WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,902.72 0.29 -2.45
DJIA US 16,945.80 -1.54 2.23
S&P 500 US 1,965.99 -1.62 6.36
Nasdaq US 4,466.75 -1.94 6.95
S&P/TSX comp CN 14,893.57 -1.50 9.34
FTSE 100 UK 6,639.71 -0.99 -1.62
S&P/ASX 200 US 5,323.20 -1.10 -0.54
Hang Seng HK 23,768.13 -0.64 1.98
Bloomberg/asia.pac ASIA 174.96 -0.40 4.06
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 140.15 0.00 -26.50
Zinc Spot /LME 2,257.50 -0.65 9.96
Iron Ore 58% /Tianjin 70.20 0.00 -41.50
Copper Spot /LME 6,741.00 -0.55 -8.61
Oil 92.53 -0.29 -5.98
Gold Spot /LME 1,226.45 0.40 2.06
Silver Spot /LME 17.63 0.58 -9.45
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 99.24 6.085 3/21/2017
MMC bond - 8.875 600 66.25 28.741 3/29/2017
Mongol 2018 - 4.125 500 95.55 5.457 1/5/2018
Mongol 2022 - 5.125 1,000 89.59 6.693 12/5/2022
TDBM 2015 - 8.5 300 99.90 8.604 9/20/2015
TDBM 2015 - 12.5 25 99.38 12.831 11/17/2015
TDBM 2017 - 10 dim sum 115 97.60 10.956 1/21/2017
DBM bond - 1.52 sam. 290 103.23 1.142 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
Mongolias Fiscal Terms Remain Attractive as Interest in Oil Shale Grows, says GlobalData
The fiscal and regulatory terms governing Mongolias upstream oil and gas sector remain attractive,
with recent clarification of the legal framework surrounding exploration and production (E&P)
operations boosting investor confidence, according to research and consulting firm GlobalData. The
companys latest report* states that while the new Petroleum Law, passed on 1 July 2014, makes few
significant changes to the fiscal and regulatory terms governing conventional hydrocarbons, it
contains specific provisions for unconventional hydrocarbons for the first time. The only specific fiscal
incentive is a 10% royalty, instead of 15% for conventional resources. However, the flexibility of the
Production Sharing Contract (PSC) framework means that contractors will likely be able to negotiate
more attractive production sharing terms for unconventional PSCs. GlobalDatas report also states
that the fiscal regime for conventional hydrocarbons under Mongolian PSCs grants the investor a
significantly higher share of revenue than in other countries with similar levels of reserves. Scargill
says: Mongolia reports proven reserves of 2.4 billion barrels of oil. When compared to countries with
similar levels, such as Colombia, Gabon and Uganda, which all have reserves of 22.5 billion barrels,
the Mongolian PSC is the most favorable to investors across all field sizes when other factors are
assumed constant.
(Source:ttp://www.youroilandgasnews.com/mongolia%E2%80%99s+fiscal+terms+remain+attractive+
as+interest+in+oil+shale+grows,+says+globaldata_105957.html)
Mongolia eyes joint venture with Canadian company to develop gold deposit
The Mongolian government on Thursday proposed a joint venture with Canada's Centerra Gold to
develop a large gold deposit in central Mongolia. Ulan Bator wants to own 20 percent of the joint
venture, Erdenes Gatsuurt, for the development of Gatsuurt, which contains about 27.6 million tons of
ore and 75.9 tons of gold reserves, according to the government press service. Currently, Centerra
Gold Mongolia LLC holds the mining license of the Gatsuurt deposit. Centerra Gold was in
negotiation with the Mongolian government over the development of this deposit during the last few
years. The proposal is subject to approval by the Mongolian Parliament. Mongolia is encouraging
foreign investment in its mining sector as the economy is in bad shape.
(Source: http://en.chinagate.cn/2014-09/25/content_33616816.htm)
Petro Matad continues to focus on prospect generation in Mongolia
Petro Matad continues to work on prospect generation and pursue partnering opportunities for its
acreage in Mongolia. The pre-revenue explorer, which reported a US$2mln loss for the first half of the
year, this morning gave insight on the impact of new petroleum laws in the country. As a result of the
new law Petro Matad will have longer to carry-out its exploration activities, and the company believes
this will be the most significant impact implication of the new law upon its business. Initial licence
terms for existing exploration projects will now run for eight years rather than five years, and thereafter
the Mongolian authorities can extend the exploration period further. Two separate two year extensions
are possible, meaning the exploration phase could last as long as twelve years. At US$2mln, Petro
Matads loss for the first six months has reduced from US$3.65mln in the corresponding period of last
year.
(Source: http://www.proactiveinvestors.co.uk/companies/news/72477/petro-matad-continues-to-focus-
on-prospect-generation-in-mongolia-72477.html)
GLOBAL NEWS
Asian Stocks Drop After U.S. Tumble as Aussie Bonds Rally
Asian stocks fell, with Japanese shares retreating from a six-year high, after the Standard & Poors
500 Index dropped the most in almost two months and Apple Inc. plunged. New Zealands dollar
rebounded after its biggest loss in 17 months and bonds rallied. The MSCI Asia Pacific Index (MXAP)
lost 0.6 percent by 9:57 a.m. in Tokyo, as the Topix Index dropped 1.2 percent from its highest close
since June 2008. Sydneys S&P/ASX 200 Index fell 1.2 percent. S&P 500 futures added 0.1 percent
after the gauge slumped 1.6 percent. Australian 10-year bond yields fell six basis points. The New
Zealand dollar strengthened 0.4 percent and gold rose 0.2 percent. The Bloomberg Dollar Spot Index
slipped 0.1 percent from the highest since June 2010.
(Source: Bloomberg)
2014-09-26
26 September 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-2.45
2.23
6.95
9.34
-1.62
-0.54
1.98
-0.44
-0.70
YTD %
0.29
-1.54
-1.94
-1.50
-0.99
-1.10
-0.64
-1.57
-1.20
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
46
76
2
2
1,446
379
0 1,000 2,000
BAN
EER
HBO
HGN
HRM
JTB
8.51%
-3.77%
0.00%
-5% 0% 5% 10%
0
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4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
0
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12,000
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16,000
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Volume MSETOP Index
Daily Report | 2014.09.26

26 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 3.670 -0.27 11.21 8,850.0 7,385.14 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.420 0.93 25.46 3,492.1 1,153.99 6.90 2.82 1.11
MMC 975 HK Equity HKD 0.890 0.00 -13.59 554.6 425.23 1.53 0.48 7.75
Denison Mines Corp DML CN Equity CAD 1.310 -0.76 1.55 1,497.7 596.36 1.95 1.01 1.11
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.395 0.00 -19.39 107.6 192.20 0.69 0.31 7.75
MoEnCo 276 HK Equity HKD 0.187 0.00 -23.05 451.2 162.93 0.29 0.15 7.75
SouthGobi Resources 1878 HK Equity HKD 4.540 0.00 -34.01 73.6 109.67 9.90 4.38 7.75
Central Asia Metals PLC CAML LN Equity GBp 174.000 2.96 23.40 16,596.0 313.63 190.00 130.25 0.61
Mongolia Investment Group Ltd 402 HK Equity HKD 0.240 0.00 -17.24 4,481.3 207.22 0.42 0.16 7.75
Mongolia Growth Group YAK CN Equity CAD 2.000 0.00 -11.89 68.0 62.59 3.07 1.71 1.11
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.157 0.00 -13.74 298.6 70.86 0.21 0.10 7.75
Guildford Coal Ltd GUF AU Equity AUD 0.050 -1.96 -39.66 8.3 37.22 0.14 0.05 1.14
Origo Partners PLC OPP LN Equity GBp 7.875 0.00 6.78 4,233.3 45.86 9.50 6.63 0.61
Entree Gold Inc ETG CN Equity CAD 0.295 5.36 -4.84 1.4 39.05 0.53 0.27 1.11
Aspire Mining Ltd AKM AU Equity AUD 0.050 0.00 -10.71 #VALUE! 30.93 0.08 0.03 1.14
Prophecy Coal Corp PCY CN Equity CAD 0.065 18.18 -18.75 9.2 14.75 0.13 0.04 1.11
FeOre Ltd FEO AU Equity AUD 0.055 0.00 34.15 0.4 25.63 0.08 0.03 1.14
Petro Matad Ltd MATD LN Equity GBp 2.875 0.00 -23.33 55.2 13.11 11.50 2.63 0.61
Xanadu Mines Ltd XAM AU Equity AUD 0.130 0.00 160.00 0.0 27.65 0.18 0.03 1.14
Haranga Resources Ltd HAR AU Equity AUD 0.027 0.00 -56.45 1.0 5.75 0.09 0.03 1.14
Wolf Petroleum Ltd WOF AU Equity AUD 0.050 0.00 -28.57 2.6 11.53 0.09 0.03 1.14
Manas Petroleum Corp MNAP US Equity USD 0.115 7.38 67.74 93.9 19.83 0.17 0.04 1.00
Khan Resources Inc KRI CN Equity CAD 0.385 -3.75 35.09 29.5 23.62 0.45 0.17 1.11
Voyager Resources Ltd VOR AU Equity AUD 0.002 0.00 -50.00 25.2 2.73 0.01 0.00 1.14
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.0 2.91 0.11 0.03 1.14
Erdene Resource Development Corp ERD CN Equity CAD 0.140 12.00 0.00 1.3 9.45 0.26 0.07 1.11
Modun Resources Ltd MOU AU Equity AUD 0.004 0.00 0.00 4.4 5.71 0.01 0.00 1.14
Kincora Copper Ltd KCC CN Equity CAD 0.045 0.00 80.00 0.1 12.37 0.09 0.02 1.11
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 5.3 0.88 0.04 0.01 1.14
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -66.67 14.6 2.08 0.01 0.00 1.14
Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 1.3 1.31 0.00 0.00 1.14
Source: Bloomberg
MONGOLIAN STOCK MARKET
25 September 2014 20 JSC's 14,701 shares worth 6.32 mln MNT have been
traded.
TOP20 index was 15,902.72 0.29% YTD -2.45%
Company name Trade volume
Trade
value '000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
ADL 429 811 1890 40 2.16% 102 1790 1890 92
APU 582 2152 3698 -2 -0.05% 3 3659 3700 1856
BAN 12 46 3798 298 8.51% 26 3510 3798 3
EER 33 76 2300 -90 -3.77% 67 2300 2399 10
HBO 5 2 400 0 0.00% 200 391 400 745
HGN 20 2 114 4 3.64% 277 110 114 4955
HRM 8,504 1446 170 0 0.00% 700 158 170 5
JTB 4,679 379 81 0 0.00% 500 80 81 17
MCH 200 250 1250 0 0.00% 200 1211 1437 46
MDR 5 3 590 -10 -1.67% 100 550 590 1016
TCK 19 380 20000 0 0.00% 3 19500 20900 12
TTL 2 10 5225 25 0.48% 140 5100 5225 2478
AAR 2 18 8920 0 0.00% 0 0 8920 23
ACL 116 83 718 0 0.06% 500 825.21 0 0
ATI 3 9 2950 0 0.00% 0 0 2950 12
BLC 5 5 917 119 14.91% 10 798 0 0
HAH 3 6 2100 75 3.70% 0 0 2100 138
HMK 3 6 2100 100 5.00% 0 0 2100 1
MIE 32 528 16510 10 0.06% 47 16500 18510 5
MMX 47 155 3291 -9 -0.27% 76 3288 3399 10
30 day graphic
Change day
3
0
2013.06 2702.1
2013.06 7591
13606.65
1890
26 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
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 Banks team of seasoned banking and
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Contact

Sukhbaatar Square, Ulaanbaatar 210620A, Mongolia
Fax: +976-70117676 /1402/
E-mail: ibd@golomtbank.com
Website: www.golomtbank.com