Iran Market Reporter

Iran Market----------------------- Reporter

ADDRESSING THE NEEDS OF INVESTORSADDRESSING THE NEEDS OF INVESTORS

Mofid Securities Co.Member of TSE(Tehran Stock Exchange)Member of IME(Iran Mercantile Exchange)Member of Farabourse

Contact Person: Mr. Seifollahit 009821 8190 1165f 009821 8190 1022e [email protected] www.emofid.comw www.mofidkala.com

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

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VOluME 1ISSuE 7NOVEMbER 20117

2 Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1) www.emofid.com

Contents3 Overview

During November the market experi-enced a decline of 7.3 percent largely due to non-economic factors.

5 StockConsidering the earlier decline in the share prices, some believe that there might be undervalued companies in some TSE sectors. While the sugar sector index rose by 19 percent almost all indices decreased.

9 FundAll Funds Index declined by 4.3 per-cent while most of large funds’ NAVs decreased even more than 8 percent during November.

13 CommodityThe value of commodities traded on the IME rose by 11 percent in Novem-ber compared to the previous month. Wheat was new to the market and 3000 MT of wheat were traded in the export ring with the average price of 325 USD.

15 NewsIn the month that TSE did not have a satisfactory performance, IME hit the jackpot by setting new records in fu-ture contracts and trade value.

Bahar-e-Azadi, one of the official Iran’s gold coins, is being minted by the Central Bank of Iran (CBI) since 1980 (1358 Shamsi). It is made of 8.13598 grams gold with purity of 21.6 Karat (90%).

3www.emofid.com Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Contents OverviewEntering the month of November, investors took a defensive position as the combination of both systematic and unsystematic risks further affected the market sentiment and reduced the clarity in the investment deci-sions. Considering the earlier decline in the share prices, some believe, at least based on the PE ratios, that there might be undervalued companies in some TSE sectors.

Sentiment affected by non-economic factorsIn early November, it was expected that win-ing a parliamentary vote of confidence by the minister of economic affairs and finance might help to raise confidence among inves-tors. The stock market actually rebounded and rose as much as 100 points on Nov 2, the day after the vote.

However, the uncertainties started to rise

again as the market headed toward the new IAEA report scheduled on Nov 8. The report contained new claims which Iran regards them as politically motivated. Nevertheless, the report was finally used by the US and the allies as an excuse to impose new round of sanctions which Iran called them both unjus-tified and ineffective.

Foods and Pharmaceuticals Show ResilienceComparing with the overall market perfor-mance, it seems that companies involved in Foods and Pharmaceuticals did much better in November. The index of Pharmaceuticals fell just 2.5 percent while the performance of Food sector should be analyzed beyond the 6.6 percent decline in the headline number.

The index includes almost 19 companies while one of them, Behshahr Industrial De-velopment Corp. [TSBE4], is actually a Hold-ing company. Behshahr itself makes up 50 percent of the index, so its 16 percent decline in November looks like a noise in the perfor-mance of the index. Excluding Behshahr, the index of Food virtually remained unchanged through November to show a clear sign of resilience.

There may be at least two reasons to ex-plain why investors were more positive on these two sectors. First, they are usually among investors’ options when they are try-ing to construct a defensive portfolio. Second, both sectors are historically excluded from any kind of possible sanctions.


Sugar Outperforms the MarketSugar producers continue to experience high-er-than-average increase in their share prices. The Suger index rose as much as 19 percent as investors still bet on positive adjustment in profit statements.

Some sugar producers are old companies with valuable assets, potentially ready to make one-off profits. Moreover, for years, huge imports of sugar has always been a key factor in adjusting the domestic market but the prospect for further reliance on imported sugar, and many other commodities, is going to change; considering the recent develop-ments in the foreign exchange market.

CementThe decline in the index of cement industry was also limited to 3 percent. It is another sector with potentials to benefit from an strengthening US dollar as there are com-panies located near the borders where the neighbors, namely Iraq and Afghanistan, are implementing construction projects.

It is estimated that nearly 7 million tons of ce-ment is exported this year (from April, 2011) the export may reach to 10 millions of tones by the end of the year Hopefully enough to close the gap between the domestic demand and supply.

ChemicalsIt seems the decline in the chemicals was excessive, considering the profit potentials of industry. The TSE Chemicals Index fell 7.2 per-cent through November while many experts believe that the industry is well positioned to

benefit from the recent appreciation of USD. As a sign of positive effect from the foreign ex-change market, reports show that the exports of petrochemical products rose 34 percent in dollar terms in the first seven months of this year; it is far better than the 11 percent in-crease in their weights.

Basic MetalsThe index of Basic Metals fell 10 percent in November, almost 3 percent more than the TEDPIX. The index includes key companies especially the main steel and copper pro-ducers. This is probably the decline in global commodities prices, lasted till the final week of November, that might played a role in the overall sector performance.

Overview


Overview Stock | Market Summary

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

TSE1 841.03 3,906 287,167 20

Farabourse2 397.23 1,437 93,945 201Tehran Stock Exchange 2OTC Market

Tehran Stock Exchange

Value of Index

High Low Average Compared to last month %

Compared to last month %(in USD Term)

Compared to last year %

TEDPIX1 24,017 26,002 23,978 25,081 -7.31% -8.03% 31.65%

TEDPIX (FM) 20,415 22,124 20,348 21,319 -7.40% -8.13% 33.83%

TEDPIX (SM) 29,163 31,254 29,163 30,382 -6.32% -7.05% 21.20%

FFI2 31,028 33,591 31,028 32,475 -7.12% -7.85% 34.96%

Industry Index 18,453 19,927 18,308 19,230 -7.20% -7.93% 34.73%

TEDFIX 30* 1,487 1,613 1,476 1,552 -7.70% -8.43% 36.54%1TSE Dividend & Price Index (All-share Index) 2Free Float Index

TEDPIX*TEDFIX 30 is a total return index weighted by free-float market capitalization that measures the performance of 30 most traded stocks listed on Tehran Stock Exchange (TSE).


Stock | Gainers & Losers

10 Top Gainers

Company Last Price Change (%)

Piranshahr Suger Co. 12,832 49.94%

Hamadan Glass Co. 2,213 34.77%

Hegmatan Sugar Co. 14,354 32.32%

Alborz Insurance Co. 3,667 27.50%

Tabriz Oil Refining Co. 2,412 8.50%

Darou pakhsh Co. 7,908 8.10%

Tidewater Middle East Co. 2,674 3.04%

Aburaihan Pharmaceutical Co. 8,581 0.35%

Housing Investment Co. 1,717 0.18%

Shahed Investment Co. 3,000 0.13%

10 Top Losers

Company Last Price Change (%)

Baghmishe Co.1 2,234 -47.07%

Bama Co. 13,436 -33.56%

Bafgh Mining Co. 11,579 -28.98%

Iran Transfo Co. 3,284 -27.15%

Shahid Ghandi Communication Cable Co. 1,613 -26.41%

Tukafoolad Investment Co. 1,629 -25.58%

SADRA 1,627 -25.16%

National Iranian Lead & Zinc Co. (NILZ) 2,526 -23.80%

Parsian Insurance Co. 1,936 -19.97%

Informatics Services Corp. 10,149 -19.47%1Listed in Farabourse


10 Most Active (Value)

Company Change (%) Value (M USD)

Pasargad Bank (7.09) 136,635,471

Ansar Bank (2.57) 84,173,623

SADRA (25.16) 36,066,253

Iran Telecommunications Co. (7.96) 35,625,386

Tourism Bank1 (0.36) 35,246,422

Midhco1 (2.20) 34,737,580

Iranzamin Bank 16.26 33,917,996

Kermanshah Petrochemical Co. 17.64 30,177,377

Mobarakeh Steel (11.14) 21,715,704

Pardis Petrochemical Co. (2.03) 20,589,1801Listed in Farabourse

10 Most Active (Volume)

Company Change (%) Volume (M Share)

Parsian Bank (7.09) 686,315,769

Tourism Bank1 (2.57) 319,653,328

Pasargad Bank (0.36) 279,428,411

Midhco1 16.26 251,426,004

SADRA (25.16) 211,038,539

Mobarakeh Steel (2.20) 171,266,248

Iran Bank -R1 (52.35) 142,815,576

Iran Tele. Co. (7.96) 120,026,915

Saipa (5.32) 97,840,636

Iran Bank1 (9.74) 97,525,2091Listed in Farabourse

Stock | Most Active


Highest P/E

Sector Average P/E Percent of Market Cap.

Sugar & Byproducts 14.78 0.42%

Transportation and Storage 10.36 0.88%

Coal & Lignite Mining 9.80 0.02%

Post and telecommunications 9.17 12.50%

Metal Ores Mining 9.06 8.73%

Wood & By-products 8.97 0.01%

Computer & Related Activities 7.82 1.38%

Basic Metals 7.64 15.83%

Fabricated Metal Products except Machinery & Equipments 7.64 0.20%

Other non-metalic mineral products 7.32 0.19%

Lowest P/E

Sector Average P/E Percent of Market Cap.

Medical, Precision & Optical Instruments 3.87 0.09%

Radio, TV & Communication Equipment 4.23 0.03%

Financial leasing 4.27 0.43%

Real Estate And Construction 4.39 1.24%

Motor Vehicles And Auto Parts 4.41 5.59%

Technical & Engineering Services 4.46 1.83%

Cement, Lime & plaster 4.68 2.83%

Textiles 5.17 0.03%

Electric Machinery & Apparatus 5.34 0.76%

Agriculture 5.38 0.01%

Stock | Average P/E


Top 10 Best Funds (Regarding return rate)

Working Days

NAV(Rial)

Asset Under Man-agement (USD)1

Last Month (%)

Last 6 Months (%)

Last 12 Months (%)

Since Inception (Compound Return)

Melli Bank 1,303 4,783,939 5,646,430 -2.00 -0.30 39.90 55.10

Boursiran 869 2,807,215 11,861,723 -8.10 -3.10 42.20 54.30

Agah 1,214 3,958,325 4,655,919 -9.10 -8.20 27.30 51.30

Ganjineh Bahman

594 1,882,300 3,005,435 -8.10 -5.00 40.40 47.60

Pishtaz2 1,304 3,997,740 7,599,908 -8.30 -2.20 37.60 47.60

Momtaz2 656 1,982,874 25,562,874 -8.50 -2.20 31.40 46.40

Farabi 742 2,147,055 3,124,551 -10.10 -11.10 29.00 45.70

Novin 627 1,873,125 2,412,345 -9.10 -2.60 40.00 44.20

Sahm Ash-ena

1,321 3,677,412 1,578,719 -10.80 -12.10 20.10 43.30

Pouya 1,350 3,625,495 4,128,144 -7.00 -6.70 24.60 41.70

TEDPIX -7.30 -4.30 31.70

All Funds Index3

-4.30 1.20 24.80

1USD to Rial exchange rate: 10,855 2Managed by Mofid 3Including 60 Funds

Fund | All Funds Overview


Pishtaz Mutual FundPishtaz Mutual

Fund

Inception date May 9, 2008

Working Days 1,304

Asset under managementM Rials 82,497

1 Month -8.30%

3 Month -5.20%

6 Months -2.20%

12 Months 37.60%

Life (Compound Return) 47.60%

NAV (Rial) 3,998,353

12 Months Hight 4,446,214

Low 2,842,097

Fund | Mofids Funds

CommentaryLast month the market experienced a decline of 7.3 percent largely due to non-economic factors. From a fundamental economic per-spective the growth in earnings in many of the important sectors including telecommu-nications, petrochemicals and other service sectors has been significant.

Baring new negative political news, we ex-pect that the market will start a positive trend

within two month (one or two month before the Iranian New Year).

The Iranian Rial has weakened by about 10% in the past two month (in the unofficial market) and for important natural resource segment of the market that is considered a very important positive factor that has not yet been fully reflected in the prices.


Fund | Mofids Funds

Momtaz Mutual FundMomtaz Mutual

Fund

Inception date Feb. 16, 2010

Working Days 656


1 Month -8.50%

3 Month -5.20%

6 Months -2.20%

12 Months 31.40%

Life (Compound Return) 46.40%

NAV (Rial) 1,983,110

12 Months

Hight 2,230,904

Low 1,509,138

Fund’s Composition Percent

Metal Ores Mining 18.64

Telecomunication 14.21

Banking & other Monetary Inst. 13.06

Holding 10.33

Farabourse 6.80

Other Industries 36.96


Farabourse 24.39

Banking & other Monetary Inst. 16.22



Holding 8.02



Pishro Mutual FundPishro Mutual

Fund

Inception date Apr. 20, 2011

Working Days 228


1 Month -8.70%

3 Month -5.70%

6 Months -0.80%

12 Months -

Life (Compound Return) -4.30%

NAV (Rial) 957,454



Banking and other Monetary Institutions

13.93


Basic Metals 6.82

Farabourse 5.85


Fund | Mofids Funds


Commodity | Summary

Iran Mercantile ExchangeThe value of commodities traded on the IME rose by 11 percent in November compared to the previous month. Wheat was new to the ex-port market and 3000 MT of wheat were traded in the export ring with the average price of 325 USD.

Us dollar rose against Rial by 0.79 percent from 10,770 to 10,885 during November while Euro fell by 4.03 percent in the same period. You can find the detail rate of other currencies against Rial in the next page table.

Groups of Product Value (USD) Percent

Industrial Export Ring 7,423,307 0.61%

Domestic Ring 625,433,064 51.34%

Agricultural Export Ring 1,009,446 0.08%

Domestic Ring 45,075,836 3.70%

Oil & Petrochemical Export Ring 114,948,404 9.43%

Domestic Ring 424,433,958 34.84%

Total 1,218,324,015 100%


Commodity | Exchange Rate

Iranian Rial Exchange Rate (As of November 30)1

Code Currency in IRR Compared toLast Month (%)

USD United States Dollar 10,855 0.79%

GBP Pound Sterling 16,927 -1.64%

CHF Swiss Franc 11,794 -4.37%

AED United Arab Emirates Dirham 2,956 0.78%

KWD Kuwaiti Dinar 39,153 -0.40%

JPY100 Japanese Yen 13,934 2.38%

HKD Hong Kong Dollar 1,394 0.50%

OMR Omani Rial 28,196 0.79%

CAD Canadian Dollar 10,508 -2.30%

TRY Turkish Lira 5,863 -4.36%

QAR Qatar Riyal 2,982 0.78%

SAR Saudi Riyal 2,895 0.77%

BHD Bahrain Dinar 28,796 0.80%

CNY Chinese Yuan 1,705 0.53%

MYR Malaysian ringgit 3,424 -2.26%

EUR Euro 14,467 -4.03%1Official rates according to Central Bank of Iran (CBI)


Initial P

ublic O

ffering

NewsTSE offers Kermanshah Petrochemical Industries Co. (KPI)November 14, 2011

TSE: On 13 November 2011, trading on Ker-manshah Petrochemical Industries equity shares was started on Tehran Stock Exchange for the first time after listing. At the first day, 23.5 Million equity shares of KPI were traded at the price of IRR 4,500 (0.416 USD) with the total value of IRR 105.9 billion (USD 9.8 mil-lion).

With regard to the share price, market value of KPI reached to IRR 3,970 billion (USD 367 mil-

lion). KPI’s free float shares exceed 40 percent.

Kermanshah Petrochemical Industries Co. was established in 1996. The company’s plant is located in Kermanshah-Harsin road. Current-ly, 467 people are employed by this company.

KPI’s daily production capacity exceeds 1,200 tons of ammonia and 2,000 tons of urea fertilizer which can be increased to double. Company’s capital amounts IRR 882 billion.

TSE Starts trading on PARDIS Petrochemical CompanyNovember 28, 2011

TSE: On 27 November 2011, trading on the eq-uity shares of PARDIS Petrochemical started on Tehran Stock Exchange (TSE) for the first time after listing. PARDIS, a producer of Urea/Ammo-nia, was transferred to TSE from Iran Farabourse (SMEs Exchange) in November 2011.

With regard to its price of IRR 26,727 per share, the market capitalization of TSE in-creased IRR 27,000 billion (USD 2.48 billion).

PARDIS Petrochemical Company, a producer and supplier of Urea/Ammonia, is the owner of the greatest complex of producing Urea and Ammonia in the Middle East and its plant is one of the greatest producing plants of such products in the world.

So far, 1st and 2nd phases of this complex have commenced production respectively in 2001 and 2004, whose products have remark-ably promoted Iran’s share in global produc-tion of Urea/Ammonia. In order to expand its production capacity, PARDIS has started early steps of phase 3 since 2010.

The company is located in the Pars Special Zone of Economy and Energy, in Assaluyeh ter-ritory, 270 KM away southeast of Bushehr Port.

March 2010 PARDIS was listed in Iran Far-abourse. After Parsian Electronic Trade Co., PARDIS is the second company that was trans-ferred from Iran Farabourse within 2011.


NewsTraded: 100,000 Mt of Wheat in IMENovember 28, 2011

IME: From the beginning of the year to the moment more than 100,000 metric tons of feed wheat offered by the Government Trad-ing Company (GTC) has been traded in the agriculture trading ring of the IME.

International Affairs and Public Relations : with respect to the season of wheat trading, at the moment 3 grades of wheat like Durum, feed wheat and Export are offered and traded in IME.

According to the report more than 100,000 metric tons of wheat has been traded in IME

during the current Iranian year ( beginning from March 20) at 3,600 Rials (300 USD).

Moreover, 12,000 metric tons of durum wheat offered by GTC traded in the trading floor of the exchange at 4,200 Rials. Durum wheat is generally used in producing spa-ghetti and Pasta.

In the meantime, exporting wheat was priced 325 USD for transaction of 5,000 MT.

According to the exchange officials low import tariffs is the cause of low volume of export trades of wheat regarding the price.

During Aban: 24% Increase in the Exchange Trade Volume November 27, 2011

IME: The value of transactions in Iran Mer-cantile Exchange (IME) during Aban of 1390 (Iranian calendar month beginning from 23 of October – 21 of November of 2011) marked 12,000 billion Rials ( approx 12 billion USD) with the trades of the volume of 1660 thou-sand metric tons of various commodities in agricultural, industrial and petrochemical trad-ing sessions.

According to the report published by the International Affairs and Public Relations of the exchange, drawing a comparison be-tween Aban and previous month, Mehr,

shows 24% and 25% increase in volume and value respectively.

Based on the report, the volume of the transactions in the industrial and mineral trading ring of IME in the past month reached 952,000 metric tons which is 35% higher than the same trades in the month before, show-ing also 40% increase in value. During the same period the volume of transactions of copper, precious metals concentrate, steel, gold bullion, iron ore and aluminum increased and the trades of cement and metallurgy coke took a downward trend.


News NewsIn the ring of petrochemicals and oil by-

products the volume and value of trades remained the same level as the previous month. Accordingly, the volume of trades reached 595,939 metric tons in a situation that the volume of trade of previous month was slightly over 596,000 metric tons. At the same time, the value of trades remained the same figure, 4,444 billion Rials, as the previous month. In this trading ring commodities like vacuum bottom (VB), Lub cut, lubricating oil , and chemical products experienced increase

in volume while the transactions of sulfur, feed gas and polymers faced a reduction in volume.

However, the most remarkable and out-standing changes occurred in the volume of the agricultural commodity transactions where the volume and value of trades topped 112,442 metric ton and 442 billion Rials show-ing respectively 280 and 240% increase in compare with the previous month. The high-est volume is assigned to trades of wheat transactions followed by barley contracts.

Gold Coin Future Contract of Tir 1391 Kick off Hitting New RecordNovember 27, 2011

IME: With the commencement of the newly launched gold coin future contract of Tir 1391 (Iranian calendar month ending in July 22nd ) a new record was marked in the volume and val-ue of transactions of gold coin futures in IME.

the settlement price of Saturday 26 of November was quoted as 8 million and 500 thousand Rials (640 USD) for the contract month of Tir.

In this day the settlement price of gold futures contract for the contract month of Ordibehesht of 1391 ( ending 21 of May 2012) was quoted as 7,992,000 Rials with a 1.6% increase in compare with the previous day. The future contract prices for the month of Esfand ( ending 23 of March 2012 showed a 1.32% increase with the settlement price of 7,347,000 Rials . Meanwhile, the future trans-

actions of Day con-tract month kept the pace with the market and experienced 0.81% increase in the settlement price as 6,719,000 Rials.

Based on the report a new record in value and volume was regis-tered in the market on Saturday 18,667 gold coin contracts traded which is considered a new record for these contracts valued 1,423 billion Rials . The last record was registered in the day before hitting 1,212 billion Rials.


News | Special Report

High on the Upper Orbit of ProgressThis is the article published at issue 47 of Swiss Derivatives Review:

Four years ago, as the Iran mercantile Ex-change (IME) was established, few in the market suspected how quickly it would grow and develop. Today, in transaction value, it is on par with the 50 year-old Tehran Stock Exchange. With this success, the exchange has become a main pillar of Iran’s capital market.

The IME has been active for more than four years. The first experience of commodity ex-changes in Iran goes back to 2003 when the Tehran Metal Exchange was launched under the Law of the Third Development Plan. The Agricultural Commodity Exchange was inau-gurated a year later. In 2005, the Law on the Securities Market prepared the ground for the merger of these two institutions.

According to the Law, the administration was further required to take action to launch a commodity exchange. The Iran Mercantile Exchange was born two years later as a result. Since then, the efficient performance of the IME encouraged the government to pursue the deregulation of market prices leading to real and sound price discovery for numerous products and commodities through the IME. The government ratified a bill to deregulate the pricing of petrochemicals and oil by-products in order to set up a viable market and provide access to a transparent and fair market place. This was to be done by launch-ing a crude oil and oil by products exchange,

a responsibility vested in the IME. Today the IME trades minerals and metals, petroleum and petrochemicals, agricultural products and crude oil in the form of spot, credit, forward and futures contracts.

An investment for developmentUnder the provisions of the Deed of the 20-year vision of the Islamic Republic of Iran, the country endeavors to become a devel-oped country and the first economic power of the Middle East by 2025. But such a proud goal requires efficient, precise and organized planning and instruments. Obstacles and constraints which have hampered the Iranian economy for ages must be removed and eliminated. Iran’s economy has long suffered from government incumbency and there is now a move toward economic liberaliza-tion. This development in turn supported the flourishing of the IME. Needless to say that the implementation of economic liberaliza-tion, the privatization of state companies and the subsidy reform plan will require their own tools and mechanisms to achieve their purpose. Providing a proven price discovery mechanism, the Iran Mercantile Exchange is one of them. This is confirmed through the recent experience of the exchange. The gov-ernment’s reliance on exchange mechanisms for the liberalization of major products such as steel, oil by-products and petrochemicals


News | Special Report News | Special Report

demonstrates that the IME like other mercan-tile exchanges in the world is now a pillar of Iran’s economy.

At present over 187 domestic (147 private firms and 40 governmental companies) and 62 foreign companies from China, Russia, Turkey, South Korea, UAE, India, Qatar, Bahrain, Germany, Chile, Malaysia, Morocco, Spain, Azerbaijan and Switzerland have been admit-ted and listed on the IME and offer their prod-ucts regularly. More than 180 different prod-ucts and raw materials are being offered and traded in different ring sessions of industrial, agricultural and petrochemical transactions of the exchange.

Continuous growth A glance at the transaction volume reveals the growing presence of participants of different industrial and economic sectors. In the first half of 2011, the volume of trades has jumped 10% to over 9.2 million metric tonnes while their value increased 88% year-on-year to USD 10.6 billion. During the same period, more than 561,000 transactions were reported on the IME futures market for a total valuation of about USD 3 billion, a growth of 1,400% com-pared to the first half-year 2010 and a testa-ment to the openness of market participants towards futures trading and new financial instruments. This is a harbinger for a modern, transparent and lawful price discovery, be it for currencies, gold or other commodities and underlings. This progress takes place on the backdrop of many countries struggling with the consequences of financial crisis and many

exchanges experiencing downward trends of value and indices.

Prospects and the way forward Almost all basic products have now been admitted to the exchange, and the IME is working at full capacity in the spot market to create space for new financial instruments such as options. We believe that, taking into account the current speed of development, there is plenty of potential untapped on the road to prosperity. The Iran Mercantile Exchange keeps up with its own projects to complete its risk management system, attract new investors and—high on its agenda—launch options contracts. Relevant studies have been conducted and, with the software now in place, we are waiting for the green light of the market regulator to kick off opera-tions.

The IME is looking for comments from its peers in world capital and commodity mar-kets and hopes to share experiences in this field. Consequently, the IME was present at the 32nd SFOA conference (Bürgenstock Meeting). It was an invaluable opportunity for the IME to meet—and be seen among—hundreds of experts and executives of the international capital markets; shared common grounds are paving the way for future coop-eration and benefit from the experiences and expertise of the other participants.

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DisclaimerThis 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 produc-tion, MOFID SECURITIES COMPANY accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omis-sions 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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Iran Market Reporter