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About Oyu Tolgoi

Oyu Tolgoi, Mongolian for turquoise hill, was discovered in 2001 by Ivanhoe Mines
in the South Gobi desert of Mongolia, 600 kilometers south of Mongolias capital
city, Ulaanbaatar.
On March 31, 2010, the Oyu Tolgoi Investment Agreement signed on October 6,
2009, was validated, confirming the mine to be developed as a joint venture between the Government of Mongolia (34%), Ivanhoe Mines and Rio Tinto.
Based on a minimum of 65 year mine life, the Oyu Tolgoi project will require an estimated initial capital cost of minimum 7.1 trillion tugrugs (US$5 billion) - making this
the largest development project and foreign investment undertaking in Mongolias
history.
Production is expected to begin from open-pit mine in late 2012 with initial capacity
of 85,000 to 100,000 tonnes per day. Underground mine at the large Hugo Dummet
deposit at Oyu Tolgoi is planned to begin within four years after open pit production,
which will increase production to approximately 160,000 tonnes per day.
When Oyu Tolgoi is fully operational it is expected to account for more than 30% of
Mongolias Gross Domestic Product (GDP) and employ approximately 3000 Mongolians.
Oyu Tolgois key priorities in developing the mine are: the environment, the health
and safety of its employees, sustainable development, world class technology and
behaving with integrity. Oyu Tolgoi works closely with local communities, respects
laws and customs and will ensure a fair share of benefits and opportunities for the
Mongolian people.

www.meforum.mn

About Rio Tinto

Rio Tinto is one of the worlds leading mining and metals companies, and has been
in business for over 130 years. We find, mine and process the earths metal and
mineral resources that are essential for making thousands of everyday products
that meet societys needs. Our interests are diverse both in geography and product.
Our activities span the world with production from every continent. Our products aluminium, copper, diamonds, energy, gold, industrial minerals, and iron ore - help
fulfil important consumer needs and improve living standards across the globe.
Where we operate around the globe
We are strongly represented in Australia, North America, and Europe, which account for 90 per cent of our assets. We also have significant businesses in South
America, Asia, and southern Africa.
We employ 100,000 people around the world in over 50 countries. We are proud of
the diversity of our workforce it is the blend of skills, experience, and personalities
that enriches our business and makes us successful.
Rio Tinto in Mongolia
We are a strategic partner in the development of the Oyu Tolgoi project in Mongolia.
In December 2010, we assumed direct management of the project. We are committed to developing and operating the project in accordance with Rio Tintos strict
sustainable development standards, and expect our activities will bring substantial
benefit to the people of Mongolia.
Our Rio Tinto Exploration team is also active in Mongolia, and is involved in discovering or acquiring new resources. This involves the identification, prioritisation, and
testing of geological, geochemical and geophysical targets.


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The Goldman Sachs Group, Inc. is a leading global investment banking,

securities and investment management firm that provides a wide range
of financial services to a substantial and diversified client base that includes
corporations, fi nancial institutions, governments and high-net-worth
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offi ces in London, Frankfurt, Tokyo, HongKong and other
major financial centers around the world.
Our activities are divided into three segments:
Investment Banking
We provide a broad range of investment banking services to a diverse group of corporations, fi nancial institutions, investment funds, governments and individuals.
Trading and Principal Investments
We facilitate client transactions with a diverse group of corporations, fi nancial
institutions, investment funds, governments and individuals through market making
in, trading of and investing in fi xed income and equity products, currencies, commodities and derivatives on these products. We also take proprietary positions
on certain of these products. In addition, we engage in market-making activities
on equities and options exchanges, and we clear client transactions on major stock,
options and futures exchanges worldwide. In connection with our merchant banking
and other investing activities, we make principal investments directly and through
funds that we raise and manage.
Asset Management and Securities Services
We provide investment and wealth advisory services and offer investment products
(primarily through separately managed accounts and commingled vehicles, such as
mutual funds and private investment funds) across all major asset classes to a diverse group of institutions and individuals worldwide and provide prime brokerage
services, fi nancing services and securities lending services to institutional clients,
including hedge funds, mutual funds, pension funds and foundations, and to highnet-worth individuals worldwide.

www.meforum.mn

TENGER FINANCIAL GROUP

www.tengerfg.mn
TenGer Financial Group (TenGer) is a regional family of companies, which includes
XacBank, XacLeasing, XacSecurity, TenGer Solutions and TenGer Insurance built to
provide fair access to broad financial services to our Customers.
TenGer aims to build a transnational group of companies delivering a full range of
financial services to people and businesses. The Group will adhere to the highest
norms of business conduct and put environmental sustainability as one of its mission pillars.
The flagship subsidiary of TenGer, XacBank is the 4th largest commercial bank in
Mongolia in terms of assets. Its pioneering role in development finance is illustrated
by the fact that it became a founding member of the Global Alliance for Banking on
Values in 2009.
TenGer entered the next phase of its development in 2007 by expanding beyond
XacBank and Mongolia. TenGer formed a core team of dedicated and passionate
people, and it is planning to expand domestically and regionally in tandem with
XacBank, capitalizing upon the latters experience and good name. Based on a successful pilot project in Kyrgyzstans Mol Bulak Finance, potential expansion projects
in China and Russia are being discussed.
In the past few years, TenGer introduced a corporate governance model, developed
a regional expansion Business Plan, implemented a successful pilot project and
identified new targets both internationally and domestically.
TenGer is owned by a group of local and international investors including EIT Capital
Management LLC, IFC, EBRD, Mercy Corps, Triodos Bank Group, BlueOrchard Private
Equity Fund and local NGOs.

PROFILE
XacBank (www.xacbank.mn) is one of Mongolias largest
banks, serving individual customers, Small and Medium-sized
Businesses as well as large corporations with a range of
inclusive banking, fair investment and other financial products
and services. It operates in all 21 provinces and the capital city
to more than 370 thousand micro, consumer and corporate
clients through its 85 retail and specialized business banking
outlets. The Bank aims to create a sustainable value for its
shareholders and institutional investors while promoting a
triple-bottom line vision and mission as built around the
Planet, People and Profit.
OUR VISION
To contribute to the sustainable development of the country
while creating a fair value for its shareholders. This will be
achieved by providing inclusive, value adding, and reliable
financial services to all people and entities of Mongolia
through establishing a eading financial institution that is
equally concerned about the Planet, People, and Profit.
OUR MISSION
XacBank will be the dynamic leader in providing inclusive
financial services and innovative products through an
extensive network of branches and partners. The Bank will
further grow its market share and support the development of
competitive Micro, Small and Medium businesses in
Mongolia by using the information communications
technology together with personalized customer services.
BACKGROUND AND MAIN CHALLENGES
XacBank - the first commercial bank in Mongolia with a social
mission - was created as the result of a merger of the two largest
non-bank financial institutions in Mongolia, X.A.C. (Golden
Fund for Development) LLC and Goviin Ekhlel (Gobi Initiative)
LLC, on 1st October 2001. Goviin Ekhlel LCC was established
by Mercy Corps in December 1999 with funding from USAID
as a NBFI serving rural businesses. X.A.C. LLC began in 1998
as part of the MicroStart Mongolia project under UNDP,
shortly afterwards transformed into Mongolias first NBFI by
uniting the micro-financial service activities of six national
NGOs.
www.meforum.mn

NETWORK
Global Alliance for Banking on Values, MFC (Microfinance
Centre for Central and Eastern Europe and the New
Independent States), EuroGiro network, Western Union, Swift
network, GRI (Global Report Initiative), Womens World
Banking.
MasterCard Worldwide, Visa International.
RATER/EXTERNAL EVALUATOR
Moody's Investors Service, Fitch Rating, Planet Rating
LIST OF SHAREHOLDERS AND INVESTORS
Fund(s)
The European Bank for Reconstruction and Development
(EBRD)
The International Finance Corporation (IFC)
Deutsche Bank Global Commercial Microfinance
Concortium
BlueOrchard Finance
Morgan Stanley
The Netherlands Development Finance Company (FMO)
Triodos-Doen Foundation
Oxfam Novib
Trimple Jump
Kreditanstalt fuer Widerderaufbau (KfW)
Oikocredit, Ecumenical Development Cooperative
Society
Symbiotics SA
Developing World Markets
Calvert Foundation
The Dexia Micro-Credit Fund
Credit Suisse Microfinance Fund Management Company
Vision Microfinance Fund
ResponsAbility SICAV
Finethic Microfinance
Dual Return Fund
SNS Institutional Microfinance Fund
Triodos Fair Share Fund
Triodos Sicav
Monarh Foundation
Wallberg Invest SA
Incofin Impulse Microfinance Investment Fund

FINANCIAL STATEMENTS FOR THE Q4, 2010

BALANCE SHEET
31/12/2010

/'000 MNT/

Assets
48,682,209
Cash
34,695
Current Accounts with BoM
42,947,557
Net Investment Securities
42,947,557
Bank of Mongolia Bills
320,670,126
Net Loans
4,754,936
Non Performing Loan
Reserve for Probable Loan and Lease Losses (4,210,284)
29,565,547
Balances with Other Banks
Net Other Real Estate Owned
19,624,655
Net Fixed Assets
9,614,790
Total Other Assets
471,104,884
Total assets
130,111
Assets in Foreign currency
Liabilities
29,613,230
Current accounts
205,652,309
Deposits
162,802,344
Time Deposits
22,720,387
Funds
163,812,964
Loans from other Banks
13,000,824
Other liabilities
434,799,714
Total liabilities
126,909
Liability in Foreign currency
36,305,170
Equity
13,290,651
Common shares
5,257,766
Additional Paid-in capital
10,531,367
Reserve Fund
7,228,386
Current Year's Net Surplus/Deficit
Retained Earning
Second Tier Capital
471,104,884
Total liabilities and equity

www.meforum.mn

INCOME STATEMENT
Interest income
Interest expenses
Forex and revaluation income
Other income
Forex and revaluation expense
Personnel expenses
Provision expense
Other expense
Income before tax

55,630,851
(30,655,999)
1,387,115
4,531,788
(10,073,907)
(1,544,498)
(9,941,780)
9,333,570

RATIOS

Actual

Risk weighted Capital Adequacy Ratio >12%

Single largest borrowers to the equity
ratio (single) <20%

13,85%
4,22%

BUSINESS SERVICE CENTERS

Business Service Center 1
XacBank HQ, Prime Minister Amar's
Street, 8th horoo, Sukhbaatar district,
Tel: 318185 Fax: 328701
Website: bsc01@xacbank.mn

Business Service Center 3

XacBank HQ, Prime Minister Amar's Street,
8th horoo, Sukhbaatar district,
Tel: 318185-1632
Website: bsc03@xacbank.mn
Business Service Center 2
Sukhbaatar district, Prime Minister Amar's
Street, Central Tower, #506, #507
Tel: 318104, 322618
Fax: 313218
Website: bsc02@xacbank.mn
Mining Industry
Business Service Center 4
XacBank HQ, Prime Minister Amar's
Street, 8th horoo, Sukhbaatar district,
Tel: 318185-1632
Website: bsc04@xacbank.mn

XacBank

XacBank HQ,
Prime Minister Amars Street,
Post branch No.46, P.O.Box-721,
Ulaanbaatar-14200, Mongolia

E-mail: info@xacbank.mn
: www.xacbank.mn
SWIFT: CAXBMNUB

Tel: +(976)-318185
Fax: +(976)-328701
Enquiry: +(976)-1888


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WEB: www.eurasiac.com

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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries.
We create opportunity for people to escape poverty and improve their
lives. We do so by providing financing to help businesses employ more
people and supply essential services, by mobilizing capital from others,
and by delivering advisory services to ensure sustainable development. In
a time of global economic uncertainty, our new investments climbed to a
record $18 billion in fiscal 2010.
In Mongolia, IFC has invested in major Mongolian financial institutions,
such as Khan Bank and Xac Bank, and in diversified industrial groups such
as MCS. Going forward, IFC seeks to advise and invest in small and
midsize enterprises and infrastructure projects to help create jobs and
support Mongolias overall economic growth and development.
For more information on IFC, visit www.ifc.org.

Overview
Monet LLC is a leading independent investment banking firm operating in Mongolia. The
company provides brokerage, dealer, underwriting and investment banking services for
both domestic and international clients. As a private investment banking firm, Monet LLC
has a strong position in each of its core business areas - equity capital markets, investment
banking and debt capital markets. Monet LLC is member of both the Mongolian Stock Exchange (MSE) and Business Council of Mongolia (BCM). With acknowledged capabilities
and accolades for the best execution and advice, Monet LLC is dedicated to creating real
value. Our resources and local expertise combine to deliver outstanding success for clients.

Historic Highlights
1997.11.27

Initially founded as Bats Invest LLC

1998.01.22

The special right to act as a brokerage and dealer company was granted by
the Financial regulatory Commission of Mongolia.

2007.08.17

The special right to act as an underwriter was granted by the FRC of

Mongolia.

2008.04.18

The corporate bond of Moninjbar LLC was successfully placed

2008.05.17

The IPO of Hermes LLC was completed successfully

2008.12.31

The company was listed as 5th best company among the 44 companies providing brokerage, dealer and underwriting services in Mongolia

2009.10.02

The company started providing the full range of investment banking product and services, including strategic advice, capital raising and corporate
restructuring services to its clients.

2010.01.01

The company was re-organized and introduced brokerage, research, project management and administrative divisions.

2010.10.13

The company opened an equity brokerage account on international stock

exchanges and offers the full range of brokerage services for its clients

www.meforum.mn

Offering services
The following demonstrates the range of Monets services:
Investment banking
x
x
x
x

IPO Consultancy services

Merger and acquisition consultancy services
Financial and Corporate restructuring services
Capital raising services

Sales and trading

x Trade execution services including trade processing
Research
Economic and corporate research
Industry and sector research

x
x

Other services
x Financial advisory services with a strong capability in structuring
x Has 13 years extensive experience in Mongolian capital market

Why Monet
x
x
x
x

Has a strategic partnership agreement with international leading investment banking houses
Has a strong internationally recognized advisory basis
Has the possibility to trade on international stock markets (London, New-York, HongKong, Toronto, Australia)
Has a superb execution, product innovation and comprehensive access to Mongolias capital market

Monet LLC - Track records

2008/April
Construction
bond

2008/May
Hermes
IPO

2009
MongolBazalt
IPO

2010
AltaiCashmere
Loan

2010
TenGer Group
Investment

Underwriting
MNT 0.5 bln

Underwriting
MNT 2.3 bln

Assistant
Underwriting

Dealing
MNT 1.5 bln

Financial advisor
MNT 5.4 bln

Sound of Mongolia XXK

Sound of Mongolia XXK 2002 ,
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-2011

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976- 99009797
976-9905-7584
976-9911-1250
976-9908-5617
976- 9911-8612

baterdene@mongolfund.com
altangunii@meforum.mn
ninjjamts@ndic.gov.mn
registration@meforum.mn
turod.l@meforum.mn

Mongolia Investment Forum 2011

March 4, 2011, Ulaanbaatar, Mongolia

Mongolia Economic Forum, in cooperation with Foreign Trade and

Foreign Investment Agency, Mongolian National Chamber of Commerce,
Business Council of Mongolia, the CEO Club of Mongolia and other partners from the private sector, is organizing Mongolia Investment Forum
2011 on March 4, 2011 following the Mongolia Economic Forum that will
be held on March 2-3.
The Mongolia Investment Forum is closely associated with the influential
Mongolia Economic Forum and is strongly supported by the Government
of Mongolia. The event will provide an excellent opportunity to gain
an in-depth understanding of the current macroeconomic and political
dynamics of the country and to interact with high-ranking policy-makers,
opinion-shapers, and business leaders.
The agenda of the Mongolia Investment Forum is centered on the following subjects: Mining Sector and Related Opportunities, Stock Market
Reform, Privatization of State-owned Assets and Risk Management. In addition to these discussions, the Mongolia Investment Forum will provide
the opportunity for Mongolian business owners and investment banks to
showcase specific investment-seeking projects to international investors.
Website: www.meforum.mn
Contacts:
Coordinator Bat-Erdene
Coordinator Altangunii
PR manager Ninjjamts
Registration Ganzorig

976- 99009797
976-9905-7584
976-9911-1250
976-9908-5617

baterdene@mongolfund.com
altangunii@meforum.mn
ninjjamts@ndic.gov.mn
registration@meforum.mn

Sponsorhip Tur-Od

976- 9911-8612

turod.l@meforum.mn

 2011
3 4.

-
08.00 09.00
09.00 09.30 :
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www.meforum.mn

10:00-11:00 Eurasia Capital
10:00-10:15 Eurasia Capital
10:15-10:35 ,
10:35-11:00
11:00-11:15
11:30-12:30 BDSec JSC
11:30-11:40
11:40-11:50
11:50-12:00
12:00-12:10
12:10-12:20
12:20-12:30
12:45-14:15
14:30-15:30 Monet
14:30-14:50 ,
14:50-15:10

15:10-15:30
15:45-16:00
16:00-17:30

Mongolia Investment Forum 2011

March 4, Friday (Agenda)

Main Hall - Discussions

08.00 09.00 Registration
09.00 09.30 Opening Keynote:
Prime Minister HE S. Batbold
09.30 09.40 Presentation
Artak Melkonyan, Senior VP, Financial Infrastructure and Credit
Bureaus, Dun and Bradstreet:
Macroeconomic risks of Mongolia and risk management
09:40 11:00 Interactive session:
Risk Management: Macroeconomic risk
Mongolias macroeconomic risk status
Major macroeconomic risks: budget deficit, inflation, exchange rate, and macroeconomic stability
Investors view on Mongolias macroeconomic risks
Government response to macroeconomic risks and
pro-active risk management
Business stable environment
11.00 11.15 Coffee Break
11.15 12.45 Interactive session
Mining and Related Opportunities
Infrastructure Financing and PPP
Government Bond
Development Bank
Mining procurement and mining supply chain
12.45 14:15 Lunch
14.15 15.45 Interactive session
Privatization of State-owned Assets
State-owned assets targeted for privatization
Partial listing of Erdenes TT
Lessons learned from past privatizations (Gobi,
APU)
15:45 - 16:00 Coffee Break
16.00 17.30 Interactive session
Capital Market Reform
Current status of Mongolian Stock Market
Institutional framework, players & services (Custodian bank)
HR capacity and competitiveness of players
Roles and opportunities for local investment banks
Legal environment
17:30 18:00 Closing Keynote: Minister of Finance
Ministry,
Mr. S. Bayartsogt
19.00 21.00 MEF and MIF Reception

B Hall Project Presentations

10:00-11:00
10:00-10:15
10:15-10:35
10:35-11:00

Eurasia Capital
Eurasia Capital Profile
Infrastructure and Property Developer
Internet Service Provider

11:00-11:15
11:30-12:30
11:30-11:40
11:40-11:50
11:50-12:00
12:00-12:10
12:10-12:20
12:20-12:30
12:45-14:15
14:30-15:30
14:30-14:50
14:50-15:10
15:10-15:30
15:45 - 16:00
16:00-17:30
ects

Tea break
BDSec JSC
Iron ore Project
Gold mine Project
Construction company bond Project
Construction company SPO Project
Government bond Project
Coal mine Project
Lunch
Monet
Infrastructure Project
Food & Beverage Project
Mining Project
Coffee Break
Sponsors and other companies proj-


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Concept paper
Risk Management: Macroeconomic risks
Country risks
Understanding country risks, including macroeconomic, financial, and political, is important for both foreign investors and governments. Having
investment opportunities in an array of countries, rational investors are
always conscious of risks and tend to choose an optimal trade-off between
return and risks. To allocate resources effectively, it is critical for investors
to consider, measure, and value dozens of risk factors. Some factors, such
as inflation, GDP growth, debt service, and exchange rate are quantifiable
and can be measured while others require more qualitative judgments
such as political stability and social tension.
On the other hand, understanding investors country risk perceptions and
being responsive to it, is important for the Government of Mongolia (GoM)
for adopting favorable policies to improve the countrys competitiveness
and attract foreign direct investment and for managing risks. The GoM
should periodically evaluate the potential impacts of various policies and
laws on the country risk profile.
Macroeconomic risks
Macroeconomic risks of Mongolia may arise from the potential for detrimental changes in fundamental economic policy goals (fiscal, monetary,
international, or wealth creation and distribution) or a significant change
in the countrys comparative advantage (mining sector impact on the economic growth and its impact on other industries decline). The discussion
will evolve around the following topics:
Budget deficit and budgetary reform;
Inflation;
Foreign exchange rate;
Economic composition and macroeconomic stability;
Soundness of banking sector;
Responses to price fluctuations on international mineral markets when
the countrys economy is highly dependent on mining sectors; and
Risk management and pro-active risk management.
Expectations from the discussion
The discussion will provide a platform for representatives of the GoM and
investors to exchange views on country risks, identify potential macroeconomic risks, which the country may face due to a rapid growth in the mining industry, and manage and respond to those potential risks.


2009
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Mining and Mining Related Opportunities

The signing of Oyu Tolgoi investment agreement in 2009 marked a new
phase for the economic growth for Mongolia. The country has now entered
the worlds limelight on the back of its vast reserves of mineral wealth,
promising to drive an unprecedented economic boom. As Chinas demand
for natural resources grows, Mongolias mining sector is estimated to offer
more opportunities than anywhere else in the world. The estimated value
of total reserves in Mongolia is worth US$1.3 trillion.
Large strategic mineral deposits currently owned by the Government of
Mongolia need large capital injections to become operational. The tender
for operating Tavan Tolgoi coal deposit is currently underway, offering large
investors an opportunity to operate part of one of the largest coal deposits
in the world.
By the end of November 2010, the coal sector of Mongolia had the first
success, when the amount of extracted coal reached 20 million tons and
14 million tons was sold on international markets surpassing the copper
export level. As a result of the coal sector growth, thousands of new jobs
are created and development boom is guiding Mongolia to the new path
of prosperity.
However, a number of obstacles still lies ahead. The priorities should include to raise capital from financial sectors required for mining industry
and the stability in political and legal environment must be assured. In addition, a lack of infrastructure and negative impacts from poorly developed
infrastructure still remain investors concerns.
Topics for discussion:
Financing plans: Commercial banks lack financial resources to support
the planned 417 infrastructure projects calling for alternative funding
channels and investment approaches.
PPP and concessions: it provides a cost and risk sharing mechanism
between government and private sectors but requires large bidding
costs and the country lacks experience in PPP implementation.
Government bonds: experience with and access to international capital market is limited and challenges include high rates and selection of
competent investment banks.
Development bank: the proposed Development bank aims to finance
infrastructure projects but legal framework and management approaches are not clear.


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Privatization Related Opportunities

Since the Government of Mongolia (GoM) launched the privatization program in the early 1990s, approximately 5,000 state owned enterprises
(SOEs) and companies have been privatized. The privatization program was
triggered by a fact that SOEs suffered from a large amount of losses under
the rigid state regulation and were unable to operate in market principles.
The privatization yielded some accomplishments that can be witnessed in
the success stories of the Trade and Development Bank, Gobi JCS, APU JCS,
and Atar Urguu JCS.
There are still large assets, mostly energy and power entities, under the
government ownership. Through the Privatization and Restructuring
Guidelines of State Property for 2010-2012, the GoM resolved to privatize
a number of SOEs to ensure private-sector-led rapid economic growth per
the national development strategy derived from the Millennium Development Goals.
In the context of privatization, a variety of privatization tools include traditional methods, as well as stock trading of SOEs at Mongolian Stock Exchange (MSE), initial public offering by issuing new shares, concessions
and public private partnership agreements. At Mongolia Investment Forum 2011, the representatives of businesses, government, NGOs, and civil
society will discuss the options and opportunities.
Topics for discussions:
Successful privatization of state-owned properties;
A shift from the current practice of closed biddings, where only a limited number of bidders participate, to a new approach to include public
on a wider scope;
Privatization through MSE to provide an increased investment opportunity for privatized SOEs to expedite their growth;
Assessment of the past privatization successes and failures and development of a road map for future privatizations.


2010
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Capital Market Reform

As the best global equity market in 2010, Mongolia still keeps the title this
year thanks to positive regulatory and economic development and strong
investor sentiment. In order to resolve key economic and social issues, a
further reform in capital markets has become one of the priorities for the
Government of Mongolia (GoM). The proposed GoM actions include the
privatization of state-owned enterprises (SOEs), initial public offering (IPO),
raising capital for companies and distribution of wealth among its people.
The GoM intends to launch privatization of several SOEs by selling a stake
through share offering to finance their development. The limited lending
capacity of local banks and lack of access to international capital markets
provides an opportunity to Mongolian Stock Exchange (MSE) to transform
into an attractive source of capital for domestic companies seeking to expand their businesses.
A strategic agreement was signed between the State Property Committee
(SPC) of Mongolia and the London Stock Exchange (LSE) in January 2011 to
facilitate financing needs. Following the agreement, the LSE will appoint a
management team to oversee the MSE development, assist in reforming
legislative framework and modernization of market rules.
Mongolia Investment Forum allows participants to acquire comprehensive
insight on the following issues:
Challenges and Reform Agenda
A need to address and resolve legal, regulatory, and institutional issues
to further improve the attractiveness of MSE, by increasing MSE profile
to enable Mongolian companies to issue IPOs locally vs. on international markets;
A reform agenda of LSE and SPC on development of the capital markets
in Mongolia, including custodian system (global custodians, private
custodians, registrars);
GoM policy on IPOs issued by private companies at MSE: to allow dual
listings and dual IPOs, as well GDRs (introduce the concepts on nominal holder, non-cash transactions);
Building strong local institutional investors: e.g. pension funds, insurance companies;
Improving software, trading platform, remote trading by brokers, and
online trading for market participants, extend trading session hours;
Diversification of sectors as currently over 90% of the listed companies, both local and international, are from mining sectors.
Privatization and Companies
Privatization process and policy measures taken by GoM: SOEs for
privatization through IPOs in 2011 and beyond and updates on Erdenes
Tavan Tolgoi IPO;
Views and plans of private companies and business groups to raise
capital at MSE;

www.meforum.mn

 IPOs at MSE: the views of the LSE and international financial service
providers on challenges and opportunities;
Key constraints and approaches to improve bond market and introduction of new instruments: Repo, futures, options, forex;
Establishment of local credit rating agencies;
Accessing Mongolian equities and fixed income instruments by international investors.
Corporate Governance
Legal and institutional aspects of protecting the interests of minority
shareholders;
Assessment of the scale of bureaucracy limiting the market development;
Review and modification of national financial reporting standards and
introduction of international standards.

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1. Lao Peoples Democratic Republic - H.E.Mr. Pheng

Intharath

www.meforum.mn

H.E. Mr. Orman K. Nurbayev

Republic of Kazakhstan

Mr. Saidjafar Safarov

Republic of Tajikistan

H.E. Mr. James Gregory Goldhawk

Canada

Ms. Argentina Pinto Matavel Piccin

UNFPA

Thorda Abbott Watt

United Kingdom of Great Britain and Northern
Ireland

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USAID

H.E.Mr. Ahmet Asim Arar

Republic of Turkey
Mr. Chung Jaehoon
Republic of Korea-counsellor .
H.E.Mr. Pius Fischer
Federal Republic of Germany
H.E.Ms Maria Hortensia Febles Mirabal
Cuba
H.E.Mr. Mubarak M.F. Alsehaijan
State of Kuwait
Mr. Krasnodar Kolev
Republic of Bulgaria
H.E.Mr. Yu Hongyao
Peoples Republic of China
H.E.Mr. Takuo Kidokoro
Japan
H.E.Mr. Jean-Paul Dumont
Republic of France
H.E.Mr. Ri Chol Gwang
Democratic Peoples Republic of Korea
H.E. Mr. Viktor Vasilevich Samoilenko
Russian Federation
H.E.Mr. Satbir Singh
Republic of India
Mr. Nicholas Hill
United States of America - counsellor.
H.E.Mr. Hoang Tuan Thinh
Socialist Republic of Viet Nam
H.E. Mr. Vaclav Jilek
Czech Republic

Mr. Rana Flowers

UNICEF
Mr. Shane Rosenthal
ADB
M.
IFRCRCS
Ms. Coralie Gevers
WB
Mr. Phillip ter Woort
EBRD
Dr. Wiwat Rojanapithayakorn
WHO
Mr. Parmeshwar Ramlogan
IMF
Mr. Michele Bahk
USAID

Blue Sky Minerals
Layton Croft
Peabody Mongolia

Peabody Mongolia
Arshad Sayed
Peabody Mongolia

Wallace Mays
WM Mining

WM Mining

Vladimir Sviridov

Peter Morrow

Timur Bihonegn

Kevin Lu
MIGA World Bank Group
Kuk Yi
Best Buy

Karin Finkelston
IFC
Adam Bornstein
IFC

Anthony Stevens
Oliver Wyman

Sergii Tryputen
IFC

Jason Li Yat-Sen
The George Institute for Global Health

IFC

Deborah Kan
Thomson Reuters Asia

IFC

Rio Tinto

Loggia Roberto

Allan Green

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Johnson and Wales University, USA
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JCI
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Liu Jieyi /
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Fu Dagang
Kang Shuai

Dong Weihua
Feng Yinqi

Ute Kumpf
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Franz Danner

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Rolf Raasch
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Sven Swersensky
Jonh Grogan
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Glyn Ford

Karl Duffek
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Mukut Mithi
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www.meforum.mn