.9% Sep 2008 N/A N/A N/A 20.8% Sep 2008 N/A 16.5%

22 20 18 16 14 12 10 Dec-07 Jan-08 Feb-08 Mar-08 Mar-08 Apr-08 May-08 Jun-08 Jun-08 Jul-08 Aug-08 Aug-08 Sep-08 Oct-08 Oct-08 Nov-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 1312.046 500.472 616.527 367.405 506.478 405.532

Sep 2008 1197.803 566.755 714.303 426.908 596.592 477.084

%Change -8.71% 13.24% 15.86% 16.20% 17.79% 17.64%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 2.19% 12.16% 43.5% 4.51% 2007 50.8% 65.4%

Sep 2008 2.12% 12.40% 47.3% 2.63% Sep 2008 N/A 63.1%

Major Shareholders Investor Name Social Security Corporation Saudi Oger Ojer Middle East Holdings Total Nationality Jordanian Saudi Arabian Lebanese Percentage (%) 15.00% 8.99% 7.02% 52.64%

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THE HOUSING BANK FOR TRADE & FINANCE (THBK)

CHAIRMAN Dr. Michel Marto DEPUTY CHAIRMAN Mr. Othman Bafagih TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) C.E.O. Mr. Shukry Bishara

Closing Price (JD) YTD Change 52 week High/Low (JD)

8.40 16.50% 9.76/7.60

0.61 million 5.05 million 0.24

The Housing Bank for Trade & Finance (THBK) was established in 1973 as a specialized credit institution to grant credit for the development of real estate in Jordan. In 1997, THBK changed its status to a commercial bank subject to the same regulations as other banks in the kingdom. The banks paid-up capital was increased several times, the latest of which was in August of 2008 bringing up THBK's capital to JD252.0 million. THBK has been recording remarkable results over the past years. The bank's net income increased by 17.70 % in 2007 to reach JD111.47 million compared to JD94.71 million in 2006. Moreover, total assets also increased by 22.55% to reach JD5.020 billion by the end of 2007. Third quarter results for 2008 revealed a 7.93% growth in THBK's profitability, whereby net income reached JD89.14 million compared to JD82.07 million for the same period in 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 5020.071 1936.251 4129.777 3500.562 890.295 250.000 Sep 2008 5436.910 2275.519 4524.795 3833.274 912.115 252.000 %Change 8.30% 17.52% 9.57% 9.50% 2.45% 0.80% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 3.2% 62.4% 2.0% 22.5% 2007 29.4% 17.7% Sep 2008 N/A N/A N/A 8.3% Sep 2008 N/A 16.8%

Share Price Performance (JD) 10.0 9.5 9.0 8.5 8.0 7.5 7.0 6.5 May-08 May-08 Feb-08 Aug-08 Nov-08 Mar-08 Mar-08 Dec-08 Apr-08 Sep-08 Jul-08 Jul-08 Oct-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 206.036 127.479 145.515 65.751 112.510 82.070

Sep 2008 221.451 147.036 169.819 74.473 126.103 89.142

%Change 7.49% 15.34% 16.70% 13.27% 12.08% 8.62%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 2.45% 12.92% 62.0% 3.01% 2007 38.6% 48.8%

Sep 2008 2.29% 13.29% 66.4% 1.78% Sep 2008 N/A 52.0%

Major Shareholders
9

Investor Name Qatar National Bank Kuwait Real Estate Investment Consortium Libyan Arab Foreign Bank Social Security Corporation Total

Nationality Qatari Kuwaiti Libyan Jordanian

Percentage (%) 33.17% 18.61% 15.54% 15.38% 89.81%

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JORDAN KUWAIT BANK (JOKB)

CHAIRMAN Mr. Abdel Karim Kabariti DEPUTY CHAIRMAN. Mr. Faisal Al- Ayyar TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) C.E.O. Mr. Moh'd Al-Asmar 0.10 million 0.49 million 0.10

Closing Price (JD) YTD Change 52 week High/Low (JD)

4.73
-23.59%

7.74/4.51

Jordan Kuwait Bank (JOKB) was established in 1976 as a joint investment by Jordanians, Kuwaitis and other Arab investors with a paid up capital of JD5 million. The banks paid-up capital increased from JD5 million to JD25 million in 2001, eventually reaching JD100 million in 2008. JOKB, which is ranked third in terms of assets and profitability, saw its bottom line surge by 13.12% recording JD45.40 million by the end of 2007, compared to JD40.13 in 2006. The banks total asset also increased by 22.24% to reach JD2.017 billion in 2007 compared to JD1.650 billion in 2006. Moreover, JOKB maintained its solid performance as indicated by its third quarter results in 2008 where its net income reached JD43.58 million compared to JD34.11 million for the same period in 2007; representing a growth of 27.76%.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 2016.727 1127.482 1790.964 1092.957 225.763 75.000 Sep 2008 2165.086 1303.217 1910.904 1213.961 254.180 100.000 %Change 7.36% 15.59% 6.70% 11.07% 12.59% 33.33% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 0.2% 228.7% 0.5% 22.2% 2007 15.0% 11.2% Sep 2008 N/A N/A N/A 7.4% Sep 2008 N/A 11.7%

Share Price Performance 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 Feb-08 May-08 May-08 Aug-08 Nov-08 Mar-08 Mar-08 Dec-08 Jul-08 Apr-08 Jul-08 Sep-08 Oct-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 96.017 47.403 55.587 19.807 47.808 34.112

Sep 2008 108.543 60.780 69.841 28.632 60.784 43.581

%Change 13.05% 28.22% 25.64% 44.55% 27.14% 27.76%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 2.48% 21.53% 49.1% 4.89% 2007 55.9% 75.6%

Sep 2008 2.79% 24.31% 56.0% 2.99% Sep 2008 N/A 78.1%

Major Shareholders Investor Name Burgan Bank Social Security Corporation Total Nationality Kuwaiti Jordanian Percentage (%) 50.83% 21.02% 75.51%

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UNION BANK FOR SAVING AND INVESTMENT (UBSI)

CHAIRMAN Mr. Issam Halim Salfiti DEPUTY CHAIRMAN. Dr. Khalid Zantouti TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) GENERAL MANAGER Mrs. Nadia Al Saeed

Closing Price (JD) YTD Change 52 week High/Low (JD)

3.00
-21.05%

3.84/2.52

0.37 million 1.07 million 0.39

The Union Bank for Savings & Investment (UBSI), formerly the Arab Finance Corporation, was established in 1978 with a paid-up capital of JD2.125 million. Throughout the years UBSI maintained a sound and sustainable growth, and as a result of a series of mergers, capitalization and stock issues, the bank's paid-up capital reached JD55 million by the end of 2006 and was further increased to reach JD95 million by the end of 2007. UBSI registered good results in 2007 as its bottom line increased by 10.9% to reach JD13.78 million and was able to maintain this solid performance in 2008, reporting a 50.3% growth in profits during the first nine months of 2008. In addition, total assets grew by 12.51% to reach JD1.202 billion by the end of September, 2008 compared to JD1.068 billion in 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 1068.090 465.415 853.092 554.144 214.999 95.000 Sep 2008 1201.689 592.208 980.190 661.923 221.500 95.000 %Change 12.51% 27.24% 14.90% 19.45% 3.02% 0.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 2.3% 63.4% 1.4% 19.8% 2007 31.1% 20.1% Sep 2008 N/A N/A N/A 12.5% Sep 2008 N/A 18.4%

Share Price Performance (JD)

3.8 3.5 3.2 2.9 2.6 2.3 2.0 Feb-08 May-08 Aug-08 Nov-08 Mar-08 Dec-08 Sep-08 Apr-08 Apr-08 Sep-08 Jul-08 Oct-08 Jan-08 Jun-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 44.542 15.977 19.291 9.037 15.417 11.204

Sep 2008 51.923 23.733 29.215 11.202 23.625 16.839

%Change 16.57% 48.54% 51.44% 23.96% 53.25% 50.30%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.41% 8.69% 36.4% 4.95% 2007 43.6% 58.0%

Sep 2008 2.01% 10.43% 45.7% 3.17% Sep 2008 N/A 63.9%

Major Shareholders Investor Name Polaris Investment Company Sirt Securities International NV United Arab Investors Union Investment Corporation Raja'e Halim Salfiti Social Security Corporation Issam Halim Salfiti Total Nationality Jordanian Dutch Jordanian Jordanian Jordanian Jordanian Jordanian Percentage (%) 25.58% 14.22% 10.73% 9.18% 6.86% 6.32% 5.18% 88.45%

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BANK OF JORDAN (BOJX)

CHAIRMAN & CEO Mr. Shaker Tawfiq Fakhour DEPUTY CHAIRMAN. Mr. Mawloud Naghouj TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X)

Closing Price (JD) YTD Change 52 week High/Low (JD)

2.20
-25.42%

3.17/1.98

0.54 million 1.21million 0.54

The Bank of Jordan (BOJX) was established in Jordan in 1960 with a capital JD350 thousand as the country's third commercial bank.
3.5

Share Price Performance (JD)

Following a capital restructuring and the acquisition of Chase Manhattan bank's Jordanian operations in the 1980's, BOJX achieved a major turnaround and together with a change in management, BOJX began to improve. Today, Bank of Jordan is among the top five banks in terms of assets with a paid-up capital of JD100 million. End of year results for 2007 showed a 4.69% drop in the bank's bottom line as it decreased from JD25.58 million in 2006 to reach JD24.38 million. Nevertheless, BOJX recorded solid results in 2008, where third quarter profits increased by 48.73% to reach JD30.25 million compared to JD20.34 million in the same period last year. Moreover, BOJX's total assets increased by 12.20% during 2008 to reach JD1.633 billion.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 1455.719 738.172 1294.513 1146.573 161.205 100.000 Sep 2008 1633.355 824.180 1453.468 1281.303 179.889 100.000 %Change 12.20% 11.65% 12.28% 11.75% 11.59% 0.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 9.9% 50.2% 4.9% 5.8% 2007 14.8% 11.1% Sep 2008 N/A N/A N/A 12.2% Sep 2008 N/A 11.0%

3.0 2.5 2.0 1.5 1.0 Feb-08 May-08 May-08 Aug-08 Nov-08 Mar-08 Mar-08 Dec-08 Apr-08 Sep-08 Jul-08 Jul-08 Oct-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 68.783 41.666 51.315 32.099 30.533 20.338

Sep 2008 76.439 48.063 58.751 27.050 39.345 30.248

%Change 11.13% 15.35% 14.49% -15.73% 28.86% 48.73%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.72% 16.17% 60.2% 2.97% 2007 50.7% 58.6%

Sep 2008 2.57% 23.28% 62.9% 2.12% Sep 2008 N/A 58.2%

Major Shareholders Investor Name Tawfiq Shaker Fakhouri Al-Ekbal Printing and Packaging Qasem Abdul Irsheid Irsheid Total Nationality Jordanian Jordanian Spanish Percentage (%) 25.73% 15.92% 6.13% 71.85%

19

CAPITAL BANK OF JORDAN (EXFB)

CHAIRMAN Dr. Ziad Fariz
10

DEPUTY CHAIRMAN. Mr. Fayez Soheimat

GENERAL MANAGER Mr. Haytham Kamhiyah

Closing Price (JD) YTD Change 52 week High/Low (JD)

1.79
-11.39%

2.58/1.67

TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X)

2.28 million 4.55 million 1.72

Capital Bank of Jordan, formerly Export & Finance Bank, was established in 1996 as a public shareholding company with an authorized capital of JD20 million. Through a series of capitalizations of reserves and retained earnings, as well as two private placements to existing shareholders in 2005, the banks paid up capital was increased to reach JD123 million during 2007. In 2008, the paid up capital was further increased to JD132.28 million by the entry of the International Finance Corporation (IFC) as a strategic investor in the bank. Despite the 16.13% increase in interest income, EXFB recorded a 25.20% drop in its bottom line for 2007, falling to JD13.509 million compared to JD18.06 million in 2006. However, in the third quarter of 2008, EXFB was able to increase its net income significantly by 35.46% to reach JD14.00 million compared to JD10.34 million for the same period in 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 939.639 497.411 767.265 482.310 172.374 123.000 Sep 2008 1034.590 593.395 835.210 552.812 199.380 132.280 %Change 10.11% 19.30% 8.86% 14.62% 15.67% 7..54% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 3.1% 89.0% 2.7% 9.7% 2007 21.6% 18.3% Sep 2008 N/A N/A N/A 10.1% Sep 2008 N/A 19.3%

Share Price Performance (JD)

2.8 2.5 2.2 1.9 1.6 1.3 1.0 May-08 May-08 Aug-08 Nov-08 Feb-08 Mar-08 Mar-08 Dec-08 Apr-08 Sep-08 Jul-08 Jul-08 Oct-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 48.106 18.834 22.523 14.742 14.198 10.335

Sep 2008 51.279 23.387 27.640 17.415 18.149 14.000

%Change 6.60% 24.17% 22.72% 18.13% 27.83% 35.46%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.50% 8.20% 39.6% 5.50% 2007 52.9% 86.3%

Sep 2008 1.99% 10.57% 45.6% 3.60% Sep 2008 N/A 86.2%

Major Shareholders Investor Name Social Security Corporation Abdel Raouf Walid Al-Bitar International Finance Corporation Hassan Ghaleb Kubeh Blom Bank Mohammed Musa'ed El-Seif Comprehensive Investment and Industrial Holding Company Total Nationality Jordanian Jordanian International Iraqi Lebanese Saudi Arabian Jordanian Percentage (%) 9.05% 8.20% 7.02% 6.17% 5.99% 5.51% 5.04% 77.80%

20

ARAB JORDAN INVESTMENT BANK (AJIB)

CHAIRMAN & CEO Mr. Abdulkadir Abdulla Al-Qadi DEPUTY CHAIRMAN Mr. Hani Al-Qadi TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X)

Closing Price (JD) YTD Change 52 week High/Low (JD)

1.74
-13.00%

1.14 million 2.08million 1.14

2.10/1.57

Arab Jordan Investment Bank (AJIB) was founded in 1978 by a group of Jordanian individuals and Arab financial institutions as Jordan's first investment bank. In 2006, AJIB established the Arab Jordan Investment Bank (Qatar) in the Qatar Financial Center to serve its clients in the Gulf region. AJIB's total assets grew by 15.98% in 2007 to reach JD636.78 million, increasing again by 12.63% to reach JD717.18 million by the end of September 2008. The bank's bottom line dropped by 16.7% to reach JD4.77 million in 2007 compared to JD6.837 million in 2006. Nevertheless, during 2008, the bank was able to more than double its income recording JD9.68 million in the first three quarters of 2008, compared to only JD4.77 million in the same period last year.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 636.779 238.351 519.032 331.788 117.746 100.000 Sep 2008 717.176 308.536 594.517 378.863 122.656 100.000 %Change 12.63% 29.45% 14.54% 14.19% 4.17% 0.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 3.2% 89.2% 2.9% 16.0% 2007 32.8% 18.5% Sep 2008 N/A N/A N/A 12.6% Sep 2008 N/A 17.1%

Share Price Performance (JD)

2.4 2.2 2.0 1.8 1.6 1.4 1.2 1.0 May-08 Feb-08 Aug-08 Nov-08 Dec-07 Jul-08 Jul-08 Mar-08 Dec-08 Sep-08 Apr-08 Apr-08 Sep-08 Oct-08 Jan-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 23.264 8.142 11.100 7.400 6.138 4.886

Sep 2008 30.735 12.953 17.682 9.661 12.190 9.859

%Change 32.11% 59.09% 59.30% 30.55% 98.59% 101.77%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.18% 7.44% 34.0% 4.75% 2007 37.4% 48.4%

Sep 2008 1.87% 10.52% 42.1% 3.32% Sep 2008 N/A 53.4%

Major Shareholders Investor Name Abdulkadir Abdulla Al-Qadi Arab Investment Company Libyan Foreign Bank Sheik Hamd Bin Jassem Bin Jabr Al Thani Total Nationality Jordanian Saudi Arabian Libyan Qatari Percentage (%) 17.63% 10.25% 9.09% 9.09% 79.71%

21

CAIRO AMMAN BANK (CABK)

CHAIRMAN Mr. Khaled Sabih Al-Masri DEPUTY CHAIRMAN Mr. Mohammad Barakat TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) CEO Mr. Kamal Al-Bakri

Closing Price (JD) YTD Change 52 week High/Low (JD)

2.52
-16.00%

0.11 million 0.27 million 0..14

3.87/2.38

Cairo Amman Bank (CABK) was established in 1960 as a Jordanian public shareholding company to take over the local and Palestinian operations of Banque du Caire (Egypt). In 2006, CABK increased its paid-up capital from JD45 million to JD67.50 million through the capitalization of retained earnings. The capital was further increased to JD75 million in 2007. Currently CABK's paid-up capital stands at JD80 million. In 2007, CABK reported a net income of JD20.9 million compared to JD19.25 million in 2006, an increase of 8.6%. Moreover, CABK's profits witnessed another substantial increase of 10.3% in the first nine months of 2008 reaching JD17.56 million. Total assets also grew by 18.55% to reach JD1.564 billion at the end of September, 2008.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 1319.245 539.390 1174.201 994.869 145.044 75.000 Sep 2008 1564.025 644.769 1402.939 1191.404 161.085 80.000 %Change 18.55% 19.54% 19.48% 19.75% 11.06% 6.67% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 6.1% 120.5% 7.3% 11.9% 2007 17.0% 11.0% Sep 2008 N/A N/A N/A 18.6% Sep 2008 N/A 10.3% Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income
4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 Feb-08 Feb-08

Share Price Performance (JD)

May-08

May-08

Aug-08

Nov-08

Mar-08

Sep 2007 57.375 33.947 43.019 33.993 23.132 15.919

Sep 2008 65.443 39.659 51.210 35.758 23.566 17.564

%Change 14.06% 16.83% 19.04% 5.19% 1.88% 10.33%

2007 1.67% 14.76% 59.4% 3.01% 2007 40.9% 49.7%

Sep 2008 1.62% 15.29% 60.6% 2.13% Sep 2008 N/A 49.8%

Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

Major Shareholders Investor Name Al Massira Investment Company. Banque Du Caire Najwa Mohammad Madi Yasin Khalil Talhouni Social Security Corporation Hamzah Khalil Talhouni Sabih Taher Al-Masri Total Nationality Jordanian Egyptian Jordanian Jordanian Jordanian Jordanian Jordanian Percentage (%) 11.39% 10.78% 10.45% 6.05% 5.96% 5.94% 5.21% 82.45%

22

Dec-08

Sep-08

Apr-08

Sep-08

Jul-08

Jul-08

Oct-08

Jan-08

Jun-08

JORDAN COMMERCIAL BANK (JOGB)

CHAIRMAN Mr. Michael Faiq Al-Sayegh DEPUTY CHAIRMAN Mr. Ayman Al-Majali TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008)
Turnover Ratio (X)

CEO Dr. Jawad Hadid

Closing Price (JD) YTD Change 52 week High/Low (JD)

2.17 -11.07% 2.71/1.91

0.30 million 0.68 million 0.44

Jordan Commercial Bank (JOGB), formerly known as Jordan Gulf bank, was established in 1977 as a public shareholding company. In 2004, and following a series of major losses, the bank has undergone major restructuring and changed its name to "Jordan Commercial bank". In 2007 the bank increased its paid-up capital to JD63.25 million. Furthermore, on 2008 the JSC board of commissioners approved the capitalization of JD6.325 million from retained earnings increasing JOGB's paid-up capital to JD69.575 million. During the year 2007, JOGB's net income grew by 16.26% to reach JD12.42 million compared to JD10.68 million in 2006. However, during the first nine months of 2008, JOGB posted a marginal drop in its bottom line falling by 3.26% to reach JD10.13 million compared to JD10.47 million for the same period in 2007. In the first nine months of 2008, net interest income increased by 17.62% to reach JD15.69 million. Total assets also rose to reach JD666.29 million compared to end of year 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 549.261 294.944 468.033 341.953 81.228 63.250 Sep 2008 666.286 378.943 578.149 417.825 88.137 69.575 %Change 21.31% 28.48% 23.53% 22.19% 8.51% 10.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 6.5% 81.0% 5.2% 7.0% 2007 18.1% 14.8% Sep 2008 N/A N/A N/A 21.3% Sep 2008 N/A 13.2%

Share Price Performance (JD) 2.5 2.2 1.9 1.6 1.3 1.0 Dec-07 Jan-08 Jan-08 Feb-08 Mar-08 Apr-08 Apr-08 May-08 Jun-08 Jul-08 Jul-08 Aug-08 Sep-08 Sep-08 Oct-08 Nov-08 Dec-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 26.883 13.337 17.813 10.106 10.798 10.470

Sep 2008 31.125 15.687 20.394 11.225 12.625 10.129

%Change 15.78% 17.62% 14.49% 11.08% 16.92% -3.26%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 2.34% 15.85% 47.7% 4.31% 2007 53.7% 65.9%

Sep 2008 2.24% 16.10% 50.4% 3.02% Sep 2008 N/A 69.4%

Major Shareholders Investor Name Social Security Corporation Naser Ben Mohammad Al-Saleh First Jordan Investment Company Ibrahim Faiq Al-Sayegh Saleem Faiq Al-Sayegh Michael Faiq Al-Sayegh
Total

Nationality Jordanian Saudi Arabian Jordanian Jordanian Jordanian Jordanian

Percentage (%) 23.99% 23.32% 14.28% 8.64% 8.64% 8.45%

90.53%

23

JORDAN INVESTMENT AND FINANCE BANK (JIFB)

CHAIRMAN
Mr. Bisher Jardaneh

DEPUTY CHAIRMAN Mr. Ayman Jumean TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X)

C.E.O.
Mr. Khalil Nasr

Closing Price (JD) YTD Change 52 week High/Low (JD)

1.88 -27.13% 2.60/1.71

0.04 million 0.07 million 0.06

Jordan Investment & Finance Bank (JIFB) was established in 1982 as a financial & investment company and was granted a license as an investment bank in 1989. In 1990, JIFB was regulated to be a fully comprehensive licensed bank. In 2007, JIFB raised its capital from JD44 million to JD55 million through a stock dividend distributed to its shareholders. The bank further increased its paid-up capital to JD61.325 million in 2008. JIFB's net income dropped significantly in 2007, falling by 34.66% to JD6.384 million despite the 31.3% increase in its interest income. In the first nine months of 2008 JIFB reported a net profit of JD5.103million compared to JD7.645 million in the same period last year, representing a drop of 33.25%. The bank's total assets reached JD706.22 million at the end of September 2008, marking a 1.02% rise from 2007 year-end figures.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 699.125 287.632 619.897 411.931 79.229 55.000 Sep 2008 706.222 306.970 622.789 446.021 83.433 61.325 %Change 1.02% 6.72% 0.47% 8.28% 5.31% 11.50% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 9.0% 69.3% 6.2% 4.0% 2007 17.3% 11.3% Sep 2008 N/A N/A N/A 1.0% Sep 2008 N/A 11.8%

Share Price Performance (JD)

2.8 2.5 2.2 1.9 1.6 1.3 1.0 Feb-08 May-08 Aug-08 Nov-08 Mar-08 Mar-08 Dec-08 Sep-08 Apr-08 Sep-08 Jul-08 Jul-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 34.242 9.189 13.541 6.416 10.140 7.645

Sep 2008 30.909 9.766 15.108 11.481 6.346 5.103

%Change -9.73% 6.28% 11.57% 78.95% -37.42% -33.25%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 0.93% 8.33% 26.0% 5.77% 2007 41.1% 49.7%

Sep 2008 1.25% 10.77% 31.6% 3.49% Sep 2008 N/A 53.2%

Major Shareholders Investor Name Nizar Abdul Raheem Jardaneh Eyhab Shafeeq Jumean Abu Jaber & Sons Co. Jordan Investment Trust P.L.C Total Nationality Jordanian Jordanian Jordanian Jordanian Percentage (%) 18.932% 11.88% 9.127% 5.039% 75.25%

24

SOCIETE GENERALE BANK JORDAN (MEIB)

CHAIRMAN Mr. Hassan Hamdi Mango DEPUTY CHAIRMAN Mr. Anton Sehnaoui TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) GENERAL MANAGER Mr. Ali Kooli

Closing Price (JD) YTD Change 52 week High/Low (JD)

2.38 -26.32% 3.40/2.17

0.05 million 0.11 million 0.11

Socit Gnrale Bank Jordan (MEIB) was established in 1965 as a real estate investment company and became an investment bank in 1993. In October 1999, Socit Gnrale Bank Lebanon; a Lebanese affiliate of Socit Gnrale Group, bought 37.5% of its shares with an option to increase its participation to 51%, and thus became member of Socit Gnrale Group. The name was changed to Socit Gnrale Bank Jordan in March 2003, after the completion of the bank restructuring and reorganization. In 2007, MEIB's bottom line dropped by 32.66% to reach JD2.205 million. However, based on 2008 the third quarter's results, the bank was able to regain its growth momentum and achieve a 74.4% growth in its net profit, reaching JD2.93 million by the end of September 2008 compared to only JD1.681 million in the same period last year. Moreover, MEIB's total assets reached JD244.1 million as of the end of the third quarter of this year compared to JD221.92 million at the end of 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 221.920 132.718 194.608 110.267 27.313 26.971 Sep 2008 244.098 168.197 196.737 123.229 47.362 40.456 %Change 9.99% 26.73% 1.09% 11.76% 73.40% 50.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 5.4% 69.0% 3.8% 36.3% 2007 19.6% 12.3% Sep 2008 N/A N/A N/A 10.0% Sep 2008 N/A 19.4%

Share Price Performance (JD)

3.5 3.2 2.9 2.6 2.3 2.0 May-08 Nov-08 Feb-08 Jul-08 Jul-08 Mar-08 Dec-08 Sep-08 Sep-08 Oct-08 Jan-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 9.921 4.853 6.284 4.711 2.631 1.681

Sep 2008 13.278 7.079 8.842 6.009 4.214 2.933

%Change 33.84% 45.87% 40.71% 27.56% 60.14% 74.44%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.15% 8.40% 48.8% 4.28% 2007 59.8% 73.7%

Sep 2008 1.74% 10.87% 53.3% 3.27% Sep 2008 N/A 94.7%

Major Shareholders Investor Name Societe Generale De Banque Au Liban (SGBL) Global Investment House Total Nationality Lebanese Kuwaiti Percentage (%) 50.62% 29.94% 92.16%

25

ARAB BANKING CORPORATION (ABCO)

CHAIRMAN Mr. Hassan Ali Juma' DEPUTY CHAIRMAN Dr. Saleh Al-Humaidan TRADING ACTIVITY Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008) Turnover Ratio (X) C.E.O. Mrs. Simona Bishouty

Closing Price (JD) YTD Change 52 week High/Low (JD)

1.48 -24.49% 2.35/1.46

0.07 million 0.10 million 0.10

Arab Banking Corporation-Jordan, a subsidiary of Arab Banking Corporation-Bahrain, was established in 1990. As a result of a series of stock dividends, the bank raised its paid-up capital from JD34.5 million in 2006 to reach JD64.5 million in 2008. During the year 2007, ABCO's net income decreased by 3.9% to reach JD10.56 million compared to JD10.99 million in 2006. However, during the first nine months of 2008, ABCO posted a growth of 9.6% in its bottom line reaching JD9.43 million compared to JD8.61 million in the same period in 2007. Moreover, assets grew by 4.83% to reach JD630.24 million by the end of the third quarter of 2008 while shareholders' equity recorded an 11.27% growth for the same period to reach JD86.06 million.
Financial Highlights

Share Price Performance (JD)

2.5 2.2 1.9 1.6 1.3 1.0 Feb-08 May-08 Aug-08 Nov-08 Mar-08 Mar-08 Dec-08 Jul-08 Sep-08 Apr-08 Sep-08 Oct-08 Jan-08 Jun-08 Jun-08

Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital

Dec 2007 601.1801 267.1080 523.8353 367.6340 77.3448 56.0625

Sep 2008 630.2389 290.3422 544.1746 353.5367 86.0643 64.4719

%Change 4.83% 8.70% 3.88% -3.83% 11.27% 15.00% Major Ratios

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 28.6281 12.8845 14.5862 10.2815 12.0947 8.6057

Sep 2008 31.0490 16.6307 18.6066 12.5049 14.3623 9.4295

%Change 8.46% 29.08% 27.56% 21.63% 18.75% 9.57%

Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets

2007 1.9% 122.4% 2.4% 16.1% 2007 19.5% 12.9%

Sep 2008 N/A N/A N/A 4.8% Sep 2008 N/A 13.7%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 1.89% 14.75% 44.9% 8.69% 2007 44.4% 55.4%

Sep 2008 2.03% 15.29% 53.6% 2.84% Sep 2008 N/A 57.4%

Major Shareholders Investor Name Arab Banking Corporation Bahrain Social Security Corporation Basheer Qadoura Total Nationality Bahraini Jordanian Jordanian Percentage (%) 86.68 % 2.42% 1.57% 91.99%

26

JORDAN AHLI BANK (JONB)

CHAIRMAN
Dr. Rajai Muasher

DEPUTY CHAIRMAN
Mr. Nadim Muasher TRADING ACTIVITY

C.E.O.
Mr. Marwaan Awad

Closing Price (JD) YTD Change 52 week High/Low (JD)

1.65 -47.45% 3.06/1.54

Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008)

Turnover Ratio (X)

0..96 million 1.67 million 0.87

Jordan Ahli Bank (JONB) was established in 1955 as a public shareholding company with a paid up capital of JD0.35 million. It was the first national bank to be established in east Jordan and, by mid-1960's JONB was able to establish a solid ground in the domestic market in addition to expanding overseas to Lebanon, Palestine and Cyprus. During the year 2006, JONB has increased its capital several times through a series of share issuance and capitalizations, taking its paid-up capital from JD66.05 million in the beginning of the year to JD110 million at the end of 2006. In 2007, the bank has recorded a net income of JD10.8 million, a 46.5% decline compared to 2006, as the bank witnessed a 647.8% increase in impairment on direct credit facilities. In the first nine months of 2008, JONB achieved an increase of 12.08% in total assets while increasing its shareholders' equity by 5.24% to reach JD207.7 million. However, net income for the bank suffered from a slight dip of 1.46% to reach JD19.0 for the same period.
Financial Highlights

Share Price Performance (JD)

3.4 3.0 2.6 2.2 1.8 1.4 1.0 Aug-08 Feb-08 Sep-08 Jul-08 Jun-08 Jul-08 Mar-08 Mar-08 May-08 May-08 Nov-08 Dec-08 Jan-08 Apr-08 Oct-08 Oct-08

Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital

Dec 2007 1976.150 733.706 1778.753 1242.729 197.398 110.000

Sep 2008 2214.943 865.782 2007.196 1431.231 207.748 110.000

%Change 12.08% 18.00% 12.84% 15.17% 5.24% 0.00% Major Ratios

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 26.883 13.337 17.813 33.151 23.842 19.274

Sep 2008 31.125 15.687 20.394 47.059 24.759 18.992

%Change 15.78% 17.62% 14.49% 41.95% 3.85% -1.46%

Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets

2007 13.6% 74.1% 10.1% 13.5% 2007 13.4% 10.0%

Sep 2008 N/A N/A N/A 12.1% Sep 2008 N/A 9.4%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 0.58% 5.27% 47.2% 3.59% 2007 37.1% 42.8%

Sep 2008 1.19% 12.34% 50.1% 2.41% Sep 2008 N/A 44.6%

Major Shareholders Investor Name Abraaj Capital Company Byblos Bank Jordan Investment Company Jordan Worsted Mills Total Nationality Caymanian Lebanese Jordanian Jordanian Percentage (%) 10.53% 9.89% 5.71% 5.58% 59.22%

27

INDUSTRIAL DEVELOPMENT BANK (INDV)

CHAIRMAN
Mr. Mufleh Akel

DEPUTY CHAIRMAN
Mr. Mohammed Shahin TRADING ACTIVITY

C.E.O.
Mr. Zaydan Younes

Closing Price (JD) YTD Change 52 week High/Low (JD)

2.36 -23.13% 4.48/1.91

Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008)

Turnover Ratio (X)

2.49million 5.68million 10.36

The Industrial Development Bank (INDV) was established as a specialized credit institution in 1965 with a paid up capital of JD3.00 million. The main objectives of the bank are to finance projects in both the industrial and tourism sectors. However, a Jordanian-UAE consortium including Jordan Dubai Capital, Dubai International Capital and Dubai Islamic Bank acquired a 52% stake of the bank in September 2008 via its subscription into the bank's capital increase of JD26 million. The consortium will re-launch the bank as an Islamic financing institution that offers a full range of Shari'a-compliant products for the Jordanian market. INDV will be rebranded as "Jordan Dubai Islamic Bank". Third quarter results for 2008, unveiled a 13.43% drop in net interest and commission income, this might be clarified by the 2013% increase in expenses; where total expenses reached JD1.014 million as of September 2008 compared to JD.048 million as of September 2007.
Financial Highlights Balance Sheet Summery (JD million) Total Assets Direct Credit Facilities Total Liabilities Customers Deposits Shareholders Equity Capital Dec 2007 129.665 92.504 69.777 0.248 59.889 24.000 Sep 2008 123.034 98.148 57.036 0.097 65.998 24.000 %Change -5.11% 6.10% -18.26% -60.89% 10.20% 0.00% Major Ratios Asset Quality Ratios NPL/ Total Credit Facilities Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 23.30% NA NA -5.45% 2007 66.74% 46.19% Sep 2008 NA NA NA -5.11% Sep 2008 N/A 53.64%

Share Price Performance (JD)

4.8 4.3 3.8 3.3 2.8 2.3 1.8 May-08 May-08 Feb-08 Aug-08 Nov-08 Sep-08 Mar-08 Mar-08 Dec-08 Apr-08 Jul-08 Jul-08 Oct-08 Oct-08 Jan-08 Jun-08

Income Statement Summery Interest Income Net Interest Income Net Interest & Commission Income Total Expenses Income before Tax Net Income

Sep 2007 9.367 7.382 7.382 0.048 7.925 7.925

Sep 2008 8.394 6.390 6.390 1.014 5.996 5.996

%Change -10.39% -13.44% -13.44% 2012.5% -24.34% -24.34%

Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits

2007 6.55% 15.16% 77.28% 5.21% 2007 71.34% 29.35

Sep 2008 4.75% 9.53% 76.13% 4.76% Sep 2008 N/A 41.84

Major Shareholders Investor Name Al-Kamaleyeh for housing Social Security Corporation The Jordanian Government European Investment Bank Abed Al-Rahman Ben Abedulla Al-Hulail Arab Bank Total
1

Nationality Jordanian Jordanian Jordanian European Saudi Arabian Jordanian

Percentage (%) 12.33% 11.66% 8.67% 7.98% 7.19% 6.45% 71.72%

28

JORDAN ISLAMIC BANK FOR FINANCE & INVESTMENT (JOIB)

CHAIRMAN
Mr. Adnan Yusif

DEPUTY CHAIRMAN
Mr. Musa Shihadeh TRADING ACTIVITY

C.E.O.
Mr. Musa Shihadeh

Closing Price (JD) YTD Change 52 week High/Low (JD)

3.88 -15.65% 7.63/3.64

Volume traded (Dec. 2008) Value Traded(JD) (Dec. 2008)

Turnover Ratio (X)

1.13million 4.54million 1.39

Jordan Islamic Bank (JOIB) is the fifth-largest bank in Jordan in terms of total assets. It was established in 1978 in accordance with the provisions of Jordan Islamic Bank's Special Law to carry out all kinds of banking, financing and investment business operations in compliance with the Islamic Sharia'. Bahrain-based Al-Baraka Banking Group is the largest shareholder in JOIB, with a 57 per cent stake as of the end of 2007. JOIB's operating profits have witnessed a YOY of 44% in 2007, driven by strong growth in Murabaha (purchase and resale) transactions and rising investment revenues. The bank's cost/income ratio decreased to 35% in 2007 compared to 40% in 2006. In the first 9 months of 2008, JOIB posted a 72.7% increase in net income driven by strong growth in the value of available-for-sale securities which increased by 575.7% YOY.

Share Price Performance (JD)

9.6 8.5 7.4 6.3 5.2 4.1 3.0 Aug-08 Aug-08 May-08 Nov-08 Nov-08 Feb-08 Dec-08 Mar-08 Mar-08 Dec-07 Sep-08 Jul-08 Apr-08 Oct-08 Jun-08 Jun-08 Jan-08

Financial Highlights Balance Sheet Summery (JD million) Total Assets Total Liabilities Shareholders Equity Capital Dec 2007 1598.135 497.612 133.476 65.000 Sep 2008 2007.708 791.878 156.411 81.250 %Change 25.6% 59.1% 17.2% 25% Major Ratios Capital Adequacy Ratios Capital Adequacy Equity / Total Assets 2007 N/A 8.35% Sep 2008 N/A 7.79% Profitability Ratios ROaA ROaE 2007 1.15% 14.17% Sep 2008 1.69% 20.97% Income Statement Summery Gross Income Total Expenses Income before Tax Net Income Sep 2007 58.732 16.576 26.582 17.629 Sep 2008 80.547 23.168 44.344 30.394 %Change 37.14% 39.77% 66.82% 72.41%

Major Shareholders Investor Name Al-Baraka Banking Group Global Investment House Social Security Corporation Hussain Al-Harthy Total
1

Nationality Bahraini Kuwaiti Jordanian Saudi Arabian

Percentage (%) 58.72% 11.35% 4.19 2.12% 80.28%

29

SELECTED RATIOS AND FIGURES

30

SELECTED RATIOS AND FIGURES (2007)

2007 Balance Sheet Total Assets/ Total equity Total Credit Facilities/ Assets Total Deposits / Total assets Income Statement Net interest Margin Net profit Margin Asset Quality Ratios NPL Ratio Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Ratio Equity / Assets Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits 23.0% 17.9% 2.19% 12.16% 43.5% 4.51% 50.8% 65.4% 29.4% 17.7% 2.45% 12.92% 62.0% 3.01% 38.6% 48.8% 21.6% 18.3% 1.50% 8.20% 39.6% 5.50% 52.9% 86.3% 17.3% 11.3% 0.93% 8.33% 26.0% 5.77% 41.1% 49.7% 31.1% 20.1% 1.41% 8.69% 36.4% 4.95% 43.6% 58.0% 13.4% 10.0% 0.58% 5.27% 47.2% 3.59% 37.1% 42.8% 18.1% 14.8% 2.34% 15.85% 47.7% 4.31% 53.7% 65.9% 15.0% 11.2% 2.48% 21.53% 49.1% 4.89% 55.9% 75.6% 14.8% 11.1% 1.72% 16.17% 60.2% 2.97% 50.7% 58.6% 32.8% 18.5% 1.18% 7.44% 34.0% 4.75% 37.4% 48.4% 17.0% 11.0% 1.67% 14.76% 59.4% 3.01% 40.9% 49.7% 19.5% 12.9% 1.89% 14.75% 44.9% 8.69% 44.4% 55.4% 19.6% 12.3% 1.15% 8.40% 48.8% 4.28% 59.8% 73.7% 21.0% 14.4% 1.7% 11.9% 46.1% 4.6% 46.7% 59.9% 43.53% 31.65% 2.3% 100.1% 2.4% 18.1% 62.04% 36.44% 3.2% 62.4% 2.0% 22.5% 39.58% 19.10% 3.1% 89.0% 2.7% 9.7% 26.05% 12.19% 8.8% 69.3% 6.2% 4.0% 36.38% 20.44% 2.3% 63.4% 1.4% 19.8% 47.21% 8.50% 13.6% 74.1% 10.1% 13.5% 47.70% 29.38% 6.5% 81.0% 5.2% 7.0% 49.07% 30.78% 0.2% 228.7% 0.5% 22.2% 60.19% 23.28% 9.8% 50.2% 4.9% 5.8% 33.98% 17.58% 3.0% 89.2% 2.9% 16.0% 59.45% 23.18% 6.0% 120.5% 7.3% 11.9% 44.90% 25.57% 1.9% 122.4% 2.4% 16.1% 48.79% 14.26% 5.4% 69.0% 3.8% 36.3% 48.30% 26.12% 5.1% 93.8% 4.0% 15.6% 5.59 50.83% 72.40% 5.64 38.57% 74.33% 5.45 52.94% 54.82% 8.82 41.14% 78.46% 4.97 43.57% 68.25% 10.01 37.13% 77.63% 6.76 53.70% 71.58% 8.93 55.91% 67.42% 9.03 50.71% 81.03% 5.41 37.43% 72.68% 9.10 40.89% 79.39% 7.77 44.43% 73.65% 8.13 59.80% 69.04% 6.98 48.46% 67.20% ARBK THBK EXFB JIFB UBSI JONB JOGB JOKB BOJX AJIB CABK ABCO MEIB Average

31

SELECTED RATIOS AND FIGURES (2008)

2008 Balance Sheet Total Assets/ Total equity Total Credit Facilities/ Assets Total Deposits / Total assets Income Statement Net interest Margin Net profit Margin Asset Quality Ratios NPL Ratio Provisions Coverage Ratio Provisions / Total Credit Facilities Assets Growth Rate Capital Adequacy Ratios Capital Adequacy Ratio Equity / Assets Profitability Ratios ROaA ROaE Net Interest Margin Cost of Funds Liquidity Ratios Net Credit Facilities/ Total Assets Net Credit Facilities/ Total Deposits N/A 16.5% N/A 16.8% N/A 19.3% N/A 18.4% N/A 11.8% N/A 9.4% N/A 13.2% N/A 11.7% N/A 11.0% N/A 17.1% N/A 10.3% N/A 13.7% N/A 19.4% N/A 14.5% N/A N/A N/A 20.8% N/A N/A N/A 8.3% N/A N/A N/A 10.1% N/A N/A N/A 12.5% N/A N/A N/A 1.0% N/A N/A N/A 12.1% N/A N/A N/A 21.3% N/A N/A N/A 7.4% N/A N/A N/A 12.2% N/A N/A N/A 12.6% N/A N/A N/A 18.6% N/A N/A N/A 4.8% N/A N/A N/A 10.0% N/A N/A N/A 11.7% 47.3% 35.5% 66.4% 36.5% 45.6% 25.2% 45.7% 29.3% 31.6% 14.1% 50.1% 18.0% 50.4% 28.3% 56.0% 37.1% 62.9% 34.7% 42.1% 27.8% 60.6% 22.8% 53.6% 28.6% 53.3% 19.5% 53.0% 30.6% 6.08 50.2% 73.6% 5.96 41.9% 74.7% 5.19 57.4% 60.4% 5.43 49.3% 69.0% 8.46 43.5% 77.1% 10.66 39.1% 77.8% 7.56 56.9% 72.5% 8.52 60.2% 72.0% 9.08 50.5% 80.5% 5.85 43.0% 75.7% 9.71 41.2% 79.5% 7.32 46.1% 72.6% 5.15 68.9% 55.3% 691.7% 52.0% 67.2% ARBK THBK EXFB UBSI JIFB JONB JOGB JOKB BOJX AJIB CABK ABCO MEIB Average

2.12% 12.40% 47.3% 2.63%

2.29% 13.29% 66.4% 1.78%

1.99% 10.57% 45.6% 3.60%

2.01% 10.43% 45.7% 3.17%

1.25% 10.77% 31.6% 3.49%

1.19% 12.34% 50.1% 2.41%

2.24% 16.10% 50.4% 3.02%

2.79% 24.31% 56.0% 2.99%

2.57% 23.28% 62.9% 2.12%

1.87% 10.52% 42.1% 3.32%

1.62% 15.29% 60.6% 2.13%

2.03% 15.29% 53.6% 2.84%

1.74% 10.87% 53.3% 3.27%

2.0% 14.3% 51.2% 2.8%

50.2% 63.1%

41.9% 52.0%

57.4% 86.2%

49.3% 63.9%

43.5% 53.2%

39.1% 44.6%

56.9% 69.4%

60.2% 78.1%

50.5% 58.2%

43.0% 53.4%

41.2% 49.8%

46.1% 57.4%

68.9% 94.7%

52.0% 63.4%

32

SCORECARDS

33

10000

15000

20000

25000

30000

5000

10000

12000

14000

16000

ARBK

16486

18000

2000

BALANCE SHEET:

THBK

2276

JOKB

1303

4000

6000

8000

1000

2000

3000

4000

5000

0 ARBK 5405

ARBK

32841

THBK

912

THBK

5437

JOKB

254

JONB

2215

JONB

866

UBSI 221

JOKB

2165

BOJX

824

JONB

208

BOJX

1633

CABK

645

EXFB

199

CABK

1564

EXFB

593

BOJX

180

UBSI

1202

Total Assets (JD Million) Q3-2008

Total Equity (JD Million) Q3-2008

EXFB

Credit Facilities (JD Million) Q3-2008

CABK 161

UBSI

592

1035

JOGB

379

AJIB

123

AJIB

717

AJIB

309

JOGB

88

JIFB

706

JIFB

307

ABCO

86

JOGB

666

ABCO

290

JIFB

83

ABCO

630

MEIB

168

MEIB

47

MEIB

244

34

180

270

360

450

540

630

720

10000

15000

20000

25000

90

5000

160

240

320

400

480

80
0

ARBK

714.3

ARBK
ARBK

477.1

24174

THBK

169.8

THBK
THBK

89.1

4060

JOKB

69.8

INCOME STATEMENT

JOKB

43.6

JONB

1723

JONB

61.1

BOJX

30.2

JOKB

1559

BOJX

58.8

JONB

19.0

BOJX

1315

CABK

51.2

CABK

17.6

CABK

1243

UBSI

29.2

UBSI

16.8

UBSI

830

EXFB

27.6

Total Deposits (JD Million) Q3-2008

Net Income (JD Million) Q3-2008

EXFB

14.0

EXFB

625

JOGB

20.4

Net Interest and Commission Income (JD Million) Q3-2008

JOGB 10.1

JIFB

544

ABCO

18.6

AJIB

9.9

AJIB

543

AJIB

17.7

ABCO

9.4
JOGB 483

JIFB

15.1

JIFB

5.1
ABCO 458

MEIB

8.8

MEIB

2.9
MEIB 135

35

12%

15%

0%

3%

6%

9%

11%

12%

120%

160%

200%

240%

0%
40% 80% 0% JOKB
ABCO 1.9%

2%

3%

5%

6%

8%

9%

JOKB
229%
JOKB 0.2%

0.5%

UBSI
ABCO
ARBK 2.3%

1.4%
122%

THBK
CABK
UBSI 2.3%

2.0%
121%

ASSET QUALITY RATIOS

ABCO
ARBK
AJIB

2.4%
100%

ARBK
EXFB 89%

2.4%

3.0%

EXFB
AJIB 89%

2.7%

EXFB

3.1%

AJIB
JOGB 81%

NPL Ratio (2007)

2.9%

THBK

3.2%

MEIB
JONB 74%

Provisions Coverage Ratio (2007)

Provisions / Total Credit Facilities (2007)

3.8%

MEIB

5.4%

BOJX
JIFB 69%

4.9%

CABK

6.0%

JOGB
MEIB

5.2%
69%

JOGB

6.5%

JIFB 6.2%
UBSI

63%

JIFB

8.8%

CABK 7.3%

THBK

62%

BOJX

9.8%

JONB

10.1%
BOJX 50%

JONB

13.6%

36

10%

15%

20%

25%

30%

35%

40%

0%

5%

12%

15%

18%

21%

24%

0.0%

0.3%

0.6%

0.9%

1.2%

1.5%

1.8%

2.1%

2.4%

2.7%

3.0%

0% 24.3%

3%

6%
37.1%

9%

JOKB

JOKB

2.8%

JOKB

BOJX

23.3%

BOJX

2.6%

THBK

36.5%

JOGB

16.1%

THBK
ARBK

2.3%

35.5%

PROFITABILITY RATIOS

CABK

15.3%

JOGB
BOJX

2.2%

34.7%

ABCO

15.3%

ARBK
UBSI

2.1%

29.3%

THBK

13.3%

ABCO

2.0%

ABCO

28.6%

ROaA (Q3-2008)

ROaE (Q3-2008)

Net profit Margin (Q3-2008)

ARBK

12.4%

UBSI

2.0%

JOGB

28.3%

JONB

12.3%

EXFB

2.0%
AJIB

27.8%

MEIB

10.9%

AJIB

1.9%
EXFB 25.2%

JIFB

10.8%

MEIB

1.7%
CABK 22.8%

EXFB

10.6%

CABK

1.6%
MEIB 19.5%

AJIB

10.5%

JIFB

1.3%
JONB 18.0%

UBSI

10.4%

JONB

1.2%
JIFB 14.1%

37

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

12% 10% 8%

16% 14%

20% 18%

10%

15%

20%

25%

30%

35%

2% 0% 19.4%
AJIB
THBK

6% 4%

0%

5%

MEIB
32.8%

1.8%

EXFB
UBSI 31.1%

19.3%

BOJX

2.1%

UBSI
THBK
JONB

18.4%
29.4%

CABK

2.1%

AJIB
ARBK 23.0%

17.1%

2.4%

CAPITAL ADEQUACY RATIOS

ARBK 2.6%

THBK
EXFB 21.6%

16.8%

ARBK
MEIB 19.6%

16.5%

ABCO

2.8%

ABCO
ABCO 19.5%

13.7%

JOKB

3.0%

Cost of Funds (Q3-2008)

JOGB

3.0%

Capital Adequacy Ratio (2007)

Total Equity / Total Assets (Q3-2008)

JOGB
JOGB 18.1%

13.2%

UBSI

3.2%

JIFB
JIFB 17.3%

11.8%

MEIB

3.3%

JOKB
CABK

11.7%
17.0%
AJIB 3.3%

BOJX
JOKB

11.0%
15.0%
JIFB 3.5%

CABK
BOJX

10.3%
14.8%
EXFB 3.6%

JONB

9.4%
JONB 13.4%

38

10%

20%

30%

40%

50%

60%

70%

80%

0%

100%

10% 44.6%
CABK 41.2% JONB 39.1%

20%

30%

40%

50%

60%

70%

80%

90%

0% JONB CABK
THBK 41.9%

49.8%

LIQUIDITY RATIOS

THBK
AJIB

52.0%

JIFB
JIFB

53.2%

43.0%

AJIB
ABCO

53.4%

43.5%

ABCO

57.4%

46.1%

BOJX

58.2%

UBSI

49.3%

Net Credit Facilities/ Assets (Q3-2008)

ARBK

63.1%

ARBK

50.2%

Net Credit Facilities/ Total Deposits (Q3-2008)

BOJX

UBSI

63.9%

50.5%

JOGB

69.4%

JOGB

56.9%

JOKB

78.1%

EXFB

57.4%

EXFB

86.2%

JOKB

60.2%

MEIB

94.7%

MEIB

68.9%

39

The information and opinions contained in this document have been compiled in good faith from sources believed to be reliable, but Capital Investments makes no warranty as to the accuracy and completeness of the information contained herein. All opinions expressed herein are subject to change without notice. Capital Investments accepts no liability whatsoever for any loss of any kind arising out of the use of all or any part of this report. This document may not be reproduced in any form without the expressed written permission of Capital Investments.

40