ISSUE 2 VOLUME 1 June 2011

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IRAN MARKET REPORTER is produced by Mofid Securities Company and distributed electronically via email. 2011 All rights reserved. Contact Person: M. Seifollahi Tel: 0098 (0)21 8190 1165 Fax: 0098 (0)21 8190 1022 Email: seifollahi@emofid.com Www.emofid.com

IRAN

ADDRESSING THE NEEDS OF INDIVIDUAL INVESTORS

Market Reporter
4

Content
IRANsEconomyOverview2
Key statistics of last three years of Irans economy along with the latest price indices reported by Central Bank of Iran (CBI) are presented under this topic.

Market Summary

Tehran Stock Exchange and Iran Mercantile exchange performances during the last month are shown in this section along with six tables of the best and worst companies of June.

Mofid Funds Summary

Mofid Funds updated information are presented on this page.

The Central Bank of Iran (CBI) was established in 1960 (1339 Shamsi year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country.

News

Most important news regarding Iran capital market are presented in this section.
IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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IRANs Economy Overview

Key Statistics:
2010
GDP (PPP) ($Billion) GDP (official exchange rate) GDP - real growth rate GDP - per capita (PPP) Labor force (Million) Unemployment rate Investment (gross fixed) Public debt Inflation rate Stock of narrow money ($Billion) Stock of broad money ($Billion) Industrial production growth rate (excluding oil) Electricity - production Oil - production Oil - exports Natural gas - production Natural gas - exports Current account balance ($Billion) Exports ($Billion) Imports ($Billion) Reserves of foreign exchange and gold ($Billion) Debt external ($Billion) Stock of direct foreign investment - at home ($Billion) Exchange rates: Iranian Rials (IRR) per USD 9.76 78.69 58.97 75.06 12.84 16.82 10,308.2 2.4 million bbl/day 200 billion cu m 5.4 billion cu m 1.913 69.04 58.97 81.31 12.63 15.13 9,864.3 9,142.8 96.56 116.3 billion cu m 4.246 billion cu m 818.7 357.2 1% $10,600 25.7 14.6% 27.6% of GDP 16.2% of GDP 11.8% 50.37 167.4 4.3% 212.8 billion Kwh 4.172 million bbl/day 16.8% of GDP 13.5% 47.74 147.2 11.8% 10.3% 0.1% $10,700 1% $10,800

2009
810.3

2008
809.8

* The current exchange rate of IRR per USD (June 25, 2011) is 10,859
IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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Price Indices: *

In the following tables you can find the Consumer Price Index and Producer Price Index for the first month of Shamsi calendar in Iran (Farvardin) which represents March 21, 2011 to April 20, 2011.
CPI General index Food and beverage Cloth and foot wear Housing, water, electricity, gas and other fuels Index value in Farvardin 1390 (Mar 21 Apr 20) 256.1 293.6 217.9 262.5 Compared to previous month % 0.8 1.7 0.6 0.3 Compared to similar month in previous year % 19.7 25.3 15.5 16.5 Period of last 12 months compared to previous period % 13.2 17.2 12.2 8.2 Period of last 12 months compared to previous period % 18.9 13.2 26.6 11.9

PPI General index Agriculture, hunting, forestry, fishing Manufacturing Services

Index value in Farvardin 1390 (Mar 21 Apr 20) 262.5 241.7 298.3 220.3

Compared to last month % 3.5 0.2 5.4 2.1

Similar month in last year % 37.7 16.4 65 13.6

* Reference: Central Bank Of the Islamic Republic of Iran (www.cbi.ir)

IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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Market Summary
Tehran Stock Exchange (May 25 - June 25)
TEPIX TEDPIX 50 most active symbols Industrial companies index Value of index 25,023.5 101,809 1,218.3 19,344.6 High 25,2918 102,901 1,227.4 19,650.2 Low 24,600.5 100,089 1,183.54 18,892.41 Average 25,102.26 102,132.41 1,214.44 19,407.97 Compared to last month % (1.06) (1.06) (0.43) (0.73) Compare to last year % 72.7 72.7 91.44 74.19

TEHRAN STOCK EXCHANGE: 5 YEAR STATISTICAL COMPARISON

YTD 2011

Number of Companies Market Capitalization (US$*) Total Vol.-Stocks (US$*) Total Vol.-Stocks (# Shares*) Avg. Daily Vol.-Stocks (US$*) Avg. Daily Vol.-Stocks (# Shares*) Total Vol.-Bonds (US$*) Total Vol.-Bonds (# Shares*) Avg. Daily Vol.-Bonds (US$*) Avg. Daily Vol.-Bonds (# Shares*) Total Vol.-Other (US$*) Total Vol.-Other(# Shares*) Avg. Daily Vol.-Other (US$*) Avg. Daily Vol.-Other (# Shares*) Monthly Avg. Turnover Ratio Index Currency/US$ * in Millions

364 113424.495 9109.8534 30280.3831 116.793 388.21 0 0 0 0 31.5725 0.0086 0.5638 0.0002 0.0161 102227 10859

2010 369 86597.799 19140.922 96563.223 78.7692 397.3795 0 0 0 0 5.8218 0.0024 0.1323 0.0001 0.0184 76713 10364

2009 364 63298.808 17061.355 79949.622 71.089 333.1234 0.5783 0.0063 0 0 0 0 0 0 0.0225 45598 9868

2008 356 49040.085 15381.762 47955.074 63.561 198.1615 10.1773 0.096 0.0702 0.0007 0 0 0 0 0.0261 34653 9825

2007 422 45573.815 8274.1185 24213.087 34.7652 101.7357 37.9566 0.3754 0.1595 0.0016 0 0 0 0 0.0151 34399.42 9282

IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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Best and Worst:

In this section some detailed information about the best and worst companies of the month (As of June 25, 2011) are presented:

10 Top Gainers
Company Rights issue of Iran Transfo Lorestan Candy Sugar Rights issue of Mapna Group Rights issue of Sina Tile Bafgh Mining Company Neyshabour Candy Sugar Shahroud Sugar Shirin Candy Sugar Pars Company Polyacril Iran Corp Company Esfahan's Mobarakeh Steel Co Ghadir Investment Co Saipa Corporation
Rights issue of Esfahan's Mobarakeh Steel Co

10 Top Losers
Change % 379.70 348.69 99.10 58.93 49.45 32.21 31.93 28.14 24.28 22.22 Last price 3092 4010 2523 1990 2616 1898 2831 15703 1498 2578 Company
Rights issue of Shahroud cement Rights issue of Iran Carton Co

Last price 4797 11291 1991 1869 49127 1531 2103 2486 4473 550

Technotar Eng Co. Soufian Cement IRI Shipping Lines Kerman Femo Henkel Pakvash
Rights issue of Saipa Investment Co

ITMC Rights issue of Sina Bank

Last price 1131 468 1431 1189 1090 489 3098 1498 1283 1853 Last price 1990 3092 3092 3192 12998 4010 16418 2523 2616 11091 Last price 1349 1809 3074 1157 12628 1153 1493 1639 9161 2517

Change % (62.30) (41.50) (21.97) (21.83) (21.19) (20.36) (20.03) (20.02) (19.71) (19.43) Value
(Million Rials)

10 Top Most Actives (Volume)

10 Top Most Actives (Value)

Company
Rights issue of Esfahan's Mobarakeh Steel Co

Bahman Group Iran Marine Industrial Co Zamyad Co National Iranian Copper Co Rights issue of Saipa Investment Co Saipa Investment Co

National Iranian Copper Co Esfahan's Mobarakeh Steel Co Parsian Bank GolGohar Iron Ore Co Ghadir Investment Co Kharg Petrochemical Co Saipa Corporation Bahman Group Calcimin

1,100,937 973,766 779,304 744,809 728,580 595,615 529,132 405,725 343,899 332,805

Highest P/E*
Company Kaavian Steel Co Shahdiran Inc Tajhiz Niroye ZANGAN co Indamin Mehrcam Pars Co Mehvarsazan Co Bafgh Mining Company Iran Tractor Forging Co Iran Lime Stone Saipa Glass * Forecasted EPS Last price 4128 1056 706 1018 791 788 49127 1485 4951 1176 P/E* 1376 528 353 145.43 113 98.5 56.21 45 42.68 39.2

Lowes P/E*
Company Plastiran manufacturing co Iran Tire Co Iran Carburetter Co Electric Khodro Shargh Co Damloran Razak Pharmacy Co Mashhad Wheel Manufacture Nilou Tile Co Sahand Rubber Industries Co Kontor Sazi Iran Saipa Glass P/E* 0.67 2.33 2.83 2.97 3 3.29 3.36 3.49 3.51 3.51

IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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Iran Mercantile Exchange (May 25 - June 25)

Traded commodities during the last month in the Export Ring of IME are listed in the following table. Export Ring is the exchange trading ring for the commodities the target of which is the international market.

Goods Name

Producer

Price Quantity (USD) (MT)

1297 2500 1000 1500 3650 2000 32520 6500 1100 3000 518 2000 2000 20830 2000 1000 120 2000 1000 100 35000 5000 52600 7250 560 500 35000 1500 7100 5500 1000 2000

Total Price

Date

Type

BASE OIL SN650 TEHRAN IRANOL Co.

3242500 5/25/2011 OIL & Petrochemical 555000 5/29/2011 OIL & Petrochemical 832500 5/29/2011 OIL & Petrochemical 1879750 5/31/2011 OIL & Petrochemical 1040000 5/31/2011 OIL & Petrochemical 16747800 5/31/2011 OIL & Petrochemical 3607500 5/31/2011 OIL & Petrochemical 610500 5/31/2011 OIL & Petrochemical 3930000 6/6/2011 OIL & Petrochemical 496244 6/6/2011 OIL & Petrochemical

BITUMEN 4050 BANDAR ABBAS PASARGAD OIL Co. 555 BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 555 BETUMIN 85100 JAY OIL REFINING Co. BETUMIN 85100 NEGIN FAKHR Co. BITUMEN 6070 JAY OIL REFINING Co. 515 520 515

BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 555 BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 555 BASE OIL SN650 TEHRAN IRANOL Co. HEAVY SLACK WAX 40
TEHRAN IRANOL Co.

1310 958 515 515 520 520 520 520 667.41 515 500 500 626.8

BETUMIN 85100 JAY OIL REFINING Co. BITUMEN 6070 JAY OIL REFINING Co. BITUMEN 6070 TEHRAN PASARGAD OIL Co. BITUMEN 6070 TABRIZ PASARGAD OIL Co. BITUMEN 6070 NEGIN FAKHR Co. BITUMEN 6070 TABRIZ PASARGAD OIL Co. HSFO 380
Bandarabbas oil refining co

1030000 6/7/2011 OIL & Petrochemical 1110000 6/7/2011 OIL & Petrochemical 10727450 6/7/2011 OIL & Petrochemical 1110000 6/7/2011 OIL & Petrochemical 520000 62400 6/7/2011 OIL & Petrochemical 6/7/2011 OIL & Petrochemical

BITUMEN 4050 BANDAR ABBAS PASARGAD OIL Co. 555 BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 555

1040000 6/14/2011 OIL & Petrochemical 555000 6/14/2011 OIL & Petrochemical 52000 6/14/2011 OIL & Petrochemical 23359350 6/14/2011 OIL & Petrochemical 2725000 6/19/2011 OIL & Petrochemical 27089000 6/19/2011 OIL & Petrochemical 3951250 6/19/2011 OIL & Petrochemical 280000 6/19/2011 OIL & Petrochemical 250000 6/19/2011 OIL & Petrochemical 21938000 6/21/2011 OIL & Petrochemical 817500 6/22/2011 OIL & Petrochemical 3869500 6/22/2011 OIL & Petrochemical 2997500 6/22/2011 OIL & Petrochemical 535000 6/22/2011 OIL & Petrochemical 1000000 6/22/2011 OIL & Petrochemical

BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 555

BITUMEN 4050 BANDAR ABBAS PASARGAD OIL Co. 545 BITUMEN 6070 JAY OIL REFINING Co. BITUMEN 6070 TEHRAN PASARGAD OIL Co. BITUMEN 6070 TABRIZ PASARGAD OIL Co. HSFO 380
Bandarabbas oil refining co

BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 545

BITUMEN 4050 BANDAR ABBAS PASARGAD OIL Co. 545 BITUMEN 4050 BANDAR ABBAS PASARGAD OIL Co. 545 BITUMEN 6070 BANDAR ABBAS PASARGAD OIL Co. 545 BITUMEN 6070 PASARGAD OIL Co. BITUMEN 6070 ARAK PASARGAD OIL Co.
IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

535 500

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Mofid Funds Summary

Pishtaz Mutual Fund
Inception date Asset under management as of June
25, 2011 (IR Rials)

May 9, 2008
187,918,446,533

Pishtaz NAV (Since Inception)

5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000

YTD Performance as of June 25, 2011 1 Year Average Monthly Return (Since Inception) Life NAV as of June 25, 2011 (IR Rials) (High) 12 Month (Low)

37.06% 73.37% 8.37% 318.90%

2,000,000 1,500,000 1,000,000 09/05/2008 09/12/2008 09/07/2009 09/02/2010 09/09/2010 09/04/2011

4,189,019
4,523,502 2,358,426

Momtaz Mutual Fund

Inception date Asset under management as of
June 25, 2011 (IR Rials)

February 16, 2010 690,003,991,317

2,400,000 2,200,000 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000,000

Momtaz NAV (Since Inception)

YTD Performance as of June 25, 2011 1 Year Average Monthly Return (Since Inception) Life NAV as of June 25, 2011 (IR Rials) (High) 12 Month (Low)

33.33% 69.21% 6.53 % 108.85% 2,080,777 2,214,857 1,217,119

16/01/2010

16/07/2010

16/01/2011

Pishro Mutual Fund

Inception date Asset under management as of June
25, 2011 (IR Rials)

April 20, 2011

481,623,462,693

Pishro NAV (Since Inception)

1,040,000 1,020,000 1,000,000 980,000 960,000 940,000 920,000 900,000 4/20/2011 5/20/2011 6/20/2011

YTD Performance as of June 25, 2011 1 Year Average Monthly Return (Since Inception) Life NAV as of June 25, 2011 (IR Rials) (High) 12 Month (Low)

-0.54% 1.73% -0.24% -0.54%

995,603
1,018,609 945,273

The current exchange rate of IRR per USD (June 25, 2011) is 10,859
IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com

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News
Tehran Stock Exchange to Launch Options Market
2011.6.26 Ali Sangenian, TSE's deputy announced introducing equities options contracts as the most important implementing plan at the Exchange, which will be occurred until the end of summer 2011. Ali Sangenian, TSE's deputy announced introducing equities options contracts as the most important implementing plan at the Exchange, which will be occurred until the end of summer 2011. He also noted that arrangements are under process for launching new futures contracts based on TSE's 30 blue-chip portfolio. Besides, TSE's authority reported about the Exchange's proposal to the Iranian Securities and Exchange Organization (SEO) for establishing currency futures and gold ETFs markets. The proposal is being inspected by the regulators before ratification. USDs but the seller stood firm on the selling price, then the bid prices got closer to the ask price and at the end the ask price was reduced by 1USD and the whole lot of the shipment was purchased at 667.41 USDs. The final destination of the traded fuel oil is port of Fujairah, UAE to be delivered early July 2011. Therefore by transaction of this consignment the Iran Oil Bourse took one step forward toward full-fledged operation. The last stride for materialization of Oil Bourse shall be taken by offer of crude oil in IME in the near future. According to the NIOC managing director the crude oil is scheduled to come on stream in the exchange by the end of the Iranian month of Khordad ( June 21) while the admission of crude oil was carried out early this week and the required hardware and soft wares preparations have been made and are in place for perfect operation.

Tehran stock Exchange held the first IPO Summit in Tehran

2011.6.12 The first IPO Summit entitled "National Conference on listing of companies in Stock Exchange; opportunities and benefits " was held by Tehran stock Exchange on 24 May 2011, at Milad Tower, in Tehran. The delegates of more than 500 leading Iranian companies, Minister of Finance and Economic Affairs, President of Chamber of Industries and Mines, President of Securities and Exchange organization and directors of Tehran Stock Exchange and Farabourse Exchange (OTC Market) participated and gave speeches in this event. The summit was a key opportunity for investment experts, companies'' directors, regulators and market leaders to discuss on the new regulatory standards and advantages of listing, macroeconomic issues affecting IPOs, changes of the finance system in the country, the role of stock exchange in financing activity in the country. The specialized panel also answered the main questions of audience on the related issues.

The first exchanged-traded exporting shipment of Fuel Oil traded in IME

2011.6.14 The first export shipment of fuel oil was traded in the Kish international trading flour of the Iran Mercantile Exchange. According to the International & Public relations of IME, the transaction was directly monitored and watched by Eng. Ghalebani the managing director of the National Iranian Oil Company, Dr. Salehabadi, the president of the Securities and Exchange Organization, Eng. Hashemian the Managing Director and CEO of the IME and top managers of the NIOC. The quantity traded via open outcry trading system was 35000 MT offered by thee Bandar Abbas Refining Company at the price of 668.41 USDs FOB Bandar Abbas port on Persian Gulf. Four international buyers and refiners bid their prices via their brokers in the electronic trading system during the trading session. The report adds the buyers started to bid at 600
IRAN Market Reporter - June 2011 (Issue 2, Vol. 1) www.emofid.com