DSE NRB PROGRAM IN USA, 2010

GROWTH & POTENTIALS OF CAPITAL MARKET, BANGLADESH

23 & 24 September 2010

We take the pleasure to inform you that the President of DSE together with other three former Presidents is scheduled to visit USA as Member of the Prime Ministers high delegation team of USA tour. The DSE has therefore, taken initiative to utilizing this event by availing the opportunity of holding a Press Conference and a NRB Conference on the theme Growth & Potentials of Capital market, Bangladesh to promote the Capital Market, Bangladesh on 23 & 24 September 2010 respectively in which your presence would be highly appreciated. The NRB USA LLC is locally organizing the event in USA for DSE. The following are the delegation from DSE in the conference: 1. Mr. Md. Shakil Rizvi, President, DSE 2. Mr. Md. Rakibur Rahman, Immediate past President and present Director, DSE 3. Mr. Ahmed Iqbal Hasan, past President and present Director, DSE 4. Mr. Abdul Haq, Past President, DSE 5. Mr. Sharif Ataur Rahman, Director, DSE Please find the venue details with date, time and address as in the following:

PRESS CONFERENCE
(with USA Print & Electronic media more or less 50 journalist) DATE : 23 SEPTEMBER 2010 VENUE : BOMBAY PALACE, BOMBAY PALACE, 30 west 52nd St. Manhattan, NYC. TIME : 12:00 15:00 HOURS KEYNOTE SPEAKER : MR. MD. RAKIBUR RAHMAN BUFFET LUNCH WILL BE OFFERED.

PRESS CONFERNCE SCHEDULE

12-15pm. DSE Executive introduction before press reporters by NRB president. Jasimudin Noornabi. 12-30pm to 1-15pm. DSE selected Rep. will address before the press reporters. 1-15pm to 2-00pm Question and answer by reporters with DSE representative. 2-00pm to 2-30pm Buffet lunch, 2-30pm. Closing thanks by DSE Rep. & NRB Rep.

NRB CONFERENCE
(Professional, Resourceful, Businessman, Diplomats, strictly Invited guests 250 pax) DATE : 24 SEPTEMBER 2010 VENUE : La Guardia Marriott Hotel

102-05, Ditmars Blvd, Queens, NY 11364

TIME : 18:00 23:30 HOURS KEYNOTE SPEAKER: MR. MD. RAKIBUR RAHMAN BUFFET DINNER WILL BE OFFERED WITH CULTURAL PARTY

NRB CONFERENCE SCHEDULE

6-00pm.to 7-00pm Guest Reception, Registration and Refreshment. 7-00pm to 7-30pm DSE representative Introduction before audience by NRB President. 7-30pm to 8-30pm Presentation by DSE Executive/Officials before audience. 8-30pm to 9-30pm Questions and answers session. 9-30pm to 10-15pm Buffet Dinner. 10-15pm to 11-30pm Cultural Program.

Please contact the following officials for collection of the invitation card (A), also to meet further queries if you have any in addition to the affairs stated above. Members of DSE and the stakeholders presently living in USA and nearby USA are cordially requested to attend the events if possible. Sl. For contact in USA (A) No. 1. Jashimuddin Noornabi President - NRB USA LLC Tel: 917-214-5639 For contact in Bangladesh (B)

Syed Al Amin Rahman

DGM, Dhaka Stock Exchange Ltd. Cell: 88-01713425808 Fax: 88-02-9564727 E-mail: syed@dsebd.org, syedaar91@hotmail.com

2. 3.

Shahab Uddin- Member Secretary Tel: 917-915-8023 M. Akbar, Co-ordinator Tel: 917-400-8124

We are looking forward to your kind presence, all out support and cooperation in holding the events and make it a grand success.

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DHAKA STOCK EXCHANGE LTD

Growth & Potentials of Capital Market, Bangladesh

KeyKey-Note Paper
By

Md. Rakibur Rahman

Director and Former President DHAKA STOCK EXCHANGE LTD

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Bangladesh Economy
The country can be considered Middle Income Country since it has crossed 99 billion dollar GDP level. Bangladesh has been undergoing potential changes in the course of real development process turning the country into a middle income one which we may see its peak by 2021 under the vision 2021.

Bangladesh has never experienced a negative economic growth during the last 39 years since its independence and maintained more than 5% GDP growth rate for last one and half decades. The most vital point for the country has been that Bangladesh has never defaulted on the payment to international lenders. Relatively investor friendly open policy regime Uniform and congenial ethnic working environment which have effectively made the country a vital source of industrial and other potential sectors development ground and the flow of FDI (Foreign Direct Investment) has showed upward trend. Comparative cheap and easily available labour has also worked suitably towards the sustainable path of development.

Bangladesh has been remarkably improving key socio economic indicators over the years. Almost all the key indicators of the economic condition have been moving towards sustainable position removing all the obstacles especially natural disasters.

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GDP Growth: GDP growth rate has been estimated as 6.00% for the Fiscal Year 2009-2010 but stood at 5.88 which was above 6% for the last few years but the Financial Crisis dented the global economy and also a little bit jolt came down heavily on the Bangladesh Economy but even after that Bangladesh economy has posted moderate growth. The growth has been forecasted as 6.7% for the fiscal year 2010-2011.
GDP Growth
6.27 5.27 4.42 5.26 6.63 5.96 6.43

7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00
95

5.94 5.39 4.62 5.23 4.87

6.19

5.74

6.00

Growth Rate

-9 6

-9 8

-9 7

-0 1

-9 9

-0 0

-0 5

-0 2

-0 3

-0 4

-0 6

-0 7

96

97

98

99

00

01

02

03

04

05

06

07

-0 9 08 20

19

19

19

19

19

20

20

20

20

20

20

20

20

Foreign Exchange Reserve: Foreign Currency Reserve is growing consistently over the last few years. On 08 September foreign currency reserve has stood at $11.25 billion, which has been the highest, and in November 2009 the reserve touched the $10 billion mark for the fast time in the countrys history. Also the current account surplus stood at $373 crore 40 lakh in the year 2009-10 which was $241 crore 60 lakh and $70 crore showing the gradual upward trend.
Foreign Exchange Reserve
F o re x R e s e rve US $ m n Gro wth R a te (%)

9000 8000 7000 6000 5000 4000 3000 2000 1000 0

-0 4 -0 5 -0 1 -0 2 -0 3 -0 6 -0 7 -0 8 -0 9 00 01 02 03 04 05 06 07 08 09 -1 0

20

Forex Reserve US$ mn

09

60 50 40 30 20 10 0 Growth Rate

20

20

20

20

20

20

20

20

20

20

-1 0

-0 8

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Remittance: Remittance crossed US$ 10.98 Bn in 2009-2010. Remittance inflow has been showing upward trend as in the first two months of the current fiscal year a total of $181 crore 53 lakh has come into the country.
Remittances
Remittances US$ mn Growth Rate (%)

12000 Forex Reserve US$ mn 10000 8000 6000 4000 2000 0

-0 1 -0 2 -0 3 -0 6 -0 4 -0 7 -0 5 -0 8 -0 9 00 01 02 03 04 05 06 07 08 09 -1 0

35 30 Growth Rate 25 20 15 10 5 0

20

20

20

20

20

20

20

20

20

Export: Export has been showing increasing trends and crossed US$ 16.21 Bn in 20092010. Total export receipts during FY2009-2010 increased by US$ 639.46 million or 4.11 percent as compared to FY2008-2009.
Exports
18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Exports (Million US$)

20

14,110 12,178 10,526 6,467 5,986 6,548 7,603 8,655

15,565

16,205

Exports US$ mn

-0 7

-0 4

-0 2

-0 1

-0 3

-0 5

-0 6

-0 8

-0 9

03

00

01

02

04

05

06

07

08

20

20

20

20

20

20

20

20

20

20

09

-1 0

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Money Supply: During FY2008-09 the, year-on-year growth of narrow money supply reached 11.99 percent from 18.23 percent in FY2007-08. As of May 2010 the growth narrow money supply reached to 24.57 percent compare to previous year.
Money Supply (M1)
Growth of Narrow Money (%) 30 25 20 15 10 5 0 Growth of Narrow Money (M1)

-9

-9

-0

-0

-0

-0

-0

-0

-0

-0

-0

-0

19

19

19

20

20

20

20

20

20

20

20

20

The, year-on-year growth of broad money during FY2008-09 reached 19.2 percent from 17.6 percent in FY2007-08, mainly driven by the increase of net foreign asset of banking system (26.7 percent), while the growth in net domestic assets of banking system was 17.8 percent. As of May 2010 the growth of broad money supply increased to 22.44 percent.
Money Supply (M2)
25.00 Growth of Money Supply (%) 20.00 15.00 10.00 5.00 20 09 -1 0* 07 04 03 00 99 98 01 02 05 06 20 06 08 20 03 20 02 19 99 19 98 19 97 20 00 20 01 20 04 20 05 20 07 20 08 09

Growth of money Supply

20

09 -1

97

98

99

00

01

02

03

04

05

06

07

08

0*

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Savings: Domestic and national savings were 18.63 and 24.87 percent respectively in FY2002-2003. In FY2009-2010 domestic and national savings has been estimated as 19.78 percent and 29.65 percent as against 20.09 percent and 29.57 percent in previous year.
Savings
32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 Domestic Savings National Savings

National Savings to GDP

03

04

07

05

06

08

09

20 0

20 0

20 0

20 0

20 0

20 0

20 0

Investment: In FY2002-2003, total investment rate was 23.41 percent of GDP. Government and private sectors investment as a percentage of GDP were 6.20 and 17.21 percent respectively. For the FY2009-2010 Government and private sectors investment rate have been estimated as 4.62 and 19.74 percent respectively.
Investment
25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 Total Investment Public Private

Investment (%)

22.20

23.00

23.10

23.10 16.80

23.40 17.20

24.00 17.80

24.50 18.30

24.70 18.70

24.50 19.00

24.20 19.30

24.40 19.67

20

09 -1

2-

3-

4-

5-

6-

7-

8-

0*

24.35 19.74

15.50

15.60

15.80

6.70

7.40

7.20

6.40

6.20

6.20

6.20

6.00

5.50

4.90

4.70

4.62

19 98

20 00

20 02

20 05

20 01

19 99

20 03

20 06

20 04

20 07

20 08

20

09

-1 0

-9

-0

-0

-0

-0

-0

-0

-0

-0

-0

-0

fthyfgDhaka Stock Exchange Ltd

Prime Bourse of the Nation

DHAKA STOCK EXCHANGE LTD.

Per Capita GDP and GNI: For the first time of the history Gross National Income (per capita) crossed 700 US dollar. In FY2008-2009 per capita GDP and GNI were 620 and 676 US dollar respectively. Per capita GDP and GNI are 684 and 750 US dollar.
Per Capita GDP & GNI
800 750 700 650 600 550 500 450 400

GDP Per Capita US$ GNI Per Capita US$

05 -0 6

07 -0 8

06 -0 7

08 -0 9

04 -0 5

Inflation: The rising trend of higher price of oil, essential imported commodities such as rice, lentils, wheat and soybean oil in the international market the inflation rate rose to 9.93 percent in FY2007-08 compared to 7.22 percent of the previous year. The inflation rate was 6.78% as of May 2010.
Inflation
10.00 Inflation Rate (%) 8.00 5.83 6.00 4.00 2.00 0.00
20 00 -0 1 20 01 -0 2 20 02 -0 3 20 03 -0 4 20 04 -0 5 20 05 -0 6 20 06 -0 7 20 07 -0 8 20 08 -0 9 20 09 -1 0*

20 09

20

20

20

20

20

-1 0

9.94 7.16 7.20 6.66

Inflation

6.48

6.78

4.38 1.94 2.79

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Foreign Direct Investment: Foreign Direct Investment (net) recorded US$ 961.00 million during FY 20082009 as against US$ 768 million in FY 2007-2008. For the FY 2009-2010 foreign direct investment figure was US$ 636 million (provisional).
Foreign Direct Investment
FDI US$ mn

1,000 800 600 400 200 20 05 -0 6

FDI US$ mn

744.61

792.74

768.69

960.59

20 08 -0 9

20 07 -0 8

20 06 -0 7

Independent View of JP Morgan: In addition to the well-documented Vietnam, we would identify Nigeria, Kazakhstan, Bangladesh and Kenya as frontier markets worth further investigation; these are the JP Morgan Frontier Five. JP Morgan It is the demographics of Bangladesh that justifies its inclusion in the JP Morgan Frontier Five. The country ranks fourth in growth in economically active population. Five-year economic growth is strong at 6.1% (CAGR). Progress has been made over the last few years to reduce poverty, increasing literacy levels and moderating population growth to a more sustainable level. An assertive judiciary, active civil society and a relatively free media have increased public accountability. Goldman Sachs Next Eleven Bangladesh Egypt Indonesia Iran Korea Mexico Nigeria Pakistan Philippines Turkey Vietnam N-11 as a group may have the capacity to rival the G7 - if not in absolute terms, then at least in terms of new growth

20 09 -1 0*

636.00

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Recent Initiatives
Elevated expressway: The Cabinet has approved the long-awaited Dhaka Elevated Expressway (DEE) project and its route alignment.

Power Sector Development: The government is working to generate 7,000 megawatts of electricity by 2013 and 20,000 by 2021 in line with their electoral manifesto. From another declaration of the honorable Prime Minister it has been evident that the government is committed to adding 1,600 megawatt electricity to the national grid. The government has also relaxed the investment procedure in the power sector and potential investors especially Non-Resident Bangladesh may come forward with chunk of investment.

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Dhaka-Chittagong Highway:

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With the sole of objective of making the countrys infrastructure facility to the highest level suitable for the easy and business-friendly one the government has decided to make the highways a four-lane one so that transportation-related infrastructure may be hundred percent investment-friendly. In the meantime the work has started to upgrade Dhaka-Chittagong highway to four-lane under a Taka 2,382 crore project. It is expected that the project will end by January 2013.

Up-gradation of Bangladeshs sole Oil Refinery: The upgrade will increase ERLs production capacity by 300 per cent to 4.5 million tons per year by 2013. Now the annual capacity is 1.5 million tons. After implementation this decision will surely help the country achieve some progress in the further development.

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450MW Combined Power Plant

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A $300 million, 450MW Combined Cycle gas-fired power station is now operating in Meghnaghat, Bangladesh. The plant was built by AES (Allied Energy Systems) Corp, the US-based producer. It has since been sold to British company CDC Globeleq, which also takes over a 22-year Power Purchase Agreement (PPA) with Bangladesh Power Development Board (BPDB).

Public Private Partnership Projects A total of Tk 2,500 crore has been earmarked in the current fiscal years budget for the PPP projects. Bangladesh Infrastructure Financing Funds In the Budget of 2010-2011 the Government has proposed an amount of Tk. 1 thousand and 6 hundred to develop the infrastructure of the country, which will be implemented under Public and Private Partnership. Here it may be mention that in the current fiscal year undisclosed money is also allowed to invest in this project subject to the payment of 10% tax. Loan agreement with India Bangladesh Goverment has signed an agreement with the Exim Bank of India about 100 crore US$. This loan amount will be used to develop the power and railway sector of Bangladesh. World Cup and BD Economy World Cup Cricket 2001 will be jointly hosted by Bangladesh, India and Sri Lanka. This arrangement of ICC World Cup will boost the pace of economy in Bangladesh.

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Capital Market
Bangladeshs capital market sees 2009 as year of landmark achievements SHEIKH HASINA Prime Minister Peoples Republic of Bangladesh

In its 56 years journey the stock exchange has made significant contribution to the Economy of Bangladesh. Presently DSE has 238 outstanding shares (Members) having present market value of Tk. 830 mn. (appx), equal to $ 11.95 mn. Central Depository Bangladesh Limited (CDBL) has been registered as a Depository by the Securities and Exchange Commission under section 4 of The Depositories Act 1999.

Total Issued Capital of all listed securities - US $ 9.05 bn Market Capitalization of all listed securities US $ 42.89 bn Listed Securities: Total Listed Securities Companies Mutual Funds Corporate Bond Treasury Bonds : : : : : 461 246 26 02 179

Highest Records: Particulars Total Number of Trades Total Trade Volume (Crore) Total Traded Value (Taka Crore) Total Market Capital (Taka Bn) DSE General Index

Values 2,89,965 13.24 2,486.04 30.73 6,889.88

Date 10-08-2010 31-08-2010 16-06-2010 05-09-2010 05-09-2010

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Beneficiary Owners Accounts (BO) Milestone

January 2009 February 2007 August 2005 : BO Accounts setup in CDBL surpass 2 million : BO accounts setup in CDBL surpass 1 million : BO accounts setup in CDBL surpass 500,000

Highlights of progress of CDS

Period BO Accounts
3,000,000 2,500,000 BO Accounts (Nos) 2,000,000 1,500,000

June 06 792,463

June 07 1,385,144

June 08 1,777,334

June 09 2,124,976

Aug 10 2,842,819

B O A ccou nt s

500,000 -

June-2006

79 2, 46 3

June-2007

1, 38 5, 14 4

1,000,000

June-2008

1, 77 7, 33 4

June-2009

2, 12 4, 97 6

NRB Participants in IPOs:

Year Average Participants Over Subscription in Times Dec-2006 6,351 5.82 Dec-2007 9,669 5.39 Dec-2008 18,996 11.06 Dec-2009 May-2010 25,263 48,284 8.56 5.09

50,000 45,000 Average Participants Nos 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Dec-2006 5.82 40,000

NRB Participants in IPOs

8 5.39 5.09 6 4 2 Dec-2007 Dec-2008 Dec-2009 May-2010 Ave rage Parti cipan ts

O ve r S ubscri pti on i n Ti me s

Subscription Over T im es

11.06

8.56

2, 84 2, 81 9
Aug-2010
12 10

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Category wise Securities: A B G N Z 205, 10, 0, 7, 52

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South Asian Market Capitalisation Ratio Country (Bourse) Bangladesh (DSE) Thailand (SET) India (BSE) Pakistan (KSE) Sri Lanka (CSE) Nepal (NEPSE) Malaysia (Bursa) M.Cap (US$Bn) 42.95 218.36 1539.42 34.06 15.24 4.89 347.59 GDP (US$Bn) 99.43 263.89 1235.89 166.52 41.32 12.62 191.46 M.Cap to GDP (%) 43.20% 82.75% 124.56% 20.46% 36.88% 38.75% 181.55%

Contribution to National Exchequer: With growing activities and expanded volume of transaction DSEs contribution to the national exchequer has been increasing over the years. The amount stood at Tk 1281.75 mn in 2009-2010. DSEs contribution to the National Exchequer is almost 9 thousand 190 percent higher than five years back. Securities Under CDBL 424: Percentage of Total Market Cap Under CDBL 99.73%. With the initiation of CDBL (Central Depository Bangladesh Limited-an institution helps to preserves shares of companies in electronic format) forgery of shares and many other forms of fake business has been reduced significantly. Multinational Companies 13: Percentage of Total Market Cap 18.64% Joint Venture Companies 9: Percentage of Total Market Cap 6.99%

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Foreign Trade Turnover: Year Indicators Total (US$. Mn) % of total Value Market Turnover: Year Turnover US$ (Bn.) 2005 2006 0.97 0.94 2007 2008 4.71 9.71 2005 2006 5.1 0.53 26.4 2.80 2007 2008 6.16 2.04

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2009 2010* 0.97 0.55

290.0 198.0 208.0 186.4

2009 2010* 21.33 34.11

Daily Average Turnover: The Daily Average Turnover has risen to Tk. 1,420 Crore (appx). Power Sector Growth: Companies Avg. Offloading Price (Tk.) DESCO Power Grid Jamuna Oil Meghna Titas Gas 257.11 179.86 328.64 324.96 455.28

Current Mkt. Price (Tk.) 2411.00 1068.00 424.10 261.80 1079.00

Status Government Owned companies through Direct Listing: Face Value of Total offloaded shares Tk. 351 crore Market Value of Total Offloaded Shares Tk. 2,028 crore Over Times 5.77 Current Status of Government Owned Companies through Direct Listing: Face Value of 22.43% shares will be Tk. 353 crore At 10% less market value of Offloaded Shares will be Tk. 4,284 crore At 20% less market value of Offloaded Shares will be Tk. 3,808 crore

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Initiatives for Market Expansion

Market Extension: Now DSE has offices in four divisional cities (Chittagong, Sylhet, Rajshahi and Khulna) and steps have also been taken to introduce offices in other district level towns to reach the securities trading facilities to the door of investors. Member of the countrys prime bourse has expanded in the 17 districts in the country and gradually it will reach to the door of people bring all the people under the trading network. Employment Generation: Nearly 578 branch offices of brokerage houses have been opened where employment has been generated for nearly 25,000 people. From the realistic standpoint it may be dully mentioned that DSE has been a centre-stage of employment for the skilled, semi-skilled and less-skilled people. Actually a corporate culture has been growing among the youths who have been associated with the countrys capital market. Book Building Method: Book Building, modern pricing mechanism of price discovery of shares, which ensures fair prices of securities in the capital market, has been introduced in 2010. With the introduction of Book Building Method it has been expected that many potential entrepreneurs will bring their business ventures into the countrys capital market. Website Development: Many glorious changes have been made in the DSE website. DSE Website has been provided with many issues such as P/E: at a glance, Interim Financial Performance, Recent SEC and DSE Circulars and also up gradation of Daily, Weekly, Fortnightly and Monthly Publications of DSE.

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ICT Development
The robust structured LAN setup is distributed to the DSE building and its vicinity. Member houses, which are located in those buildings, are connected to the Trading Engine through this LAN setup. Approximately 2200 workstations along with 213 Members Servers are connected to DSE Central Network through DSE LAN & expanded WAN setup (using RADIO LINK / Fiber Optics / ADSL connectivity / Dialup) within Dhaka City. Among them minimum 160 Members are running their Branch from 650 locations of 17 districts. DSE is regularly holding investor awareness program in all the major cities. DSE held International Conferences/ Road shows DSE also holding various workshop, seminars, training program on different issues of securities market. DSE Training Academy is holding different types of programs for the interest of the stakeholders of Capital Market. DSE is regularly publishing Monthly Market review and Fortnightly to disseminate market information. DSE has a highly informative web site that disseminates online trading data and market information to the investors.

Required Initiatives For Market Expansion

The government should immediately off-load its own shares lying in different organizations and companies. Recently countrys capital market has witnessed many records but to continue the trends of current pace and progress of securities market off-loading of fundamentally sound companies shares should be done immediately. The Ministry of Finance should take sophisticated and time-bound steps to attract private sector companies to get listed with the countrys bourse for further increasing the depth, width and dimension of capital market. Apart from increasing the depth and width of market it will also help generate employment opportunities for the educated unemployed youths.