July 2012

Investment Overview
This Investment Overview (IO) is strictly confidential and provided to select investors only,
and should be read in light of the Disclaimer and Limitations on Page 4.
Opportunity Background
The proposed project is to establish a float glass factory in MDA to produce
float glass.
The proposed project would have a maximum daily capacity of 450 tons and is
assumed to operate 365 days a year. Total maximum annual capacity is
therefore assumed at around 164,250 tons of float glass.
The project is assumed to occupy a total land area of around 103,000 sqm.
Meanwhile built-up area is assumed to occupy around 50% of the land, at
51,500 sqm.
The project is assumed to start operating 24 months following the initiation of
construction.
Based on comparable float glass projects, total investment cost to build and
operate the float glass plant is expected to amount to USD150 million while
having a debt to equity ratio of around 40%.
The product mix of the proposed project is assumed to be 40% clear glass and
60% tinted glass.
Opportunity identification
The concept is to exploit the available natural resources in Jordan to produce
high quality float glass
The proposed project is expected to benefit from the availability of high quality
silica in Jordan, thereby giving the proposed plant direct and easy access to the
main raw material used in producing float glass.
The proposed plant may be able to benefit from higher demand for glass
resulting from the accelerating worldwide interest in solar energy production.
MDA management indicated that there is a possibility that Al-Sanam Glass, a
glass coating factory in MDA, can enter into a take-off agreement with the
proposed plant to purchase as much as 40-50% of the total production.
The new plant may be able to tap into niche products like self cleaning glass,
safety glass or other advanced types of glass. This would increase the added
value of its products and reflect positively on the companys profit margins.








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Financial Highlights
The following table presents a summary of key financial indicators for the proposed
project covering a 10 year period:
Summary revenue and expenditure statement


Key feasibility indicators
Currency: USD 000

Discount rate 14.7%
Project NPV 8,519
Project IRR 15.9%
Equity IRR 15.8%
Payback period 8 years

Market Overview
Float glass industry demand depends mainly on the construction industry and
the automotive industry. For the construction industry, the float glass
manufacturers have various products to tailor for the different needs of the
construction industry. In general, the majority of float glass companies
manufacture clear and tinted glass for various applications. For example, solar
control glass reduces solar heat gains and offers high levels of natural light to
provide comfortable environments to live and work in. Below are other
applications float glass manufacturers cater for in the construction industry:
o Window glass
o Decoration
o Solar energy.
The global glass industry generated revenues of about USD 75 billion in 2010.
Float glass accounted for about 15% of the market. The global float glass
market is dominated by China, Europe and North America, they account for
70% of demand in the market.
China and Japan represents the worlds largest exporters of glass and glass
products, comprising of 16.7% and 10.5% of the worlds total exports,
respectively. On the other hand, USA, Germany and France represent the
worlds largest importers, compromising 11.65%, 7.6% and 5.7% of the world
total imports, respectively.
In the Middle East, exports of glass and glass products reached USD 1.7 billion
and imports composed USD 3.1 billion in 2011. Jordans glass exports are
composed of handmade products considered national souvenirs and decorative
items. Jordan main glass export partners are Austria, Iraq, Bahrain and UAE. In
contrast, their imports of glass come from China, Saudi Arabia, Turkey, Kuwait
and UAE. There is currently no industrial level manufacturing of glass in
Jordan.
Jordans imports of float glass and its variations totaled USD 15.93 million in
2011. On the other hand, domestic exports and re-exports totaled a value of
USD 756,955 in 2011.
Float glass production capacities were scarce in the MENA region, but currently
production is increasing in Algeria and Egypt. Saudi Arabia, United Arab
Emirates and Iran also have float glass manufacturing facilities that are capable
to fill the gap in their local markets.
Currency: USD 000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Revenues - - 47,027 49,993 52,807 55,568 58,280 60,951 62,286 63,575
Cost of goods sold - - (35,051) (35,997) (36,859) (37,649) (38,380) (39,069) (39,092) (39,158)
Gross profit - - 11,975 13,996 15,948 17,919 19,900 21,882 23,194 24,417
Selling General & Administrative - - (2,586) (2,686) (2,774) (2,855) (2,930) (2,999) (3,065) (3,129)
Administrative salaries - - (397) (412) (426) (438) (450) (460) (470) (480)
Land lease - - (290) (290) (290) (290) (290) (290) (290) (290)
Operating profit - - 8,702 10,607 12,458 14,336 16,231 18,132 19,368 20,518
EBITDA - - 16,622 18,527 20,378 22,256 24,151 26,052 27,288 28,438
Construction Operations
China and Japan represents the
worlds largest exporters of glass
and glass products, comprising of
16.7% and 10.5% of the worlds
total exports, respectively.




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The below graph shows the total imports, exports, re-exports and trade balance
of float glass in Jordan for 2008-2011. The trend shows a dip in imports in
2009 and 2010, this is mainly caused by the global recession and the slowing
of construction activity in those years.
Jordans Imports, Exports, Re-exports and Trade balance
Source: Department of Statistics, Jordan


However, imports of float glass have picked up again in 2011 due to the
renewed growth in the construction industry.
The potential of a float glass manufacturing facility in Jordan will depend on
the construction industry. The construction industry is expected to grow 8.6%
year over year in terms of square metres, as depicted in the below graph.
Estimated growth in the construction industry in Jordan
Source: Department of Statistics, EY Analysis


Availability of relatively cheap raw materials like silica is an advantage to the
proposed project. This in turn will constitute as a cost advantage in terms of
production due to its high purity, abundance and proximity.
In the Middle East region, countries rely on imported glass even though some
countries do have float glass manufacturing facilities but the demand rate is
outpacing the supply rate.
Key Investment Considerations
The key success factors of the glass industry is the combination of :
o Access to raw materials
o Availability of energy sources like natural gas and fuel oil
o Strategic market location
-25,000,000
-20,000,000
-15,000,000
-10,000,000
-5,000,000
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2008 2009 2010 2011
V
a
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e

i
n

U
S
D
Imports Exports Re-exports trade balance
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
A
r
e
a

i
n

s
q
m
construction area (sqm)
The potential of a float glass
manufacturing facility in Jordan
will depend on the construction
industry.











Availability of relatively cheap
raw materials like silica is an
advantage to the proposed
project.



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o Access to technology and new products that meet the
requirements of domestic and international customers
The developments of joint ventures are a key strategic tool in order to promote
market development, business growth and risk sharing. There are various glass
manufacturers in the region sharing the risk of large investments in float glass
production lines with other manufacturers or with financial partners. For
example, Guardian industries joined efforts with Saudi Investors to establish
Gulf Guard, a Saudi based joint venture float glass manufacturing facility.
On the other hand, the lack of regulatory requirements related for float glass
and lack of affordable quality products have maintained demand for low cost
low quality glass products.
Despite low production levels, recent investments in the Egyptian, Algerian,
Saudi and Emirati markets will make them major providers of float glass in the
region. Float glass demand is expected to grow steadily due to the steady
growth of the construction market in the region.
The float glass industry is moving towards two trends. The first trend, value
added products; where manufacturers are differentiating their products to
cater to various glass uses (for example, self cleaning glass for towers and high
rise buildings). The second trend, low cost low quality products that are related
to mirrors and furniture.

Risk Factors
Any investment involves certain elements of risk. These risk factors may have a
material and adverse effect on the investment. Prospective investors should
carefully consider such risk factors before making any investment decision.

Way Forward
Prospective investors who wish to pursue this opportunity further need to indicate
their preliminary interest by completing and submitting a signed copy of the
enclosed Confidentiality and Non-Disclosure Agreement.

Upon receipt of the aforementioned, confidential company profile and audited
financial statements will be provided following which offers will be solicited from
investors.

Contact Details
Ernst & Young
Samar Obaid| Partner | Transaction Advisory Services |
Tel: +962 6580 0777| Fax: +962 6553 8300
Email: Samar.obaid@jo.ey.com
Ziad Halawani| Manager | Transaction Advisory Services
Tel: +962 6580 0777| Fax: +962 6553 8300
Email: Ziad.halawani@jo.ey.com

Disclaimer and Limitations
This Investment Overview, dated July 2012 (the Investment Overview or IO),
has been compiled by Ernst & Young Jordan (Business/Financial Advisor) with
information provided by Maan Development Company (MDC). MDC invite
recipient(s) of the IO (the Recipients) for the purpose of considering their interest
in investing in the Project.

This document is not a prospectus and does not constitute or form any part of any
offer to sell or recommendation to subscribe for, underwrite or purchase securities,
nor shall it, or any part of it, be relied upon in any way in connection with any
contract for the investment in the Project nor shall its issue be taken as any form of
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commitment on the part of MDC to proceed with any transaction, and no
representations are made in this document.

Any investment will be made pursuant to a share purchase agreement and/or
shareholders agreement or similar agreement(s) as described herein. A Recipient,
by accepting delivery of this IO, agrees promptly to return to the Financial Advisors
this IO and all copies thereof and any other documents or information furnished if
the Recipient does not purchase any of the securities or if the Financial Advisors or
MDC so requests.

The information contained in this IO may be subject to updating, expansion, revision
and amendment. However, neither MDC nor the Financial Advisors, undertake any
obligation to update, expand, revise or amend any information or to correct any
inaccuracies contained in this IO or to provide the Recipients with additional
information.

The Financial Advisors, affiliated partnerships or bodies corporate, the partners,
directors, principals, managers, employees or agents of any of them (the Parties)
have not independently verified or validated the information and therefore do not
make any undertaking, representation or provide any warranty, expressed or
implied, as to the accuracy, reasonableness or completeness of the information
contained in the IO or of any other information relating to the Project whether
written, oral or in a visual or electronic form (including, without limitation, in a
magnetic or digital form) transmitted or made available to the Recipients or their
respective Advisors.

The Parties expressly disclaim any and all liability for, or based on or relating to any
such information, including, without limitation, any information contained in, or
errors in or omissions from, the IO or based on or relating to the Recipients use of
the IO. The IO includes certain statements, estimates and projections with respect to
the anticipated future performance of the Project and the value for the Projects
services. Such statements, estimates and projections reflect various assumptions
and best estimates made by the Management of MDC concerning anticipated
results, which assumptions or estimates may or may not prove to be correct. There
are no assurances whatsoever that such events as stated in the estimates or
projections will occur.

The Management of Maan Development Company (the Management), accept
responsibility for the accuracy, reasonableness and completeness of all information
contained in the IO. To the best of the knowledge and belief of Management (who
have taken reasonable care to ensure that such is the case) the information
contained in the IO is in accordance with the facts and does not omit anything likely
to affect the import of such information.

An investment in securities involves a certain degree of risk and could involve
restrictions on transfer, and should be considered only by sophisticated investors
who are able to bear the economic risks of their investment for an indefinite period
of time and who can afford to sustain a loss of their investment in the securities.
This IO does not purport to be all-inclusive or contain all the information which a
Recipient may require. In making an investment decision, each Recipient must rely
on their own examination of the Project and the terms any offering, including the
merits and risks involved in making an investment in the Project.

The IO is confidential, being for use only by the persons to whom it is issued and
who have signed the required confidentiality agreement in respect of this IO
(Confidentiality Agreement). The IO may not be copied or distributed by the
Recipients to third parties other than the Recipients professional advisers for the
purpose of considering their interest in investing in the Project and obtaining advice
in respect thereof and who shall be subject to the Confidentiality Agreement. In the



6
event that the Recipients do not continue with their interest in investing in the
Project, the IO (together with any and all copies thereof) must be returned to MDC
or the Financial Advisors.

In no circumstances must the Recipients or their officers, employees, agents and
professional advisers make contact with the management, employees, customers,
agents or principals and suppliers or any of their respective subsidiaries and/or
affiliates, unless permission to do so is given in writing by MDC or the Financial
Advisors.

The Recipients should read and consider all of the information contained in this IO.
The contents of this IO are not to be construed as legal, financial or tax advice.
Each of the Recipients, if they so desire, should consult his, her or its own legal
Advisors, financial Advisors or tax Advisors for legal, financial or tax advice. The
Recipients are required to conduct their own due diligence, and seek their own
advice prior to making any investment decision relating to the Project. Recipients of
this IO shall not be deemed to be clients of the Financial Advisors and the Financial
Advisors shall accordingly not be responsible or liable in any way to such Recipients
for providing the protections afforded to clients of the Financial Advisors or for
providing advice in relation to any transactions or arrangement referred to herein.

The distribution of this IO in some jurisdictions may be restricted by law and
therefore Recipients should inform themselves about and observe all applicable
legal and regulatory requirements in their jurisdiction in relation to this document
and the investment contemplated therein.

Certain statements in this IO constitute forward-looking statements. All
statements other than statements of historical facts included in this IO including,
without limitation, financial position, business strategy, plans and objectives of
management or future operations (including development plans and objectives
relating to products), are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause actual results, performance or achievements to be
materially different from future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Project, its subsidiaries and its
management, future business strategies of the Project, and the environment in
which the Project, will operate in the future. Important factors that could cause
actual results, performance or achievements to differ materially from those in the
forward-looking statements include, but are not limited to, those discussed in the IO.
These forward-looking statements speak only as at the date of this document.
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The distribution of this IO in some jurisdictions may be restricted by law and
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The information contained herein does not constitute an offer to sell or a solicitation
of an offer or a recommendation to purchase securities under the securities laws of
any jurisdiction, including the United States Securities Act of 1933, as amended, or
any US state securities laws, or a solicitation to enter into any other transaction.



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