Subject: announcement

Upon not submitting their corporate financial statements and accounts for the year 2005 to the ISC and exceeding the time limit, the companies listed to the Iraqi Stock Exchange (ISX) shall have to abide by the following:

1- Companies which have not submitted their financial statements for the year 2005 till December 31^st, 2006, shall have to submit them and pay a fine of 1 million ID for each month of delay.

2- In addition to the fine mentioned above, the trading of shares of the companies that delayed submission till January 3^rd, 2007, will be suspended.  

3- In case the non-compliant company wants to resume trading, it shall pay a fine of 5 million ID and submit its statements no later than June 1^st 2007.

4- After this date, the non-compliant company shall be permanently halted from trading on the ISX.

The ISC has high hopes as to the commitment of the listed companies to comply with the provisions of the  Section 3, item 6 of the CPA Order no.74/2004.

The commission also invites the companies listed on ISX to submit their financial statements for the year 2006 in accordance with time limit stipulated in the provisions  above, within 150 days. Companies’ collaboration enhances the chances for a prosperous capital market and promising economy.

                      Regards,
             Abdul Razzaq Al-Saadi
Chairman of the Iraqi Securities Commission