Change %

(Day)YTD change %

MSE - Top20 MN 14,426.63 -1.21 -2.88

DJIA US 17,515.23 0.02 -1.73

S&P 500 US 2,022.55 0.15 -1.77

Nasdaq US 4,654.85 0.44 -1.71

S&P/TSX comp CN 14,308.44 -0.03 -2.21

FTSE 100 UK 6,620.10 0.52 0.82

S&P/ASX 200 US 5,378.10 1.33 -0.61

Hang Seng HK 23,951.16 0.90 1.47

Bloomberg/asia.pac ASIA 184.51 1.45 0.24

COMMODITY PRICES

Change %

(Day)YTD change %

Prime Coking Coal /Tianjin 136.73 0.00 -1.16

Zinc Spot /LME 2,095.00 1.01 -3.32

Iron Ore 58%/Tianjin 68.80 -49.33

Copper Spot /LME 5,722.00 0.23 -10.14

Oil 46.88 0.88 -12.00

Gold Spot /LME 1,293.02 -0.18 9.17

Silver Spot /LME 17.98 -0.08 14.46

MONGOLIAN ECONOMIC INDICATORS

Date LastYoY change

%

RGDP /bln. MNT/ 2014.09 11,094 7.0

NGDP /bln.MNT/ 2014.09 16,517 18.8

Inflation 2014.11 11.5

Foreign reserve /mln. USD/ 2014.11 1,352.1 -41.5

Policy rate July 31 ,2014 12.00

DEBT MARKET

Bonds - Coupon

Amt.

issued mln

USD

Last Yield Maturity date

DBM bond - 5.75 580 94.00 8.854 3/21/2017

MMC bond - 8.875 600 66.50 31.164 3/29/2017

Mongol 2018 - 4.125 500 89.93 7.669 1/5/2018

Mongol 2022 - 5.125 1,000 81.04 8.150 12/5/2022

TDBM 2015 - 8.5 300 99.50 9.267 9/20/2015

TDBM 2015 - 12.5 25 98.25 13.271 11/17/2015

TDBM 2017 - 10 dim sum 115 96.19 11.893 1/21/2017

DBM bond - 1.52 sam. 290 104.88 0.922 12/25/2023

INDICES CHANGE

MSE TOP 5 MOST TRADED

Trade value '000

MONGOLIAN RELATED NEWS

Exploration license applications to be available on January 26

The Mineral Resource Authority (MRA) will start accepting applications for exploration licenses on

January 26. The MRA reports that they plan to issue exploration licenses for nine million hectares in

the western half of Mongolia. Exploration licenses will be issued in accordance with the policy of

Mongolia’s infrastructure development, green development policy, and the sustainability of

investments. Exploration licenses will be given for areas covering 31 million hectares (19.9 percent of

Mongolian territory), of which 20.9 million hectares (13.4 percent) will be issued by application, and

10.1 million hectares by a selection procedure. Places prohibited from exploration comprise 71.5

percent of Mongolian territory. Parliament approved amendments to the law on minerals on July 1,

2014, and the Cabinet determined areas approved for licenses in coordination with Cabinet resolution

No. 239, issued on July 28, 2014. With the aim to keep state actions transparent and open, and limit

bureaucracy in state services, a “one window” service will be available for receiving and reviewing

applications for the exploration licenses. Application numbers will be given electronically.

http://ubpost.mongolnews.mn/?p=13129

Mongolia to build secondary schools with Chinese grant

Mongolia will build 21 secondary schools with a Chinese grant of 300 million yuan ($50 million), local

reports said Tuesday. The new schools, built with one model design, would help reduce burdens on

existing schools, where students are studying in three shifts, and upgrade old school buildings. In the

2014-2015 school year, there are 22 schools that have three shifts in Mongolia, 21 of which are

located in Ulan Bator. Also, 26 secondary schools in the country need to be upgraded. Mongolia has

dire needs for new school and kindergarten buildings. Many of the existing buildings are old and can't

accommodate increasing number of students.

http://www.globaltimes.cn/content/903024.shtml

Prophecy Announces Approval of Zeltura Road Feasibility Study

Prophecy Development Corp. is pleased to announce the approval, via Resolution No. 16, of the

Ministry of Roads and Transportation of Mongolia for the Road Feasibility study previously submitted

by the Company for the construction of a 17km road to connect Prophecy's Ulaan Ovoo mine to the

Zeltura Russian border. The Company intends to work with the Mongolian Customs General

Administration for the establishment of a customs inspection and clearance area at its Ulaan Ovoo

mine for possible future coal shipment to Russia through the Zeltura border.

http://www.marketwatch.com/story/prophecy-announces-approval-of-zeltura-road-feasibility-study-

2015-01-20-9173641?reflink=MW_news_stmp

GLOBAL NEWS

Asian Stocks Retreat Before BOJ Decision as Consumer Shares Fall

Asian stocks fell, led by consumer-discretionary shares, ahead of a Bank of Japan statement on

monetary policy. The MSCI Asia Pacific Index (MXAP) dropped 0.2 percent to 138.29 as of 9:03 a.m.

in Tokyo. All 33 economists surveyed by Bloomberg forecast no change to BOJ bond-buying after it

expanded the already unprecedented program in October. Japanese shares slid in Tokyo. Japan’s

Topix index sank 0.4 percent. South Korea’s Kospi index added 0.1 percent. Australia’s S&P/ASX

200 Index jumped 1.2 percent. New Zealand’s NZX 50 Index climbed 0.4 percent. Markets in China

and Hong Kong have yet to open. The European Central Bank sets monetary policy tomorrow as

speculation increases that it will expand asset purchases. President Mario Draghi will probably

announce a 550 billion-euro ($635 billion) program of quantitative easing, economists said in a

Bloomberg survey.

http://www.bloomberg.com/news/2015-01-21/asian-stocks-retreat-before-boj-decision-as-consumer-

shares-fall.html

Rio Tinto Iron Ore Output Misses Estimates as Price Falls

Rio Tinto Group (RIO), the world’s second-biggest mining company, reported lower output of minerals

including aluminum and copper amid a commodity price slump that’s forcing suppliers to cut spending

and rein in expansions. Output of 10 of Rio’s 13 key materials fell in the three months to Dec. 31 from

a year earlier, the London-based company said today in a statement. Iron ore production, the biggest

contributor to Rio’s earnings, rose to 79.1 million metric tons, missing the 82.2 million-ton median

estimate of three analysts surveyed by Bloomberg. The price of copper tumbled 6.2 percent last

week, the biggest drop since 2011, as the World Bank cut its forecast for the global economy. A

Bloomberg Commodity Index (BCOM) of 22 raw materials last year declined 18 percent, the fourth

straight annual decline and the longest slump since at least 1991. Coking and thermal coal,

diamonds, bauxite and alumina were among units to report declines, led by a 50 percent slide in

refined copper output, Rio said. Uranium and borates were the only commodities with iron ore to

record an increase in the quarter.

http://www.bloomberg.com/news/2015-01-19/rio-tinto-iron-ore-output-rises-12-adding-to-global-

surplus.html

2015-01-21

21 January 2015Daily Report

PerformanceLastCountryIndex

Indicator

PerformanceLast

USDCommodity

NEWS & ANALYSIS

-2.88

-1.73

-1.71

-2.21

0.82

-0.61

1.47

4.61

-1.02

YTD %

-1.21

0.02

0.44

-0.03

0.52

1.33

0.90

0.14

-0.54

MSE - Top20

DJIA

Nasdaq

S&P/TSX comp

FTSE 100

S&P/ASX 200

Hang Seng

DAX

Nikkei 225

Change % (Day)

826

250

1,175

2

391

0 500 1,000 1,500

APU

DHU

EER

ETR

GOV

-1.25%

0.00%

-1.26%

-1.04%

-1.63%

-2% -2% -1% -1% 0%

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

8,000

10,000

12,000

14,000

16,000

Janu

ary

-13

Feb

ruary

-13

Ma

rch

-13

April-1

3

Ma

y-1

3

June

-13

July

-13

Augu

st-

13

Sep

tem

ber-

13

Octo

be

r-1

3

No

ve

mbe

r-13

De

ce

mbe

r-13

Janu

ary

-14

Feb

ruary

-14

Ma

rch

-14

April-1

4

Ma

y-1

4

Jun

e-1

4

July

-14

Augu

st-

14

Septe

mb

er-

14

Octo

be

r-1

4

No

ve

mbe

r-14

De

ce

mbe

r-14

Janu

ary

-15

Th

ou

san

ds

Volume MSETOP Index

Daily Report | 2015.01.20

21 January 2015 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 2.940 7.69 -5.16 8,191.2 5,916.16 4.36 2.65 1.00

Centerra Gold CG CN Equity CAD 6.620 -2.50 9.60 11,130.2 1,293.59 7.07 3.16 1.21

MMC 975 HK Equity HKD 0.285 0.00 -16.18 384.2 340.50 0.84 0.29 7.75

Denison Mines Corp DML CN Equity CAD 1.080 -3.57 -4.42 814.6 451.59 1.95 1.02 1.21

Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.243 0.00 -4.71 40.3 118.27 0.55 0.24 7.75

MoEnCo 276 HK Equity HKD 0.420 0.00 5.00 13.4 91.51 1.06 0.38 7.75

SouthGobi Resources 1878 HK Equity HKD 4.020 0.00 4.15 28.9 113.43 6.20 3.49 7.75

Central Asia Metals PLC CAML LN Equity GBp 149.250 1.53 -18.44 6,131.2 252.20 190.00 138.75 0.66

Mongolia Investment Group Ltd 402 HK Equity HKD 0.285 0.00 -14.93 514.2 247.07 0.38 0.16 7.75

Mongolia Growth Group YAK CN Equity CAD 0.700 0.00 -5.41 3.4 20.16 3.07 0.68 1.21

North Asia Resources Holdings Ltd 61 HK Equity HKD 0.128 0.00 -13.51 0.0 100.42 0.21 0.10 7.75

Guildford Coal Ltd GUF AU Equity AUD 0.038 -1.32 4.17 14.2 28.10 0.11 0.03 1.22

Origo Partners PLC OPP LN Equity GBp 6.125 0.00 0.00 0.0 33.09 8.25 6.13 0.66

Entree Gold Inc ETG CN Equity CAD 0.235 9.30 14.63 10.4 28.55 0.52 0.18 1.21

Aspire Mining Ltd AKM AU Equity AUD 0.033 0.00 0.00 1.1 18.96 0.07 0.03 1.22

Prophecy Coal Corp PCY CN Equity CAD 0.060 0.00 20.00 9.4 12.49 0.11 0.04 1.21

FeOre Ltd FEO AU Equity AUD 0.029 11.54 11.54 1.5 12.53 0.08 0.02 1.22

Petro Matad Ltd MATD LN Equity GBp 3.625 31.82 70.59 11,511.0 15.35 9.50 2.00 0.66

Xanadu Mines Ltd XAM AU Equity AUD 0.095 -5.00 -5.00 0.5 28.19 0.18 0.03 1.22

Haranga Resources Ltd HAR AU Equity AUD 0.013 0.00 -7.14 0.2 3.63 0.09 0.01 1.22

Wolf Petroleum Ltd WOF AU Equity AUD 0.035 0.00 -22.22 1.6 8.55 0.08 0.03 1.22

Manas Petroleum Corp MNAP US Equity USD 0.090 0.00 0.07 15.4 15.03 0.17 0.04 1.00

Khan Resources Inc. KRI CN Equity CAD 0.420 -2.33 -13.40 4.2 23.65 0.49 0.21 1.21

East Asia Minerals Corp EAS CN Equity CAD 0.010 -33.33 0.00 36.9 0.98 0.11 0.01 1.22

Erdene Resource Development Corp ERD CN Equity CAD 0.115 0.00 9.52 4.0 7.86 0.26 0.09 1.21

Modun Resources Ltd MOU AU Equity AUD 0.003 0.00 0.00 0.7 4.35 0.01 0.00 1.22

Kincora Copper Ltd KCC CN Equity CAD 0.025 -16.67 0.00 2.8 6.40 0.09 0.02 1.21

General Mining Corp Ltd GMM AU Equity AUD 0.004 -20.00 -20.00 0.3 0.44 0.02 0.00 1.22

Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 15.38 10.7 0.81 0.04 0.01 1.22

Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 0.00 0.5 1.99 0.01 0.00 1.22

Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 1.1 1.31 0.00 0.00 1.22

Source: Bloomberg

MONGOLIAN STOCK MARKET

20 January 2015 21 JSC's 5,050 shares worth 12.84 mln MNT have been traded.

TOP20 index was 14,426.63 -1.21% YTD -2.88%

Company name Trade volumeTrade value

'000Last Chg day Chg day % Buy volume Buy price Sell price Sell volume

APU 223 826 3703 -47 -1.25% 100 3500 3700 202

DHU 50 250 5000 0 0.00% 0 0 5000 20

EER 500 1,175 2350 -30 -1.26% 10 2024 2350 375

ETR 20 2 95 -1 -1.04% 1674 90 95 1980

GOV 54 391 7245 -120 -1.63% 64 7200 7340 17

GTL 650 6,175 9500 -100 -1.04% 5 9600 11000 483

HGN 20 2 99 0 0.00% 200 98 99 5138

JTB 100 9 88 0 0.00% 50 88 89 2201

KEK 20 180 9000 0 0.00% 0 0 9000 180

MBG 50 400 8000 0 0.00% 0 0 8000 50

MIE 12 168 14000 0 0.00% 1 13600 14500 189

MMX 2 7 3497 -53 -1.49% 0 0 3497 98

MNH 5 20 4000 -100 -2.44% 3 3500 4000 23

MSH 30 18 600 10 1.69% 70 600 678 12

OLL 140 18 126 16 14.55% 10 111 170 1164

RMC 70 7 93 -2 -2.11% 50 90 93 9830

SOR 350 725 2070 0 0.00% 0 0 2380 20

TTL 46 189 4100 -200 -4.65% 139 4100 4300 922

UBH 50 740 14800 700 4.96% 5 14100 0 0

UID 2,650 1,511 570 20 3.64% 100 485 580 20

ECV 8 32 4000 0 0.00% 42 4000 0 0

Change day

30 day graphic

3

-1

2014.09 2702.1

2013.06 7591

13606.65

3250

89.93

21 January 2015

Disclaimer 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 doing create an environment which will lead to long term, mutually beneficial relationships. We strive to achieve these lasting relationships by matching each client assignment with the collaborative expertise of the Bank’s team of seasoned banking and investment professionals. Contact Sukhbaatar Square, Ulaanbaatar 210620A, Mongolia Fax: +976-70117676 /1402/ E-mail: ibd@golomtbank.com Website: www.golomtbank.com