Richard Melson

April 2006

EFBank Jordan

http://www.efbank.com.jo

Export & Finance Bank

Research & Studies

Investment Banking & Capital Markets

Export & Finance Bank

Horizon@efbank.com.jo

Research@efbank.com.jo

Tel (962 6) 510-0200 ext. 327/284/370

Fax (962 6) 569-2062

Jordan Cement Factories Company (JOCM): (Brokerage Reports) includes investment highlights , sector background, company background, financial analysis, and an outlook

Jordan New Cable Company (JNCC): (Brokerage Reports) includes investment highlights , sector background, company background, financial analysis, and an outlook

Dar Al Dawa Development & Investment (DADI): (Brokerage Reports) includes investment highlights , sector background, company background, financial analysis, and an outlook

ASE Stock Tracker April 9th- April 13th 2006: (ASE Stock Tracker) Issue 14

ASE Market Recap April 9th- April 13th 2006: (Market Recap) a recap of the Amman Stock Market performance during the week

Cairo Amman Bank 2005: (Performance Wrap-Up) (CABK)

ASE Stock Tracker April 2nd- April 6th 2006: (ASE Stock Tracker) Issue 13

ASE Market Recap April 2nd- April 6th 2006: (Market Recap) a recap of the Amman Stock Market performance during the week

Hikma Pharmaceuticals Plc 2005 : (Corporate News) (HIK.L)

More Research

Currencies (Against US) Indices

Global MENA

Euro 1.228

Japanese Yen 117.59

British Pound 1.7772

As of 18 APR 2006 15:06 GMT

More

Global MENA

Bahraini Dinar 0.3761

Egyptian Pound 5.7073

UAE Dirham 3.6721

As of 18 APR 2006 11:41 GMT

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Global MENA

DJIA 11130.69 56.91

NASDAQ 2326.37 15.21

S&P 500 1291.57 6.24

As of 18 APR 2006 16:00 GMT

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Global MENA

Bahrain 2160.98 0.07

DMI* 624.77 -19.99

Doha 9669.27 -208.83

As of 18 Apr 2006 09:30 GMT

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MENAFN

Export & Finance Bank records a net income of JD 10.96 Million in the first 6 months of the year The International Finance Corporation, the private sector arm of the World Bank Group, will provide a $12 million loan to support the SME lending operations of National Bank of Iraq The Export & Finance Bank announced its decision to raise interest rate on deposits by 25-basis points for the second time this year The Export & Finance Bank recorded a growth of 141% in net income reaching JD4.1 million for the first three months

To view our latest brokerage reports on Jordan Cement Factories Company (JOCM) and Jordan New Cable Company (JNCC), please click on the links below.

We hope you find the reports to be of interest and a valuable contribution in further broadening awareness in listed Jordanian shareholding companies.

Jordan Cement Factories Company (JOCM):

Jordan Cement Factories Company (JOCM)

Updated Brokerage Report

Jordan New Cable Company (JNCC):

Jordan New Cables Company (JNCC) Brokerage Report

Initial Coverage

Our research is also posted on our website

http://www.efbank.com.jo

which we welcome you to visit.

EFB Investment Banking Unit’s Investment Grade Recommendations:

Buy

The stock is believed to be clearly undervalued by the market. The company has either sound fundamental prospects or presents very cheap valuations. The company is ranked as a market outperformer. We recommend clients buy the stock.

Accumulate

The stock is believed to be a moderate outperfomer with substantial upside potential supported by better prospects. We recommend clients to increase the stock’s weight in a portfolio.

Hold

The stock is believed to be fairly priced by the market based on fundamental analysis. We recommend clients neither buy nor sell the stock.

Reduce

The stock is believed to be overvalued by the market or has a downside potential due to below expectations prospects. We recommend clients decrease the stock’s weight in a portfolio.

Note:

The attached file is in 4.0 PDF format. For a free download of Acrobat Reader 4.0, click on the following link:

http://www.adobe.com/products/acrobat/alternate.html

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For further information, please contact us at:

Research & Studies

Investment Banking & Capital Markets

Export & Finance Bank

Tel (962 6) 510-0200 ext. 327/284/370

Fax (962 6) 569-2062

Main Branch: Amman Shmaisany

Tel.: 962 6 5100200 Fax: 962 6 5695942

P.O. Box: 941283 Amman 11194 Jordan

e-mail : info@efbank.com.jo

Shmeisani Branch:

Tel.: 962 6 5100200 Fax: 962 6 5692062

P.O. Box: 941283 Amman 11194 Jordan

e-mail : info@efbank.com.jo

Jordan Cement Factories Company & Jordan New Cable Company

Latest Brokerage Reports

Horizon Fund NAV April 13, 2006

Horizon Horizon@efbank.com.jo

Tuesday, April 18, 2006

EFB_Research Research@efbank.com.jo

Tuesday, April 18, 2006