Iran Market

ADDRESSING THE NEEDS OF INVESTORS

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

----------------------- Reporter

VOluME 2 ISSuE 1 JANuARy 2012

Top Ranked 2010

The First Ranked Broker in 2007, 2008, 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

Contents
3 6
Overview
This month, we take a look at the changes in interest rates and exchange rates and their effects on TSEs main index (TEDFIX). And also a proper look at major sectors such as Banking and Basic Metals.

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Special Report
Pouya Finance Company (PFC) one of the best IT companies active in Iran capital market has recently launched their new product, Bourseview.com, which provides market information in favorite formats to meet domestic and international investors needs.

Stock
Trade Value and Volume of TSE rose by 26 and 55 percent in January as investors are regaining their confidence in the stock market. Pasargad Bank -one of the most liquid shares of the marketmanaged to almost double its trading volume during January.

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Fund
Momtaz, Pishro and Pishtaz all three managed by Mofid- are among the top 10 best mutual funds of January.

Commodity
Although, the value of commodities traded on the IME rose by 11 percent in January compared to the previous month, the export ring trade value did not change significantly. As sugar starts to be traded on the IME, agricultural rings trade value rose by more than 60 percent during last month.

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2

News
This section provides the most important news on Iran capital market specially exchanges for the month of January.

The Grand Bazaar is a historical market situated in the capital of Iran, Tehran. A bazaar is a type of marketplace, although many - such as Tehrans Grand bazaar - fulfill many additional functions rather than merely trade. Throughout its history, the Grand bazaar has played host to banks and financiers, mosques and guest houses. en.emofid.com

Iran Market Reporter No. 9 Jan 2012 ( Issue 1, Vol. 2)

Overview
TSE All Share Index (TEDPIX) rose as much as 6.5 percent in the first month of 2012; capping the best performance in ten months. Though non-economic factors once again made the market volatile, the consequences especially in the banking sector eventually pushed the index higher. Furthermore, the improvement in the global financial markets positively affected the large-cap Basic Metals which also helped to offset some effects of psychological factors. is said that high level of liquidity is likely to be the main reason behind the recent volatility. So the decision was said to be necessary in order to direct liquidity back to the banks deposits. On Jan 25, and after the president approved the CMCs act, the Central Bank of Iran (CBI) notified the banks about the new package of monetary policies of which paved the way to raise interest rates on five years deposits up to 20 percent. Rates on one year deposits raised to 17 percent and the CBI let the banks compete on rates between these two durations.

CBI Fixes Exchange Rate at 12260

Later this month, the CBI decided to set the official exchange rate of the USD at 12260 Rials. Now, the exchanges are allowed to make transactions in a band of 3 to 5 percent higher or lower from the official rate. The limit for hard currency is set at 1 percent. All decisions welcomed by the markets as they now expect lower volatility in asset prices.

Non-inflationary Growth in Housing Sector CMC Raises Interest Rate

In January, and in response to volatility, the authority took new actions to fully ensure stability and regularity in the local markets. Notably, on Jan 11 the Credit and Money Council (CMC) decided to raise interest rates. The CMC, which is responsible for setting monetary policies, announced that the interest rates should be set above the inflation. It
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Normal growth in other sectors of the economy also helped investors, especially those with high-risk profile, choose stocks among other asset classes. Private reports from the housing sector show that prices increased by 20 percent from March to September from the same period last year. Nevertheless, the increase has been in line with inflation rate. Housing policies in recent years, of which stimulate the supply side, probably helped reduce speculations
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Iran Market Reporter No. 9 Jan 2012 ( Issue 1, Vol. 2)

Overview
and effectively prevent prices to unreasonably if it takes the money back and helps the banks go higher. to recapitalize and start to make loans, could result in a better business environment.

Markets Warmly Welcome Higher Interest Rates

Banks Get the Long-Awaited Package

As it was expected, the banking sector was the first to attract investors who bet that the higher rates would eventually be reflected in the banks revenues. The rate increase was highly anticipated much earlier, mostly because of the inflationary pleasures, though other factors made it unavoidable. On January 4, just after the rate increase announcement by the CMC, investors rushed to buy stocks of the banks and continued to buy in the following days. The index of banks rose 7.0 percent in January to become the third best performing among the main TSE sectors.

In January, the TEDPIX advanced in every week, touching 26,000 level for the first time in three months. Regardless of the level of uncertainty, the volatility in the other markets prompted actions by the policymakers that some believe it may benefit the economy. Undoubtedly, the most remarkable action was the increase in the interest rates. At first, it may look like a contractionary policy but the headline does not tell the whole story.

In fact, the low interest rates for relatively long period of time resulted in a continuous reduction in the banks deposits; making them unable or reluctant to make commercial The index includes ten banks like Pasargad loans. This may explain why the rate increase, Bank [BPRT1], Mellat Bank [BMLT1],Parsian

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Overview
Bank [BPAR1], and Tejarat Bank [BTEJ1]. Based on the market capitalization, these banks make almost 19 percent (nearly USD 20 billion) of the TSE. the strong dollar. On the other hand, cement industry missed profit estimates while they should face more uncertainty from the housing market and infrastructure projects. Vehicles declined as the speculations about any immediate price increase cooled. At the same time auto industry tries to get official support to reduce the costs of imported materials. Earlier this month, the CBI signaled that it may eliminate the role of currency exchanges for the industry as they were accused of charging unreal prices in transactions.

Basic Metals Take Advantages of Global Prices

As it was mentioned earlier, the improvement in the global markets also contributed to the performance of the stock market. In January, copper prices rose 12.2 percent which, combined with the strengthening USD, helped raw material producers experience higherthan-average increase in their share prices.

Steel producers also rose as the domestic Pharmaceuticals also declined in January. prices of steel bars passed the 10 Million Rials The industry heavily relies on imported mate(820 USD) per ton on Jan 8. The uncertainty rials, so they are still waiting for help to import still remains high as the steel prices are very their needs at a favorable exchange rate. sensitive to the demand side which looks not in a very good shape. Nevertheless, the index of Basic Metals, which accounts for 17 percent of the TSE market cap, rose as much as 16.1 percent.

Other Sectors
TSE listed chemicals meet expectations with 9.3 percent increase in their index. Investors remain optimistic as companies like the Isfahan Oil Ref [PNES1] covered 80 percent of their year-end profit forecasts in just 9 months. However, not all companies in the index of Chemicals were so attractive. There are small producers, like the producers of washing powders, who must wait to get approval for raising prices as they struggle with 10 to 15 increase on imported raw material because of
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Stock | Market Summary

Trade Value (M USD) TSE1 Farabourse2 1 Tehran Stock Exchange
2

Trade Volume (M)

5,096 857

Number of Trades
366,107 141,823

Number of Trading Days

20 20

1,246 478

OTC Market

Tehran Stock Exchange

Value of Index High Low Average Compared to Compared to Compared to last month % last month % last year % (in USD Term)
6.19% 6.68% 3.41% 6.14% 6.10% 6.88% -3.30% -2.86% -5.84% -3.35% -3.38% -2.67% 37.44% 39.97% 24.92% 39.78% 41.77% 39.56%

25,914 25,931 24,324 25,311 TEDPIX1 21,950 21,966 20,526 21,400 TEDPIX (FM) 31,918 31,993 30,615 31,505 TEDPIX (SM) 2 33,312 33,532 31,203 32,632 FFI 20,164 20,167 18,981 19,717 Industry Index 1,584 1,595 1,482 1,550 TEDFIX 30 1 2 TSE Dividend & Price Index (All-share Index) Free Float Index

TEDPIX

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Stock | Gainers & Losers

10 Top Gainers
Symbol PNTB1 GESF1 DADE1 PNES1 ATDM1 Company Sector Refined Petroleum Products Sugar & Byproducts Computer & Related Activities Refined Petroleum Products Investment Companies Investment Companies Motor Vehicles And Auto Parts Metal Ores Mining Banking Basic Metals Last Price
3,964 22,582 4,459 5,022 1,201 2,816 1,569 23,089 1,480 3,074

Change (%)
62.66 48.58 39.91 26.47 24.97 24.93 22.87 21.13 19.64 18.60

Tabriz.Oil.Refine Isfahan Sugar DPI Isf. Oil Ref. Co. Atye Damavand Iranian Investment Inc. Co.1 NMOH1 Nirou Moharreke BAMA1 Bama DAY Bank1 FOLD1 Mobarakeh Steel 1 Listed in Farabourse

10 Top Losers
Symbol KHFZ1 BHSM1 MNMH1 TKSM1 PSIR1 ARDK1 Company Sector Ceramic & Tiles Ceramic & Tiles Machinery & Equipment Ceramic & Tiles Other Non-metallic Mineral Products Other Non-metallic Mineral Products Ceramic & Tiles Ceramic & Tiles Motor Vehicles And Auto Parts Ceramic & Tiles Last Price
1,521 1,378 755 1,420 1,726 7,236 7,458 3,339 521 3,868

Change (%)
-26.34 -26.03 -20.19 -19.46 -19.31 -18.58 -18.54 -18.14 -16.64 -14.73

Hafez Tile Behceram Niromohareke M. Takceram Iran Glass Wool Ardekan Ceramic Marjan Kar1 SINA1 Sina Tile SPDZ1 Saipa Diesel CHIR1 Irana Tile 1 Listed in Farabourse

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Iran Market Reporter No. 9 Jan 2012 ( Issue 1, Vol. 2)

Stock | Most Active

10 Most Active (Value)
Symbol BPAS1 FOLD1 Company Sector Banking Basic Metals Chemicals & By-products Post and Telecommunications Diversified Industrials (Holdings) Basic Metals Sugar & Byproducts Basic Metals Chemicals & By-products Banking Change (%)
0.32 18.60 3.63 5.68 13.82 4.04 10.78 14.75 3.91 6.63

Value (USD)
94,499,368 40,698,876 39,108,251 36,699,125 36,062,239 30,545,545 24,834,803 23,705,588 23,302,179 22,052,038

Pasargad Bank Mobarakeh Steel Marun Petrochemical Co.1 Hamrah-e-Avval (MCI)1 GDIR1 Ghadir Inv. KSIM1 Calcimine GSBE1 Sabet Khorasan MSMI1 I. N. C. Ind. PKHA1 Khark Petr. BPAR1 Parsian Bank 1 Listed in Farabourse

10 Most Active (Volume)

Symbol BPAS1 FOLD1 SDRA1 Company Sector Banking Basic Metals Industrial contracting Banking Investment Companies Banking Diversified Industrials (Holdings) Banking Diversified Industrials (Holdings) Motor Vehicles And Auto Parts Change (%)
0.32 18.60 (2.67) 0.00 5.43 19.64 4.17 6.63 13.82 (9.55)

Volume
587,747,935 172,390,320 139,981,121 138,686,112 134,110,504 116,218,314 104,865,441 101,370,617 97,508,869 89,505,240

Pasargad Bank Mobarakeh Steel SADRA Iran I Bank1 MELT1 Melat Inv. DAY Bank1 MIDCO1 BPAR1 Parsian Bank GDIR1 Ghadir Inv. SIPA1 SAIPA 1 Listed in Farabourse

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Stock | Average P/E

Highest P/E
Sector Post and telecommunications Metal Ores Mining Basic Metals Computer & Related Activities Food Products and Beverages except sugar Average P/E
9.57 9.24 8.90 7.86 6.57

Market Weight
12.12% 8.27% 17.75% 1.51% 1.15%

Lowest P/E
Sector Motor Vehicles And Auto Parts Cement, Lime & plaster Technical & Engineering Services Real Estate And Construction Banking Average P/E
4.46 4.71 4.83 4.86 5.87

Market Weight
5.36% 2.66% 1.89% 1.26% 20.08%

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Fund | All Funds Overview

Top 10 Best Funds (Regarding return rate)
Working Days NAV (Rial) Asset Under Man- Last Month Last 6 Last 12 Since Inception agement (USD)1 (%) Months (%) Months (%) (Compound Return)
2,073,491 2,605,225 1,022,727 3,403,235 6,008,802 10,747,575 829,297 785,516 1,000,873 26,681,913
2

1,136 2,334,733 EN Bank 1,273 4,518,540 Agah 1,248 2,083,092 Pasargad 366 1,351,295 Sina 2 715 2,169,770 Momtaz 287 1,045,961 Pishro2 340 1,180,564 Aghigh 696 1,712,525 Maskan Bank 324 979,297 Omid Sahm 1,363 4,280,031 Pishtaz2 1 USD to Rial exchange rate: 12,260

18.70 12.70 11.90 9.20 9.00 8.80 8.60 8.00 6.70 6.20

-0.40 3.90 -5.70 13.00 6.00 5.70 3.20 10.50 3.40 3.50

5.40 18.60 14.80 35.10 26.60 17.30 24.70

31.30 54.10 23.90 35.00 48.50 4.60 18.10 32.60 -2.10 47.80

Managed by Mofid

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Fund | Pishtaz Mutual Fund

Commentary
January was a relatively good month for the Tehran Stock Exchange. Pishtaz fund advanced 6.2 percent and was ranked the 10th among 61 mutual funds active in Iran capital market for the first month of 2012. Pishtaz has significant positions in Iron Ore companies, copper and steel producers that all did well in January. Many of the natural resource companies, that price there products in hard currencies, have a relatively low P/E ratio of 4 to 5 and we are optimistic about their performance over the next 2 to 5 months.
Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low Pishtaz Mutual Fund
May. 9, 2008 1,363 89,838 6.20% -1.80% 3.50% 24.70% 47.80% 4,280,031 4,489,151 3,431,345

Funds Composition Metal Ores Mining Telecomunication Banking Holding Chemicals & By-products Other Industries en.emofid.com

Weight
13.07 10.74 9.16 8.74 7.85 50.44

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Fund | Momtaz Mutual Fund

Commentary
In January the main index (TEDPIX) advanced 6.2 percent and Momtaz fund advanced 9 percent and was the 5th best performer among 61 mutual funds active in the market. Higher prices of commodities and natural resources as well as depreciation of Rial versus US Dollar were the most important factors that fueled higher prices for stocks of natural resource and commodities companies and contributed to the performance of Momtaz fund. Also anticipations of the year-end annual meetings and dividends distributions over the next 2 to 5 months create a safety net that makes buying at current prices relatively attractive. Momtaz has a net cash position of roughly 10 percent of assets that we plan to put to use over the next 2 month.
Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low Momtaz Mutual Fund
Feb. 16, 2010 715 265,541 9.00% 0.10% 6.00% 26.60% 48.50% 2,169,770 2,230,904 1,714,470

Funds Composition Metal Ores Mining Telecomunication Banking Basic Metals Holding Other Industries
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Weight
17.24 11.95 10.29 8.16 7.74 44.62

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Fund | Pishro Mutual Fund

Commentary
With 8.8 percent return in January Pishro fund ranked 6th among all active mutual funds. Pishro has large positions in Chemicals & byproducts sector. Roughly 10 percent of the fund is invested in Pardis Petrochemical Co (the largest producer of Urea in Iran) which had a remarkable performance in the first month of 2012. Although non-economic factors are very important, we think that the market itself can do relatively well because, we believe, many of the natural resource and basic metal companies are still undervalued and are likely to rise because of the expectations of the yearend annual reports and dividends distributions over the next months.
Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) Pishro Mutual Fund
Apr. 20, 2011 287 172,864 8.80% -0.20% 5.70% 4.60% 1,045,961

Funds Composition Metal Ores Mining Telecomunication Chemicals & By-products Banking Basic Metals Other Industries en.emofid.com

Weight
20.11 11.99 11.15 10.04 9.30 37.41

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Commodity | Summary
Iran Mercantile Exchange
IME total trade value rose by 11 percent in USD terms and 21 percent in Rial terms in the first month of 2012. However, trade value of export ring did not change significantly in compare with the last month. Bitumen was the only commodity traded in export ring during January with around USD 117 million trade value. Agricultural ring is becoming more active as Brazilian sugar starts being traded in this ring. During January Brazilian sugar trade value
Group Industrial Agricultural Oil & Petrochemical Export Ring Oil & Petrochemical Domestic Ring Total

was almost 80 percent of total trade value of agricultural ring with the amount of USD 91 Million. In foreign exchange market, as we discussed in overview section, US dollar experienced irregular volatility during January. Following USD, other FX rates also increased between 9 to 16 percent. Highest increase was for Turkish Lira (TRY) with 16.04 percent while Chinese Yuan (CNY) experienced the lowest increase rate of 9.41 percent.
Percent
55.52% 7.32% 9.35% 27.81% 100.00%

Value (USD)
695,727,791 91,688,943 117,204,224 348,451,322 1,253,072,280

Compared to Last month (USD terms)

6.93% 64.22% 0.11% 13.40% 10.64%

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Commodity |
Iranian Rial Exchange Rate (As of January 31)1
Code Currency in IRR Hight
12,260 USD United States Dollar 19,292 GBP Pound Sterling 13,420 CHF Swiss Franc 3,338 AED United Arab Emirates Dirham 44,192 KWD Kuwaiti Dinar 16,084 JPY100 Japanese Yen 31,833 HKD Hong Kong Dollar 12,248 OMR Omani Rial 6,873 CAD Canadian Dollar 3,367 TRY Turkish Lira 3,269 QAR Qatar Riyal 32,511 SAR Saudi Riyal 1,941 BHD Bahrain Dinar 4,026 CNY Chinese Yuan 10,905 MYR Malaysian ringgit 16,174 EUR Euro 1 Official rates according to Central Bank of Iran (CBI)

Exchange Rate

Low
11,164 17,248 11,758 3,040 40,073 14,507 28,996 10,904 5,919 3,067 2,978 29,614 1,774 3,522 9,631 14,272

Compared to Last Month (%)

9.82% 11.26% 12.74% 9.80% 10.28% 10.87% 9.78% 12.03% 16.04% 9.78% 9.77% 9.78% 9.41% 14.31% 13.23% 11.81%

12,260 19,292 13,447 3,338 44,192 16,084 31,843 12,248 6,900 3,367 3,270 32,514 1,941 4,030 10,939 16,208

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News
Tehran Stock Exchange value hits $127 billion
January 31, 2012 TEHRAN TIMES: The Tehran Exchange Markets value has reached some 1,260 trillion rials (around $103 billion), the Securities and Exchange Organizations director announced here on Sunday. Taking the over-the-counter market into account, the capital market value stands at 1,560 trillion Rials (some $127 billion), the IRNA news agency quoted Ali Saleh Abadi as saying. Tehran Stock Exchanges main index (TEDPIX) rose 10.4 this year, compared with last Iranian calendar year, he added. While the stock markets of the Middle East and North Africa region saw a very poor year in 2011, Tehran Stock Exchange experienced an unprecedented growth of 30 percent, leading the financial markets of the region, a report by the Economist said. The report entitled Business Middle East: January 16th 2012 noted that Irans stock market flourished in 2011, while most of other stock markets of the region experienced negative growth.

Tehran Stock Exchange Revised TEDFIX 30 Index

January 22, 2012 TSE: Tehran Stock Exchange announced the following index changes as a result of the quarterly TEDFIX 30 Index revision. These changes have been effective since the markets opening on December 24, 2011. Index components are selected according to the market capitalization and liquidity criteria. Thus, 100 large cap companies are listed on descending basis, and 30 companies mee ng the following requirements: The TEDFIX 30 is a total return index weight- 1. It is at least 3 months since they have been listed and traded at TSE. ed by free-float market capitalization that measures the performance of 30 most traded 2. Their monthly value traded in the last 6 stocks listed on Tehran Stock Exchange (TSE). months ended the revision date exceeds 25% In this revision, Pasargad Bank and Ansar Bank of average monthly value traded of 100 large companies in this period. were added to and North Drilling Co. and 3. Free floats share is at least 10%. National Investment Company of Iran were removed from the index. Quarterly Index Reviews are designed to ensure that the indices continue to be an
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News
accurate reflection of the evolving equity marketplace. Free floats used in calcula on of TEDFIX 30 are revised quarterly on the third Wednesday of the last month of every quarter. The index is calculated as a total return index (price and dividend). The base date for TEFIX 30 is 23/8/2010 and the base level is 1000. The following are the companies listed in TEDFIX30 in the third quarter of the Iranian year 1390.
Name 1 2 3 4 5 6 7 8 9 10 11 12 MKBT MSMI FOLD BPAS GDIR GOLG CHML BPAR BMLT BTEJ NOVN KSIM Iran Telecommunications National Copper Industries Isfahan Mobarakeh Steel Pasargad Bank Ghadir Investment Gol-E-Gohar Iron Ore Chadormalu Mineral & Ind. Bank Parsian Bank Mellat Tejarat Bank EN Bank Calcimine 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 BSDR MAPN SIPA SAND IKCO FKHZ PKHX PESF MADN BANS KRAF VSIN PFAN BHMN TBEH NBEH SSAP TMEL Saderat Bank MAPNA Saipa Civil Pension Fund Investment Iran Khodro Industrial Group Khouzestan Steel Khark Petrochemical Esfahan Oil Refining Mines & Metals Development Inv. Ansar Bank Karafarin Bank Sina Bank Fanavaran Petrochemical Bahman Group Behshahr Industrial Dev. Behran Oil Saipa Investment Tose-e Melli Group Investment

Companies listing and delisting in TEDFIX30 do not in any way reflect an opinion on the investment merits. To get more information on each symbol please visit bourseview.com and search the symbol.

Gold Coin Futures Hit a New Record in Value and Volume

January 21, 2012 IME: With a total volume of 30,601 contracts, Gold Coin Futures Contacts hits a new record on Wednesday 11 Jan.
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According to the report of public relations and international affairs, the value of the transactions reached to IRR 2,234 billion, a
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News
new record as well. The report adds: Gold Coin Futures with the due date of June 2012 were the most popular contracts which had a volume equal to 19,240 and the value of IRR 1,439 billion. In the second place were the contracts with the due date of April 2012 which had the volume of 6,145 with the value of more than IRR 441 billion.

Tehran Stock Exchange leads MENA financial markets in 2011

January 18, 2012 TEHRAN TIMES: While the stock markets of the Middle East and North Africa (MENA) region experienced a very poor year in 2011, Tehran Stock Exchange (TSE) has witnessed an unprecedented growth of 30 percent in 2011, leading the financial markets of the region, a report of the Economist Group said. The Economist Group in its new report entitled Business Middle East: January 16th 2012 noted that Iran stock market flourished during 2011, simultaneously most of other stock markets of the region experienced negative growth. With a few unrepresentative exceptions, MENA stock markets had a poor year in 2011, reflecting both the political turbulence across the region and the battering suffered by most global markets as a result of the euro zone crisis and the increasingly bearish outlook for the global economy, the report added. The two outliers were Iraq and Iran, whose main indices both rose by just over 30%. However, the Iraqi performance is distorted by the tiny size of the Baghdad stock market, while the rise in stock prices in Iran was
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heavily influenced by the placement of huge privatization shares, despite international sanctions. Besides Iran and Iraq, Qatar was the only country in the region to witness a rise in the main index, albeit by only 1%. The overall performance was in stark contrast to 2010 when most of the regions markets advanced strongly, with Jordan, Lebanon and Dubai the only ones to drop significantly. Saudi Arabias stock market had another largely disappointing year, despite the strong performance of the economy as a whole, in particular by the non-oil private sector. Elsewhere in the Persian Gulf there was more disappointment in Qatar, Abu Dhabi and Dubai as the MSCI decided in December to maintain its classification of frontier market for these bourses.

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News
Once again in IME Supply of Crude oil
January 16, 2012 IME: Crude oil will be supplied in the IME, frequently from the beginning of the next Iranian year, said the Managing Director of Iran National Oil Company Ahmad Ghalehbani uttered in an interview with SHANA: in the next annual budget the subject of selling the crude oil in IME will be considered, moreover we try to sell crude oil in IME once again this year. The deputy of Oil Minister emphasized that: the allocation of separate budget for supplying of crude oil has been considered in the oil industry budget for the first time. Managing Director of Iran National Oil Company has previously expressed: A lot of sessions have been hold about the resupply of the crude oil in IME with the Securities and Exchange Organization (SEO) and we do our best to have a more active oil exchange and regarding to the previous meetings we have reached to favorable conclusions, in addition we are going to resupply the crude oil in IME after settling down the ongoing problems. Managing Director of IME, Dr. Hossein Panahian has been also expressed in such ground: We are negotiating with the National Oil Company of Iran in order to supply crude oil. Establishment of a completed Oil exchange and expansion of selling petroleum products in such exchange, were within the goals of government and Iranian president Mahmood Ahmadinejad has insisted that development of commodity exchanges is a must for the country.

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Special Report
BourseView.com
Nowadays in financial markets, real-time access to market data is an unavoidable requirement. Obtaining correct information and a proper mental image of what is going on a market can help investors in making optimal decisions. Pouya Finance Company (PFC) with a look at new tools and methods of information technology in the financial market area in the world tries to deliver Irans capital market information in favorite formats to meet investors needs. BourseView.com is designed by PFC in order to deliver TSE and FaraBourses real-time data to help visitors obtain reliable information from the market. Main goals sought by BourseView.com are as follows:

Distinct and fast information delivery Presenting useful charts Creating access to market data at a glance via Market Map Using innovative methods of showing information Versatile and fast filtering among symbols, industries and instruments Customizing pages while keeping Integrity

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Special Report
of all pages Pursuing the goal of attracting international visitors, PFC recently has lunched the English version of BourseView.com. Some features of this website are as follows: Market Watch o In Market Watch section, the investor can select his/her favorite symbols traded in Irans capital market. For each symbol, information such as companys name, number of trades, trade volume, daily chart, trades value, previous day closing price, opening price, todays closing price, high price, low price, market depth (including three best bid and ask prices). o In market watch it is possible to choose

o This part brings a general view of changes in the market during the trading period and after that. All filtering capabilities can be used in this part, too. o The area and color of bubbles in this chart are proportional to the trade volume and price changes respectively. BourseView.com is being developed rapidly and new features are going to be added to the website. Following features are now available in Farsi version and will be soon added to

favorite columns and filter the symbols based on the related industry, instrument and exchanges. Market Map

Bubble Chart

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Special Report
the English version: o In news section, news related to Irans Capital Market, are shown after being uploaded to website of reliable news agencies in Iran. o All announcements published via Codal website are uploaded in news section automatically. Codal is an abbreviation for COmprehensive Data-base of All Listed companies which is responsible for publishing all announcements related to companies listed in exchanges.

News and Alerts

o Data regarding Mutual Funds in Iran are reflected in this section. o Comparison between different funds is possible in versatile periods. o Funds Watch gives a general understanding of the status of funds, including the premier funds on weekly, seasonal and annual basis. o Other Funds details shown are as follows: industries shares in their portfolio, their NAV performance and activity indices, shareholders, issuance and redemption price trends. Pouya Finance is one of the first financial data processing companies specialized in Iran Capital Market. PFC is established and owned by Tadbir Pardaz Computer Group (TPCG) as its main shareholder in September, 2009. Applying TPCGs 11-year valuable expertise and technology in financial markets, Pouya Finance is now a leading company of data dissemination in Iran.

Market Surveillance Messages are published via a toolbar seen on each page of the website. As soon as a message is issued, an alert is shown on the toolbar. By clicking on the alert the messages will be shown. Stock Watch

o This section is developed to deliver important information about a specific companys status. Data shown include: o Real-time information of trades regarding that company o News and codals announcements regarding the company o Information regarding other companies falling in the same industry o Market depth regarding that company

Mutual Funds Data

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Notice
About Mofid
Mofid Securities Company is the leading brokerage firm mainly active in Iran Capital Market. Mofid creates financial products and offers financial services to its clients and investors. Having a qualified and diverse management team enables Mofid to benefit from coupling local knowledge and presence with global expertise. Mofid publishes this newsletter, Iran Market Reporter (IMR), in order to keep its readers updated on the latest news and events of Iran capital market, especially Tehran Stock Exchange (TSE), as well as valuable information for individual and institutional investors. Iran Market Reporter is distributed exclusively via email or hard copy amongst Iranian analysts and potential investors who have worked closely or have been in contact with Mofid Securities Company. Subscription to this newsletter is by referral only or through an online request sent to: imr@emofid.com

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Iran Market Reporter No. 9 Jan 2012 ( Issue 1, Vol. 2)

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Important Notice The contents of this newsletter are for the sole use of the addressee. All content in this file is owned and operated by MOFID SECURITIES COMPANY, and the copying or distribution of this newsletter, internally or externally, is strictly prohibited without the prior written permission and consent of MOFID SECURITIES COMPANY If you wish to distribute the file, please email the Subscriptions Department at imr@emofid.com, providing details of your subscription and the number of recipients you wish to forward or distribute this information to. Disclaimer This material is for information purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any specific securities. All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, MOFID SECURITIES COMPANY accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and MOFID SECURITIES COMPANY makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. This publication does not provide individually tailored investment advice and may not match the financial circumstances of some of its recipients. The securities discussed in this publication may not be suitable for all investors. The value of an investment can go down as well as up. Past performance is no guarantee of future success.

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