WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,820.69 -0.52 -2.95
DJIA US 17,113.15 0.99 3.24
S&P 500 US 1,982.85 0.86 7.28
Nasdaq US 4,512.19 1.02 8.04
S&P/TSX comp CN 15,026.77 0.89 10.32
FTSE 100 UK 6,649.39 0.15 -1.48
S&P/ASX 200 US 5,265.80 -0.90 -1.61
Hang Seng HK 23,678.41 -0.38 1.60
Bloomberg/asia.pac ASIA 174.71 -0.01 3.91
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 140.37 0.00 -26.50
Zinc Spot /LME 2,258.25 0.03 10.00
Iron Ore 58% /Tianjin 69.50 -1.00 -42.08
Copper Spot /LME 6,766.50 0.38 -8.26
Oil 93.54 1.09 -4.96
Gold Spot /LME 1,217.63 -0.06 1.33
Silver Spot /LME 17.59 -0.33 -9.66
MONGOLIAN ECONOMIC INDICATORS
Date Last
YoY change
%
RGDP /bln. MNT/ 2014.07 9,857 5.3
NGDP /bln.MNT/ 2014.07 6,635 14.6
Inflation 2014.07 14.9
Foreign reserve /mln. USD/ 2014.06 1,317.5 -57.6
Policy rate July 31 ,2014 12.00
DEBT MARKET
Bonds - Coupon
Amt.
issued mln
USD
Last Yield Maturity date
DBM bond - 5.75 580 97.51 6.862 3/21/2017
MMC bond - 8.875 600 66.25 28.760 3/29/2017
Mongol 2018 - 4.125 500 95.47 5.511 1/5/2018
Mongol 2022 - 5.125 1,000 89.45 6.723 12/5/2022
TDBM 2015 - 8.5 300 99.90 8.604 9/20/2015
TDBM 2015 - 12.5 25 99.38 12.833 11/17/2015
TDBM 2017 - 10 dim sum 115 97.72 11.030 1/21/2017
DBM bond - 1.52 sam. 290 103.25 1.140 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
Oyu Tolgoi's Board of Directors to meet in October
Oyu Tolgoi's Board of Directors will hold a meeting to discuss the new feasibility study of the
underground expansion of the Oyu Tolgoi project on October 2nd. Mining Minister D.Gankhuyag
commented, "After the feasibility study of the underground expansion of Oyu Tolgoi is discussed by
Oyu Tolgoi's Board of Directors, the Mongolian Minerals Resource Council will also review it. Efforts
will be made to have the feasibility study discussed." In addition, the Tax Dispute Settlement Council
of the General Department of National Taxation issued a decision to cut the disputed 130 million USD
in taxes that Oyu Tolgoi was directed to pay to Mongolia to 30 million USD. Mining Minister
D.Gankhuyag commented on the 100 million USD tax cut for Oyu Tolgoi LLC: "Mongolia owns 34
percent of Oyu Tolgoi, but it is inappropriate to intervene in the company's internal issues. Both the
Mining Ministry and the Government of Mongolia avoid intervening in state-owned and private
companies' internal issues. Numerous issues were raised related to taxes. Therefore, the Tax
Dispute Settlement Council drew a conclusion consulting with independent parties from both sides of
the argument."
Source: http://english.news.mn/content/190227.shtml
SouthGobi Resources : Announces the Completion of the Construction of a Paved Coal
Highway to Mongolia-China Border
SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi") announced today that construction
of a paved highway from the Ovoot Tolgoi Complex to the Shivee Khuren Border Crossing has been
completed. Traffic opening ceremony of the highway was held on September 27, 2014. "With the
completion of the paved highway, I am pleased to announce that we have achieved one of our key
objectives for 2014. The highway will significantly increase the safety of coal transportation, reduce
environmental impacts, and improve efficiency and capacity of coal transportation" said Ross
Tromans, President and CEO. On August 2, 2011, the State Property Committee of Mongolia ("SPC")
awarded the tender to construct a paved highway from the Ovoot Tolgoi Complex to the Shivee
Khuren Border Crossing to consortium partners NTB LLC and SouthGobi Sands LLC, a wholly-owned
subsidiary of SouthGobi (together referred to as "RDCC LLC"). SouthGobi Sands LLC holds a 40%
interest in RDCC LLC. On October 26, 2011, RDCC has concluded a 15 year build, operate and
transfer agreement with the SPC and commenced the construction of the highway on June 16, 2012.
The paved highway has a carrying capacity in excess of 20 million tonnes of coal per year.
Source: http://www.southgobi.com/s/news.asp?ReportID=676302
Mongolia Must Hike Rates Further to Curb Inflation: IMF
Mongolia has taken some measures to strengthen the economy but the country is still in need of
strong fiscal and monetary reforms to shore up growth and control inflation, the International Monetary
Fund said. "With the balance of payments still facing difficulties and inflation above target, the
mission sees the need for further policy adjustment. The deficit including Development Bank of
Mongolia spending brought gradually down to 2% of GDP," said Koshy Mathai, the IMF official who
just completed his Mongolian visit. This year alone, the Mongolian central bank has increased the
policy rate by 150 basis points to 12%. "The Fiscal Stability Law's deficit and debt targets should be
maintained, and DBM spending should also be covered. Monetary policy should also be tightened,
and the exchange rate kept flexible. Finally, measures to improve bank supervision and strengthen
the banks are a priority," Mathai said in a statement released on Friday. IMF noted that the People's
Bank of China swap line, recently extended to 2017 and expanded by 50 percent to 15bn yuan,
provides an important, additional cushion to Mongolia, but added that with FDI continuing to decline,
the overall balance of payments remains in substantial deficit.
Source: http://twatchin.com/mongolia-must-hike-rates-further-to-curb-inflation-imf
GLOBAL NEWS
Most Asian Stocks Rise as Japan Rallies on U.S. Data, Yen
Most Asian stocks rose, after the regional index sank for a third week to close at the lowest level
since May, as a weaker yen buoyed Japanese shares and data signaled the U.S. economy is gaining
momentum. Three shares rose for each that fell on the MSCI Asia Pacific Index (MXAP), which was
little changed at 142.01 as of 9:06 a.m. in Tokyo, before markets opened in Hong Kong and China.
The measure slid 1.7 percent last week to the lowest since May 30 amid concern Chinese economic
growth is slowing and that the Federal Reserve may increase U.S. interest rates sooner than some
investors are expecting. Hong Kong investors prepared for a stock-market retreat amid the biggest
police crackdown on protesters since the city returned to Chinese rule.
Source: http://www.bloomberg.com/news/2014-09-29/most-asian-stocks-rise-as-japan-rallies-on-u-s-
data-yen.html
2014-09-29
29 September 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-2.95
3.24
8.04
10.32
-1.48
-1.61
1.60
-0.64
0.04
YTD %
-0.52
0.99
1.02
0.89
0.15
-0.90
-0.38
-0.20
0.42
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
642
286
220
179
140
94
0 500 1,000
JTB
SHG
BDL
ADL
BAN
SUL
0.00%
0.00%
0.00%
-10% -5% 0% 5%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
0
2,000
4,000
6,000
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Volume MSETOP Index
Daily Report | 2014.09.29

29 September 2014 2
MONGOLIAN RELATED COMPANIES
Name Sym Currency Last Chg day % YTD %
Trade value
000 USD
Market cap
mln USD/
52w high 52w low
Currency
cross
Turquoise Hill TRQ US Equity USD 3.830 4.36 16.06 15,823.2 7,707.10 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.250 -3.14 21.53 3,450.6 1,112.19 6.90 2.82 1.12
MMC 975 HK Equity HKD 0.890 0.00 -13.59 758.7 424.89 1.48 0.48 7.76
Denison Mines Corp DML CN Equity CAD 1.290 -1.53 0.00 2,077.6 584.31 1.95 1.01 1.12
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.390 -1.27 -20.41 124.1 189.61 0.69 0.31 7.76
MoEnCo 276 HK Equity HKD 0.178 -4.81 -26.75 454.7 154.97 0.29 0.15 7.76
SouthGobi Resources 1878 HK Equity HKD 4.600 1.32 -33.14 17.8 111.03 9.90 4.38 7.76
Central Asia Metals PLC CAML LN Equity GBp 173.000 -0.57 22.70 22,131.7 310.21 190.00 134.50 0.62
Mongolia Investment Group Ltd 402 HK Equity HKD 0.246 2.50 -15.17 3,829.2 212.24 0.41 0.16 7.76
Mongolia Growth Group YAK CN Equity CAD 1.990 -0.50 -12.33 118.8 61.97 3.07 1.71 1.12
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.162 3.18 -10.99 117.1 73.06 0.21 0.10 7.76
Guildford Coal Ltd GUF AU Equity AUD 0.048 -5.88 -42.07 7.5 35.44 0.14 0.05 1.14
Origo Partners PLC OPP LN Equity GBp 7.875 0.00 6.78 0.0 45.62 9.50 6.63 0.62
Entree Gold Inc ETG CN Equity CAD 0.305 3.39 -1.61 1.0 40.17 0.53 0.27 1.12
Aspire Mining Ltd AKM AU Equity AUD 0.050 0.00 -10.71 #VALUE! 30.68 0.08 0.03 1.14
Prophecy Coal Corp PCY CN Equity CAD 0.060 -7.69 -25.00 2.0 13.54 0.13 0.04 1.12
FeOre Ltd FEO AU Equity AUD 0.055 0.00 34.15 0.4 25.42 0.08 0.03 1.14
Petro Matad Ltd MATD LN Equity GBp 2.875 0.00 -23.33 140.1 13.04 11.50 2.63 0.62
Xanadu Mines Ltd XAM AU Equity AUD 0.130 0.00 160.00 0.0 27.43 0.18 0.03 1.14
Haranga Resources Ltd HAR AU Equity AUD 0.027 0.00 -56.45 2.7 5.70 0.09 0.03 1.14
Wolf Petroleum Ltd WOF AU Equity AUD 0.048 0.00 -31.43 18.2 10.98 0.09 0.03 1.14
Manas Petroleum Corp MNAP US Equity USD 0.134 16.62 95.62 63.1 23.13 0.17 0.04 1.00
Khan Resources Inc KRI CN Equity CAD 0.385 0.00 35.09 29.3 23.50 0.45 0.17 1.12
Voyager Resources Ltd VOR AU Equity AUD 0.002 0.00 -50.00 0.2 2.71 0.01 0.00 1.14
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.6 2.89 0.11 0.03 1.14
Erdene Resource Development Corp ERD CN Equity CAD 0.140 0.00 0.00 1.3 9.40 0.26 0.07 1.12
Modun Resources Ltd MOU AU Equity AUD 0.004 0.00 0.00 4.4 5.67 0.01 0.00 1.14
Kincora Copper Ltd KCC CN Equity CAD 0.045 0.00 80.00 0.1 12.31 0.09 0.02 1.12
General Mining Corp Ltd GMM AU Equity AUD #N/A N/A #N/A N/A #N/A N/A #VALUE! #VALUE! 0.03 0.01 1.14
Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 -57.14 0.7 0.87 0.04 0.01 1.14
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -66.67 16.5 2.06 0.01 0.00 1.14
Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 0.1 1.30 0.00 0.00 1.14
Source: Bloomberg
MONGOLIAN STOCK MARKET
26 September 2014 11 JSC's 9,417 shares worth 4.06 mln MNT have been
traded.
TOP20 index was 15,820.69 -0.52% YTD -2.95%
Company name Trade volume
Trade
value '000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
TTL 276 1437 5205 -20 -0.38% 117 5100 5220 105
APU 250 917 3669 -29 -0.78% 600 3661 3700 1806
JTB 7,929 642 81 0 0.00% 906 80 82 3635
SHG 40 286 7150 0 0.00% 10 7110 7200 143
BDL 20 220 11000 0 0.00% 2 10000 12000 130
ADL 100 179 1790 -100 -5.29% 400 1610 1890 92
BAN 40 140 3507 -291 -7.66% 192 3500 3798 3
SUL 2 94 47000 1000 2.17% 1 46800 52900 1
MIB 331 83 250 -20 -7.41% 250 240 250 8669
MRX 400 38 94.05 0 0.05% 500 91 94 1000
HGL 29 23 778.97 -121 -13.45% 100 800 900 32
Change day
30 day graphic
3
-1
2013.06 2702.1
2013.06 7591
13606.65
1890
29 September 2014
Diclaimer
This document has been prepared by the investment banking division of Golomt Bank for information purpose only. The views
expressed are the views of the analyst and are subject to change based on market and other conditions and factors. The
information provided does not constitute investment advice or other recommendations and should not be relied on as such. It
should not be considered a solicitation to buy or an offer to sell a security or to pursue any trading or investment strategy. All
material, including information sourced from or attributed to Golomt Bank, has been obtained from sources believed to be
reliable, but its accuracy is not guaranteed. Past performance is no guarantee for future results. Accordingly you must
independently determine, with your own advisors, the appropriateness for you of the securities/transactions before investing
or transacting.
Investment Banking Division of Golomt Bank

The principal activities of Investment Banking Division constitute structuring, sourcing, negotiating and closing debt and equity
financings as well as the provision of incisive advisory services for private and public companies as well as institutions, public sector
agencies and authorities.

Our vision is to fuel the profitable growth of our valued clients by providing the highest-quality investment banking services, and in so
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