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Iran Market

----------------------- Reporter ADDRESSING THE NEEDS OF INDIVIDUAL INVESTORS

4

Volume 1 ISSUE 4 AUGUST 2011

IRAN MARKET REPORTER Is produced by Mofid Securities Co. Distributed electronically via email.

Top Ranked 2010

The First Ranked Broker in 2007 2007,, 2008 2008,, 2009 2009,, 2010 Top Mutual Fund Manager in 2009

Mofid Securities Co.

Member of TSE ( Tehran Stock Exchange ) Member of IME ( Iran Mercantile Exchange ) Member of Farabourse

Contact Person: Mr. Seifollahi t 009821 8190 1165 f 009821 8190 1022 e seifollahi@emofid.com w www.emofid.com w www.mofidkala.com


Overview Market Summary

3

Best and Worst

4

Funds

7

News

8

Tehran Stock Exchange and Iran Farabourse Exchange (OTC Market) performances during August are shown in this section. While the trade value in Farabourse has increased dramatically (87%) in compare with the last month, TSE experienced a slight decrease (25%) in trade value. It seems that the month of Ramadan has affected TEDPIX and after the Eid ul-Fitr we will have a rise in the market.

Banking and investment companies were the most active groups of TSE during August, with 14 names among 20 most actives in terms of value and volume. Tejarat Bank with 43% increase marked the best performance of banking companies. Index of banking companies including 10 major financial companies of TSE rose by 9.5% during August.

Among 10 best mutual funds of August Momtaz is the only fund with large asset under management. There are 10 funds with the minimum of 50,000 units active in TSE. Crude oil transaction for the first time on the IME and IPO of Pasargad Bank were the hottest news of August. Pasargad Bank named the largest bank of TSE after its IPO with total value of USD 24.4 million. Mofid Securities Company is leading the brokerage firms industry with more than 6% of market share, reported by TSE in August.

www.emofid.comâ€

Eid ul-Fitr Prayer in Tehran August 1 2011 Eid ul-Fitr is a Muslim holiday that marks the end of Ramadan, the Islamic holy month of fasting.

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Stock | Market Summery Trade Value (M USD) TSE*

Number of Trades

Number of Trading Days

1,867.56

7,796

391,334

21

1,097

3,841

158,026

21

Farabourse** * Tehran Stock Exchange

Trade Volume (M)

** OTC Market

Tehran Stock Exchange (As of August 30) Value of Index

High

Low

25,822

25,822

24,597

25,215

2.83%

2.46%

43.95%

21,985

21,985

20,912

21,464

2.58%

2.21%

48.53%

30,890

30,890

29,613

30,215

4.70%

4.33%

22.38%

33,822

33,822

31,916

32,878

3.96%

3.59%

48.47%

19,679

19,679

18,770

19,246

1.49%

1.13%

43.83%

TEDPIX* TEDPIX (FM) TEDPIX (SM) FFI** Industry Index

Average Compared Compared to Compared to to last Last Month (%) last year % month % (In USD Terms)

* TSE Dividend & Price Index (All-share Index) ** Free Float Index

TEDPIX 26000 25800 25600 25400 25200 25000 24800 24600 24400 24200 24000

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Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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23800

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Stock | Best and Worst 10 Top Gainers Company Bafgh Mining Neyshabour S. Marjan Kar Iran Mn Mines Yazd Fold Tejarat Bank Nirou Moharreke Marvdasht Sugar Shirin Khorasan EN Bank

Last Price (Rial)

Change (%)

30,001

88.27

4,145

68.77

7,103

56.35

8,775

52.82

2,536

47.61

2,223

43.21

1,377

35.92

12,224

34.71

2,739

33.54

4,030

32.92

10 Top Losers Company Sadid Group Asia Bime Tidewater Iran Transfo Margarin Rena Investment Iran Kh. A. M Herbicides Prod Karoon Cement Piazar Agro

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Last Price (Rial)

Change (%)

1,373

(16.53)

3,713

(15.23)

2,696

(13.87)

6,024

(13.61)

1,405

(11.47)

2,201

(10.42)

667

(10.23)

3,564

(9.73)

2,314

(8.72)

3,995

(8.33)

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Stock | Best and Worst 10 Most Active (Value) Company Saderat Bank Pasargad Bank Buali Inv. Mobarakeh Steel Khavarmiane Mine -R Karafarin Bank Saipa Inv. Shahed Inv. Iran Tele Co. Iran Transfo

Change (%)

Value (USD)

4.01

204,234,541

6.84

191,687,451

4.66

109,588,505

9.78

100,123,896

0

96,408,318

2.91

84,434,273

11.08

79,486,773

-31.03

55,919,048

-0.51

48,982,250

-6.38

43,776,146

10 Most Active (Volume) Company Buali Inv. Saderat Bank Pasargad Bank Khavarmiane Mine -R Arian e-Bank -R Mobarakeh Steel Day Bank Karafarin Bank Saipa Inv. Shahed Inv.

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Change (%)

Volume

4.66

1,110,274,025

4.01

1,097,662,361

6.84

907,047,789

0

500,000,000

-8.71

371,373,467

9.78

354,443,440

11.24

342,222,166

2.91

336,505,730

11.08

288,523,370

-31.03

269,640,488

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Stock | Best and Worst Highest P/E* Company Khouz Steel Gol-E-Gohar Mobarakeh Steel Chadormalu Iran Tele Co. National Iranian Copper (I.N.C Ind) Iran Mobile Tele Omid Inv. Mng Mellat Bank EN Bank *Filtered by companies with more than 1% of market cap

Last Price (Rial)

P/E

Percent of Market Cap

8,064

12.78

1.21

6,604

11.39

2.72

3,198

10.84

5.67

6,378

9.75

2.63

3,252

9.59

10.25

4,972

8.94

5.93

45,892

8.21

6.51

3,848

8.17

2.64

2,333

7.99

2.57

3,977

7.94

2.19

Lowest P/E* Company Saipa Pension Fund Isf. Oil Ref. Co. Khark Petr Mapna Ghadir Inv. Parsian Bank Saderat Bank Iran Khodro Tejarat Bank *Filtered by companies with more than 1% of market cap

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LastPprice (Rial)

P/E

Percent of Market Cap

2,205

4.01

1.58

2,589

5.31

1.28

4,110

5.65

1.18

17,157

5.7

1.18

2,765

5.92

1.9

4,003

6.02

3.3

3,391

6.26

2.56

1,696

6.4

2.35

3,286

6.46

1.42

1,917

6.85

2.31

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Fund | All Funds Overview Top 10 Best Funds (Regarding return rate) Working Days

NAV (Rial)

Asset Under Management (M USD)*

777 2,932,898 Boursiran 502 2,002,438 Ganjineh Bahman 650 2,431,833 Farabi 535 2,048,098 Novin 1122 4,376,379 Agah 1211 4,790,653 Melli 564 2,074,684 Momtaz** 1212 4,168,299 Pishtaz** 1229 4,216,717 Sahm Ashena 657 2,132,831 Amin Karafarin TEDPIX All Funds Index*** * USD to Rial exchange rate: 10,580

Last Month Last 6 Months Last 12 Since Inception (%) (%) Months (%) (Compound Return)

15,187,335

-0.6

16

46.5

65.8

4,679,962

-0.1

13.3

51.4

65.7

7,725,898

-2.2

15.4

47.8

64.7

3,945,558

1.1

16.3

81.9

63.1

11,675,803

0.6

11.6

36.7

61.6

7,106,238

-1.3

14.7

29.6

60.4

49,364,367

1.4

16.1

42.1

60.4

13,231,380

0.8

17.5

46.1

53.9

2,569,471

-1.1

22.5

30.5

53.3

1,379,868

-0.4

21.1

47.8

52.3

2.8

19

0.8

12.6

** Managed by Mofid

44 30.1

*** Including 60 Funds

85 75 65 55 45 35 25 15 5 -5

Boursiran

Ganjineh Bahman

Farabi

Novin

Since Inception (Compound Return)

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Agah

Melli

Momtaz

Last 12 Month (%)

Pishtaz

Sahm Ashena

Last 6 Month (%)

Amin Karafarin

TEDPIX

All Funds Index

Last Month (%)

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Fund | Mofid Funds Summary Inception date Asset under management (IR Rials) 1 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) High 12 Months Low

Pishtaz Mutual Fund

Momtaz Mutual Fund

Pishro Mutual Fund

May 9, 2008

February 16, 2010

April 20, 2011

139,988,141,328

522,274,714,685

408,661,567,462

0.80%

1.40%

1.50%

17.50%

16.10%

4.00%

46.10%

42.10%

4.00%

53.90%

60.40%

0.40%

4,168,299

2,074,684

1,004,319

4,458,222

2,182,376

1,004,358

2,830,042

1,460,148

933,824

Rebased to 100

Here is a comparative chart between Nav of Pishtaz Fund and TEDPIX since the inception date of Pishtaz. You can see how it has outperformed the main index of TSE during the past three years. 500 450 400 350 300 250 200 150 100 50 07/07/2011

07/05/2011

07/03/2011

07/01/2011

07/11/2010

07/09/2010

07/07/2010

07/05/2010

07/03/2010

www.emofid.comâ€

07/01/2010

07/11/2009

07/09/2009

07/07/2009

07/05/2009

07/03/2009

07/01/2009

07/11/2008

07/09/2008

07/07/2008

07/05/2008

TEDPIX

Pishtaz (NAV)

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Commodity | Summary Iran Mercantile Exchange

Toal value of commodities traded on the IME in August, increased by 27% in compare with last month. Export Ring trade value also rose by 20% due to its new guest, crude oil. other groups detail are shown in the following table: Groups of Product Industrial Agricultural Oil & Petrochemical

Value (USD)

Export Ring Domestic Ring

Mineral Total

Percent

727,252,094

60.09%

3,328,170

0.27%

144,589,206

11.95%

335,107,536

27.69%

0

0.00%

1,210,277,007

0.00%

Industrial Agricultural

27.69%

11.95%

100%

60.09%

Oil & Petrochemical Export Ring Ring

0.27%

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Mineral

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Commodity | Summary In the following figure you can see the market share of brokerage firms active in the IME regarding their trading value in August.

Brokerage Firm Market Share (%) Sepehr Bastan Khobregan

17%

26%

Mobin Sarmaye Bahonar 10%

Kala Khavarmiane

3% 3% 4% 5%

Seavolexkala

10% 7%

7%

Shahr

8%

Tosee Saderat Bank Hafez

Iranian Rial Exchange Rate

(As of August 30, 2011)

Code

Currency

in Rial

Compared to Last Month (%)

USD GBP CHF AED KWD JPY100 HKD OMR CAD TRY QAR SAR

United States Dollar

10,580

0.36%

Pound Sterling

17,349

0.23%

Swiss Franc

12,931

-3.64%

UAE Dirham

2,881

0.38%

Kuwaiti Dinar

38,884

0.78%

Japanese Yen

13,768

0.25%

1,358

0.37%

Omani Rial

27,479

0.37%

Canadian Dollar

10,833

-1.83%

Turkish Lira

6,112

-2.10%

Qatar Riyal

2,906

0.38%

Saudi Riyal

2,821

0.36%

Hong Kong Dollar

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USD to IRR 10,600 10,590 10,580 10,570 10,560 10,550 10,540 10,530 10,520 10,510 10,500

The above graph shows the exchange rate of United States Dollar to Iran Rial during August. while USD exchange rate rose by 0.36%, CAD decreased by 1.83%. Other currency’s rate are shown in the table.

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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News After 5 month of the beginning of Shamsi year,

Mofid is still the leader of the market August 30, 2011

On the last day of August, TSE released the list of brokerage firms regarding their trading value during last 5 months. Mofid Securities Company is the first on this list with 6.21% of total trading value among 87 brokerage firms. The total trading value of the last 5 months is around USD 20,000 million. Mofid, also has the best market share of online trading having more than 35% of the online trades done through “mofidonline.com”. After Mofid, Nahayatnegar with 8% of trades is the second best company in online trading. You can see the summary of brokerage firms trading value from March 21, 2011 to August 22, 2011 in the following table: Brokerage Firm

Trade Value Online

Normal

Other

Total Value (USD)

Percent

4.54%

1,246,678,828

6.21%

693,231,285

20.91%

1,090,097,259

6.39%

8,222,968

0.25%

1,032,515,501

3.34%

351,167,202

10.59%

878,045,652

5.43% 5.15% 4.38%

409,735,539

2.60%

459,460,302

13.86%

876,385,633

0.00%

146,991,304

0.93%

689,644,329

20.80%

836,637,524

15,427,221

1.59%

467,690,076

2.96%

286,879,112

8.65%

769,996,314

4.37% 4.17% 3.84%

79,522,306

8.17%

636,458,034

4.03%

0

0.00%

715,980,340

3.57%

321,739

0.03%

538,364,461

3.41%

51,517,958

1.55%

590,204,159

2.94%

24,785,917

2.55%

304,976,181

1.93%

247,552,268

7.47%

577,314,367

2.88%

Other

479,979,868

49.34%

10,592,357,278

67.15%

377,376,843

11.38%

11,449,714,272

57.07%

Total

972,801,418

100%

15,775,050,756

100%

3,315,717,675

100%

20,063,569,849

100%

Mofid Behgozin Kaspian Khobregan Hafez Rahnama Saderat Bank Nahayatnegar Mellat Bank Bahman

Value (USD)

Percent

Value (USD)

Percent

Value (USD)

Percent

345,179,395

35.48%

750,834,121

4.76%

150,665,406

4,008,318

0.41%

392,857,656

2.49%

16,361,815

1.68%

1,007,930,718

23,157

0.00%

526,855,388

7,189,792

0.74%

1,890

www.emofid.com 

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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News | Gold Coin Futures Transactions Volume Hits a new Record August 29, 2011

In the wake of the unprecedented welcome of the market participants and traders to the futures contracts of Bahar-e-Azadi gold coin, a new record in volume of transactions hit the market for the second time. As per report of the Public Relations and International Affairs of IME, the trading floor on Wednesday 24 August 2011, amassed with traders and the clients behind the floor, witnessed the total volume of trades in gold coin futures contracts as 13077 trades shown on the exchange screen worth 768 billion rials ( 72 million USD). The report adds that according to the contract specification the contract size is ten coins equivalent to1/4 one troy ounce. The previous record was registered on Tuesday August 10, 2011 with total volume of 10508 trades worth 50 million USD.

Iran Starts Crude Transaction in Kish Oil Bourse August 20, 2011

TEHRAN (FNA)- Iran started transaction of crude in the country’s international oil bourse on the Persian Gulf island of Kish after the first shipment of Iranian crude oil was sold through the bourse. Mohammad Reza Khajenasiri, the chief supervisor of bourses and markets in Iran’s Bourse Organization, said that a shipment of 500,000 barrels of heavy crude oil were offered at the Kish Commodity Exchange on Thursday and were traded at $105.49 per barrel. The crude consignment was traded “without any discount or additional premium,” he stressed. Iran started fuel oil transactions in the Kish Oil Bourse early June. Some 35,000 tons of fuel oil was offered on the international trade hall of the Iranian Mercantile Exchange in the Persian Gulf island of Kish on the day. The base price for fuel oil was 621.35 dollar per ton and payment was made through Euro or Dirham accounts overseas under the supervision of the National Iranian Oil Company. Iran, having the world’s second largest oil and gas reserves, is trying to play a more active role in oil and petrochemical transactions in international markets. Recently Iran started offering gasoline in the Kish Island Oil Bourse. The Islamic Republic launched the first phase of the oil stock exchange on Kish Island for trade in crude and petrochemical products on February 17, 2008, and successfully managed to make the second phase operational in late 2009. www.emofid.com 

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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News | Tehran Stock Exchange: Offers Bank Pasargard (BPI) to Public August 16, 2011

Trading on Bank Pasargad’s equity shares was started on Tehran Stock Exchange for first time after listing. At the first day, 122 Million equity shares of BPI (as 9th listed Bank) were traded at the price of IRR 2,106 (0.20 USD) with the total value of IRR 257 billion (24.4 USD million). “Today, Pasargad Bank was listed as ninth bank in TSE. So far, 6 private banks and three state banks, including Bank Saderat, Bank Mellat and Bank Tejarat in line of privatization programs, have been offered in the Exchange” Dr. Hassan Ghalibaf Asl, CEO of TSE, stated in an inaugural ceremony. He added, “with regard to the price of 2,106 Rials per share, the market value of BPI reached 5.7 thousand billion Rial that is the largest value in the banking industry in TSE.” BPI is a major Iranian bank which offers retail, commercial and investment banking services. The company was established in 2005 as a part of the government’s privatization of the banking system. While established in Tehran, the bank operates throughout the country with 2930 employees and 269 branches. The bank is currently the fastest growing bank in Iran and is the fifth largest in the country. In 2010, The Banker Magazine rated BPI among the top “1000 banks in the world”, ranking 435th overall. The Bank is also on The Banker’s list of the top 500 Islamic financial institutions.

Tehran bourse moves towards options launch August 5, 2011

Iran’s bourse plans to expand its fledgling derivatives market by launching options in the coming months despite the cold shoulder traders have given to single stock futures. Tehran Stock Exchange, whose operations are limited mostly to stocks, warrants and bonds, introduced single stock futures in July 2010 to help diversify, vowing to add options and stock index futures as next steps in the development of the country’s capital markets. Bourse officials have promised to launch the options by October but market analysts say the introduction could be delayed to the end of this year. Soudabeh Einali, a senior official in the exchange’s research and development department, said www.emofid.com 

Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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News | final preparations were under way to meet the deadline. Her department is in charge of regulating options, which are to be approved by the Securities and Exchange Organization, which also supervises the exchange. No time frame is set for the launch of stock index futures. Traders suspect it could be next year.

IMF praises Iran on regulatory reforms August 3, 2011

The IMF has praised Iranian authorities for progressing financial sector reforms and improving economic indicators, despite sanctions on the country and its increasing political isolation. In a report published on Wednesday, the International Monetary Fund says Iran’s financial sector has “undergone major transformations in the last two years”. The IMF says four government-owned banks were privatized and listed on the Tehran Stock Exchange while the Iranian central bank began supervising about 1,700 credit cooperatives. It says Iran needs to ensure its private banks have better capital adequacy ratios because of “the intrinsic volatility” of the country’s economy. The IMF says Iran has progressed corporate disclosure reforms and increased the central bank’s powers but that more still needs to be done. “It was critical that the central bank be given full autonomy to exercise its prompt enforcement powers (cease-and-desist), which are currently limited.” It says “intensified loan collection efforts” in Iran have brought the percentage of non-performing loans from 24.5 per cent of the total loan portfolio in January 2010 to 13.5 per cent in March 2011. The fund is positive about Iran’s medium-term outlook. “On the strength of high oil prices and expected efficiency gains resulting from the domestic subsidy reform, growth is expected to rebound to about 4.5 per cent in the medium term.” But in the same report, representatives from IMF member states have raised concerns about the impact of sanctions on Iran’s ability to meet payments and settlements under the international monetary system. The report says Iran’s main challenge is to grow its market-based economy while controlling inflation and maintaining stability. “Large scale subsidies and inefficiencies have limited Iran’s ability to further develop its non-oil economy. Iran’s total factor productivity growth has been low, and its energy-intensiveness increased in recent years.

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Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

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Iran Market Reporter 04