Royal Jordanian successfully completes IPO offer price of JD3.08 per Offer Share

This has resulted in a market capitalization for Royal Jordanian of JD260m.

The Offering consists of an offering of 22,277,142 Offer Shares to Jordanian retail and institutional investors, including a placement of 6.493,506 Offer Shares for no consideration with Royal Jordanian's employee fund and 8,437,335 Offer Shares with the Social Security Corporation, and an offering of 37,627,937 Offer Shares to regional and international institutional investors, including a placement of 16,030,937 Offer Shares with the M1 Group.

The total proceeds from the Offering amount to JD164.5m. The Offer Shares are expected to start trading on December 17, 2007.

In commenting on the Offering, H.E Mr. Nasser Lozi, Chairman of the Royal Jordanian Executive Privatization Group and Chairman of Royal Jordanian said, 'We have been very pleased with the volume of interest we have received from both the general public and also local, regional and international institutional investors, in particular the very positive response from retail investors in Jordan.'

Eng. Abdel-Rahman El-Khatib, Head of the Technical Team at The Executive Privatisation Commission representing the Government of Jordan said:

'On behalf of the Government and the Executive Privatisation Commission, I would like to say a great thank you for the extensive expressions of interest and demand we have encountered in the last few weeks. Clearly investors are watching not only Royal Jordanian's development but also the region's development with great interest. Today Royal Jordanian has a proven track record of delivery with quality partnerships firmly in place and this has stood the Kingdom's national flag carrier in good stead through the IPO process.'

Through its membership of oneworld Royal Jordanian is the only Middle Eastern carrier to be part of a global airline alliance and fully intends to leverage its oneworld membership to service a growing international network. Under the guidance of a proven, results-orientated management team, Royal Jordanian is enhancing its product offering and increasing its efficiency through fleet modernisation.

Citigroup Global Markets Limited is Sole Global Co-ordinator and Bookrunner of the Offering with Arab Jordan Investment Bank acting as Jordanian Lead Manager and SHUAA Capital PSC as Selling Agent.

Each of Citigroup Global Markets Limited and Arab Jordan Investment Bank is acting exclusively for the Government and no one else in connection with the Offering and is not, and will not be, responsible to any other person for providing advice in respect of the Offering or for providing the protections afforded to their respective clients. Citigroup Global Markets Limited and Arab Jordan Investment Bank and certain related entities may acquire a portion of the Offer Shares for their own accounts.

The Offering and the distribution of this announcement and other information in connection with the Offering in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The price and value of securities may go up as well as down. Persons needing advice in connection with the Offering should contact a professional adviser.