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The Appointment Of Dr. Hossein Abdoh Tabrizi As The New Secretary General Of The Tehran Stock Exchange

Date 16/07/2003

On May 18, 2003, The Board of Directors of the Tehran Stock Exchange (the "TSE") has appointed Dr. Hossein Abdoh Tabrizi as its new Secretary General.

Dr. Abdoh Tabrizi, in his new role as the Secretary General of the Tehran Stock Exchange (the "TSE"), will be responsible for heralding new developments at the TSE to increase regulation and full disclosure of material information by the listed companies; initiate new listing criteria for applicants wishing to be admitted to the TSE; introduce new trading instruments through new and innovative technological advances; promote a better investment climate; encourage a new regulatory framework regarding foreign investment and participation; and extend the international presence of the TSE.

Dr. Abdoh's insight and experience in the fields of finance and economics make him an outstanding candidate to lead the TSE into a new realm of trading at the TSE. The growth of the TSE into a truly international market will constitute an important goal not only for the TSE but also for the investment community.

Although the TSE has been only fairly active in the previous decade after the revolution, the TSE continues to be amongst the best performing markets both in the Middle East and around the world despite the global downturn in equities markets during the last two years. Dr. Abdoh welcomes the challenge of building upon such a strong foundation and increasing the TSE's visibility by introducing a new regulatory framework as well as the possibility of new initiatives to benefit both listed companies and investors alike.

Dr. Abdoh succeeds Dr. Ahmad Mir Motahari, who had held the position since 1997. Dr. Mir Motahari will serve as the head of the Iranian Privatization Organization (the "IPO"), responsible for the privatization of all State-Owned Enterprises in Iran, and as the Deputy Minister of Finance and Economic Affairs.

Dr. Abdoh has extensive professional and academic experience in the fields of financial engineering, banking and economics. He served as an advisor to the Minister of Finance and Economic Affairs responsible for formulating macro-economic policies and represented the Minister at the TSE Council. He acted as the chairman of the board of the Bank Eghtesad Novin, the first private bank to be introduced in Iran. For the last two years, he also acted as the chairman of the board of the Tehran's Construction Investment Company. Prior to holding these positions, he was responsible for the creation of different investment companies active in different sectors including agriculture and housing. In addition, he served on the board of directors of major investment companies in Iran. During his academic pursuits, he has published numerous books and articles on various topics related to different theories on market economies.

He serves on the editorial boards of several academic journals related to finance and economics. He is also the publisher of Sarmayeh (the "Capital"), a quarterly financial journal.

Dr. Abdoh Tabrizi holds a Ph.D. in Finance from Manchester Business School and an MBA from the Iranian Center for Management Studies (an affiliate of Harvard Business School).