Date: 20/10/2002

The Securities Depository Center, the Jordan Telecom Company and the Arab Jordan Investment Bank "the underwriter" have signed a memorandum of Understanding to co-operate together to execute the transfer of the ownership of the Government’s shares in the Jordan Telecom Company included in the public and private offering.

The three institutions have been coordinating their efforts along with representatives of the Government for over a month to execute the subscription process in accordance with the specified requirements and measures, to guarantee the transfer of the ownership of shares to the subscribers in a fast and efficient manner and to establish a shareholder register in accordance with the SDC requirements to safeguard the ownership of securities and enable the shareholders to trade in the future after the subscription process is completed.

Samir Jaradat, SDC Chief Executive Officer, stated that the underwriter has been provided with the technical specifications, information and data to be included in the subscription form and the Subscribers’ Register "the buyers". The Subscribers’ Register should be submitted to the SDC containing the subscribers’ names and the information and data of each subscriber. The SDC will check the information and data in the Subscribers’ Register through its electronic systems and provide the Arab Jordan Investment Bank with the results where the latter shall correct the errors discovered in the information and data.

Jaradat also said that the SDC, since it is the only entity in the Kingdom authorized to transfer the ownership of securities, will complete the transfer of the ownership of securities to the subscribers (the buyers) according to the final registers submitted to the SDC by the underwriter. The SDC will also issue "Affirmations" to foreign subscribers, as reported in the register submitted by JP Morgan Securities Limited "the foreign underwriter", through their local and foreign banks.

On October 31, 2002, the SDC, after the completion of the transfer of the ownership of the shares, will submit the final Subscribers’ Registers (the new shareholders) to the Jordan Telecom Company. The SDC will enable the Jordan Telecom Company to connect directly with the SDC to complete the depositing of authenticated shareholders in the SDC database. This will make it easier for investors to trade in the Jordan Telecom Company’s shares after the Company is listed at the Amman Stock Exchange in the future.

The SDC has completed preparing its infrastructure to enable it to fulfill all its functions specified in the Memorandum of Understanding. This includes providing the necessary hardware, enhancement of the necessary software and the trained human resources.