Weekly Economic Monitor

July 5, 2015

2

Brief Overview

International MENA Region

Local Economy

Amman Stock Exchange

Local Debt Monitor

Prime Lending Rates

Markets overview

Markets overview

News and analysis

U.S.: Treasurys rallied Thursday after a mixed jobs report ledto speculation that the Fed could delay rate hike; Investorsnow await Greek referendum vote

Major Indices: U.S. Stocks slip om mixed U.S. jobs reportand Greek fears

Commodities and Currencies: Oil prices hits two-month lowafter supply surge; currencies appreciate on mixed U.S. data

Central Bank Meeting Calendar

Interest Rate Forecast

The Week Ahead

GCC News Highlights

GCC interbank rates

Comparative MENA Markets

Eurozone: Nervousness ahead of Sunday’s referendumin Greece weighed on government bonds; Polls suggest aclose vote, raising fears of a Greek bankruptcy; Inflationeased in June, while other data point to economic growth

GDP grows by 'modest' 2% in first quarter, signalinga slowdown in economic growth

China: Data point to weakness in China’s economy

Jordan set to issue Islamic Sukuk in September, IMFfigures show public debt stabilizing in May

U.K.: Economy grows faster than first forecast, most PMIs show overall better economic performance

Japan: Data paint mixed picture of the economy

Egypt: Economy grew by 3% in Q3 2014/2015,pound weakens by 1.3%

3

International

4

U.S. Treasurys rallied Thursday after jobs report led to speculationthat the Fed could delay rate hike; Investors now await Greekreferendum vote

• Treasury yields finished the holiday-shortened week lower after theLabor Department said that hiring picked up in June but wages wereflat and job gains in the prior two months were cut.

• The report sparked a rally in the Treasury market, as investors tookthe news as an indication that the Federal Reserve could use thereport as cause to delay the expected interest-rate increase towardsthe end of 2015.

• Overall, this was a volatile week for the Treasury market, whichstarted with a rally on Greek fears. Tuesday and Wednesday sawsome selling that pushed yield higher, ahead of Thursday’s post-jobsreport yield decline. The yield on the 10-year Treasury fell 4 basispoints Thursday to 2.38%, and 9bp over the week. Prices rise asyields drove lower.

As of July 3 1 Week Ago A Month Ago

1 Month 0.01% 0.00% 0.02%

3 Months 0.01% 0.01% 0.01%

6 Months 0.10% 0.07% 0.07%

2 Years 0.63% 0.72% 0.66%

5 Years 1.63% 1.76% 1.64%

10 Years 2.38% 2.47% 2.30%

30 Years 3.19% 3.24% 3.03%

5

Muddled U.S. jobs report even as U.S. employment continues to expand

• U.S. employers steadily added jobs in June, but wages were flatand the participation rate fell, suggesting pockets of weaknessremain in the labor market.

• Nonfarm payrolls rose 223,000 in June, the Labor Departmentsaid Thursday, marking 57 straight months of job creation.

• But revisions to the prior months showed weaker job creationthis spring than initially estimated. Employers added 254,000jobs in May, down from an initially reported 280,000. April’sgain was revised to 187,000 from a previously reported221,000.

• The unemployment rate, which is obtained from a separatesurvey of U.S. households, fell to 5.3% in June, compared to5.5% the prior month. The rate is the lowest since April 2008,but reflects fewer Americans were looking for jobs.

• Economists had predicted payrolls would rise by 233,000 inJune and the unemployment rate would fall to 5.4%.

• The job gains, indicative of a general upswing from a weak firstquarter, were negatively colored by stagnant wage growth anda declining number of Americans participating in the laborforce.

6

Muddled U.S. jobs report even as U.S. employment continues to expand

• Average hourly earnings of private-sector workers was unchanged last month at $24.95. From a yearearlier, wages were up 2%, about in line with wage gains for much of the current expansion.

• Meanwhile, the share of Americans participating in the labor force fell to 62.6% in June from 62.9% inMay. That rate was the lowest since 1977.

• Fed policy makers are now left to interpret mixed signals from the global economy ahead of any moveto raise interest rates from near zero, where they’ve been since late 2008.

• The unemployment rate has fallen into the range Fed officials project the measure to reach by year’send. That could encourage the Fed to lift interest rates this year, perhaps as early as September. Butweak wage growth will do little to push up inflation, which has remained below the central bank’s 2%target for three years.

• The central bank will raise rates “when we have seen further improvement in the labor market andare reasonably confident that inflation will move back to 2%,” Fed Vice Chairman Stanley Fischer saidTuesday.

• The uneven data comes as the economy could face a number of headwinds later in the year. Adeepening crisis in Greece could hamper growth in the rest of Europe and even filter through U.S.financial markets. The

7

U.S. data point to an economy that is recovering from its first quarter slump

• The pace of growth in the U.S. manufacturing sector grew in June by slightly more than expected,according to an industry report released on Wednesday.

• The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.5from 52.8 the month before, the highest level since January. The reading topped economistexpectations of 53.1. A reading above 50 indicates expansion in the manufacturing sector.

• Other data also showed that U.S. consumers were more optimistic about the economy in June,according to a report released Tuesday. The Conference Board's Consumer Confidence Index roseto 101.4 in June, beating estimates of 97.3. May's reading was 94.6.

• Data also signalled that the housing market is gaining momentum after s shaky start to the year.

• A forward-looking indicator of home sales rose to its highest level in more than nine years in May.The National Association of Realtors said Monday its index of pending home sales increased 0.9% to112.6, the highest level since April 2006. The index tracks contract signings, which usually closewithin two months.

• Meanwhile, U.S. construction spending rose in May to its highest level in just over 6½-years asoutlays increased across the board, the latest sign of momentum in the economy. Constructionspending increased 0.8% to an annual rate of $1.04 trillion, the highest level since October 2008,the Commerce Department said on Wednesday.

• Taken together along with robust data on employment, suggests that growth was gaining steamafter gross domestic product shrank at a 0.2% annual rate in the first quarter.

8

Nervousness ahead of Sunday’s referendum in Greece weighed on Eurozone government bonds

• Nervousness ahead of Sunday’s referendumin Greece weighed on European stocks and bolsteredGerman government bond prices.

• “Peripheral” eurozone sovereign debt maintained theircomposure going into the weekend — just as they hadfor much of the week, even as the unfolding Greekdrama produced some unexpected twists and turns.

• There were signs that the European Central Bank’squantitative easing program had helped curb worriesabout contagion from Greece to other so-calledperipherals.

• The yield on Italian and Spanish 10-year governmentbonds, for example, jumped 24 basis points on Mondayto 2.39% and 2.35% respectively - a hefty, but notextreme, move. By Friday, the yield - which movesinversely to the price — was back to 2.25% and 2.21%after falling 7bp and 10bp respectively on the day.

• Nevertheless, the “haven” appeal of German debtremained strong. The 10-year Bund yield, down 5bp at0.79% on Friday, fell 13bp over the week.

Germany: 0.79%France: 1.24%

Spain: 2.21%Italy: 2.25%

9

Greece drama escalates as polls suggest a close referendum vote, raising concerns of a potential Greek bankruptcy

• Momentum in Greece’s referendum - a vote which for many has become a proxy decision on Greece'seuro membership - appears to be shifting toward a “yes” vote on creditors’ demands, an opinion pollpublished on Friday says, although the gap between the two camps is minimal—suggesting Sunday’soutcome hangs in the balance.

• A survey by polling institute Alco published Friday by the ProtoThema website found 41.7% ofrespondents planned to vote “yes” in Sunday’s referendum, while 41.1% planned to vote “no.”Another poll published Friday and commissioned by Bloomberg News also showed a virtual tie, with43% of responders planning to vote ”no” while 42.5% backed “yes.”

• Greece’s referendum on Sunday will ask the nation to vote “yes” or “no” to a set of economic-policydemands that the rest of the eurozone and the International Monetary Fund were insisting upon inBrussels negotiations last week as the condition for prolonging Greece’s bailout program.

• The bailout program expired on Tuesday when Greece also effectively defaulted on a €1.6-billion debtto the fund, making it the first advanced economy to do so.

• A “no” vote will likely lead the European Central Bank to stop its assistance to the Greek bankingsector. Its emergency funding has helped to keep the banks afloat as capital bled out of them, but hasbeen capped since talks between Greece and its international creditors broke down. The eurozone’stop central bankers are set to reconvene on Monday

• Meanwhile, Greece’s ruling party continued to say it was offering new compromises to its creditorsand urged a “no” vote in Sunday’s referendum.

10

Greece drama escalates as polls suggest a close referendum vote, raising concerns of a potential Greek bankruptcy

• Greece’s Prime Minister Alexis Tsipras sought on Thursday to sway Greeks who fear a “no”vote would instead mean exit from the euro. In a television interview broadcast, the leftistpremier stepped up his call for voters to reject the creditors’ terms in the referendum andsaid the country would have a bailout deal within 48 hours after the vote if they did.

• European creditors led by Germany, warned that a “no” vote would severely harm thechances for a deal and could increase the prospect of Greek bankruptcy and euro exit.

• Even if Greeks vote “yes,” the road to a financial rescue for Greece is likely to still be longand painful.

• Greek banks have been closed following the announcement of the referendum last week,and Greeks can get only €60 a day at cash machines and can’t transfer money abroad.Source said Friday that Greek banks are preparing contingency plans for a possible “bail-in”of depositors amid fears the country is heading for financial collapse.

• The hit to Greece’s banking system and economy from the capital controls imposed - whichprobably won’t be removed easily or quickly - means that Greece would now need anentirely new bailout plan.

• The IMF warned Thursday in a detailed review of the country’s debt that Greece’seconomic situation has considerably worsened thanks to the escalating conflict with itscreditors. Greece would now need comprehensive debt relief and more than €60 billion innew aid to return to financial health, raising the stakes in an already fraught Greekreferendum over creditors’ bailout terms.

11

Eurozone inflation rate eased in June

• The eurozone’s annual rate of inflation eased in June as consumer pricesbarely rose from their year-ago levels, a reminder that the risk of a slideinto deflation remains.

• The eurozone Consumer Price Index (CPI) rose 0.2% in June from a yearearlier, after rising 0.3% in May, Eurostat said Tuesday, moving furtheraway from the ECB’s target of just under 2%.

• A pick-up in inflation last month, the first in six months, had boostedhopes that the ECB’s massive monetary policy was working and thatprice pressures were returning to the region.

• Excluding prices for energy, food and alcohol that are largely beyond theECB’s influence, inflation also eased. The core annual rate dropped to0.8% from 0.9% .

• Surveys of businesses and economic data suggest the eurozone economycontinued to grow in the second quarter. However, should Greece beforced to leave the eurozone following a referendum to be held on July5, that recovery could be put at risk if business confidence in theremainder of the currency area takes a hit, or borrowing costs in othermembers that have high levels of debt rise. A return to economicstagnation, or outright contraction, could see prices start to fall again.

• Other data released on Tuesday showed the unemployment rate in theeurozone stood at 11.1% in May, unchanged from a month earlier.

June: 0.2%

12

Eurozone data signal growth in the second quarter, but positive data overshadowed by Greek drama

• Eurozone business activity hit a four-year high in June and retail sales climbedfurther, pointing to sturdy economic growth in the second quarter andbeyond, despite the potential threat to business confidence fromGreece’s unresolved financial crisis.

• Markit data firm on Friday raised its composite purchasing managers index forthe eurozone to 54.2 in June from a preliminary estimate of 54.1, thanks tofaster manufacturing output growth. A reading above 50 indicates activity isincreasing.

• The improvement in services-sector activity in eurozone was the fastest sinceMay 2011, as business quickened in Germany, France and Italy, Markit said.

• “We see good momentum building in the eurozone and we could easilyachieve at least 1.5% growth this year, assuming that the Greek crisis doesn'tintensify and lead to contagion across the region,” said Markit’s chiefeconomist Chris Williamson.

• Standard & Poor’s Ratings Services raised its growth forecasts for theeurozone on Wednesday, up to 1.6% in 2015 and 1.9% in 2016, up from 1.5%and 1.7% projected in March, citing stronger consumer demand.

• For now, consumer confidence is underpinning the economic bounce in theregion. Eurozone retail sales climbed 0.2% in May, slightly beating consensusforecasts for a 0.1% monthly gain, supported by a gradually improving labormarket and low inflation.

13

U.K. economy grows faster than first forecast, most PMIs show overall better economic performance

• The U.K.’s economy grew faster than initially though in the first quarterof this year, but still suffered a marked slowdown compared to Q4 of2014.

• The Office for National Statistics said GDP grew 0.4% in Q1 of 2015compared to Q4 of 2014, down from 0.8%.

• The upward revision from the previous growth figure of 0.3% is in linewith economists forecasts after a recent revision to official constructionfigures showed the sector did not suffer the sharp drop previouslyanticipated. At an annualized rate, gross domestic product for thequarter rose 1.5%.

• Analysts said the slowdown in Q1 is temporary and the overall picturewas of stronger growth. The upward revision will likely fuel bets that theBank of England (BoE) will likely raise rates from an all-time low soonerrather than later.

• In other news, other economic indicators of PMI showed that overallactivity in the construction and services sector improved in Junecompared to May and beat economic forecasts, further indicating abetter economic recovery and outlook.

• Meanwhile, the U.K. continues to see weakness in its manufacturingsector; manufacturing PMI dropped in June compared to May, butremained above the 50-line, which indicates it still expanding.

Q1 2015: 0.4%

14

Data point to weakness in China’s economy

• China's manufacturing sector remained lackluster in June, fueling calls foradditional stimulus measures to boost the world's number two economy.

• China's official manufacturing Purchasing Managers' Index (PMI) stood at50.2 in June, unchanged from the previous month and just above the 50-mark that separates growth from contraction, data showed onWednesday. But it missed market expectations of a 50.4 reading.

• The final HSBC and Markit PMI, also released Wednesday, came in at 49.4in June up from 49.2 the previous month, but came in lower than apreliminary reading of 49.6 reported a week ago.

• The readings follow the recent release of other statistics from trade toindustrial profits that portray an economy struggling to find its feet.

• China’s economic growth slowed to 7% in the first quarter of the year, itsweakest performance in six years. Beijing has introduced many stimulusmeasures, relaxing monetary policy, boosting spending on infrastructureprojects and providing tax breaks for businesses and consumers.

• In the latest move, the central bank on last Saturday cut the benchmarkone-year lending and deposit interest rates for the fourth time sinceNovember and reduced the required amount of funds that certain banksneed to keep in reserve in an effort to encourage more lending tostruggling corporate borrowers.

June: 50.2

15

Japan’s data paint mixed picture of the economy

• Japan's data this week offered a mixed picture of the economy,with retail sales for May beating expectations while industrialproduction disappointed.

• Industrial output fell 2.2% on month in May, worse than marketexpectations for a 0.8% decline. That spurred the government tosay industrial production is stagnating which could point to acontraction in gross domestic product (GDP) this quarter, addingto calls for further easing from the Bank of Japan .

• But Japan's consumers have stepped up to the plate, with retailsales rising 3.0% on year in May, beating a forecast for a 2.3%rise.

• Japan's policymakers have struggled to kick start the economyafter decades of deflation, with the Bank of Japan launching amassive easing program in 2013 as part of "Abenomics,"Japanese Prime Minister Shinzo Abe's plan to return the countryto growth.

• But after a consumption tax hike to 8% from 5% in April of 2014,the economy got clobbered when consumers stopped spending,forcing the government to postpone a second sales tax initiallydue this October.

16

U.S. stocks end second straight week of losses on Greece worries andmixed jobs report

17

Oil prices hits two-month low after supply surge, currenciesappreciate on weak U.S. data

18

Major Interest Rate Forecasts

Rate (%)Market yield

(July 3)Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

United States

US 10-year 2.38 2.46 2.54 2.71 2.88 3.09

US 2-year 0.63 0.97 1.19 1.46 1.71 2.01

Fed Fund Target Rate 0.25 0.45 0.70 0.95 1.20 1.50

Germany

Germnay 10-year 0.79 0.68 0.79 0.92 1.08 1.19

Germany 2-year -0.26 -0.06 -0.01 0.09 0.18 0.34

ECB Main Refinancing Rate 0.05 0.05 0.05 0.05 0.05 0.05

United Kingdom

UK 10-year 2.00 2.09 2.17 2.33 2.51 2.60

UK 2-year 0.56 0.76 0.97 1.24 1.56 1.77

BoE Bank Rate 0.50 0.50 0.60 0.75 0.95 1.10

Source: Bloomberg

19

The Week Ahead,,,

Date Event GMT Forecast Previous

6-Jul Mon EUR German Factory Orders n.s.a. (MoM) 06:00 -0.40% 1.40%

USD Markit US Services PMI 13:45 54.8

USD ISM Non-Manufacturing Composite 14:00 56.00 55.70

7-Jul Tue AUD Reserve Bank of Australia Rate Decision 04:30 2.00% 2.00%

EUR German Industrial Production (MoM) 06:00 0.00% 0.90%

GBP Manufacturing Production (YoY) 08:30 1.80% 0.20%

GBP Industrial Production (YoY) 08:30 1.60% 1.20%

USD Trade Balance 12:30 -$42.00B -$40.90B

JPY Trade Balance - BOP Basis (Yen) 23:50 -¥146.2B

8-Jul Wed USD U.S. Fed Releases Minutes from June 16-17 FOMC Meeting 18:00

JPY Machine Orders (YoY) 23:50 16.30% 3.00%

9-Jul Thu CNY Consumer Price Index (YoY) 01:30 1.40% 1.20%

AUD Unemployment Rate 01:30 6.10% 6.00%

EUR German Imports s.a. (MoM) 06:00 -1.30%

EUR German Trade Balance (euros) 06:00 22.1B

EUR German Exports s.a. (MoM) 06:00 1.90%

GBP BOE Asset Purchase Target 11:00 375B 375B

GBP Bank of England Rate Decision 11:00 0.50% 0.50%

USD Initial Jobless Claims 12:30 281K

CNY Money Supply M2 (YoY) 11.00% 10.80%

CNY New Yuan Loans CNY 1100.0B 900.8B

10-Jul Fri GBP Construction Output s.a. (YoY) 08:30 1.50%

GBP Total Trade Balance (Pounds) 08:30 -£1202

USD Janet Yellen Speaks at the City Club of Cleveland 16:00

Economic Data Release Calendar

July 5, 2015 - July 10, 2015

20

Central Bank Meetings Calendar

Calendar for upcoming meetings of main central banks:

Expected RateDecision

Current RateMonthCentral Bank

0.25%0.25%July 29US Federal Reserve (FOMC)

0.05%0.05%July 16European Central Bank (ECB)

0.50%0.50%July 9Bank of England (BoE)

0.10%0.10%July 15Bank of Japan (BOJ)

-0.75%-0.75%September 17Swiss National Bank (SNB)

0.75%0.75%July 15Bank of Canada (BOC)

2.00%2.00%July 7Reserve Bank of Australia (RBA)

3.25%3.25%July 23Reserve Bank of New Zealand (RBNZ)

21

Regional

22

Egypt: Economy grew by 3% in Q3 2014/2015, pound weakens by 1.3%

• Egypt’s T-bill yields for 3 months and for 9 months havedropped this week when compared to the week before,whereas T-bills yields for 6 months and for 12 months haveremained stable.

• Meanwhile, Egypt’s economic growth has registered 3% in thethird quarter of its fiscal year 2014/2015 ending in March,compared to 2.5% in the same period a year earlier.

• Growth has dropped when compared to the quarter before,placing more pressure on the central bank to cut rates tostimulate the economy.

• The IMF expects growth to register 4.0% in 2015, and 4.3% in2016.

• In other news, Egypt’s Central Bank has allowed the EgyptianPound to weaken against USD for the first time in five months.This drop is expected to boost exports and attract furtherinternational investments in Egypt.

• Finally, Egypt has amended its government’s 2015/2016 fiscalbudget, where it now expects a deficit of 8.9% of GDP insteadof 9.9% that was approved earlier.

Source: Bloomberg

Source: Trading Economics

23

GCC Economic Highlights:Qatar: Real GDP growth registers 4.1% in Q1, trade surplus hits 15.2 billion QR.

• According to figures released by The Ministry of Development

Planning and Statistics, Qatar’s real GDP growth for the first

quarter in 2015 by 4.1% when compared to the same period last

year. However, growth registers 3.4% when compared to the

previous quarter.

• This growth is mainly due to a rise in the activities of all the

sectors when compared to the previous quarter and over the

corresponding quarter of 2014, except for Trade, Hotel and

Restaurants which has declined by 11.8% when compared to the

previous quarter.

• In other news, Qatar's trade surplus reached 15.2 billion QR, astotal exports amounted 24.8bn QR in May 2015, down by 38.9%when compared to May 2014. However, total exports haveincreased by 4.7% in May, compared to the April 2015.

• On the other hand, imports in May 2015 amounted 9.6 billionQR, an increase of 10% over May 2014. Whereas, on a month tomonth basis the imports decreased by 9.3% in May compared toApril 2015.

Source: Trading Economics

24

GCC Economic Highlights:Saudi Arabia: Oil exports brings SR 305 billion in 6 months, while foreign reserves drops by 1% as oil prices remain low

• Saudi Arabia has exported 1.4 billion barrels ofcrude oil in the first six months of 2015 withproceedings amounting SR 305 billion.

• However, oil revenues dropped by 46% in the firsthalf of the year compared to figures of the sameperiod last year, as a result of lower oil prices.

• Saudi Arabia expects oil revenues to fall by 36% in2015 compared to 2014.

• In other news, as oil prices remain low, Saudiforeign reserves have dropped by 1% in May,compared to April 2015. Net foreign assetsamounted 2.521 trillion riyals ($672.2 billion) inMay, down by $6.6 billion.

• IMF predicts that if oil prices stay in their recentrange, Saudi Arabia will run a fiscal deficit ofaround 20% of GDP this year, equivalent to $150billion.

25

GCC interbank rates

Source: Bloomberg

26

Comparative MENA MarketsJune 28, 2015 – July 3, 2015

Source: Bloomberg

May 1

27

Locally

28

GDP grows by 'modest' 2% in first quarter, signaling a slowdown in economic growth

• Jordan's gross domestic product (GDP) grew modestly by 2% inthe first quarter of 2015, compared to the same quarter of2014, according to the Department of Statistics ( DoS ), signalinga slow start to the year and indicates that economic growth islikely to miss International Monetary Fund projections forJordan's GDP to increase around 3.5% in 2015.

• Most sectors recorded growth, with the extractive industriessector achieving the highest growth rate of 10.1%, according toa DoS statement issued on Thursday.

• The agriculture sector came second with a growth rate of 7.7%,followed by the private services sector (6.3%), the financial,insurance, real estate and business services sector (3.7%) andthe social and personal services sector, which recorded 3%.

• Although the contribution of the construction sector reached6.5% during last year's first quarter, it registered a negativegrowth by 3.4% over the same period this year.

• Economists cited the regional crises, such as the closure of theborder with Syria and the complications at the border with Iraq,as contributing factors to the slowdown in GDP growth.

29

Jordan set to issue Islamic Sukuk in September, IMF figures show public debt stabilizing in May

• Jordan’s Ministry of Finance has started the procedures of establishinga company to begin issuing Islamic Sukuk to borrow from Islamicbanks.

• The Ministry of Finance expected the first Sukuk to be issued inSeptember of this year in the amount of 200 million JD. Thegovernment is expected to issue a total of 500 million JD of Sukuk thisyear.

• The issuance of Sukuk and the government’s recent issuance ofEurobond in international markets in the amount of $1.5 billion (1.06billion JD) will likely push up liquidity levels at commercial banks andplace further downward pressure on interest rates in the market.

• Bond yields have already dropped significantly as 1-year T-bills and 2-year T-bonds are 2.75%, while 3-year bonds are around 3.20%.

• Meanwhile, figures released by the IMF show that public debtindicators started stabilizing in May of this year.

• Gross public debt, which does not include government deposits atbanks, stabilized at 23.1 billion JD in May compared to April.

• The IMF expects public debt to stabilize this year before graduallystarting to drop in 2016.

30

Amman Stock ExchangeFor the period 28/06– 02/07

ASE free float shares’ price index ended the week at

(2,131.2) points, compared to (2,131.5) points for the last

week, posting a decrease of 0.01%. The total trading

volume during the week reached JD(59.2) million compared

to JD(49.3) million during the last week, trading a total of

(48.3) million shares through (15,124) transactions.

The shares of (158) companies were traded, the shares

prices of (48) companies rose, and the shares prices of (79)

declined.

Top 5 losers for the last week

% chg

Nutri Dar (19.70%)

Al-Sharq Investments Projects (holding) (17.87%)

Al-Tajamouat for Catering and Housing Co. Plc. (11.59%)

Philadelphia Pharmaceuticals (10.33%)

Jordan Dairy (9.50%)

Top 5 gainers for the last week

Stock % chg

Al-Sanabel International for Islamic Investments (holding) Plc. Co. 19.61%

Arabian Steel Pipes Manufacturing 10.00%

Specialized Investment Compounds 9.52%

Al-Zarqa Educational and Investment 9.22%

Travertine Company Ltd. 8.47%

31

Local Debt MonitorLatest T-Bills

Yield (%)Size - millionMaturity DateIssue Date1-week CDs

2.500%1,00007/07/201530/06/201522/2015

2.500%1,00030/06/201523/06/201521/2015

2.500%1,00023/06/201516/06/201520/2015

2.500%1,00016/06/201509/06/201519/2015

Yield (%)Size - millionMaturity DateIssue Date3-month T-Bills

2.898%5014/03/201214/12/2011Last issued in December 2011

Yield (%)Size - millionMaturity DateIssue Date6-month T-Bills

3.788%5014/08/201214/02/2012Last issued in February 2012

Yield (%)Size - millionMaturity DateIssue Date9-month T-Bills

4.285%7504/12/201204/03/2012Last issued in March 2012

Coupon (%)Size - MillionMaturity DateIssue Date1-year T-Bills

2.750%7505/02/201605/02/201501/2015

3.450%5018/11/201518/11/201410/2014

3.270%10012/10/201512/10/201409/2014

3.279%7524/09/201524/09/201408/2014

As of July 5, the volume of excess reserves, including the overnight window deposits held at the CBJ JD

(2,981) million.

32

Local Debt MonitorLatest T-Bonds Issues

Coupon (%)Size - millionMaturity DateIssue Date2-year T-Bonds

2.750%7518/06/201718/06/2015T1715

2.750%7516/06/201716/06/2015T1615

2.860%7514/06/201714/06/2015T1515

Coupon (%)Size - millionMaturity DateIssue Date3-year T-Bonds

3.197%7523/06/201823/06/2015T1815

3.856%7519/03/201819/03/2015T0715

4.333%5022/01/201822/01/2015T0415

Coupon (%)Size - millionMaturity DateIssue Date4-year T-Bonds

7.246%37.515/01/201615/01/2012Last issued in January 2012

Coupon (%)Size - millionMaturity DateIssue Date5-year T-Bonds

4.014%5025/06/202025/06/2015T1915

4.434%5004/06/202004/06/2015T1415

4.456%5021/05/202021/05/2015T1315

Coupon (%)Size - millionMaturity DateIssue DatePublic Utility Bonds

4.263%3019/08/201719/08/2014PB65 (Water Authority)

5.583%32.501/07/201901/07/2014PB64 (Water Authority)

5.850%2230/01/201930/01/2014PB63 (Water Authority)

33

Prime Lending Rates

34

Disclaimer

The materials of this report may contain inaccuracies and typographical errors. Cairo Amman Bank does not warrant the accuracy or completeness of the

materials or the reliability of any advice, opinion, statement or other information displayed or distributed through this report. You acknowledge that any

reliance on any such opinion, advice, statement, memorandum, or information shall be at your sole risk. Cairo Amman Bank reserves the right, in its sole

discretion, to correct any error or omission in any portion of the report without notice. Cairo Amman Bank may make any other changes to the report, its

materials described in the report at any time without notice.

The information and opinions contained in this report have been obtained from public sources believed to be reliable, but no representation or warranty,

express or implied, is made that such information is accurate or complete and are provided "As Is" without any representation or warranty and it should not

be relied upon as such. This report does not constitute a prospectus or other offering document or an offer or solicitation to buy any securities or other

investment and\or to be relied on for any act whatsoever.

Information and opinions contained in the report are published for the assistance of recipients "As Is", but are not to be relied upon as authoritative or taken

in substitution for the exercise of judgment by any recipient; they are subject to change without notice and not intended to provide the sole basis of any

evaluation of the instruments discussed herein. Any reference to past performance should not be taken as an indication of future performance. Cairo Amman

Bank does not accept any liability whatsoever for any direct, indirect, or consequential loss arising from any use of material contained in this report.

All estimates, opinions, analysis and/or any content for whatsoever nature included in this report constitute Cairo Amman Bank’s sole judgments and

opinions without any liability and/or representation as of the date of this report and it should not be relied upon as such.

Cairo Amman Bank reserves the right to change any part of this report or this legal Disclaimer at any time without notice. Any changes to this legal Disclaimer

shall take effect immediately. Notwithstanding the above, Cairo Amman Bank shall not be obliged to keep this report up to date.

The Recipient agree to defend, indemnify and hold harmless Cairo Amman Bank and its subsidiaries & affiliate companies and their respective officers,

directors, employees, agents and representatives from any and all claims arising directly or indirectly out of and in connection of the recipient activities

conducted in connection with this report.