PARSIAN BANK

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3 1 SECTION 4 2 Annual Report 4 5 Annual Report Financial highlights Growth trend in recent years

$('000)

2014 2013 2012 A) Financial figures for the year Total income 2,775,677.15 2,210,876.86 1,853,734.96 Total incomes of Parsian financial group (consolidated) 4,651,636.44 4,058,713.73 2,856,693.85 Operating profit 352,135.05 359,414.91 318,485.66 Net profit - Profit after tax 326,993.15 317,285.28 292,136.04 326,993 2,775,677 B) Financial figures - year end 2014 2014

Total assets 18,648,213.93 14,720,316.91 12,509,005.82 2013 2013 317,285 Total liabilities 17,365,783.48 13,628,339.10 11,534,180.66 2,210,876 Registered capital 525,854.51 525,854.51 525,854.51 2012 2012 292,136

Shareholders' equity 1,282,430.45 1,091,977.81 974,825.15 1,853,734

C) Return )%( Net profit Total income Return on assets (1) 1.96 2.33 2.53 Return on equity (2) 27.54 30.70 32.81 D) Per share figures )$( Number of shares as at the date of AGM (million shares) 13,200 13,200 13,200 Primary earnings per share forecast 0.02 0.02 0.02 Final earnings per share forecast 0.03 0.02 0.02 Earnings per share (IRR( 622 603 521 Dividends per share (IRR( 250 400 380 Final price of share as at confirmation date of reports (3) 0.15 0.10 0.11 18,648,213 Book value per share 0.1 0.1 0.1 1,282,430 2014 2014 P/E 5.8 4.4 5.5 2013 2013 E) Other information 1,091,977 14,720,316 Number of employees 4,477 4,492 4,531

2012 2012 974,825

1) Return on assets=Net profit to Average assets 12,509,005 2) Return on equity=Net profit to Average assets Shareholders’ equity Total assets 3) Confirmation date of financial reports is May 12, 2014 Annual Report 6 7 Annual Report Table of Contents Table of Contents

Board of Directors' Message 9 Deposits and Facilities Per Branch 34 Risk Analysis 35 Section One Anti Money Laundering Actions 37 Economic and Social Impacts of Parsian Bank's Activities 38 History 12 Education and Human Resources Development 39 Shareholders 13 Innovations and Projects 40 Vision, Mission, Organizational Values 14 Organization Chart 16 Top Executive Managers 17 Section Four

Balance Sheet 44 Section Two Income Statement 45 Statement of Cash Flows 46 National and International Awards 21 General Information 48 Parsian Bank's market share of total deposits in national banking network 22 Notes to the Financial Statements 51 Parsian Bank's market share Consolidated Balance Sheet 70 of total liquidity in the market 23 Consolidated Income Statements 71 Consolidated Statement of Retained Earnings 72 Section Three Consolidated Statement of Cash Flows 73

Parsian Bank at a Glance 26 Performance Indicators 27 Appendix Collecting Deposits 28 Granting Facilities 30 Foreign Exchange Branches 76 Banking Services 31 Subsidiary and Associate Companies 77 Financial Indicators 32 Annual Report 8 9 Annual Report Board of Directors

In The Name Of God

Proud history of Parsian Bank as one of the best Iranian private bank is marked thanks to the support of discerning shareholders and clients trust. Directors and staffs of the Bank and Parsian Financial Group made a great effort in the areas of monetary, banking and economics over the past decade, which caused Mr. Ali Divandari Mr. Golamreza Soleimani innovations in these areas for the first time in Iranian banking system. President Member of the board [email protected] [email protected] The Bank's key performance indicators and successive achievements in the field of monetary and economics, suggests the top position of the Bank in the diversification and development of electronic and retail banking service. In light of these actions Parsian Bank succeeded to take 8th place in “top 100 Iranian companies” ranking organized by Industrial Management Institute (IMI) of Iran in 2014. Top Iranian Bank based on return on equity (ROE) in “Top 1000 World Banks” ranking by the prestigious banking magazine “The Banker” in 2013, “Best Islamic Bank” and “Best Islamic Retail Bank” in Iran by “The Asset” magazine. No doubt, all of the above achievements are the results of support and trust of our esteemed shareholders, loyal customers and valuable stakeholders. We are determined to continue our endeavors and hope for a bright future relying on expertise, perseverance and correct understanding of conditions ahead, to play a distinguished role in banking arena, both inside and outside the country.

Mr. Ali Soleimani Shayesteh Mr. Seyed Hesam Shams Alam Mr. Aref Norouzi Member of the board Member of the board Member of the board [email protected] [email protected] [email protected] Board of Directors Introduction SECTION 1 12 13 SECTION 1 History Shareholders

Parsian Bank was incorporated in September 2001. Banking operation license was issued Total number of shareholders was 72,410 by the year 2014. by the Central Bank of the Islamic Republic of Iran and the Bank commenced its operations in January 2002 by opening four branches in Tehran. Shareholders combination

In October 2004, Parsian Bank was listed on the Tehran Stock Exchange as the 401st listed Number of Shareholders Number of Shares (million shares) Ownership(%) company and the Bank's share were traded for the first time on December 1, 2004. Parsian Bank activities according to its articles of association include all banking operations, Individuals 72,139 2,154 16 commercial activities and services which, are authorized for all banks, based on related rules Legal entities 271 11,046 84 and regulations. Total 72,410 13,200 100 The last registered capital of the Bank is $ 526 million as at March 20, 2013. Head office of the Bank is located at No.4, Zarafshan St., Farahzadi Blvd., Shahrak Ghods,Tehran,Iran Parsian Bank has the highest number of shareholders among listed banks. Changes in capital $('000) Number of shareholders of listed banks as at March 20 ,2014 Increase Date of Annual General Meeting Date of Registration Source Paid up capital Capital increase Number of Shareholders Number of Shares (million shares) percentage Initial capital September 6, 2001 Cash 12,349.61 12,349.61 - Parsian Bank 72,410 13,200

July 12,2003 October 4,2003 Retained earnings 13,584.57 1,234.96 10 Bank Pasargad 49,954 30,000 May 18,2004 June 5,2004 Cash 79,674.93 66,090.35 487 Bank Mellat 39,342 40,000 June 30,2005 November 23,2005 Cash 199,187.32 119,512.39 150 Tejarat Bank 29,600 17,500 July 16,2007 June 11,2008 Cash 239,024.78 39,837.46 20 Eghtesad Novin Bank 8,832 11,312 July 16,2007 December 1,2009 Cash 298,780.97 59,756.19 25 January 4,2010 June 16,2010 Cash 358,537.17 59,756.19 20 Karafarin Bank 8,204 8,500 January 4,2010 January 5,2011 Cash 438,212.09 79,674.93 22 Bank Saderat Iran 7,281 57,800 May 9,2011 May 16,2012 Cash 525,854.51 87,642.42 20 Sina Bank 3,543 6,000

Post Bank Iran 2,917 561

Share price and trading status $('000)

Number of shares Value of shares Number of Year-end Year traded traded trading days Market value )$(Share price Paid up capital

2012 2,778,292,500 355,075 212 1,208,414.67 0.09 525,854.51

2013 1,748,760,535 149,387 227 1,068,010.52 0.08 525,854.51

2014 1,372,475,911 187,545 236 2,145,486.42 0.16 525,854.51 SECTION 1 14 15 SECTION 1 Vision, Mission and Organizational Values Vision, Mission and Organizational Values

Vision Organizational Values Enjoying largest domestic market share Largest market share of total international transactions among privately-owned banks Dedicated to provide shareholders with maximum return Best bank in providing advanced banking services We care about customers› privacy Capable and committed to raise stakeholders› satisfaction Compliance with international and domestic banking rules and regulations Provide high quality banking services at the shortest delivery time Innovation in providing banking services Mission A knowledge base bank with customized banking services Parsian Bank offers all banking and financial services commensurate with the requirements Offer standard banking services of customers, using advanced banking tools and relying on specialized human resources. Trust, fairness and honesty in relationship with stakeholders We, the management and employees of Parsian Bank, have faith in our triumph since we attempt to be:

The best in honoring customers The swiftest in identification of customers› demands and responding to them accordingly Conspicuous in offering all banking and financial services The most profit-making in terms of investments; and last but not least. Respondent to the society and compliant with Islamic banking principles In our team. we constantly strive for Depositors' full satisfaction is fulfilled, being assured of having selected the best investment opportunities. Our customers have access to the best financial solutions and banking services proportionate to their needs. Our business partners enjoy the most successful and lucrative long term commercial ties Our shareholders, beneficiaries, and staffs view a promising perspective of bank's achievements. Our society can take pride in us, as a member who plays a remarkable role in economic prosperity. SECTION 1 16 17 SECTION 1 Organization Chart Top Executive Managers

Board of Directors

Compliance & anti money Appointments Committee laundering Committee

Auditing & internal controls Risk Management Committee Committee

Risk Management Internal auditing

Mr. Ali Divandari President President

Senior Vice President

Managerial Office Human resources & Welfare

Training & knowledge Business Innovation Center development

Legal affaires Public relations

Compliance & anti money Inspection & Monitoring laundering Office Mr. Nader Khajeh Haghverdi Mr. Mansour Tafazoli Mr. Seyed Hesam Shams Alam International Banking Operations Vice President Vice President Member of the board Project & Planning Operations Vice International Banking IT Vice president Credit Vice president Finance Vice president Vice president president Vice president

Research & Software Development Credits Tehran Branches Finance International Affaires & Planning

Organization & Treasury Hardware & Network Debt Collections Provinces Branches Foreign Operations Methods

Procurement & IT Development Subsidiaries Affaires Overseas Branches Logistics

Network security Help Desk

Mr. Mohammad Reza Faghiri Mr. Ahmad Jafari Ghezelhesar Project and Planning Mr. Mehdi Rezaei Mr. Abbas Khosravani VIP Customers IT Vice President Vice President Finance Vice President Credit Vice President Parsian Bank's Achievements SECTION 2 20 21 SECTION 2 National and International Awards

National Awards Parsian Bank succeeded to take 8th place in " top 100 Iranian companies " as ranked by Industrial Management Institute (IMI) of Iran in 2014. Sales and revenue indicators are most important factors in this ranking.

Position of Iranian banks in "Top 100 Iranian companies" ranking Iranian Companies” 100 Top“ Domestic banking industry Ranking Bank Melli Iran 1 1 Bank Mellat 5 2 Bank Maskan 7 3 Parsian Bank 8 4 Bank Saderat Iran 11 5 Tejarat Bank 18 6 Mehr Eqtesad Bank 19 7 Bank Sepah 24 8 Bank Pasargad 27 9 Ghavamin Bank 30 10

International Awards Place 1st in Iran and 13th in the world in “Top 500 Islamic Financial Institutions” ranking, The Bankers 2013 Top Iranian Bank based on return on equity (ROE) in “Top 1000 World Banks” ,The Banker" in 2013, "Best Islamic Bank" and “Best Islamic Retail Bank” in Iran , The Asset Triple A Awards 2013 SECTION 2 22 Parsian Bank's market share of total Parsian Bank's market share 23 SECTION 2 deposits in national banking network of total liquidity in the market

Parsian Bank ranked as the 5th bank in national banking network and the first among privately-owned banks in terms of deposit market share.

The table below shows privately-owned banks market share of total deposits The chart below shows Parsian Bank's market share of total liquidity in the market

Parsian Bank %19.00

Bank Pasargad %15.90 $('000) Tose-e credit institute %1.00 250,000,000 219,464,584.50 Ayandeh Bank %10.80 8% 200,000,000 183,531,192.73 Eghtesad Novin Bank %13.50

Karafarin Bank %3.90 150,000,000 140,307,545.00 7.6% Sina Bank %5.20 100,000,000 7.2% Shahr Bank %6.00

Sarmaye Bank %4.00 50,000,000 13,226,037.77 17,647,996.18 Bank Day %3.10 10,716,277.59 0 Ansar Bank %7.60 2012 2013 2014 Iran Zamin Bank %1.60

Saman Bank %8.40 Liquidity Parsian Bank deposits Parsian Bank's market share of total liquidity in the market Financial Performance SECTION 3 26 27 SECTION 3 Parsian Bank at a Glance Performance Indicators

$('000) $('000)

2014 2013 2012 2014 2013 2012 Income Profitability Total income 2,775,677.15 2,210,876.86 1,853,734.96 Net profit growth (%) 3.06 8.61 33.08 Depositors' share of joint income 2,113,253.88 1,636,790.18 1,318,186.52 Operating efficiency Total expenses 310,288.22 214,671.78 217,062.78 Facilities / Total deposits (%) 73.01 80.48 82.42 Profit before tax 352,135.05 359,414.91 318,485.66 Facilities / Total assets (%) 61.13 65.40 66.50 Net profit 326,993.15 317,285.28 292,136.04 Average facilities per branch 41,406.30 36,040.44 31,340.13 Dividends per share 131,463.63 210,341.81 199,824.72 Average deposits per branch 56,711.54 44,782.05 38,025.34 Financial position Total incomes / Average assets (%) 16.64 16.24 16.04 Year-end Balance of deposits 16,503,061.87 12,897,228.43 10,647,098.08 Operating expenses / Average assets (%) 0.86 1.37 1.23 Year-end Balance of facilities 11,399,810.49 9,626,467.25 8,318,841.69 Capital adequacy ratio (%) 9.70 11.48 11.01 Total assets 18,648,213.93 14,720,316.91 12,509,005.82 Development of operations Shareholders' equity 1,282,430.45 1,091,977.81 974,825.15 Deposits growth (%) 27.96 21.13 14.40 Share capital 525,854.51 525,854.51 525,854.51 Granted facilities growth (%) 18.42 15.72 11.43 Capital adequacy ratio(%) 9.70 11.48 11.01 Guarantees 853,836 851,566 947,215 Per share figures Documentary letters of credit 1,241,000 3,716,000 4,200,000 Earnings per share (IRR) 622 603 521 Number of branches 293 288 288 Dividends per share (IRR) 250 400 380 Number of employees 4,477 4,492 4,531 Staff productivity*(per staff) Average incomes 618.95 490.04 424.31 Average deposits 3,680.03 2,858.74 2,436.98 Average facilities 2,686.88 2,300.69 2,008.53 Average assets 4,158.35 3,262.85 2,863.12

*It is calculated based on average number of staffs during fiscal year. SECTION 3 28 29 SECTION 3 Collecting Deposits Collecting Deposits

Successful performance of Parsian Bank has resulted a growth rate of %28 in deposits and collecting $ 16.50 million of new deposits.

Parsian Bank deposits $('000) Total number of deposit accounts $('000)

2014 2013 2012 2014 2013 2012 Growth Combination Growth Value Value Value Growth rate Short term deposit 130,798.30 117,590.95 100,969.76 rate rate rate Demand and saving deposits 1,103,298.54 14 7 965,142.22 48 653,573.42 39 Demand and saving deposits 45,933.19 45,369.77 44,701.94 Short term deposits 5,569,914.75 44 34 3,880,248.59 46 2,649,270.97 4 Special short term deposits 1,128.16 2,268.66 732.57

Term deposits 9,584,216.40 25 58 7,670,225.48 12 6,863,277.83 12 Time deposits 26,213.85 32,795.35 33,158.08

Other deposits 245,637.80 )36( 1 381,603.06 )21( 480,957.69 222 Other deposits 1,309.62 1,595.85 2,236.44 Total 16,503,067.48 28 100 12,897,219.35 21 10,647,079.91 14 Total 205,383.12 199,620.59 181,798.78

Deposits interest rates %

2014 2013 2012 Short term deposit 7 7 7 Special short t term deposits: 3 months 10 10 10 6 months 12 12 12 9 months 15 15 15 Time deposits: 1year 17 17 17 2 year 18 18 18 3 year 19 19 19 4 year 19.5 19.5 19.5 5 year 20 20 20 SECTION 3 30 31 SECTION 3 Granting Facilities Banking Services

Financing different economic sectors amounted to $ 2,483 million for both individuals and corporate customers in 2014. I ) Local currency services Facilities granted based on customer type $('000) Volume of guarantees issued and balance of guarantee commitments are as the following table $('000) 2014 2013 2012 2014 2013 2012

Value Value Value Value Growth rate Value Growth rate Value Growth rate Number Number Number Guarantees issued 853,836 0.27 851,566 )10( 947,215 (25) Total average Combination Total average Total average Guarantee commitments 451,916 14 394,988 )8( 428,810 5 Individuals 42,745 647,167 15 2 29,622 460,995 16 33,520 492,917 15

Corporate customers 3,083 1,836,151 596 98 3,386 2,237,409 661 4,328 3,016,022 697 II ) Foreign currency services Guarantees, Letters of credit and customer payment orders $('000) Total 45,828 2,483,317 54 100 33,008 2,698,404 82 37,848 3,508,939 93 2014 Growth rate 2013 2012 Value Number Value Number Value Number Value Number Letters of credit 843,000 1,241 (77) (67) 3,683,000 3,716 2,915,000 4,200,000 Guarantees 10,000 15 25 (58) 8,000 36 7,000 19,000 Outward payment orders 3,319,000 4,052 92 107 1,729,000 1,957 3,932,000 4,051,000 Inward payment orders 7,459,000 11,771 (8) 151 7,770,000 6,598 5,346,000 4,855,000

Long term investments Principal balance of facilities $('000) Long term investments in subsidiary and associate companies are as the following table $('000)

2014 2013 2012 Capital Parsian Bank ownership(%)

Value Growth rate Value Growth rate Value Growth rate Parsian Exchange Company 2,987.81 79.2 Facilities granted 12,151 18 10,316 15 8,937 11 Parsian leasing Company 23,703.29 60 Parsian E-commerce Company 36,286.03 54.8 Future interest (101) )10( )113( )30( )162( (28) Parsian Investment Company 65,731.81 49 Principal balance of facilities 12,049 19 10,203 16 8,775 12 Lotus Parsian Investment Bank 51,788.70 30 Provision for doubtful debts (649) 23 )527( 16 )456( 21 Caspian (Computer Application Services Provider Company) 3,187.00 49 Principal balance of facilities 11,400 18 9,675 16 8,319 11 Amin Parsian Insurance Company 796.75 70 Tamin andish pars 39.84 1 Parsian Investment Management Company 3.98 30 Parsian Insurance Company 62,226.12 20.2 Etemad Mobin Company 199,187.32 10 Parsian Gharz al-Hasaneh Funds 1,991.87 100

Comparison of budget and performance $('000)

Budget Performance Coverage Total income 26,644,004.78 27,758,983.27 104 Net profit 3,419,626.69 3,270,192.03 96 SECTION 3 32 33 SECTION 3 Financial Indicators Financial Indicators

Growth in incomes Operating expenses to total income ratio Total income and facilities income amounted to $ 2,775 and $ 2,095 million This ratio indicates the relationship between performance and managing costs. which, show growth rates of %25.54 and %8.21 respectively. On the other hand increase in incomes should not lead to an unexpected increase The following illustrations show some of the most important indices on in operating expenses.It has been an outstanding achievement for Parsian Bank 6,7 profitability and performance. to keep its expenses at the lower rate. 2014 6,5

2013 7,5 2012

2014 2014 2,775 2,095

2013 2,210 2013 1,936

2012 1,853 2012 1,533

Total income Facilities income Operating expenses to total expenses ratio

Total expenses consist of operating expenses,depositors' share of joint income 7,3 2014 Depositors' share of joint income and provision for doubtful debts. 7,4 In response to depositors confidence In response to depositors confidence 2013 Parsian Bank pays special attention to its customers - existing and potential- 2014 8,6 through its cutting-edge banking services and products and raise its financial 2,113 2012 resources despite unification of interest rate of deposits as instructed by the 1,637 2013 Central Bank of the Islamic Republic of Iran.Depositors' share of joint income amounted to $ 2,113 million with a growth rate of %29 in 2014. 2012 1,318

Capital adequacy ratio Regarding banking system and its regulations, capital adequacy ratio is one of the key indices in evaluating financial soundness of banks. Capital adequacy ratio is Operating expenses to average assets ratio a measure of the amount of a bank's core capital expressed as a percentage of 2014 9,7

Operating expenses consist of general and administrative expenses and financing 2014 0,86 its risk weighted assets.Minimum capital adequacy ratio is %8 for banks. expenses. 11,5

1,37 Managing assets may also affect the capital adequacy ratio in addition to paid-up 2013 capital and dividend policy of banks.Keep a balance between the risk level and 2013 11 2012

1,23 assets profitability has always been important to the management of banks. 2012 SECTION 3 34 35 SECTION 3 Deposits and Facilities Per Branch Risk Analysis

The table below shows the trend of number of branches Risk management can be defined as processes and structures that direct any Number of branches financial Institution towards effective management of potential opportunities and adverse effects.Risk is inherent in all banking activities. Formal and systematic 2014 2013 2012 approach to managing risk is regarded as good management practice. As a Tehran branches 164 164 164 consequence, Parsian Bank acknowledges that the adoption of a strategic and formal Other cities 128 123 123 approach to risk management will improve decision making, enhance outcomes and accountability. Risk management is used as an effective tool for Parsian Bank Free zones 1 1 1 corporate governance system. In this regard Risk Management department provides Total 293 288 288 required feedbacks to both Risk and Compliance Committees.

Parsian Bank 's actions in the area of risk management

Strengthening Supreme Committee for risk management Changes in the structure and composition of the Supreme Committee for risk management according to the requirements of the Basel Committee Average deposits and facilities per branch are $ 57 and $ 41 million respectively in 2014. Use of consultants and professional experts in the Supreme Committee for risk management meetings

Promote a culture of risk management Risk management principles training courses for the Banks' staffs.

Develop risk management portal to inform and continuous communication with other employees of the Bank. Publish articles related to concepts of risk management in the Bank's internal 57 41 magazine. 2014 2014 36 2013 45 2013 Create infrastructures for crisis management Determining back up branches and take necessary steps promote employee readiness to deal with different scenarios . 31 38 2012 2012 Training courses and crisis management simulations in Tehran branches to promote readiness of staff to deal with the dramatic circumstances .

Operational Risk Average deposits per branch Average facilities per branch Documentation of operational processes in different business sectors, according to the Bank guidelines, circulars and existing procedures. Assessment of the bank's processes in order to identify the most vulnerable points. Assess the risks associated with new products and processes and reduce them. SECTION 3 36 37 SECTION 3 Risk Analysis Anti Money Laundering Actions

Provide required information and reports for other departments to identify List of taken action to prevent money laundering vulnerabilities and provide appropriate solutions. Investigate and respond to suspected cases that have been referred by other 1. Establish anti-money laundering department in Parsian Bank departments of the Bank in order to identify amount of imposed risks and propose 2. Collect and maintenance of legislation, regulations, guidelines ,national and a solutions. international banking laws and regulations regarding anti-money laundering 3. Provide instructions and circulars related to design and implementing anti-money Liquidity Risk laundering after obtaining approval Plan to maintain an appropriate level of liquidity to meet cash outflows. 4. Coordinating with training department to assess required training courses Check the features and capabilities of the Bank to provide required liquidity in 5. Preparation of educational contents in the form of anti-money laundering critical conditions. pamphlets Liquidity gap analysis based on different scenarios 6. Preparation of anti-money laundering brochures for customers 7. Publish weekly articles related to anti-money laundering in the Bank's internal Credit Risk magazine. Assistance in creation and implementation of customer credit rating system to 8. Detection, identification and monitoring of suspected money laundering cases minimize credit risk. through: a form of reporting suspicious operations / deployment of anti-money Development and promotion of internal rating model for corporate customers. laundering system 9. Determine deputies in branches as part of money-laundering interface Market Risk 10. Sending Suspicious Transaction Report (STR) to Financial Intelligence Unit (FIU) Portfolio risk analysis and determine minimum capital required to cover the 11. Responding to inquiries sent by Financial Intelligence Unit (FIU) risks. 12. Implementation of Cash Transaction Report system (CTR ) at Parsian Bank Documenting the processes of review, monitoring and measuring market risk 13. Sending Cash Transaction Reports to Financial Intelligence Unit (FIU) on a daily through internal procedures (Internal Model). basis Developing strategies to determine the minimum capital required to cover 14.Take part in national and international seminars on anti-laundering topics market risk in accordance with requirements of Basel II. 15. Design anti-money laundering questionnaires in order to send to correspondent banks and replies to anti-money laundering questionnaires received from other banks 16. Validation of individual/Corporate customers through Iranian National Organization for Civil Registration database 17. Validation of foreign customers through related databases 18. Conclusion of agreements with Iran Post Company to exploit the its mail, address, phone and zip code databases 19. Update customers information in related data management systems 20. Updating core banking system in accordance with the requirements with the aim of identify customers and prevent cash transaction 21. Review and edit forms and conventions base on money laundering requirements 22. Updating and control people mentioned in black list and list of suspects SECTION 3 38 Economic and Social Impacts Education and Human 39 SECTION 3 of Parsian Bank's Activities Resources Development

Combination of human resources in terms of education is as following table The total value created for stakeholders from banking activities has been $ 2,782 Male Female Total million in 2014. The chart below shows the value distribution. Higher education 2,496 1,403 3,899

Diploma and lower degrees 564 14 578

Total 3,060 1,417 4,477

Comprehensive training plan 76.2% Depositors No. of staffs No. of trainees No. of courses No. of training hours Hours of training per capita 2.5% Staff 2012 4,531 8,130 299 182,495 40 0.9% 2013 4,492 11,025 442 256,698 57 Government 3.2% 2014 4,477 9,699 544 172,458 39 Other stakeholders 17.2% Shareholders and Electronic banking services Bank growth In order to reduce visiting the branches of the Bank and customers convenience, development of e-banking tools have always been on the agenda of Parsian Bank. As the table below shows 83% of all banking transactions are remote banking transactions.

Total number of banking transactions of Parsian Bank in 2014 $('000) Remote banking transactions Teller-based transactions Number Number Value Value (million transactions) (million transactions) 208,150.74 732 227,671.10 146 48% 83% 52% 17%

The number of customers using e-banking services Telephone banking Mobile banking Internet banking SMS banking E-mail banking 2013 930,250 283,380 530,459 644,262 287,158

2014 957,536 358,344 682,973 782,522 318,558

Growth rate 3% 26% 29% 21% 11% SECTION 3 40 41 SECTION 3 Innovations and projects

Innovations and projects According to customers perception of remote banking service and respond to customer needs, most projects are in line with electronic banking services.

Carried out projects in 2014 Customer Loyalty Program Taylor-made deposits Improvement of e-channels Low cost facilities to POS owners Deposit Insurance Scheme Financial Statements SECTION 4 44 Balance Sheet Income Statement 45 SECTION 4 As at March 20, 2014 For the year ended March 20, 2014

$('000) $('000) year ended year ended Note March 20, 2014 March 20, 2013 Note March 20, 2014 March 20, 2013 Assets: Joint incomes Cash 4 74,803.88 43,494.30 Facilities income 28 2,095,936.18 1,936,850.29 Due from the Central Bank 5 1,546,914.07 1,401,494.98 Investments income and deposits interest 29 ______245,014.06 ______112,615.33 Due from other banks & credit institutions 6 3,213,376.19 1,762,209.11 Total joint incomes 2,340,950.24 2,049,465.62 Facilities granted 7 11,399,810.49 9,626,467.25 Interim interest of deposits 30 )2,113,253.88( )1,636,790.18( Accounts receivable 8 784,470.44 637,667.16 Difference between definite and interim interest of deposits 31 ______- ______- Participation bonds 9 251,149.27 55,673.61 Depositors' share of joint income ______)2,113,253.88( ______)1,636,790.18( Investments 10 590,780.62 470,753.21 Banks share of joint income 227,696.36 412,675.44 Tangible fixed assets 11 223,188.63 210,053.62 Disjoint incomes Intangible assets 12 62,621.42 42,375.79 Fee and commission income 32 288,470.80 131,142.62 Other assets 13 ______501,098.92 ______470,127.88 Foreign currency transactions gain(loss) 33 114,884.63 17,676.00 Total assets ______18,648,213.93 ______14,720,316.91 Other incomes 34 ______31,371.48 ______12,592.62 Liabilities: Total disjoint incomes ______434,726.91 ______161,411.24 Due to the Central Bank 14 1,955,756.39 700,136.68 Total incomes ______662,423.27 ______574,086.68 Due to banks & credit institutions 15 730,265.92 292,155.92 Expenses Demand deposits 16 569,539.88 694,711.34 General and administrative expenses 35 )163,784.20( )123,465.14( Saving deposits (Gharz al-Hasaneh) 17 533,772.13 270,403.59 Provision for doubtful debts 36 )122,076.93( )70,950.08( Term deposits 18 12,490,030.87 10,577,674.97 Financing expenses 37 )23,255.88( )19,227.63( Other deposits 19 245,645.92 381,628.00 Other expenses 38 ______)1,171.22( ______)1,028.92( Tax reserves 20 25,115.61 42,055.69 Total expenses ______)310,288.22( ______)214,671.77( Interest payable to depositors 21 318,008.92 268,929.37 Profit before tax 352,135.05 359,414.91 Other accounts payable 22 451,407.14 389,118.68 Taxation ______)25,141.90( ______)42,129.63( Dividend payable 23 32,527.93 2,297.43 Net profit ______326,993.15 ______317,285.28 Provision for post-retirement benefits 24 ______13,712.77 ______9,227.43 Earnings per share-$ 21.56 20.89 Total liabilities ______17,365,783.48 ______13,628,339.10 Number of shares-year end (Million shares) 13,200 13,200 Shareholders' equity: Statement of Retained Earnings Paid-up capital 25 525,854.51 525,854.51 Net profit 326,993.15 317,285.28 Capital increase 73,801.26 - Retained earnings at the beginning of the year 321,508.68 288,452.59 Statutory reserve 26 264,885.39 215,836.43 Adjustments ______- ______)30,412.16( Discretionary reserve 27 35,318.10 28,778.19 Attributable profit ______648,501.83 ______575,325.71 Retained earnings ______382,571.19 ______321,508.68 Appropriation of earnings Total shareholders' equity ______1,282,430.45 ______1,091,977.81 Statutory reserve (15% of net profit) 26 )49,048.96( )47,640.31( Total liabilities and shareholders› equity ______18,648,213.93 ______14,720,316.91 Discretionary reserve (2% of net profit) 27 )6,539.88( )6,352.00( Letters of Credit Commitments 543,550.43 540,102.10 Dividend ______)210,341.81( ______)199,824.72( Letters of Guarantee commitments 673,789.46 522,078.32 Total appropriation ______)265,930.64( ______)253,817.03( Managed funds 563.58 798.26 Retained earnings-year end ______382,571.19 ______321,508.68 1 USD= 25,102 IRR The supplementary Notes are an integral part of these financial statements. 1 USD= 25,102 IRR The supplementary Notes are an integral part of these financial statements. SECTION 4 46 Statement of Cash Flows 47 SECTION 4 For the year ended March 20, 2014

$('000) year ended year ended Note March 20, 2014 March 20, 2013 Operating activities Net cash flow from operating activities 39 1,522,804.96 1,376,250.66 Investment return and financing expenses paid Dividends received 57,137.60 39,819.42 Dividends paid ______)106,605.25( ______(199,177.95) Net cash flow used in investment returns ______)49,467.65( ______(159,358.53) Taxation Tax paid ______)42,155.92( ______(106,031.59) Investing activities Paid for investments (173,596.13) (76,003.47) Proceeds from sales of investments 124,435.54 34,139.07 Paid for tangible fixed assets (32,756.19) (25,708.55) Paid for intangible assets (21,306.27) (19,774.44)

Proceeds from disposal of tangible fixed assets ______8,063.78 ______8,224.17 Net cash flow used in investing activities ______(95,159.27) ______(79,123.22) Net cash flow before financing activities ______1,336,022.12 ______1,031,737.31 Financing activities

Proceeds from capital increase ______295.24 ______134.01 Net cash inflow 1,336,317.35 1,031,871.32

Foreign currency exchange gain ______114,884.63 ______17,676.00 Net cash increase 1,451,497.22 1,049,681.33

Cash balance at the beginning of the year ______1,570,625.73 ______521,078.40 Cash balance at the end of the year 40 ______3,021,827.71 ______1,570,625.72 Non cash transactions 73,506.06 -

1 USD= 25,102 IRR The supplementary Notes are an integral part of these financial statements. SECTION 4 48 49 SECTION 4 General Information General Information

1- History 3- Accounting policies Parsian Bank was registered at State Organization for Registration of Deeds and Properties in Tehran - 3-1- Depositors' share of joint income license No. 178028 dated September 6, 2001 as per Article 98 of the Law for Third Economic, Social and According to Usury Free Banking Law and related regulations, the owners of term deposits are entitled to Cultural Development Plan of the Islamic Republic of Iran, approved on April 7, 2000, the Single Article of share in banks' incomes. Income from facilities, participation bonds and investments called joint income. the Law for permission to establish privately-owned banks, approved on September 17, 2001 and other Depositors' share of joint income is determined by the percentage of 52-week weighted average of related rules and regulations. deposits (net of statutory deposit) to 52- week weighted average of allocated resources. The banking license was issued by the Central Bank of the Islamic Republic of Iran- under No. H/2348 dated 3-2- Investments September 17, 2001 and the Bank started its operation on February 1, 2002 by opening four branches 3-2-1. Marketable securities are valued at market price and other short-term securities are carried at in Tehran. Parsian Bank was listed on Tehran Stock Exchange on October 26, 2004 as the 401st listed lower of cost and net sale value. company. The Bank's share were traded for the first time on December 1, 2004. 3-2-2 . Long-term investments are carried at cost less value reduction reserve. The Head Office of Parsian Bank is located at No.4, Zarafshan St., Shahid Farahzadi Blvd., Shahrak Ghods, 3-2-3 . Income from investments in subsidiary and associate companies is recognized at the time of Tehran, Iran. approval of DPS by annual general meeting of the investee companies (up to the date of financial statements approval) and other long-term and short-term investments income, is recognized at the date of approval 1-1- Profile of financial statements by the annual general meeting of the investee companies (up to the balance sheet According to its Articles of Association, Parsian Bank›s activities include all types of banking transactions date). and commercial operations authorized for banks as per the pertinent rules and regulations. 3-3- Tangible fixed assets 3-3-1 .Tangible fixed assets are recorded at cost. While cost of major repairs and renewals are capitalized and would be depreciated over the remaining useful life of the assets, the cost of minor repairs and 1-2- Number of branches maintenance would be charged to the profit and loss accounts in the year of recurrence. 3-3-2 . Depreciation is calculated according to the following rates and methods: 2014 2013 Tehran 164 164 Asset type Depreciation method Depreciation rate Other Cities 128 123 Buildings Reducing balance 7% Free Zones ______1 ______1 Vehicles Reducing balance 25% ,35% Total 293 288 Computer equipment Straight-line 3-6 Years Office equipment Straight-line 10 Years

1-3- Human resources 3-4- Intangible fixed assets Intangible fixed assets consist of goodwill and software which, are recorded at cost. Software is amortized 2014 2013 under the straight–line method over 3 years but no amortization is considered for goodwill. Head office 805 732 Branches ______3,672 ______3,760 3-5- Foreign currency translation Assets and liabilities denominated in foreign currencies are translated into local currency using formal Total 4,477 4,492 exchange rate of the Central Bank of the Islamic Republic of Iran on March 20 ,2014 2- Basis of preparation of the financial statements (1 USD= 25,102 IRR) Financial statements have been prepared based on the historical cost basis and wherever necessary using 3-6- Income and fees recognition current value. Based on regulations Income and fees are recorded based on accrual basis. SECTION 4 50 51 SECTION 4 General Information Notes to The Financial Statements

4- Cash $('000)

Types of income Recognition method March 20, 2014 March 20, 2013 Facilities income Based on time and principal balance of facilities and rates Cash - IRR 38,611.27 33,147.28 Late payment penalties Based on time and amount of installments and rates Cash - FX ______36,192.61 ______10,347.02 Charging for issuance of a letter of guarantee At the time of issuance Total ______74,803.88 ______43,494.30 Bank service fees At the time of rendering services 4-1- Adequate insurance coverage is provided for cash in branches

3-7- Statutory deposit According to Monetary and Banking Act of Iran, statutory deposit is accounted and maintained by the Central Bank of the Islamic Republic of Iran based on approved rates and regulations 5- Due from the Central Bank $('000)

3-8- Facilities Classification March 20, 2014 March 20, 2013 According to rules & regulations of the Central Bank of the Islamic Republic of Iran customers are assessed Statutory deposit in mainland 1,407,236.67 1,220,613.14 based on delay on repayments, financial status and activity field of the customers and classified as one of Statutory deposit in free zone 2,375.47 2,039.04 the following categories: Demand deposit with the Central Bank 137,301.93 127,546.97

Current: maximum 2 months from overdue and… Due from the Central Bank - Including participation bonds ______- ______51,295.83 Overdue: between 6-2 months from overdue and… Total ______1,546,914.07 ______1,401,494.98 Bad debts: between 18-6 months from overdue and… Doubtful debts: over 18 months from overdue and…

3-9- Provision for doubtful debts 3-9-1- General provision: 6- Due from other banks & credit institutions $('000) In line with prevailing banking regulations as administered by the Central Bank of the Islamic Republic March 20, 2014 March 20, 2013 of Iran, all banks are required to allocate 1.5 % of total facilites as general provision for doubtful debts. Demand deposits with local banks - IRR 381.20 373.36 3-9-2- Specific provision: Depending on the following classification: Demand deposits with local banks - FX 118,099.95 25,656.64 Demand deposits with foreign banks - FX 2,691,240.70 1,373,554.50 Classification of facilities Coefficient (%) Investment deposits with local banks - IRR 100,059.88 81,794.32 Overdue 10 Investment deposits with foreign banks - FX 91,582.82 27,402.20 Bad debts 20 Cheques in transit (net) ______212,011.64 ______253,428.09 Doubtul debts 50-100 Total ______3,213,376.19 ______1,762,209.11

3-10- Provision for post-retirement benefits In accordance with Iranian labor law, Provision for post-retirement benefits are calculated based on employees' last monthly salary and for each year of employment. SECTION 4 52 53 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

7- Facilities granted $('000) March 20, 2014 March 20, 2013 Provision for Balance Deferred interest Balance ( net ) Balance ( net ) doubtful debts Installments sales contract 300,201.46 )89,023.78( (12,299.42) 198,878.26 237,072.54 Joalaa 9,388.53 )227.79( )743.53( 8,417.22 11,277.11 Ijara (Capital lease contract) 27,328.58 )759.54( )1,866.31( 24,702.73 41,836.71 Salam (Forward sale) 1,830.33 - )182.10( 1,648.24 1,507.53 Mudaraba 2,008,922.32 - )132,517.17( 1,876,405.15 1,731,964.90 Musharaka (Civil partnership) 7,917,298.74 - )286,894.91( 7,630,403.83 6,664,702.65 Gharz al-Hasaneh 62,508.92 )9,038.00( )353.80( 53,117.12 54,957.41 Letters of credit debtors 243,122.58 - )48,791.57( 194,331.01 180,610.35 Letters of guarantee debtors 92,771.17 - )38,199.82( 54,571.35 63,446.62 Foreign exchange facilities'principal balance 1,169,634.45 )2,242.29( )39,497.21( 1,127,894.95 515,397.74

Other facilities ______317,517.77 ______- ______)88,077.13( ______229,440.63 ______123,693.69 Total ______12,150,524.85 ______)101,291.40( ______)649,422.97( ______11,399,810.49 ______9,626,467.25 SECTION 4 54 55 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

8- Accounts receivable $('000) 10- Investments $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Facilities with Leasing Khodrokar agency 2,802.09 2,571.23 Short-term Long-term Total Short-term Long-term Total Facilities with Parsian Leasing Co. agency 158,839.77 116,730.30 Listed companies 153,789.03 39,752.61 193,541.64 41,391.88 24,532.15 65,924.03 Dividends 165,858.78 133,796.67 Other companies ______- ______397,238.98 ______397,238.98 ______- ______404,829.18 ______404,829.18 Interbank transfer (Shetab( 18,638.99 32,040.87 Total ______153,789.03 ______436,991.59 ______590,780.62 ______41,391.88 ______429,361.33 ______470,753.21 Due from subsidiaries 95,235.48 70,397.74 Other receivables ______343,095.33 ______282,130.35 Total ______784,470.44 ______637,667.16

9- Participation bonds $('000) 11- Tangible fixed assets $('000)

March 20, 2014 March 20, 2013 cost Accumulated depreciation Book Value Participation bonds - FX 180,841.57 49,337.54 March 20, Increase March 20, March 20, Increase March 20, March 20, March 20, 2013 (Decrease) 2014 2013 (Decrease) 2014 2013 2014 Sukuk securities ______70,307.70 ______6,336.07 Land 2,018.80 (1,334.99) 683.81 - - - 2,018.80 683.81 Total ______251,149.27 ______55,673.61 Buildings 238,163.17 25,246.28 263,409.45 50,098.52 12,031.83 62,130.35 188,064.66 201,279.10 Office equipment 35,276.59 7,127.28 42,403.87 21,326.63 4,576.53 25,903.16 13,949.96 16,500.68 9-1- Participation bonds in FX are for oil and gas development schemes with Bank Saderat Iran agency Vehicles 527.13 (9.52) 517.61 243.73 18.25 261.97 283.36 255.64 9-2- Sukuk securities with interest rate of 20 percent. Reconstruction of rented premises ______6,555.57 ______(906.14) ______5,649.43 ______1,128.16 ______123.70 ______1,251.85 ______5,427.42 ______4,397.62 282,541.27______30,122.90 312,664.17______72,797.03 ______16,750.30 ______89,547.33 ______209,744.20 223,116.84______Capital prepayments ______309.38 ______(237.59) ______71.79 ______- ______- ______- ______309.42 ______71.79 Total 282,850.65______29,885.31 312,735.96______72,797.03 ______16,750.30 ______89,547.33 ______210,053.62 223,188.63______

11-1- Except for vehicles which have standard insurance coverage, $ 96.33 million considered as extra insurance coverage for tangible fixed assets against some natural disasters. SECTION 4 56 57 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

12- Intangible assets $('000) 15- Due to banks & credit institutions $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Goodwill 60,550.47 40,394.07 Local banks term deposits - IRR 200,025.74 52,609.83 Software 1,971.83 1,883.68 Local banks demand deposits - FX 482,559.12 208,015.18 Royalties ______99.12 ______98.04 Foreign banks demand deposits - FX 963.23 361.25 Total ______62,621.42 ______42,375.79 Foreign banks term deposits - FX 27,053.70 12,721.89 Facilities from foreign banks - FX 9,728.67 8,048.88 Due to domestic banks (over draft) - 22.75 Due to foreign banks (over draft) ______9,935.46 ______10,376.15 Total ______730,265.92 ______292,155.92

13- Other assets $('000) 16- Demand deposits $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Deposits on rented premises 4,856.31 4,290.49 Current accounts - IRR 294,109.71 299,944.83 Confiscated collaterals 279,083.78 234,637.44 Current accounts - FX 2,449.09 2,683.13 Work in progress 167,100.71 155,007.89 Banking cheques 272,786.19 391,902.04 Rent prepayment 40.32 29.64 Outward Payment order - FX 26.45 45.02 Tax stamp 288.42 256.27 Unallocated managed funds ______168.44 ______136.32 Customers' liabilities for deferred L.Cs 30,944.22 24,692.97 Total ______569,539.88 ______694,711.34 Other assets ______18,785.16 ______51,213.17 Total ______501,098.92 ______470,127.88

14- Due to the Central Bank $('000) 17- Saving deposits (Gharz al-Hasaneh) $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Facilities from the Central Bank - FX 2,285.12 1,034.26 Saving Accounts - IRR 64,246.04 73,984.30 Term deposits from the Central Bank - FX 225,018.36 97,666.92 Saving Accounts - FX ______469,526.09 ______196,419.29 CBI demand deposits - FX ______1,728,452.91 ______601,435.50 Total ______533,772.13 ______270,403.59 Total ______1,955,756.39 ______700,136.68 SECTION 4 58 59 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

18- Term deposits $('000) 19- Other deposits $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Long term deposits 18-1 9,584,201.70 7,670,238 Guarantees' cash deposit - IRR 38,723.05 38,866.35 Short term deposits 18-1 2,874,731.97 2,854,624 Guarantees' cash deposit - FX 1,643.34 2,054.14 Special short term deposits 18-1 ______31,097.20 ______52,813 Letters of credit advances ______205,279.53 ______340,707.51 Total 12,490,030.87______10,577,674.97______Total ______245,645.92 ______381,628.00

18-1- Breakdown of term deposits $('000) 20- Tax reserves $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 IRR FX Total IRR FX Total Opening balance 121,804.56 105,957.65 Long term deposits 18-2 8,983,215.72 600,985.98 9,584,201.70 7,388,261.29 281,977.13 7,670,238.42 Tax for the year 25,141.90 42,129.63 Short term deposits 2,874,161.82 570.14 2,874,731.96 2,853,143.41 1,480.33 2,854,623.74 Tax paid ______(42,129.63) ______(26,282.73) Special short term deposits ______22,339.22 ______8,757.99 ______31,097.21 ______40,718.87 ______12,093.94 ______52,812.81 Amount payable 104,816.83 121,804.55

Total ______11,879,716.76 ______610,314.11 12,490,030.87______10,282,123.57 ______295,551.40 10,577,674.97______Tax prepayment ______(79,701.22) ______(79,748.86) Closing balance ______25,115.61 ______42,055.69

18-2- Break down of long term deposits - IRR $('000) 21- Interest payable to depositors $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 One year 125,679.39 246,225.44 Short term deposits 22,907.90 20,422.00 Two year 1,687,799.30 35,805.08 Special short term deposits 248.55 339.69 Three year 16,982.87 24,788.86 Long term deposits - One year 1,120.43 2,169.27 Four year 6,447.97 13,642.94 Long term deposits - Two year 15,888.22 3,552.63 Five year 6,759,693.61 6,360,522.11 Long term deposits - Three year 199.82 278.70 Special long term deposits 237,701.82 277,120.71 Long term deposits - Four year 78.44 166.40

CDs ______148,910.76 ______430,156.16 Long term deposits - Five year 76,767.87 68,836.43 Total ______8,983,215.72 ______7,388,261.29 Special term deposits 197,812.88 171,108.52 CDs 269.42 577.01

Term deposits - FX ______2,715.40 ______1,478.73 Total ______318,008.92 ______268,929.37 SECTION 4 60 61 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

25- Paid up capital Initial capital of the Bank was $ 12 million which increased to $ 526 million within several stages. 22- Other accounts payable $('000) Change in capital of the Bank are as the following table $('000)

March 20, 2014 March 20, 2013 Date of Registration Increase percentage Capital increase Paid up capital Source Deferred letters of credit liabilities 30,944.23 24,692.97 October 4 ,2003 10 1,234.96 13,584.57 Retained earnings Insurance 2,922.68 2,377.34 June 6 ,2004 487 66,090.35 79,674.93 Cash Withholding tax 1,293.76 1,031.75 November 23 ,2005 150 119,512.39 199,187.32 Cash Expenses 13,404.27 2,618.44 June 11 ,2008 20 39,837.46 239,024.78 Cash Others liabilities ______402,842.20 ______358,398.18 December 1 ,2010 25 59,756.19 298,780.97 Cash Total ______451,407.14 ______389,118.68 June 16 ,2011 20 59,756.19 358,537.17 Cash January 5 ,2011 22 79,674.93 438,212.09 Cash May 16 ,2012 20 87,642.42 525,854.51 Cash

23- Dividend payable $('000) 25-1- Composition of shareholders $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013

Dividend payable ______32,527.93 ______2,297.43 Individuals 271 273 Legal entities ______72,139 ______72,201 Total ______72,410 ______72,474

25-2- Capital adequacy 24- Provision for post retirement benefits $('000) 25-2-1- Core capital $('000) March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Opening balance 9,227.43 6,520.64 Paid up capital 525,854.51 525,854.51 Payment )678.67( (554.14) Statutory reserve 264,885.39 215,836.43

Applied provision ______5,164.01 ______3,260.93 Discretionary reserve 35,318.06 28,778.19 Closing balance ______13,712.77 ______9,227.43 Retained earnings ______382,571.19 ______321,508.68 Tier 1 capital ______1,208,629.15 ______1,091,977.81 Provision for doubtful debts 176,990.88 132,989.12 Investing in other banks and financial institutions ______(11,970.76) ______(3,589.08) Tier 2 capital ______165,020.12 ______129,400.04 Core capital ______1,373,649.27 ______1,221,377.85 Risk weighted assets 25-2-3 14,159,270.7 10,639,129.31 Capital adequacy ratio (%) 9.70 11.48

25-2-2- As instructed by the Central Bank of Iran , the minimum capital adequacy ratio is 8 percent. Due from the Central Bank Principal balance of housing and construction Facilities Total Principal balance of facilities with real estate collateral Cash and balances with banks Due from other banks Letters of credit debtors Investments Tangible fixed assets Letters of credit commitments (coefficient 20 % ) Principal balance of other facilities Other assets Customers' liabilities for deferred L / Cs Other participation bonds Participation bonds Letters of guarantee commitments (coefficient 20 % ) 25 - 2 3 Risk weighted assets $(

63 SECTION 4 Notes to The Financial Statements

26- Statutory reserve $('000)

March 20, 2014 March 20, 2013

Opening balance 215,836.43 168,196.12 Transition from net profit ______49,048.96 ______47,640.31 Closing balance ______264,885.39 ______215,836.43

26-1- According to article 33 of the Monetary and Banking Act of Iran and Articles of Assocition of the Bank, 15 percent of net profit will be allocated to statutory reserve. 19,480,004.86 10,053,483.15 1,546,914.07 3,232,018.29 1,144,051.63 1,298,604.41 ______Assets 243,122.58 578,809.86 223,188.63 608,576.09 180,841.57 126,684.61 74,803.88 30,944.23 67,654.17 70,307.70

27- Discretionary reserve $('000)

March March 20, 2014 March 20, 2013 weight of risk% Opening balance 28,778.22 22,426.15 20 , 2014 Transition from net profit ______6,539.88 ______6,352.04 100 100 100 100 100 100 100 100 - - - 20 50 50 20 Closing balance ______35,318.10 ______28,778.19

Risk weighted assets 27-1- In accordance with the Articles of Association of the Bank, 2 percent of net profit will be allocated to 14,159,270.70 10,053,483.15 1,298,604.41 ______discretionary reserve 646,403.67 243,122.58 578,809.86 572,025.81 304,288.02 223,188.63 126,684.61 30,944.23 67,654.17 14,061.55 - - - 15,380,184.33 1,401,494.98 1,794,267.15 2,946,824.75 1,056,626.28 6,279,461.64 ______Assets 261,860.37 493,282.41 665,666.56 220,728.91 43,494.30 24,692.97 49,337.54 96,231.58 39,878.85 6,336.03 March weight of risk% 20 , 2013 100 100 100 100 100 100 100 100 20 50 50 20 - - - Risk weighted assets 10,639,129.31 ______1,473,412.36 1,056,626.28 6,279,461.64 358,853.44 261,860.37 493,282.41 332,833.28 220,728.91 24,692.97 96,231.58 39,878.85 1,267.23 ' 000 ) - - - SECTION 4 64 65 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

28- Facilities income $('000) 30- Interim interest of deposits $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Installments sales contract 24,451.28 31,435.30 Time deposits: Joalaa 1,202.33 22,556.65 One year 31,659.51 28,671.62 Ijara (Capital lease contract ) 5,375.71 7,789.18 Two year 21,829.34 8,222.09 Salam (Forward sale) 171.78 172.22 Three year 3,892.08 5,370.13 Mudaraba 338,437.14 336,510.04 Four year 1,870.45 2,834.00 Musharaka (Civil partnership) 1,588,626.21 1,527,041.63 Five year 1,500,750.22 1,139,903.27 Other facilities ______137,671.73 ______11,345.27 Other deposits Total ______2,095,936.18 ______1,936,850.29 Special long term deposits 87,687.00 101,732.01 CDs 68,487.37 78,118.36 Short term deposits 392,686.76 259,651.22 Special short term deposits ______4,391.16 ______12,287.47 Total ______2,113,253.88 ______1,636,790.18

29- Investments income and deposits interest $('000) 31- Difference between definite and interim interest of deposits $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Investments income Facilities 9,671,661.82 8,636,473.03 Dividends 115,400.76 79,509.92 Participation Bonds 41,215.56 11,048.92 Stocks value increase 42,823.64 (4,012.91) ______Due from other banks 404,094.02 194,042.63 ______158,224.40 ______75,497.01 Investments ______500,290.57 ______460,242.77 Deposits interest Total Usage 10,617,261.97 9,301,807.35 Statutory deposit bonus (%1 for each year) 13,469.60 11,392.00 Term deposits interest with other banks 65,786.59 23,678.55 Average amount of investment deposits 11,601,823.96 9,580,288.54 Participation bonds income ______7,533.47 ______2,047.77 Average amount of statutory deposit on investment deposits ______(1,266,600.91) ______(1,066,473.47) ______86,789.66 ______37,118.32 Unallocated deposits ______10,335,223.05 ______8,513,815.07 Total ______245,014.06 ______112,615.33 ______Total resources ______282,038.92 ______787,992.27 Total income ______2,340,950.24 ______2,049,465.62 Depositors' share of joint income 2,265,653.02 1,865,420.52 Depositors' share of statutory deposit bonus 12,676.36 10,680.11 Honorarium ______(165,075.49) ______(239,310.41) Depositors' share 2,113,253.88 1,636,790.22 Interest paid to depositors ______(2,113,253.88) ______(1,636,790.22)

Deficit / (surplus) payment to depositors ______- ______- Honorarium rate 1.4% 2.4% SECTION 4 66 67 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

32- Fee and commission income $('000) 34- Other incomes $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Letters of credit 6,364.31 8,887.30 Disposal of properties 6,101.82 4,286.63 Facilities income - FX 144,321.53 100,922.95 Rents 353.12 312.68

Short term deposits Interest - FX 23,968.25 4,523.70 Other incomes ______24,916.54 ______7,993.31 Letters of guarantee 8,497.69 8,018.25 Total ______31,371.48 ______12,592.62 Other foreign currency transactions 23,817.39 6,043.54 Managed funds 18.05 27.93 Other Fee and commission 124,581.62 30,635.17 Less: Interest on term deposits - FX ______(43,098.04) ______(27,916.22) Total ______288,470.80 ______131,142.62 35- General and administrative expenses $('000) year ended year ended March 20, 2014 March 20, 2013 Staff expenses 35-1 69,230.91 54,248.03

Administrative expenses 35-2 ______94,553.29 ______69,217.11 Total ______163,784.20 ______123,465.14

33- Foreign currency transactions gain (loss) $('000) 35-1- Breakdown of staff expenses $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Foreign currency transactions gain ______114,884.63 ______17,676.00 Salaries and benefits 53,256.71 41,711.06 Employer's insurance contribution 6,417.19 4,779.58 Employees' post-retirement benefits 5,164.01 3,260.94

Other expenses ______4,393.00 ______4,496.45 Total ______69,230.91 ______54,248.03 SECTION 4 68 69 SECTION 4 Notes to The Financial Statements Notes to The Financial Statements

35-2- Breakdown of Administrative expenses $('000) 39- Reconciliation of net profit $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Rent of buildings (branches) 7,286.35 6,257.07 Net profit before tax 352,135.05 359,731.54 Depreciation and amortization 18,719.86 17,341.09 Depreciation and amortization expenses 18,719.86 17,341.09 Increase in cost of stocks (42,823.64) 4,012.91 Printing, publishing and advertising 7,528.09 4,682.10 Dividends (89,125.73) (74,574.18) Training 310.85 317.07 Sales of stocks (gain) / loss (28,043.22) (4,970.36) Telecommunication 7,881.88 6,033.78 (Gain) / loss on disposal of properties (6,101.82) (4,286.63) Insurance 540.67 468.97 Foreign currency translation gain / (loss) ______(114,884.63) ______(17,676.00) Auditing 528.09 205.16 89,875.87 279,578.37 Transport 244.60 206.68 Net increase. (decrease) in operating liabilities Due to the Central Bank 1,255,619.71 562,673.53 Gas & electricity 1,905.51 1,740.34 Due to other banks & credit institutions 438,109.99 (66,614.61) Tangible assets maintenance 11,448.89 10,353.60 Demand & Saving deposits 138,197.12 311,537.81 Requirements 2,024.82 1,407.74 Short term deposits (1,607.36) 696,208.35 Other expenses ______36,133.68 ______20,203.51 Long term deposits 1,913,963.27 806,955.54 Total ______94,553.29 ______69,217.11 Other deposits (135,982.07) (99,340.45) Operating portion of other liabilities 109,602.06 252,515.30 3,717,902.72 2,463,935.47 Net decrease.(increase)in operating assets Statutory deposit (186,959.96) (161,287.07) 36- Provision for doubtful debts $('000) Due from The Central Bank & other banks 10,266.15 90,072.58 year ended year ended March 20, 2014 March 20, 2013 Participation bonds (195,475.66) (19,538.92) General provision 29,654.02 13,943.35 Facilities and receivables (1,773,343.23) (1,307,625.61) Prepayments and other receivables (114,741.21) 120,536.09 Specific provision ______92,422.91 ______57,006.73 Confiscated collaterals (44,446.33) (93,103.86) Total 122,076.93 70,950.08 ______Operating portion of other assets 19,726.61 3,683.61 ______(2,284,973.63) ______(1,367,263.18) Net cash flow from operating activities ______1,522,804.96 ______1,376,250.66

37- Financing expense $('000) 40- Cash balance at the end of the year $('000) year ended year ended year ended year ended Net increase (decrease) March 20, 2014 March 20, 2013 March 20, 2014 March20, 2013 Charges on facilities from foreign banks 234.20 2,073.06 Cash 74,803.93 43,494.25 31,309.58 Banking commissions ______23,021.68 ______17,154.57 Demand deposit with the Central Bank 137,301.93 127,546.97 9,754.96 Demand deposit with local banks 381.20 373.36 7.85 Total ______23,255.88 ______19,227.63 Demand deposits with local banks - FX 118,099.95 25,656.64 92,443.31 Demand deposits with foreign banks - FX ______2,691,240.70 ______1,373,554.50 ______1,317,686.20 38- Other expenses consists of Gharz al-Hasaneh deposits bonus. Total ______3,021,827.71 ______1,570,625.72 ______1,451,201.90 SECTION 4 70 Consolidated Balance Sheet Consolidated Income Statement 71 SECTION 4 As at March 20, 2014 For the year ended March 20, 2014 $('000) $('000) year ended year ended March20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Assets: Joint incomes Cash 75,100.35 44,300.61 Facilities income 2,087,190.14 1,922,085.69 Due from the Central Bank 1,546,914.07 1,401,494.98 Participation bonds income 8,110.51 2,603.18 Due from other banks and credit institutions 3,030,379.17 1,536,583.26 Investments income and deposits interest ______204,547.13 ______71,460.16 Facilities granted 11,417,921.24 9,689,512.19 Total joint incomes 2,299,847.78 1,996,149.03 Participation bonds 259,515.14 70,225.16 Investments 650,028.44 644,105.57 Depositors' share of joint income ______(2,103,499.08) ______(1,631,137.68) Prepayments and receivables 978,883.95 853,312.80 Banks' share of joint income 196,348.70 365,011.35 Inventories 7,695.88 8,204.09 Disjoint incomes Tangible fixed assets 334,105.57 282,406.34 Credit cards services income 64,687.51 23,936.82 Intangible assets 79,388.85 59,095.61 Card services cost (46,146.36) (21,305.59) Consolidated Goodwill 76.77 82.78 18,541.15 2,631.22 Other assets 427,306.07 326,306.71 ______Other services incomes 1,756,090.47 1,829,339.57 Total assets ______18,807,315.51 ______14,915,630.11 Other services cost (1,805,297.15) (1,824,772.65) Liabilities: Due to the Central Bank 1,955,756.39 700,136.68 (49,206.68) 4,566.93 Due to banks and Credit Institutions 730,265.92 292,155.92 Capital lease incomes 20,397.62 21,742.53 Demand deposits 1,076,732.93 951,331.29 Agency contracts income 6,966.86 3,185.88 Term deposits 12,441,735.52 10,534,169.55 Foreign currency transactions gain (loss) 114,542.27 20,886.98 Other deposits 244,230.18 380,643.18 Other incomes and fees 389,103.94 163,472.91 Accounts payable 950,078.08 800,964.86 Total disjoint incomes ______500,345.15 ______216,486.46 Tax reserves 39,160.58 51,715.60 Total incomes ______696,693.85 ______581,497.81 Dividend payable 39,084.85 9,128.64 Expenses: Facilities 117,005.70 156,656.16 Provision for doubtful debts (125,105.73) (73,806.39) Provision for post-retirement benefits ______15,838.42 ______10,762.85 Total liabilities ______17,609,889 ______13,887,665 General and administrative expenses (158,223.89) (120,254.64) Shareholders' equity: Financing expense (51,035.34) (30,048.84) Paid up capital 525,854.51 525,854.51 Total expenses ______(334,364.95) ______(224,109.87) Capital increase 73,584.93 - Profit before tax 362,328.90 357,387.94 Statutory reserve 264,885.39 215,836.43 Taxation ______(40,436.22) ______(52,449.88) Discretionary reserve 35,318.06 28,778.19 Net profit ______321,892.72 ______304,938.05 Gain (loss) on assets and liabilities translation 363.96 578.76 ______Retained earnings 247,331.13 211,914.35 Minority interests ______20,736.95 ______11,278.42 Parent company stocks owned by subsidiaries ______(6,570.67) ______(1,834.12) 1 USD = 25,102 IRR Total shareholders' equity ______1,140,767.31 ______981,128.12 Minority interest ______56,659.63 ______46,837.26 Total liabilities and shareholders' equity ______18,807,315.51 ______14,915,630.11 1 USD = 25,102 IRR SECTION 4 72 Consolidated Statement of Retained Earnings Consolidated Statement of Cash Flows 73 SECTION 4 For the year ended March 20, 2014 for the year ended March 20, 2014

$('000) $('000) year ended year ended year ended year ended March 20, 2014 March 20, 2013 March 20, 2014 March 20, 2013 Net profit 321,892.72 304,938.05 Operating activities Balance at the beginning of the year 225,039.04 219,688.51 Net cash flow from operating activities 1,528,231.50 1,390,042.19 Adjustments (3,402.84) (33,362.80) Investment returns and financing expenses paid Restated balance ______221,636.20 ______186,325.71 Dividends received 40,570.15 22,456.90 Attributable profit ______543,528.92 ______491,263.76 Dividends paid )121,991.87( (208,157.24) Appropriation of earnings: Net cash flow from investment returns ______(81,421.72) ______(185,700.34) Transfer to statutory reserve (15% net profit) (49,048.96) (47,640.31) Income tax paid (including tax prepayment) (52,991.24) (113,971.52) Transfer to discretionary reserve (2% net profit) (6,539.88) (6,352.04) Investing activities Cash dividends (224,647.36) (215,635.21) Paid for operating lease 58,007.69 20,885.39 Total appropriation ______(280,236.20) ______(269,627.56) Paid for tangible and intangible fixed assets )105,640.67( (77,817.23) Group retained earnings at the end of the year 263,292.73 221,636.20 Proceeds from disposal of tangible assets 7,379.69 9,489.28 Minority interests ______(15,961.60) ______(9,721.89) Paid for investments )114,683.85( (44,730.38) Retained Earnings at the end of the year ______247,331.13 ______211,914.31 Proceeds from sales of investments 121,987.33 39,523.27 Net cash flow used in investing activities (32,949.80) (52,649.67) 1 USD = 25,102 IRR ______Financing activities Proceeds from capital increase 295.24 134.01 Facilities received - 53,262.69 Pay back of facilities )39,650.47( (48,275.75) Net cash flow from financing activities (39,355.23) 5,120.95

Foreign currency exchange gain ______114,542.27 ______20,886.98 Net cash increase 75,187.04 26,007.93

Cash balance at the beginning of the year ______1,603,259.26 ______539,530.71 Cash balance at the end of the year ______3,039,315.03 ______1,603,259.30 Non Cash transactions 73,289.70

1 USD = 25,102 IRR Appendix Appendix 76 77 Appendix Foreign Exchange Branches Subsidiary and Associate Companies

Tehran Province

Argentina Molasadra Amin Parsian Insurance Services Company Kherad Pirooz Consultant Services Company 19 Alley, Argentna Sq., Tehran, Iran No. 105, Molasadra Ave., Tehran, Iran No.12, 15th St., Gandhi St., Tehran, Iran Units 21-24, 4th Floor, Shahrak Gharb Commercial Tel:+98 21 88728216 , 88722261 Tel: +98 21 88610690-3 Postal Code: 15178- 94811 Complex, Farahzadi Blvd.,Sanat Sq., Shahrak Gharb, Fax: +98 21 88723771 Fax: +98 21 88612593 Tel:+98 (0)21 8887 0191- 7 Tehran, Iran Fax:+98 (0)21 8887 0199 Tel:+98 (0)21 8836 2437- 9 Azadi North Africa Website: www.aminparsian.com Fax:+98 (0)21 8837 2846 No.462, Azarbaijan St., Azadi Ave., Tehran, Iran Africa Tower, North Africa St., Tehran, Iran E-mail: [email protected] Website: www.kpc.co.ir Tel: +98 21 66362190-2 Tel: +98 21 88728216 E-mail: [email protected] Fax: +98 21 66860094 Fax: +98 21 88723771 Caspian (Computer Application Services Provider Company) Parsian Brokerage Company Central Branch Pamenar No. 225, Parsian Bank Building, Takhti Sq, Shahid No. 24, 8th Alley, Opposite Tehran Clinic, Ghaem Corner o f Shoorideh St. and Keshavarz Moshir khalvat St., Pamennar Ave., Tehran, Iran Beheshti St., Tehran, Iran Magham St., Tehran, Iran Blvd.,Tehran , Iran Tel: +98 21 33951177 Tel:+98 (0)21 8215 2000 Postal Code: 1586853714 Tel: +98 21 77298788-7 Fax: +98 21 33991441 Fax:+98 (0)21 8252150 Tel:+98 (0)21 87148 Fax: +98 21 84232148 Website: www.caspco.com Fax:+98 (0)21 8851 1683 Rashid E-mail: [email protected] Website: www.parsianbroker.com Shahid Behshti No.262, Tehranpars, Resalat Highway, Tehran, Iran No. 69, Andisheh Crossroad, Behesht St., Tehran, Iran Tel: +98 21 77298788-7 Etemad Mobin Company Parsian Construction Development Company Tel: +98 21 88975118-20 Fax: +98 21 77298209 No70, Yasaman Str, North Dibaji ST., Farmanieh Ave, No. 79, Sheikh Bahai Square, Tehran, Iran Fax: +98 21 88455084 Tehran, Iran Postal Code: 19958545148 Takhti Tel:+98 (0)21 22837516-7 Tel:+98 (0)21 8860 4433- 40 Ferdowsi No.203, Takhti Sq., Beheshti St, Tehran, Iran Fax:+98 (0)21 22292910 Fax:+98 (0)21 8804 7879 No. 487, Ferdowsi St., Tehran, Iran Tel: +98 21 88740965 Website: www.teminvestco.com Website: www.pcdco.ir Tel: +98 21 66740680 ,66744570 Fax: +98 21 88748363 E-mail: [email protected] E-mail: [email protected] Fax: +98 21 66740876 Other Cities Lotus Parsian Investment Bank Parsian E-commerce Company Fereshteh Kish No.53, Shahid Shurideh St., Keshavarz Blvd., No. 8, Sayeh St., Africa Blvd., Tehran, Iran No. 58, Daryoush Business Centre, Fereshteh St., Tehran, Iran Central Banks Tower, Sanaee St., Kish Island, Iran Tehran, Iran Postal Code: 1967735811 Tel: +98 21 22630360-5 Tel: +98 764 4420851-7 Tel:+98 (0)21 88977753-4 Tel:+98 (0)21 2266 1777- 86 Fax: +98 21 226303667 Fax: +98 764 4420550 Fax:+98 (0)21 88977752 Fax:+98 (0)21 8878 7535 Website: www.parsianlotusib.com Website: www.pec.ir Karimkhan zand Moali Abad E-mail: [email protected] E-mail: [email protected] No. 86, Kheradmand St., Karimkhan zand St., Tehran, Iran No.151, Moali Abad St., Shiraz, Iran Tel: +98 21 88318681-6 Tel: +98 711 6351518-19 Fax: +98 21 88347911 Fax: +98 711 6356719

Markazi Ostad Shahriar No.4 Farahzadi Blvd., Shahrak Ghods, Tehran, Iran Khabgah St., Vali-e-asr St.,Tabriz, Iran Tel: +98 21 88362800-9 Tel: +98 411 3339670-73 Fax: +98 21 88975125 Fax: +98 411 3320545 Appendix 78 Subsidiary and Associate Companies

Parsian Exchange Company Lotus Parsian Construction Development Company Parsian Bank Building, Takhti Sq., Shahid Unit 1, No. 79, Opposite Emdad Khodro Building, Sheikh Beheshti St., Tehran, Iran Bahai St., Tehran, Iran Postal Code: 15336685 Postal Code: 1918633814 Tel:+98 (0)21 8853 5012-4 Tel:+98 (0)21 8861 4223- 26 Fax:+98 (0)21 8873 3914 Fax:+98 (0)21 8803 4111 Website: www.parsian-exchange.ir Website: www.parsian-lotus-hotels.com E-mail: [email protected] E-mail: [email protected]

Parsian Insurance Company Parsian Investment Company No.15, Shahid Saneyee St., Jahan Koodak No. 230, Vahid Dastgerdi St., Tehran, Iran Crossroad, Africa Blvd., Tehran, Iran Postal Code: 19186- 33815 Postal Code: 1969957413 Tel:+98 (0)21 2225 7927-32 Tel:+98 (0)21 8259 Fax:+98 (0)21 2225 7830 Fax:+98 (0)21 8864 2737 Website: www.parsian-invest.com Website: www.parsianinsurance.com E-mail: [email protected] E-mail: [email protected] Parsian Leasing Company Tamin Andish Pars Company No. 53, Shahid Shurideh St., KeshavarzBlvd., No. 53, Between Pars and Sasan Hospitals, Across Shahid Tehran,Iran Shurideh St., Keshavarz Blvd., Tehran, Iran Postal Code: 1416634681 Postal Code: 1416633511 Tel:+98 (0)21 8898 5525- 32 Tel:+98 (0)21 8853 5012- 4 Fax:+98 (0)21 8898 5514 Fax:+98 (0)21 8873 3914 Website: www.parsianleasing.com Website: www.tamin.com E-mail: [email protected] E-mail: [email protected]