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ADDRESSING THE NEEDS OF INDIVIDUAL INVESTORSADDRESSING THE NEEDS OF INDIVIDUAL INVESTORS

Mofid Securities Co.Member of TSE

(Tehran Stock Exchange )

Member of IME

(Iran Mercantile Exchange )

Member of Farabourse

Contact Person: Mr. Seioahit 009821 8190 1165

f 009821 8190 1022e [email protected] www.emoid.comw www.moidkaa.com

IRAN MARKET REPORTER Is prodced by Moid Secrities Co.

Distribted eectronicay via emai.

Top Ranked2010

The First Ranked BrokerThe First Ranked Brokerinin 20072007,, 20082008,, 20092009,, 20102010

Top Mta Fnd Manager inTop Mta Fnd Manager in 20092009

VOluME 1ISSuE 4AuGuST 2011

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2www.emofid.com Iran Market Reporter No. 4 August 2011( Issue 4, Vol. 1 )

Overview

Market Summary 3Tehran Stock Exchange and Iran Faraborse Exchange (OTCMarket) perormances dring Agst are shown in this sec-tion. Whie the trade vae in Faraborse has increased dra-maticay (87%) in compare with the ast month, TSE expe-rienced a sight decrease (25%) in trade vae. It seems thatthe month o Ramadan has aected TEDPIX and ater the Eid

-Fitr we wi have a rise in the market.

Best and Worst 4Banking and investment companies were the most activegrops o TSE dring Agst, with 14 names among 20 mostactives in terms o vae and vome. Tejarat Bank with 43%increase marked the best perormance o banking compa-nies. Index o banking companies incding 10 major nan-cia companies o TSE rose by 9.5% dring Agst.

Funds 7Among 10 best mta nds o Agst Momtaz is the onynd with arge asset nder management. There are 10 ndswith the minimm o 50,000 nits active in TSE.

News 8Crde oi transaction or the rst time on the IME and IPOo Pasargad Bank were the hottest news o Agst. Pasargad

Bank named the argest bank o TSE ater its IPO with totavae o uSD 24.4 miion.Mod Secrities Company is eading the brokerage rms in-dstry with more than 6% o market share, reported by TSEin Agst.

Eid ul-Fitr Prayer in Tehran

Agst 1 2011Eid -Fitr is a Msim hoidaythat marks the end o Ramadan,the Isamic hoy month o ast-ing.

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Trade Value (M USD) Trade Volume (M) Number of Trades Number of Trading Days

TSE* 1,867.56 7,796 391,334 21

Faraborse** 1,097 3,841 158,026 21

* Tehran Stock Exchange ** OTC Market

Tehran Stock Exchange (As of August 30)

Vae oIndex

High low Average Comparedto ast

month %

Compared tolast Month (%)(In uSD Terms)

Compared toast year %

TEDPIX* 25,822 25,822 24,597 25,215 2.83% 2.46% 43.95%

TEDPIX (FM) 21,985 21,985 20,912 21,464 2.58% 2.21% 48.53%

TEDPIX (SM) 30,890 30,890 29,613 30,215 4.70% 4.33% 22.38%

FFI** 33,822 33,822 31,916 32,878 3.96% 3.59% 48.47%

Indstry Index 19,679 19,679 18,770 19,246 1.49% 1.13% 43.83%

* TSE Dividend & Price Index (A-share Index) ** Free Foat Index

TEDPIX

23800

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10 Top Gainers

Company last Price (Ria) Change (%)

Bagh Mining 30,001 88.27

Neyshabor S. 4,145 68.77

Marjan Kar 7,103 56.35

Iran Mn Mines8,775 52.82

Yazd Fod 2,536 47.61

Tejarat Bank 2,223 43.21

Niro Moharreke 1,377 35.92

Marvdasht Sgar 12,224 34.71

Shirin Khorasan 2,739 33.54

EN Bank 4,030 32.92

10 Top Losers

Company last Price (Ria) Change (%)

Sadid Grop 1,373 (16.53)

Asia Bime 3,713 (15.23)

Tidewater 2,696 (13.87)

Iran Transo 6,024 (13.61)

Margarin 1,405 (11.47)

Rena Investment 2,201 (10.42)

Iran Kh. A. M667 (10.23)

Herbicides Prod 3,564 (9.73)

Karoon Cement 2,314 (8.72)

Piazar Agro 3,995 (8.33)

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10 Most Active (Value)

Company Change (%) Vae (uSD)

Saderat Bank 4.01 204,234,541

Pasargad Bank 6.84 191,687,451

Bai Inv. 4.66 109,588,505

Mobarakeh Stee9.78 100,123,896

Khavarmiane Mine -R 0 96,408,318

Karaarin Bank 2.91 84,434,273

Saipa Inv. 11.08 79,486,773

Shahed Inv. -31.03 55,919,048

Iran Tee Co. -0.51 48,982,250

Iran Transo -6.38 43,776,146

10 Most Active (Volume)

Company Change (%) Vome

Bai Inv. 4.66 1,110,274,025

Saderat Bank 4.01 1,097,662,361

Pasargad Bank 6.84 907,047,789

Khavarmiane Mine -R 0 500,000,000

Arian e-Bank -R -8.71 371,373,467

Mobarakeh Stee 9.78 354,443,440

Day Bank11.24 342,222,166

Karaarin Bank 2.91 336,505,730

Saipa Inv. 11.08 288,523,370

Shahed Inv. -31.03 269,640,488

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Highest P/E*

Company last Price(Ria)

P/E Percent o Market Cap

Khoz Stee 8,064 12.78 1.21

Go-E-Gohar 6,604 11.39 2.72

Mobarakeh Stee 3,198 10.84 5.67

Chadorma6,378 9.75 2.63

Iran Tee Co. 3,252 9.59 10.25

Nationa Iranian Copper (I.N.C Ind) 4,972 8.94 5.93

Iran Mobie Tee 45,892 8.21 6.51

Omid Inv. Mng 3,848 8.17 2.64

Meat Bank 2,333 7.99 2.57

EN Bank 3,977 7.94 2.19

*Fitered by companies with more than 1% o market cap

Lowest P/E*Company lastPprice

(Ria)P/E Percent o

Market Cap

Saipa 2,205 4.01 1.58

Pension Fnd 2,589 5.31 1.28

Is. Oi Re. Co. 4,110 5.65 1.18

Khark Petr 17,157 5.7 1.18

Mapna 2,765 5.92 1.9

Ghadir Inv.4,003 6.02 3.3

Parsian Bank 3,391 6.26 2.56

Saderat Bank 1,696 6.4 2.35

Iran Khodro 3,286 6.46 1.42

Tejarat Bank 1,917 6.85 2.31

*Fitered by companies with more than 1% o market cap

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Top 10 Best Funds (Regarding return rate)

WorkingDays

NAV(Rial)

Asset Under Man-agement (M USD)*

Last Month(%)

Last 6 Months(%)

Last 12Months (%)

Since Inception(Compound Return)

Borsiran 777 2,932,898 15,187,335 -0.6 16 46.5 65.8

GanjinehBahman

502 2,002,438 4,679,962 -0.1 13.3 51.4 65.7

Farabi 650 2,431,833 7,725,898 -2.2 15.4 47.8 64.7

Novin 535 2,048,098 3,945,558 1.1 16.3 81.9 63.1

Agah 1122 4,376,379 11,675,803 0.6 11.6 36.7 61.6

Mei 1211 4,790,653 7,106,238 -1.3 14.7 29.6 60.4

Momtaz** 564 2,074,684 49,364,367 1.4 16.1 42.1 60.4

Pishtaz** 1212 4,168,299 13,231,380 0.8 17.5 46.1 53.9

SahmAshena

1229 4,216,717 2,569,471 -1.1 22.5 30.5 53.3

AminKaraarin

657 2,132,831 1,379,868 -0.4 21.1 47.8 52.3

TEDPIX 2.8 19 44A FndsIndex***

0.8 12.6 30.1

* uSD to Ria exchange rate: 10,580 ** Managed by Moid *** Incding 60 Fnds

-5

5

15

25

35

45

55

65

75

85

Borsiran GanjinehBahman

Farabi Novin Agah Mei Momtaz Pishtaz SahmAshena

AminKaraarin

TEDPIX A FndsIndex

Since Inception (Compond Retrn) last 12 Month (%) last 6 Month (%) last Month (%)

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Pishtaz Mutual Fund Momtaz Mutual Fund Pishro Mutual Fund

Inception date May 9, 2008 Febrary 16, 2010 Apri 20, 2011

Asset nder management (IR Rias) 139,988,141,328 522,274,714,685 408,661,567,462

1 Month 0.80% 1.40% 1.50%

6 Months 17.50% 16.10% 4.00%

12 Months 46.10% 42.10% 4.00%

lie (Compond Retrn) 53.90% 60.40% 0.40%NAV (Ria) 4,168,299 2,074,684 1,004,319

12 MonthsHigh 4,458,222 2,182,376 1,004,358

low 2,830,042 1,460,148 933,824

Here is a comparative chart between Nav o Pishtaz Fnd and TEDPIX since the inception date oPishtaz. Yo can see how it has otperormed the main index o TSE dring the past three years.

50

100

150

200

250

300

350

400

450

500

07/05/2008

07/07/2008

07/09/2008

07/11/2008

07/01/2009

07/03/2009

07/05/2009

07/07/2009

07/09/2009

07/11/2009

07/01/2010

07/03/2010

07/05/2010

07/07/2010

07/09/2010

07/11/2010

07/01/2011

07/03/2011

07/05/2011

07/07/2011

Rebased

to1

00

TEDPIX Pishtaz (NAV)

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Iran Mercantile ExchangeToa vae o commodities traded on the IME in Agst, increased by 27% in compare withast month. Export Ring trade vae aso rose by 20% de to its new gest, crde oi. othergrops detai are shown in the oowing tabe:

Grops o Prodct Vae (uSD) Percent

Indstria 727,252,094 60.09%

Agrictra 3,328,170 0.27%

Oi & Petrochemica Export Ring 144,589,206 11.95%

Domestic Ring 335,107,536 27.69%

Minera 0 0.00%

Tota 1,210,277,007 100%

60.09%

0.27%

11.95%

27.69%

0.00% Industrial

Agricultural

Oil & Petrochemical Export

Ring

Ring

Mineral

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In the oowing gre yo can see the market share o brokerage rms active in the IMEregarding their trading vae in Agst.

Brokerage Firm Market Share (%)

Iranian Rial Exchange Rate(As of August 30, 2011)

Code Crrency in Ria Compared to LastMonth (%)

uSD united States Doar 10,580 0.36%

GBP Pond Stering 17,349 0.23%

CHF Swiss Franc 12,931 -3.64%

AED uAE Dirham 2,881 0.38%

KWD Kwaiti Dinar 38,884 0.78%

JPY100 Japanese Yen 13,768 0.25%HKD Hong Kong Doar 1,358 0.37%

OMR Omani Ria 27,479 0.37%

CAD Canadian Doar 10,833 -1.83%

TRY Trkish lira 6,112 -2.10%

QAR Qatar Riya 2,906 0.38%

SAR Sadi Riya 2,821 0.36%

10,500

10,510

10,520

10,530

10,540

10,550

10,560

10,570

10,580

10,590

10,600

USD to IRR

The above graph shows the exchange

rate o united States Doar to Iran Riadring Agst. whie uSD exchangerate rose by 0.36%, CAD decreased by1.83%.Other crrencys rate are shown in thetabe.

17%

10%

10%

8%7%

7%5%

4%

3%

3%

26%

Sepehr Bastan

Khobregan

Mobin Sarmaye

Bahonar

Seavolexkala

Kala Khavarmiane

Shahr

Tosee Saderat Bank

Hafez

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Ater 5 month o the beginning o Shamsi year,

Mod is still the leader o the marketAgst 30, 2011

On the ast day o Agst, TSE reeased the ist o brokerage rms regarding their trading vae dr-

ing ast 5 months. Mod Secrities Company is the rst on this ist with 6.21% o tota trading vae

among 87 brokerage rms. The tota trading vae o the ast 5 months is arond uSD 20,000 miion.

Mod, aso has the best market share o onine trading having more than 35% o the onine trades

done throgh modonine.com. Ater Mod, Nahayatnegar with 8% o trades is the second bestcompany in onine trading. Yo can see the smmary o brokerage rms trading vae rom March

21, 2011 to Agst 22, 2011 in the oowing tabe:

BrokerageFirm

Trade Vae

Onine Norma Other Tota

Vae (uSD) Percent Vae (uSD) Percent Vae (uSD) Percent Vae (uSD) Percent

Mod 345,179,395 35.48% 750,834,121 4.76% 150,665,406 4.54% 1,246,678,828 6.21%

Behgozin 4,008,318 0.41% 392,857,656 2.49% 693,231,285 20.91% 1,090,097,259 5.43%

Kaspian 16,361,815 1.68% 1,007,930,718 6.39% 8,222,968 0.25% 1,032,515,501 5.15%

Khobre-gan

23,157 0.00% 526,855,388 3.34% 351,167,202 10.59% 878,045,652 4.38%

Haez 7,189,792 0.74% 409,735,539 2.60% 459,460,302 13.86% 876,385,633 4.37%

Rahnama 1,890 0.00% 146,991,304 0.93% 689,644,329 20.80% 836,637,524 4.17%

SaderatBank

15,427,221 1.59% 467,690,076 2.96% 286,879,112 8.65% 769,996,314 3.84%

Nahayat-negar

79,522,306 8.17% 636,458,034 4.03% 0 0.00% 715,980,340 3.57%

MeatBank

321,739 0.03% 538,364,461 3.41% 51,517,958 1.55% 590,204,159 2.94%

Bahman 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%

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Gold Coin Futures Transactions Volume Hits a new RecordAgst 29, 2011

In the wake o the nprecedented wecome o the market participants and traders to the tres

contracts o Bahar-e-Azadi god coin, a new record in vome o transactions hit the market or the

second time.

As per report o the Pbic Reations and Internationa Aairs o IME, the trading oor on Wednesday

24 Agst 2011, amassed with traders and the cients behind the oor, witnessed the tota vome o

trades in god coin tres contracts as 13077 trades shown on the exchange screen worth 768 biionrias ( 72 miion uSD).

The report adds that according to the contract specication the contract size is ten coins eqivaent

to1/4 one troy once.

The previos record was registered on Tesday Agst 10, 2011 with tota vome o 10508 trades

worth 50 miion uSD.

Iran Starts Crude Transaction in Kish Oil BourseAgst 20, 2011

TEHRAN (FNA)- Iran started transaction o crde in the contrys internationa oi borse on the Per-

sian G isand o Kish ater the rst shipment o Iranian crde oi was sod throgh the borse.

Mohammad Reza Khajenasiri, the chie spervisor o borses and markets in Irans Borse Organiza-

tion, said that a shipment o 500,000 barres o heavy crde oi were oered at the Kish Commodity

Exchange on Thrsday and were traded at $105.49 per barre.

The crde consignment was traded withot any discont or additiona premim, he stressed.

Iran started e oi transactions in the Kish Oi Borse eary Jne. Some 35,000 tons o e oi was o-

ered on the internationa trade ha o the Iranian Mercantie Exchange in the Persian G isand o

Kish on the day.

The base price or e oi was 621.35 doar per ton and payment was made throgh Ero or Dirham

acconts overseas nder the spervision o the Nationa Iranian Oi Company.

Iran, having the words second argest oi and gas reserves, is trying to pay a more active roe in oi

and petrochemica transactions in internationa markets. Recenty Iran started oering gasoine in

the Kish Isand Oi Borse.

The Isamic Repbic anched the rst phase o the oi stock exchange on Kish Isand or trade in

crde and petrochemica prodcts on Febrary 17, 2008, and sccessy managed to make the sec-

ond phase operationa in ate 2009.

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Tehran Stock Exchange: Ofers Bank Pasargard (BPI) to PublicAgst 16, 2011

Trading on Bank Pasargads eqity shares was started on Tehran Stock Exchange or rst time ater

isting. At the rst day, 122 Miion eqity shares o BPI (as 9th isted Bank) were traded at the price

o IRR 2,106 (0.20 uSD) with the tota vae o IRR 257 biion (24.4 uSD miion).

Today, Pasargad Bank was isted as ninth bank in TSE. So ar, 6 private banks and three state banks,

incding Bank Saderat, Bank Meat and Bank Tejarat in ine o privatization programs, have beenoered in the Exchange Dr. Hassan Ghaiba As, CEO o TSE, stated in an inagra ceremony.

He added, with regard to the price o 2,106 Rias per share, the market vae o BPI reached 5.7

thosand biion Ria that is the argest vae in the banking indstry in TSE.

BPI is a major Iranian bank which oers retai, commercia and investment banking services. The

company was estabished in 2005 as a part o the governments privatization o the banking system.

Whie estabished in Tehran, the bank operates throghot the contry with 2930 empoyees and

269 branches. The bank is crrenty the astest growing bank in Iran and is the th argest in the

contry.

In 2010, The Banker Magazine rated BPI among the top 1000 banks in the word, ranking 435th

overa. The Bank is aso on The Bankers ist o the top 500 Isamic nancia instittions.

Tehran bourse moves towards options launchAgst 5, 2011

Irans borse pans to expand its edging derivatives market by anching options in the coming

months despite the cod shoder traders have given to singe stock tres.

Tehran Stock Exchange, whose operations are imited mosty to stocks, warrants and bonds, intro-

dced singe stock tres in Jy 2010 to hep diversiy, vowing to add options and stock index

tres as next steps in the deveopment o the contrys capita markets.

Borse ofcias have promised to anch the options by October bt market anaysts say the intro-

dction cod be deayed to the end o this year.

Sodabeh Einai, a senior ofcia in the exchanges research and deveopment department, said

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14www.emofid.com Iran Market Reporter No. 4 August 2011 ( Issue 4, Vol. 1 )

na preparations were nder way to meet the deadine. Her department is in charge o regat-

ing options, which are to be approved by the Secrities and Exchange Organization, which aso

spervises the exchange. No time rame is set or the anch o stock index tres. Traders sspect

it cod be next year.

IMF praises Iran on regulatory reormsAgst 3, 2011

The IMF has praised Iranian athorities or progressing nancia sector reorms and improving eco-

nomic indicators, despite sanctions on the contry and its increasing poitica isoation.

In a report pbished on Wednesday, the Internationa Monetary Fnd says Irans nancia sector has

ndergone major transormations in the ast two years.

The IMF says or government-owned banks were privatized and isted on the Tehran Stock Ex-

change whie the Iranian centra bank began spervising abot 1,700 credit cooperatives.

It says Iran needs to ensre its private banks have better capita adeqacy ratios becase o the

intrinsic voatiity o the contrys economy.

The IMF says Iran has progressed corporate discosre reorms and increased the centra banks

powers bt that more sti needs to be done.It was critica that the centra bank be given atonomy to exercise its prompt enorcement

powers (cease-and-desist), which are crrenty imited.

It says intensied oan coection eorts in Iran have broght the percentage o non-perorming

oans rom 24.5 per cent o the tota oan portoio in Janary 2010 to 13.5 per cent in March 2011.

The nd is positive abot Irans medim-term otook.

On the strength o high oi prices and expected efciency gains resting rom the domestic sb-

sidy reorm, growth is expected to rebond to abot 4.5 per cent in the medim term.

Bt in the same report, representatives rom IMF member states have raised concerns abot the im-

pact o sanctions on Irans abiity to meet payments and settements nder the internationa mon-

etary system.The report says Irans main chaenge is to grow its market-based economy whie controing ina-

tion and maintaining stabiity.

large scae sbsidies and inefciencies have imited Irans abiity to rther deveop its non-oi econ-

omy. Irans tota actor prodctivity growth has been ow, and its energy-intensiveness increased in

recent years.

04IMR(August2011)

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