International Department

Market Summary For the 20 trading days in April, the TSE evidenced transactions in (Names in the parentheses are domestic names of 4,560.8million shares and rights worth $649.4 million. These figures companies in .) demonstrate a 55 and 59 percent decrease related to the volume and value of trades respectively over the previous month. Of the 334 listed companies in the TSE, shares and rights of 272 companies were Top Performers traded for the month of Aprill. Market price rose for 166 companies, “ while it fell for 136 companies, and showed no change for the Top Gainers: Price Movement remaining 30 companies. Name Industrial Group Total market capitalization for April reach to $42,452 million, (IRR*) (%) Pumpiran(Pompsazie demonstrating a 1% decrease as compared to the previous month Machinery & Equipment ($42,902 million in Feb.). Iran ) 578 35.63 The number of purchasers and number of trades were 74,331 and ind.Co. Clay China Non-metalic mineral 145,642 respectively for the month. These figures demonstrate a Iran(Khake Chinie Iran) products 1,194 29.8 Group Industrial 11and 26 percent decrease in the numbers of purchasers and trades Tanning & Dressing of Melli(Grouhe Sanatie Leathers respectively compared to the previous month (66,631 and 115,149 in Meli) 199 28.67 April). Co. Cable Alborz(Kable Electric Machinery & 3,556 Participation Certificates worth $0.3 million were also traded Alborz) Apparatus 209 28.59 during this month. Chemicals & By- Co. Loabiran(Laabiran) Indices products 419 22.62 Index 07-Apr 07-Mar Change (%) TEPIX[1] 9,758 9,857 (1.00) Top Losers: Industrial Index 7,776 (1.05) Price Movement 7,694 Name Industrial Group Financial Index 20,605 20,963 (1.71) (IRR) (%) TEDIX[2] 5,193 5,182 0.21 Co. prepration Foundry Other Mining & TEDPIX[3] 30,901 (0.79) 7,830 61.03 30,656 sand(taamine Quarrying TSE-50[4] 677 699 (3.15) Masehe Rikhtegari ) Chemicals & By- (Tolipers) 3,766 41.28 1. TSE Price Index products Co. Pharmacutical 2. TSE Dividend Index Medical, Precision & Zahravi(darosazie 10,228 40.05 3. TSE Dividend & Price Index Optical Instruments 4. TSE 50 Most Active Companies Index Zahravi ) Co. Oil Pars(nafte Chemicals & By- 5,878 33.75 Pars) products Co. Ceramic & Tile Non-metalic mineral Sina (Kashi va 600 30.00 products Seramice Sina )

Market Capitalization / Sector Market Cap. (million US$) Change (%) % of Industrial Group December 31, March 31, December 31, Total April 31, 2007 March 31, 2007 2006 2007 2005 MC 1 Basic Metals 7,622.10 7,627.87 4,244.98 (0.08) 79.56 17.95 2 Motor Vehicles, Trailers 6,164.44 6,169.11 5,559.03 (0.08) 10.89 14.52 3 Chemicals & By-products 6,127.35 6,131.99 7,001.39 (0.08) (12.48) 14.43 4 Non-metalic mineral products 5,541.83 5,546.03 5,686.61 (0.08) (2.55) 13.05 5 Mining of Metal Ores 4,211.93 4,215.12 4,837.92 (0.08) (12.94) 9.92 6 Financial Intermediation 3,674.40 3,677.18 1,566.31 (0.08) 134.59 8.66 7 Diversified Holding Companies 3,463.39 3,466.02 3,190.64 (0.08) 8.55 8.16 8 Real Estate Activities 1,590.95 1,592.15 1,546.70 (0.08) 2.86 3.75 9 Foods products & Beverages 896.91 897.59 919.21 (0.08) (2.43) 2.11 10 Refined Petroleum Products & Nuclear Fuel 637.77 638.25 631.83 (0.08) 0.94 1.5 11 Rubber & Plastic Products 434.68 435.01 446.21 (0.08) (2.58) 1.02 12 Machinery & Equipment 425.7 426.02 459.53 (0.08) (7.36) 1 13 Electric Machinery & Apparatus 414.72 415.03 441.62 (0.07) (6.09) 0.98 14 Computer &related activities 336.62 336.88 370.89 (0.08) (9.24) 0.79 15 Construction 266.11 266.31 365.66 (0.08) (27.23) 0.63 16 Fabricated Metal Products 163.99 164.12 165.45 (0.08) (0.88) 0.39 17 Land Transport 136.25 136.35 162.86 (0.07) (16.34) 0.32 18 Radio, TV & Communication Equipment 93.7 93.77 94.18 (0.07) (0.51) 0.22 19 Paper & By-products 51.71 51.75 50.41 (0.08) 2.58 0.12 20 Publishing, Printing & Reproduction Media 40.77 40.8 45.97 (0.07) (11.31) 0.1 21 Tanning & Dressing of Leathers 23.88 23.9 18.62 (0.08) 28.25 0.06 22 Other Transport Equipment 23.33 23.35 23.4 (0.09) (0.30) 0.05 23 Furniture 23.09 23.11 23.16 (0.09) (0.29) 0.05 24 Mining of Coal & Lignite 18.71 18.73 22.2 (0.11) (15.70) 0.04 25 Other Mining & Quarrying 17.02 17.04 14.68 (0.12) 15.96 0.04 26 Textiles 16.65 16.66 15.88 (0.06) 4.85 0.04 27 Medical, Precision & Optical Instruments 11.17 11.18 14.15 (0.09) (21.06) 0.03 28 Agriculture 9.26 9.27 9.3 (0.11) (0.42) 0.02 29 Other business activities 8.54 8.54 8.66 0.00 (1.40) 0.02 30 Wood & By-products 5.51 5.51 5.64 0.00 (2.31) 0.01 Total 42,452.49 42,484.64 37,943.33 (0.08) 11.88 100

Market Capitalization: New Listings

Market Type of % of Total Name Cap. There was a new listed company in the last month(Dashtestan Cement Company MC (million $) Co. Ind.) ; the number of listed companies reached to 334. Isfahan Mobarakeh Steel 1 Co. (Isfehan folade Basic metals mobarake) 3,218.08 7.58

Ind.Co. Copper National 2 Basic metals Iran(Sanaye Mese Iran) 2,864.15 6.75 Automobile 3 Saipa Co. Manufacturer 2,254.38 5.31 Khark Petrochemical Co. Chemicals & 4 (Petroshimie Khark) By-products 1,849.08 4.36 Ghadir Investment Co. Investment 5 (Sarmayegozarie Gadir) Company 1,553.23 3.66 Industrial Group Automobile 6 (Grouhe Sanatie Iran Manufacturer Khodro) 1,451.19 3.42 Mineral&Ind. Chadormalu 7 Mining (Chadormalu) 1,403.24 3.31 Gol-E-Gohar Iron Ore 8 Mining Co.(Gol-E-Gohar) 1,215.30 2.86 Fars & khuzestan Cement Cement 9 Co. (simane Fars va Producer Khozestan) 1,121.64 2.64 Arak Petrochemical Chemicals & 10 Co.(Petroshimie Arak) By-products 1,015.01 2.39

Value of Trades :

Turnover Value. Name Type of Company (million $) Isfahan Mobarakeh 1 Steel Co. (Isfehan Basic metals folade mobarake) 403 Co. Cement Non-metallic Mineral 2 (Siman Tehran ) Products:cement 44 Ind.Co. Copper 3 National Iran(Sanaye Basic metals Mese Iran) 41 Karafarin (Banke 4 Financial Intermediation karafarin) 18 Parsian Banke(Banke 5 Financial Intermediation Parsian) 14 6 Sipa Machinery & Equipment 13 Dev.Inv. Minerals & 7 Metals (towse maaden Basic metals va felezat) 8 Egtesade Novin 8 Banke(Banke Egtesade Financial Intermediation Novin) 8 Mineral&Ind. 9 Chadormalu Minings (Chadormalu) 7 Co. Petrochemical Arak 10 Chemicals & By-products (Petroshimi Arak ) 5

Volume of Trades:

Turnover Name Type of Company Volume (million) Isfahan Mobarakeh Steel 1 Co. (Isfehan folade Basic metals mobarake) 3,880 Ind.Co. Copper National 2 Basic metals Iran(Sanaye Mese Iran) 85 Co. Cement Tehran Non-metallic Mineral 3 (Simane Tehran ) Products:cement 82 Parsian Banke(Banke Financial 4 Parsian) Intermediation 73 Karafarin Bank (Banke Financial 5 karafarin) Intermediation 41 6 Sipa Machinery & Equipment 41 Financial 7 Egtesade Novin Banke Intermediation 25 Dev.Inv. Minerals & 8 Metals (towse maaden va Basic metals felezat) 19 Bahman Financial 9 inv.Co.(Sarmayegozarie Intermediation Bahman) 15 Mineral&Ind. Chadormalu 10 Minings (Chadormalou) 10

Turnover Daily Average No. Shares Traded Turnover Turnover Turnover Velocity (million) (million $) (million $) Jan-07 911.940 412.37 20.62 1.00 Feb-07 1,408.94 535.97 28.20 1.38 Mar-07 3,502.38 1,002.39 62.64 2.42 Apr-07 4,560.83 649.44 32.47 1.52 Total 10,384.09 2600.17 143.93 6.32

Indices & P/E Analysis Index Change (%) Industrial Group December March 31, December April 31, 2007 March 31, 2007 31, 2006 2007 31, 2006 P/E* 1 Tanning & Dressing of Leathers 100.59 78.17 78.18 28.68 28.66 7.83 2 Medical, Precision & Optical Instruments 77 73.95 97.28 4.12 (20.85) 9.03 3 Other Non-metallic Mineral Products 164.91 159.3 161.33 3.52 2.22 5.91 4 Basic Metals 4,031.03 3,910.67 3,598.88 3.08 12.01 5.32 5 Chemicals & By-products: Pharmaceuticals 509.5 495.8 506.72 2.76 0.55 7.00 6 Other Financial Intermediation 301.79 293.86 290.36 2.70 3.94 3.71 7 Other Business Activities 78.58 76.62 79.46 2.56 (1.11) 4.62 8 Ceramic & Tile 217.95 213.24 258.64 2.21 (15.73) 6.34 9 Other Mining & Quarrying 1,573.30 1,555.67 1,563.32 1.13 0.64 11.99 10 Non-sugar Products 284.56 283.39 285.44 0.41 (0.31) 7.04 11 Paper & By-products 1,827.83 1,823.34 1,776.33 0.25 2.90 4.57 12 Motor Vehicles, Trailers 3,982.90 3,974.16 3,585.03 0.22 11.10 2.90 13 Fabricated Metal Products 2,138.43 2,137.43 2,153.55 0.05 (0.70) 10.26 14 Agriculture 222.5 222.5 222.50 0.00 0.00 6.37 15 Textiles 138.16 138.16 131.32 0.00 5.21 6.33 16 Wood & By-products 4,113.97 4,113.97 4,197.52 0.00 (1.99) 5.57 17 Other Transport Equipment 1,017.25 1,017.25 1,017.26 0.00 0.00 12.40 18 Furniture 175.33 175.33 175.33 0.00 0.00 5.06 19 Construction 976.57 976.57 1,559.89 0.00 (37.39) 3.54 20 Radio, TV & Communication Equipment 722.27 723.44 723.70 (0.16) (0.20) 3.50 21 Investment Companies 266.07 266.55 280.14 (0.18) (5.02) 4.92 22 Refined Petroleum Products & Nuclear Fuel 30,267.21 30,362.25 29,891.54 (0.31) 1.26 6.71 23 Sugar & By-products 599.29 603.07 652.84 (0.63) (8.20) 4.91 24 Publishing, Printing & Reproduction Media 13,842.82 13,945.59 15,556.89 (0.74) (11.02) 6.11 25 Mining of Coal & Lignite 192.01 193.57 227.07 (0.81) (15.44) 5.80 26 , Credit & Other Financial Institutions 88.09 88.97 61.89 (0.99) 42.33 5.69 27 Cement, Lime & Gypsum 213.47 215.78 220.43 (1.07) (3.16) 7.86 28 Real Estate Activities 301.11 304.6 301.56 (1.15) (0.15) 8.08 29 Electric Machinery & Apparatus 29,543.41 29,964.42 31,809.71 (1.41) (7.12) 5.17 30 Land Transport 127.38 129.66 151.78 (1.76) (16.08) 3.50 31 Rubber & Plastic Products 2,584.92 2,631.32 2,663.43 (1.76) (2.95) 6.54 32 Computer & Related Activities 240.73 249.07 264.41 (3.35) (8.96) 5.37 33 Chemicals & By-products: Chemicals 561.74 584.65 677.12 (3.92) (17.04) 5.79 34 Machinery & Equipment 2,356.54 2,452.78 2,535.88 (3.92) (7.07) 4.53 35 Mining of Metal Ores 1,825.37 1,904.78 2,139.84 (4.17) (14.70) 10.78 36 Diversified Holding Companies 786.69 838.74 961.20 (6.21) (18.16) 5.18

* P/E for the month of April was 5.31.

Number of Shares Issued

April 2007 March 2007

# Listed # Shares/Total Industry* Companies** # Shares Issued # Shares Issued Shares

(million) (million) (%)

Financial Intermediation 20 24,140.0 2,5140.0 19.03 Motor Vehicles, Trailers 30 23,502.2 23,502.2 18.52 Diversified Holding Companies 3 14,095.0 13,840.3 11.11 Basic Metals 24 13,848.3 13,082.5 10.91 Chemicals & By-products 53 11,855.9 11,785.9 9.34 Non-metalic mineral products 54 11,410.9 10,047.8 8.99 Other business activities 2 4,850.0 4,850.0 3.82 Construction 13 4,819.8 4,819.8 3.80 Mining of Metal Ores 8 4,345.8 4,345.8 3.43 Foods products & Beverages 32 3,694.1 3,704.1 2.91 Rubber & Plastic Products 13 1,814.8 1,814.8 1.43 Machinery & Equipment 17 1,670.9 1,662.9 1.32 Real Estate Activities 1 1,500.0 1,500.0 1.18 Electric Machinery & Apparatus 11 1,163.9 1,163.9 0.92 Fabricated Metal Products 10 1,114.6 1,112.5 0.88 Refined Petroleum Products & Nuclear Fuel 4 929.2 879.2 0.73 Computer &related activities 3 393.4 393.4 0.31 Radio, TV & Communication Equipment 3 325.4 325.4 0.26 Land Transport 4 290.5 290.0 0.23 Tanning & Dressing of Leathers 1 247.4 247.4 0.19 Other Transport Equipment 2 203.0 203.0 0.16 Furniture 1 200.0 200.0 0.16 Textiles 3 119.2 119.2 0.09 Medical, Precision & Optical Instruments 1 105.0 105.0 0.08 Paper & By-products 5 98.3 98.3 0.08 Publishing, Printing & Reproduction Media 1 50.0 50.0 0.04 Other Mining & Quarrying 1 31.5 30.0 0.02 Mining of Coal & Lignite 1 30.0 20.6 0.02 Wood & By-products 2 20.6 12.5 0.02 Agriculture 1 12.5 10.5 0.01 Total 334 126,882.2 125,357.0 100.00 * The TSE uses the International Standard for Industrial Classification (ISIC) system. ** For the first time, some 12 companies have delisted from the TSE in November 2005. Some 90 companies have been relegated to the new “Unofficial Board” in October 2006 which in fact is a “Temporary Board”. Deadline for the companies listed in this Board to promote to the TSE Secondary Board will be up to the end of current Iranian year (ends March 21st ); failing to meet the TSE Secondary Board listing criteria will cause to de-list them forever.

Market Capitalization

44000

million US$ 42000

40000

38000

36000

34000 D F A J A O D F A u e e p u c e e p c b r n g t c b r ------0 0 0 0 - 0 0 0 0 6 0 5 6 6 6 6 6 7 7

Indices April 2007

420 400 1.25 380 360 1.05 340 0.85 320 300 0.65 280 260 0.45 240 0.25 220 200 0.05 180 160 -0.15 140 -0.35 120 100 -0.55 80 60 -0.75 40 20 -0.95 0 -1.15 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 28 29 30

Volume (million US$) % TEPIX

Indices TSE-50 Comparative Analysis (%)

704 100.8 701 100.6 698 100.4 100.2 695 100 692 99.8 689 99.6 99.4 686 99.2 683 99 98.8 680 98.6 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 3 4 7 8 9 10 11 14 15 16 17 18 21 22 23 24 25 50 Most Active Companies Index TEPIX Fin. Index Ind. Index

Market Cap. By Sector (%) Trading by Sector (%)

9 18 3 5 30 6 15 8

69 10 14 13

Basic Metals Basic Metals Motor Vehicles, Trailers Cement, Lime & Gypsum Banks, Credit & Other Financial Institutions Chemicals & By-products Non-metalic mineral products Motor Vehicles, Trailers Mining of Metal Ores others Mining of Metal Ores OTHERS

Trading /Sector

Trading Value ($) Trading Volume

Industry*

April 2007 April 2007

Basic Metals 448,831,210.85 865,470,929.51 3,384,972,457 3,009,559,934.00 Cement, Lime & Gypsum 49,687,044.96 91,050,639.77 93,125,890.00 98,464,740.00 Banks, Credit & Other Financial Institutions 41,674,855.47 112,205,419.82 140,784,484.00 165,974,077.00 Motor Vehicles, Trailers 29,524,256.66 69,448,341.08 115,191,945.00 173,056,668.00 Mining of Metal Ores 22,385,499.34 306,142,628.57 36,922,071.00 319,518,630.00 Chemicals & By-products: Chemicals 14,547,538.02 28,664,930.55 24,423,815.00 29,690,190.00 Chemicals & By-products: Pharmaceuticals 11,965,668.49 41,946,021.35 15,414,803.00 57,811,830.00 Other Financial Intermediation 5,129,390.24 7,101,298.71 28,057,424.00 29,258,397.00 Investment Companies 4,860,313.56 65,846,621.32 52,652,862.00 320,567,056.00 Real Estate Activities 4,747,760.55 11,116,172.84 15,216,823.00 19,942,873.00 Machinery & Equipment 4,274,684.56 32,264,907.76 11,885,892.00 41,257,604.00 Other Non-metallic Mineral Products 2,224,506.49 6,808,717.86 7,527,216.00 54,991,239.00 Computer & Related Activities 2,072,427.79 2,540,808.93 2,879,882.00 3,058,853.00 Diversified Holding Companies 2,049,545.13 292,321,297.63 9,260,197.00 25,069,306.00 Electric Machinery & Apparatus 1,357,049.42 13,740,438.24 6,742,523.00 12,454,849.00 Refined Petroleum Products & Nuclear Fuel 1,218,836.21 7,046,591.85 1,423,397.00 5,536,150.00 Non-sugar Products 824,391.68 17,358,179.64 5,789,053.00 17,254,337.00 Land Transport 597,902.91 3,912,351.86 1,314,424.00 4,707,602.00 Rubber & Plastic Products 272,086.07 664,674.29 1,956,290.00 3,484,321.00 Mining of Coal & Lignite 183,305.75 448,113.93 285,428.00 389,768.00 Other Business Activities 170,126.94 8,208,516.54 198,137.00 26,207,568.00 Sugar & By-products 134,980.56 829,586,348.10 578,864.00 12,161,616.00 Ceramic & Tile 131,719.77 32,843,764.49 1,911,356.00 36,174,570.00 Medical, Precision & Optical Instruments 96,637.70 174,173.24 907,039.00 1,176,760.00 Paper & By-products 51,857.29 204,353.88 102,901.00 289,901.00 Fabricated Metal Products 35,893.36 66,733.19 96,914.00 276,590.00 Furniture 22,953.18 688,844.65 198,800.00 2,776,146.00 Publishing, Printing & Reproduction Media 12,011.15 189,893.90 14,951.00 196,895.00 Radio, TV & Communication Equipment 5,874.40 10,069,520.71 5,975.00 6,255.00 Tanning & Dressing of Leathers 2,951.72 2,951.72 30,583.00 30,583.00 Construction 1,279.82 267,814.31 7,357.00 416,748.00 Other Mining & Quarrying 280.92 355.92 520.00 575.00 Agriculture 0.00 0.00 0.00 0.00 Textiles 0.00 4,422.00 0.00 21,020.00 Wood & By-products 0.00 0.00 0.00 0.00 Other Transport Equipment 0.00 46,566.33 0.00 3,393,178.00 TOTAL 649,444,806.49 2,858,619,309.99 4,560,,839,812.00 5,476,136,368.00