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  "Turkey's Brokerage Network: Future Outlooks for Cooperation
                    with Iranian Counterpart"

                                Organized by

                      Tehran Stock Exchange (TSE)

                             in cooperation with

                      Istanbul Stock Exchange (ISE)

Seminar Schedule DAY 1: Thursday, March 10, 2005

VENUE: Agri-Bank Seminar Theatre,Tehran

08:30 Plenary Opening Ceremony: Welcome Reception Hosted by TSE
International Department

08:40 (proposed): Dr. Hussein Abdoh Tabrizi, TSE Secretary General (Plenary)

08:50 (proposed): Ambassador of Republic of Turkey (Plenary)

09:10 (proposed): Mr. Mostakhdemin Husseini, Chairman of the Board, TSE,
Introductory Session: "Iranian Brokerage Report: Recent Developments"

Introductory Session

Tehran Stock Exchange Brokers' Organization (TSEBO) is in fact the national
association of the Iranian stock exchange brokers with nearly 40 years of
experience. The organization has been legally formed to facilitate and manage
the smooth working of the brokerage community. But the organization also has
other responsibilities that would be removed from it as soon as the new capital
market law gets approved by the Parliment.

Mr. Husseini will provide a short report on the working of this body and the
developments that is expected in the Iranian brokerage community. The speaker
will also focus on current regulatory framework and laws on brokerage activities
and related areas in Iran. He will discuss ideas and plans with the Turkish
delegation and participants for collaborative measures to upgrade and amend
current legislation on the subject and the state of legal reforms in upgrading
brokerage services. This session will also address problems and issues relevant
to existing practices and procedures within the present brokerage industry in Iran
and will seek the assistance of the Turkish counterpart to rectify current problems
in its position.

09:40 Coffee Break

10:00 Plenary: First Speech by Turkish Expert, Mr. Huseyin Erkan, Deputy
President, ISE

             Speech: "An Overview of Istanbul Stock Exchange: Recent
Trends and Developments"

                                         (Brief description of topic to follow)

The presentation will last about 45 minutes, thereafter questions will be
10:45 Discussion/Questions

11.00 Panel Discussion (Plenary): Lessons of the Turkish Capital Market for

Proposed Participants:

Two Members of Turkish delegation
Managing Directors of Two Iranian Brokerage Firms
One Member of TSE management team

Facilitator: (proposed) Mr. Jahani (Member of the Board, TSE)

12:30 Prayer Time and Lunch

14:00 Plenary: Second Speech by Turkish Expert, Mr. Sezener, Head of
Turkish Brokerage Federation and ...

              Speech: "The Structure and Working of the Turkish
Brokerage Network"

The structure and the working of the Turkish brokerage industry has been based
on a transparent regulatory makeup within the rules of market economy. This
structure along side topics such as special characteristics of Turkish brokerage
community, methods of enforcing brokerage network, aims of the brokerage
association, and its social and political dimension in Turkish experience will be
discussed in this seminar.

Mr. Sezener, himself an experienced broker, will focus on the main policy
questions concerning the restructuring, development and regulation of the
brokerage industry in Turkey. In specific, he will highlight the enforcement and
enlargement of the brokerage services to move into higher level services of an
investment banker.

The effect of the new economic conditions of the European Community and the
probable entrance of Turkey into United Europe will be profound on capital
market structure of the Turkey. Mr. Sezener will also explain these possible
trends and its ongoing process in brief. A description of the Turkey s
experience in brokerage industry to Iranian audience will help them to learn the
effects of Iranian capital market developments on brokerage services.

The presentation will last about 45 minutes, thereafter questions are answered.

14.45 Discussion/Questions

15:30 Coffee Break

15:45 Face to Face Discussions of the Two Sides on Issues of Brokerage

17:30 End of Seminar's First Day

Seminar Schedule DAY 2: Friday, March 11, 2005

VENUE: Agri-Bank Seminar Theatre,Tehran

Working Sessions on Structures of the Turkish Brokerage Network and Its
Lessons for Iranian Side

From this session on, only the Iranian brokers will attend the meeting. After
introductory remarks, two working sessions will be held: In the first session, two
workshops are organized. In the second session of March 11, in a roundtable
discussion, the Turkish senior managers and experts will discuss Turkish
experience of capital market programs with Iranian brokers based on issues
discussed in the workshops. The Turkish side will advise Iranian brokers on legal
reorganization of the brokerage industry in Iran, evaluation of potential new
enterprises in the area, financial reorganization of individual firms, and
restructuring of brokerage firms. Before the first working session on March 11, an
Iranian expert will deliver an opening lecture explaining the limitations to develop
Iranian brokerage network. Then the Turkish presenters will pass their opinions
on issues brought up by the Iranian lecturer concerning the brokerage industry in
following workshops and the final roundtable discussion.

09:00 Introductory Remarks: "Summary of Day 1 of Seminar and Remarks
towards the Organization of Workshops" by Mr. Azarakhsh, Mofid
Brokerage House: Mr. Azarakhsh will prepare a preliminary statement based on
the conclusions reached at the plenary sessions of March10. This statement will
put into discussion in order to make ground for later workshops and round-table
sessions. Mr. Azarakhsh will indicate areas of necessary transformation in capital
market industry that are strategically more important: areas such as new financial
industry developments, restoration of private ownership of these institutions, and
the strengthening of private sector presence in Iranian capital market, including
foreign investors, on the basis of a market economy. From this session on, the
group will break into 2 workshops. At least one Iranian moderator will also assist
in group discussions to keep lively and candid talks to go on. Workshop
participants will discuss issues and spend some time to prepare a preliminary
statement based on the conclusions reached to render to the round table
meeting in the second session.

09:30 Workshop 1: "How to Develop Relations between TSE and ISE
Brokerage Communities"

Run by Turkish Expert, Mr. Huseyin Erkan, Deputy President, ISE.

In his opening speech to the workshop, the Turkish expert will address the
audience with a general preface of the subject discussed in that meeting onward.
Organizational structure of Turkish brokerage industry will be discussed in length.
The focus again will be on regulatory framework, on building new structures and
setting up an organization and exploring ways of reaching wider audiences to
justify the necessity of investing in capital markets. The Turkish expert's
experience on organizing and restructuring their brokerage network and the way
competition has been preserved in the process are of much interest to Iranian
Government, TSE, and the brokers' association in Iran. The sitting will also cover
the background and rationale as well as the major reasons for the development
of brokerage network, and the minimum policy requirements for a successful

09:30 Workshop 2: "How to Promote the Services of the Iranian Brokerage
House into Wider Investment Bank Activities"

Run by Turkish Expert, Mr. Sezener, Head of Turkish Brokerage Federation and
... .

Since, in the absence of the proper capital market intermediaries, the Iranian
participating brokers will be much interested in the way of extending brokerage
services to wider investment bank activities, and the applicable structural
adjustments and economic transformation, the Turkish senior managers will set
down the specific Turkish experience on these aspects of brokers' business.

11:00 Coffee Break

11:15 Roundtable Discussion: "Lessons-Learned and Recommendations
for Iranian Brokerage Industry"

The results of workshops will be reported to all participants and then in a
roundtable discussion, all participants will comment on various issues discussed
and the facilitators will try to sum-up the views of the experts attending the
sessions. This is the last session of the Seminar to use the presentations by
Turkish senior advisors to Iranian brokers on Turkish experience of extending
their brokerage network to respond to their country's capital market requirements.

In the last phase of the concluding session, senior Turkish managers and Iranian
participating members will draft a statement on their views of the framework and
organization of a successful future cooperation between Iran and Turkey in the
field of brokerage network.

13:00 End of Seminar's Second Day

Saturday-Sunday March 12 & 13, 2005: Isfahan Visit for Turkish Managers

Midnight, March 13: Departure of Turkish experts to airport, flight to

Notes: Farsi translation of handouts and articles will be distributed ahead of te
sessions to enable the participants to prepare themselves for the meetings.

The seminar and workshop sessions will be held in English. An in-house
interpreter will always be ready at sessions and discussions to facilitate the

About 35 people including brokers and TSE managers are expected to attend the
seminar. The working sessions (2nd day) will be limited to 20 people.

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