May 2009, TSE Evidenced Transactions in 8,322 Million Shares and Rights Worth $1163/8 Million

Tehran Stock Exchange International Department

Market Summary

For 22 trading days in May 2009, TSE evidenced transactions in 8,322 million shares and rights worth $1163/8 million. These figures both demonstrate 572 and 354 percent increase related to the volume and the value of trades over the previous month. Total market capitalization for April 2009 reached to $ 53.6 billion, demonstrating a 10 % increase as compared to the previous month ($48.7 billion in April 2009). The number of trades was 283,045 for the month. The figure indicates 40 percent increase compared to the previous month (202,650 in April 2009).

Indices

Index 2009 - May 2009 - April Change TEPIX[1] 9,000.6 8,535 465.60 Industrial Index 6,945.3 6,580.7 364.60 Financial Index 23,884.7 22,792.1 1,092.60 TEDPIX[2] 35,059 33,539 1,520.00 TSE-50[3] 335.6 322.4 13.20

1. TSE Price Index 2. TSE Dividend & Price Index 3. TSE 50 Most Active Companies Index

Market Capitalization / Sector

Market Cap. (million US$) Change (%) % of Total Industrial Group MC May 2009 April 2009 December 2008 April 2009 December 2008

1 93.1 90.8 38.6 2.5 141.3 0.2 Medical, Precision & Optical Instruments 2 Coal & Lignite Mining 13.8 13.1 15.9 5.2 -13.2 0.0 3 Other Mining 8.3 8.1 8.1 2.8 2.9 0.0 4 Metal Ores Mining 2,891.4 2,837.1 3,689.0 1.9 -21.6 5.4 5 Real Estate And Construction 1,164.8 1,153.8 1,339.7 1.0 -13.1 2.2 6 Publishing, Printing & Reproduction Media 22.3 21.7 21.8 2.4 2.3 0.0 7 Banks, Credit & Other Financial Institutions 6,171.0 4,559.2 2,739.9 35.4 125.2 11.5 Industrial And Engineering Project 8 261.9 178.1 80.9 47.1 223.7 0.5 Management 9 Transportation 2,518.5 1,669.3 1,547.3 50.9 62.8 4.7 10 Technical & Engineering Services 1,318.8 1,112.6 884.5 18.5 49.1 2.5 11 Motor Vehicles And Auto Parts 4,393.3 4,275.1 4,223.8 2.8 4.0 8.2 12 Tanning Dressing And Leather 16.9 16.5 16.1 2.5 5.2 0.0 13 Computer & Related Activities 325.3 315.2 321.3 3.2 1.2 0.6 14 Agriculture 10.2 10.0 9.4 2.2 8.2 0.0 15 Radio, TV & Communication Equipment 32.9 28.4 30.1 15.8 9.3 0.1 16 Metal Products 142.7 133.6 97.7 6.7 45.9 0.3 17 Other Transport Equipment 20.9 20.4 20.4 2.5 2.4 0.0 18 Other Non-metallic Mineral Products 170.4 177.6 161.8 -4.1 5.3 0.3 19 Other Financial Intermediaries 267.9 243.9 212.9 9.8 25.9 0.5 20 Investment Companies 1,504.4 1,375.7 1,420.0 9.4 5.9 2.8 21 Cement, Lime & Gypsum 3,481.1 3,642.1 4,519.8 -4.4 -23.0 6.5 22 Diversified Industrials (Conglumerates) 3,543.9 3,391.9 4,694.1 4.5 -24.5 6.6 23 Refined Petroleum Products & Nuclear Fuel 3,381.0 3,013.7 1,705.8 12.2 98.2 6.3 24 Basic Metals 7,907.1 7,412.3 7,158.2 6.7 10.5 14.7 25 Sugar & Byproducts 83.4 82.4 103.3 1.2 -19.3 0.2 26 Ceramic & Tile 190.3 193.7 234.6 -1.8 -18.9 0.4 27 Rubber & Plastic Products 292.0 280.6 304.1 4.1 -4.0 0.5 28 Machinery & Equipment 433.7 418.6 457.9 3.6 -5.3 0.8 29 Electric Machinery & Apparatus 389.1 400.2 349.7 -2.8 11.3 0.7 30 Furniture 17.7 18.4 19.2 -3.7 -7.7 0.0 31 Wood & By-products 5.4 5.3 5.8 2.5 -7.1 0.0 32 Chemicals & By-products 2,992.1 2,463.4 2,452.3 21.5 22.0 5.6 33 Non-sugar Products 777.9 711.7 747.3 9.3 4.1 1.5 34 Paper & By-products 29.5 35.6 38.5 -17.2 -23.6 0.1 35 Post and telecommunications 7,183.6 6,869.9 7,811.4 4.6 -8.0 13.4 36 Textiles 26.2 24.6 38.7 6.2 -32.3 0.0 37 Pharmaceuticals 1,538.7 1,539.6 1,520.6 -0.1 1.2 2.9 Total 53,621.2 48,744.2 49040.1 10.0 9.3 100.0

Top Gainers Price Movement Name (IRR)

Zahravi Pharmacutical Co. 10,500

Khark Petrochemical Co 1,641 Maaden Manganes Iran Co. 1,231 Number of Shares Issued * Iran Parenteral Products Co. 1,209

Iran mineral Products 1,153 Listed Industry Companies

Top Losers

Medical, Precision & Optical Instruments 1 Price Movement Name 1 (IRR) Coal & Lignite Mining Azarit Co. -5,489 Other Mining 1 Oroumiyeh Cement Co. -3,555 Metal Ores Mining 8 Naab Industrial Co. -3,468 Real Estate And Construction 12 Ardebil Cement Co. -2,526 Bojnourd Cement Co. -2,372 Publishing, Printing & Reproduction Media 1 Banks, Credit & Other Financial Institutions 7

Industrial And Engineering Project Management 1 Market Capitalization 4 Transportation 2 Market Cap. Technical & Engineering Services Name % of Total MC (million $) Motor Vehicles And Auto Parts 30 1 TCI 7,184 13.4 2 Isfahan Mobarakeh Steel Co. 3,098 5.8 Tanning Dressing And Leather 1 3 Isfahan Refinery 2,897 5.4 Computer & Related Activities 3 4 Iran National Copper Ind.Co. 2,602 4.9 5 IRI Shipping Lines 2,197 4.1 Agriculture 1 6 Mellat Bank 1,620 3.0 Radio, TV & Communication Equipment 5 7 Tejarat Bank 1,371 2.6 10 8 Chadormalu Mineral & Ind. 1,210 2.3 Metal Products 9 Omid Inv. Management 1,136 2.1 Other Transport Equipment 1 10 Khark Petrochemical Co 1,087 2.0 20 Other Non-metallic Mineral Products Value of Trades Other Financial Intermediaries 4 Investment Companies 13 Turnover Value. Cement, Lime & Gypsum 29 Name (million $) 4 1 Mellat Bank 484.7 Diversified Industrials (Conglumerates) Tejarat Bank 2 139.6 Refined Petroleum Products & Nuclear Fuel 5 3 SADRA 123.8 26 4 Isfahan Mobarakeh Steel Co. 122.9 Basic Metals 5 TCI 52.6 Sugar & Byproducts 17 6 Isfahan Refinery 41.4 10 7 Sina Bank 30.2 Ceramic & Tile 8 Karafarin Bank 18.2 Rubber & Plastic Products 12 9 Qadir Investment 10.5 19 10 Persian Bank 8.9 Machinery & Equipment Electric Machinery & Apparatus 11

Furniture 1 New Listing(s) Wood & By-products 2 Chemicals & By-products 27

24 There was not any new listing in May 2009. Non-sugar Products Total number of listed companies is currently 358. Paper & By-products 4 Post and telecommunications 1 Textiles 3

Pharmaceuticals 27

Total 348 * TSE uses the International Standard for Industrial Classification (ISIC) system.

Turnover

Daily Average No. Shares Traded Turnover Turnover Turnover Velocity (million) (million $) (million $) (%) June - 08 4,672 1,687 88.79 2.86 July - 08 4,191 2,129 106.45 3.26 Aug - 08 8,439 3,694 175.9 5.38 Sep - 08 2,537 694 33 1.01 Oct - 08 2,892 864 46 1.4 Nov - 08 11,634 1,187 54 2.2 Dec - 08 3,208 789 38 1.6 Jan - 09 1,311 202 10.6 0.4 Feb - 09 1,681 215 12.6 0.45 March - 09 805.5 160 8.9 0.34 April - 09 1,238 256 12.8 0.54 May - 09 8,322 1,163.9 52.9 1.14 Total 50,930.5 13,040.8 Avg: 53.3 Tatal: 20.58

Groups Index Analysis

Index Change (%) Industrial Group May 2009 April 2009 December 2008 April 2009 December 2008

1 Medical, Precision & Optical Instruments 665.6 665.6 282.3 0.00 135.78 2 Coal & Lignite Mining 146.5 142.7 172.7 2.66 -15.17 3 Other Mining 795.8 793.1 791.8 0.34 0.51 4 Metal Ores Mining 1,359.1 1,252.4 1,626.6 8.52 -16.45 5 Real Estate And Construction 246.3 250 248.3 -1.48 -0.81 6 Publishing, Printing & Reproduction Media 7,847.1 7,850.1 7,854.6 -0.04 -0.10 7 Banks, Credit & Other Financial Institutions 113 108.6 101.4 4.05 11.44 8 Industrial And Engineering Project Management 997.4 695.1 316 43.49 215.63 9 Transportation 1,267.5 1,010.3 935 25.46 35.56 10 Technical & Engineering Services 70.1 60.7 48.2 15.49 45.44 11 Motor Vehicles And Auto Parts 2,727.5 2,694 2,660.5 1.24 2.52 12 Tanning Dressing And Leather 74 74 72 0.00 2.78 13 Computer & Related Activities 242.1 240.5 244.8 0.67 -1.10 14 Agriculture 254.5 255.2 240.7 -0.27 5.73 15 Radio, TV & Communication Equipment 244.6 216.5 229.1 12.98 6.77 16 Metal Products 1,799.9 1728.2 1,302.6 4.15 38.18 17 Other Transport Equipment 1,014.6 1015 1,015.4 -0.04 -0.08 18 Other Non-metallic Mineral Products 147.5 148.3 137.8 -0.54 7.04 19 Other Financial Intermediaries 348.4 319.9 278.9 8.91 24.92 20 Investment Companies 246.1 229.3 232.9 7.33 5.67 21 Cement, Lime & Gypsum 140.7 145.8 181.1 -3.50 -22.31 22 Diversified Industrials (Conglumerates) 557.4 531.1 675 4.95 -17.42 23 Refined Petroleum Products & Nuclear Fuel 27,748.8 25,350.3 14,450.2 9.46 92.03 24 Basic Metals 3,866.1 3,714.3 3,586.6 4.09 7.79 25 Sugar & Byproducts 289.2 280.4 345.8 3.14 -16.37 26 Ceramic & Tile 234 242.9 293.9 -3.66 -20.38 27 Rubber & Plastic Products 1,770.8 1,742.9 1,887.1 1.60 -6.16 28 Machinery & Equipment 1,994.4 1,973.1 2,155.7 1.08 -7.48 29 Electric Machinery & Apparatus 28,423 29,331.8 2,5414 -3.10 11.84 30 Furniture 139.5 148.6 154.8 -6.12 -9.88 31 Wood & By-products 4,580.6 4,580.6 4,606.5 0.00 -0.56 32 Chemicals & By-products 340.7 285.4 282.1 19.38 20.77 33 Non-sugar Products 311.7 277.7 300.5 12.24 3.73 34 Paper & By-products 1,269.7 1252 1,355.1 1.41 -6.30 35 Post and telecommunications 108.6 106.3 111.5 2.16 -2.60 36 Textiles 153.4 148.1 232 3.58 -33.88 37 Pharmaceuticals 486.8 481.7 476.8 1.06 2.10 Rate of US$ vs. IRR (www.cbi.ir) * April 2009 : US$ 1 = IRR 9,598 * May 2009 : US$ 1 = IRR 9,836

Market Capitalization

80,000 70,000 60,000 50,000 million US$ 40,000 30,000 20,000 10,000 0

Indices Trend May 2009

30 0.95 27.5 24.53 25 0.93 22.5 20 0.90 17.5 14.68 15 0.88 10.48 12.5 9.87 9.45 10 0.85 7.5 5.85 4.04 4.09 5 2.88 0.83 1.31 1.95 1.55 1.59 1.64 1.79 1.39 2.5 0.84 1.07 1.11 0.80 1.14 1.09 0 0.80

Volume (100 million US$) % TEPIX

108 107 Indices Comparative Analysis (%change) 106 105 104 103 102 101 100 99 98 97 96 95 94

TEPIX Ind. Index Fin. Index TSE-50