Seyed Rouhollah Mirsanei: General secretary

Overview of Iran Securities & Exchange Brokers association and Capital Market

& Key Economic Indices

Ali Asgharzadeh Sadegh: Member of the Board

About ISEBA:

§ The ISEBA was established on 6 October 2007;§ It is a self-regulatory organization for brokers in IRAN;§ regulates relationships between members of the association with

each other and with affiliated members;§ Currently, there are 108 brokerage firms in IRAN which are

members of ISEBA;§ all of these brokerage firms should become a member of ISEBA at

first.

SEBA activities :Ordaining and performing professional and disciplinary criteria and standards formembers within the law.

Compromising in disputes between brokers, traders' brokers, market makers and otheraffiliate staff of members for performing article 36th of law within the provisions.

Regulating communications between members and affiliate staff of members within theprovisions to perform the content of the 5th clause of the 1st article of law.

Assisting on preparation and codification laws, provisions and regulations relevant tomembers and Securities Exchanges;

Offering change of wages ceiling and the price of provided services of members to SEO.

Preparing necessary facilities for developing systematic, professional and continuoustraining to affiliate staff of members and in order to improve their knowledge and thequality of provided services;

Organizing seminars, training courses and questioning & answering sessions, publishingtraining leaflets, having interviews with media to make recognition of SEBA & members'activities and etc….

Assisting to create a fair, competitive and efficientsecurities market to obtain investors' trust.

Increasing members and affiliate staff of members' prestige before investors.

Regulating the affairs and promoting the professions that our members are occupied with.

ISEBA Objectives:

Upgrading affiliate staff of members' professional knowledge.

Regulating relations between our members witheach other or with their staff.

Performing the duties that SEBA is supposed to doaccording to the law.

Financial & Administrative department.

InfoTech Department

This committee considers all disputes arising from associationmembers' professional activities with each other or third parties.

Mediation committee:

Members Department:

This sector plans and performs training courses according to demandsthe knowledge of members, affiliated members and others in capitalmarket.

Training Department:ISEBA DEPARTMENT:

ISEBA Members affairs section has the duty of preparing report relatedto the brokerage industry, trading statistics, affiliate information,Supervising members and members affiliated with, monthly magazineand etc…

Legal Department

March 2016-2017 (1395 Solar Hijri calendar)

Overview of Iran capital Market

Average User

Women User75%

§ TSE: Tehran Stock Exchange

§ Value of trade: about 17 Billon dollar

§ Market cap: about 86Billion dollar

§ P/E ratio: average 6.86

§ Website: www.tse.ir

§ Establish year: 1346/1967

Trade:- Equity,-Future trade shares,-Option trade share,-Bonds,-Exchange Traded Fund (ETF).

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March 2016-2017 (1395 Solar Hijri calendar)

Overview of Iran capital Market

Average User

Women User75%

§ TSE: Tehran Stock Exchange

§ Value of trade: about 17 Billon dollar

§ Market cap: about 86Billion dollar

§ P/E ratio: average 6.86

§ Website: www.tse.ir

§ Establish year: 1346/1967

Trade:- Equity,-Future trade shares,-Option trade share,-Bonds,-Exchange Traded Fund (ETF).

March 2016-2017 (1395 Solar Hijri calendar)

§ IFB: Iran Fara bourse

§ Value of trade: about 12 Billon dollar

§ Market cap: about 28 Billon dollar

§ P/E ratio: average 8

§ website: www.ifb.ir

§ Establish year: 1386/2007

Trade:- Equity,-Fixed rate bonds,-Housing Mortgage Right (HMR),-Exchange Traded Fund (ETF),-Exchange Traded Project Fund (ETPF),-Islamic Treasury Bill (ITB),-Option trade share.

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§ IME: Iran Mercantile Exchange

§ Value of trade: about 22 Billon dollar

§ website: www.ime.co.ir

§ Establish year: 1386/2007

Trade:Various products and commodities arelisted and traded in IME which arecategorized in classifications:- Industrial Products and Commodities,- Oil Products and Petrochemicals,- Agricultural products,- Multi-Commodity,- Gold Coin Futures,- Option coin contract,- Salaf (Salam) Contracts.And ...

March 2016-2017 (1395 Solar Hijri calendar)

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March 2016-2017 (1395 Solar Hijri calendar)

§ IRENEX: Iran Energy Exchange

§ Value of trade: about 1.3 Billon dollar

§ website: www.irenex.ir

§ Establish year: 1391/2012

Trade:- Oil Products and Petrochemicals,- Electricity,- Salaf(Salam) Contracts.

Stock Trading Restrictions

Institutional investors(Online)

Individual investors(Online)

M1

M2

M3

M4

M5

00

Exchange Individual investors Institutional investors2

TSE

IFB

IMEphysical delivery

IME derivative

IRENEX physical delivery

IRENEXderivative

Authorized

Mostly authorized

Mostly authorized

Authorized

Mostly authorized

Mostly authorized

Authorized

Authorized

Authorized

Authorized

Authorized

Authorized

Aged 18,High school Diploma,

Approved by brokerage.Mostly authorized (Aged 18,

High school Diploma,Approved by brokerage.

-Aged 18,

High school Diploma,

Approved by brokerage.

-

-

Authorized

Authorized

-

Authorized

-

-

Price limit

Price limit

M1

M2

M3

M4

M5

00

Exchange1

TSE

IFB

IMEphysical delivery

IME derivative

IRENEX physical delivery

IRENEXderivative

+-5%

normal trade: +-5%if a share has marketmaker: +-10%

In base market no limits has been set

Varied limit

Future market: +-5%Option market no limits has been set

Varied limit

+-5%

Stock Trading Restrictions

sum

M4

00

Exchange buy sell

TSE

IFB

IME physical deliveryIn mostly rings

IME derivative

IRENEX physical delivery

0.0038Maximum fee: about 7500$

0.0032Maximum fee: about 7500$

0.0038Maximum fee: about 7500$

Future trades: about 0.4 $ per contractsOption trades: about 0.4 $ per contracts

0.0015Maximum fee: about 2500$

0.0038Maximum fee: about 7500$

0.0032Maximum fee: about 7500$

0.0038Maximum fee: about 7500$

Future trades: about 0.4 $ per contractsOption trades: about 0.4 $ per contracts

0.0015Maximum fee: about 2500$

0.0076Maximum fee: about 1500$

0.0064Maximum fee: about 1500$

0.0036Maximum fee: about

1500$

Future trades: about 0.8 $per contractsOption trades: about 0.8 $ per contracts

0.0030Maximum fee: about 5000$

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Key economic indices

k

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Key economic indices

Sources: World Bank Calculations

Key economic indices

00

Key economic indices

Exchange rates (Rail per USD) and CPI inflation

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Key economic indices

Current account balance and oil exports

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Key economic indices

GDP and Forecast