WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,857.24 -0.25 -2.73
DJIA US 17,210.06 0.90 3.82
S&P 500 US 1,998.30 0.78 8.11
Nasdaq US 4,555.22 1.03 9.07
S&P/TSX comp CN 15,120.54 -0.03 11.00
FTSE 100 UK 6,706.27 0.45 -0.63
S&P/ASX 200 US 5,381.50 0.11 0.55
Hang Seng HK 23,921.61 0.35 2.64
Bloomberg/asia.pac ASIA 176.06 0.11 4.71
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 140.20 0.00 -26.50
Zinc Spot /LME 2,272.25 1.13 10.68
Iron Ore 58% /Tianjin 70.20 0.00 -41.50
Copper Spot /LME 6,778.50 0.12 -8.10
Oil 92.80 1.35 -5.71
Gold Spot /LME 1,213.45 -0.30 0.98
Silver Spot /LME 17.62 -0.45 -9.50
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 28.722 3/29/2017
Mongol 2018 - 4.125 500 95.30 5.529 1/5/2018
Mongol 2022 - 5.125 1,000 89.44 6.728 12/5/2022
TDBM 2015 - 8.5 300 99.88 8.626 9/20/2015
TDBM 2015 - 12.5 25 99.38 12.830 11/17/2015
TDBM 2017 - 10 dim sum 115 97.59 10.952 1/21/2017
DBM bond - 1.52 sam. 290 103.14 1.152 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
New direct flights between Singapore and Mongolia launched
Direct flights between Singapore and Mongolia are now possible via MIAT Mongolian Airlines, which
will operate a twice-weekly service between the two countries starting this week. Flight OM231 from
Ulaanbaatar to Singapore is scheduled to depart at 6.15am on Wednesdays and Saturdays. Flight
OM232 will depart Changi Airport at 6.20pm on Wednesdays and at 6.45pm on Saturdays. Changi
Airport Group (CAG) said in a statement today that the flights via Beijing will be on a Boeing 737-800
aircraft with 174 seats. To celebrate its commencement of operations at Changi Airport, MIAT
Mongolian Airlines is offering promotional fares on return economy class tickets starting from $670. A
delegation led by Gansukh Amarjargal, Mongolia's Minister of Road and Transportation, and Gungaa
Jargalsaikhan, pesident and CEO of MIAT Mongolian Airlines, was on board the inaugural flight that
arrived at Changi Airport at 5pm. MIAT Mongolian Airlines is the fourth new carrier and Ulaanbaatar,
the third new city link added by Changi Airport this year.
The first Mongolia-Australia consultative meeting held
A consultative meeting between the Foreign Affairs Ministries of Mongolia and Australia was held in
Ulaanbaatar, on September 23rd. The first consultative meeting of Foreign Affairs Ministries was
chaired by the Director of the Department of Policy Planning and Research of the Mongolian Ministry
of Foreign Affairs, Ts.Batbayar, and Australian First Assistant Secretary of the Department of Foreign
Affairs and Trade of Australia Peter Rowe. In the meeting the parties exchanged information on
foreign affairs policy and had talks on bilateral relations, with a focus on extraction programs, the
working holiday visa category, Mongolias involvement in Australias New Colombo Plan by 2015, and
support for cooperation in peace keeping, mining and investment. The parties also exchanged views
on international and regional issues, agreed to support each other in the scope of multilateral
cooperation, maintain the frequency of consultative meetings of the Foreign Affairs Ministries, and to
hold the next consultative meeting in Australia in 2015. Peter Rowe and other Australian officials
meet Mining Minister D.Gankhuyag, Foreign Affairs Minister L.Bold and Economic Development
Minister N.Batbayar.
New Oyu Tolgoi feasibility study finalized
Turquoise Hill Resources has announced that the new feasibility study for the underground mine at
Oyu Tolgoi was finalized. The underground expansion of the Oyu Tolgoi project has been held up due
to a tax dispute between the Government of Mongolia and Rio Tinto Group, and also caused a delay
in the finalization of the feasibility study. Turquoise Hill Resources says that the underground
expansion of Oyu Tolgoi is underway, as the feasibility study was finalized and shareholders of Oyu
Tolgoi finally resolved the tax debate on September 10th. Turquoise Hill Resources has sent the new
feasibility study to the Board of Directors of Oyu Tolgoi. If the board approves the new feasibility
study, it will be delivered to the Mongolian Minerals Resource Council for permit approval. Turquoise
Hill Resources believes that if the new feasibility study is approved, funding for the underground
expansion of Oyu Tolgoi, required documents, and permists will be resolved. The Tax Dispute
Settlement Council of the General Department of National Taxation discussed the tax dispute
between the Government of Mongolia and Rio Tinto. Mongolian shareholders announced that the Tax
Dispute Settlement Council cut the tax claim to 30 million USD from around 130 million USD, and
investors confirmed the announcement. As the new feasibility study is finalized, project holders have
to determine the overrun cost of the first phase of development at Oyu Tolgoi. Turquoise Hill
Resources also announced that they will fix current damage at Oyu Tolgoi. As the result of the
damage, the mine is processing at only 60 percent capacity.
GLOBAL NEWS
Asia Stocks Rise as Dollar Extends Four-Year High on U.S.
Asian stocks climbed and the dollar extended a four-year high after surging U.S. new-home sales
signaled improvement in the worlds biggest economy. Gold headed for its lowest close in eight
months. The MSCI Asia Pacific Index added 0.3 percent at 9:58 a.m. in Tokyo, with the Topix index
advancing 0.9 percent. Standard & Poors 500 Index futures were little changed after the U.S. gauge
halted a three-day drop. The U.S. currency strengthened against most major peers as the yen slid
and the euro held at $1.2780 after yesterday falling below $1.28 for the first time in 14 months. Gold
fell to $1,214.30. The U.S. reports durable-goods orders and initial jobless claims numbers today after
new-home sales surged in August to the highest level in more than six years, a sign that the housing
recovery is making progress. Investors will look to tomorrows private report of German consumer
sentiment after a gauge of business confidence fell more than forecast in September. Reserve Bank
of Australia Governor Glenn Stevens will speak in Melbourne.
2014-09-25
25 September 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-2.73
3.82
9.07
11.00
-0.63
0.55
2.64
1.15
0.22
YTD %
-0.25
0.90
1.03
-0.03
0.45
0.11
0.35
0.70
0.99
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
971
504
420
170
94
87
0 500 1,000 1,500
GOV
KEK
BAN
HRM
MRX
JTB
-1.34%
0.00%
-0.99%
-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
J
a
n
u
a
r
y
-
1
3
F
e
b
r
u
a
r
y
-
1
3
M
a
r
c
h
-
1
3
A
p
r
i
l
-
1
3
M
a
y
-
1
3
J
u
n
e
-
1
3
J
u
l
y
-
1
3
A
u
g
u
s
t
-
1
3
S
e
p
t
e
m
b
e
r
-
1
3
O
c
t
o
b
e
r
-
1
3
N
o
v
e
m
b
e
r
-
1
3
D
e
c
e
m
b
e
r
-
1
3
J
a
n
u
a
r
y
-
1
4
F
e
b
r
u
a
r
y
-
1
4
M
a
r
c
h
-
1
4
A
p
r
i
l
-
1
4
M
a
y
-
1
4
J
u
n
e
-
1
4
T
h
o
u
s
a
n
d
s

Volume MSETOP Index
Daily Report | 2014.09.25

25 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 3.680 1.66 11.52 11,604.3 7,405.26 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.370 1.51 24.31 3,223.6 1,146.86 6.90 2.82 1.11
MMC 975 HK Equity HKD 0.900 -7.22 -12.62 2,136.3 430.16 1.55 0.48 7.75
Denison Mines Corp DML CN Equity CAD 1.320 2.33 2.33 1,174.3 602.76 1.95 1.01 1.11
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.400 0.00 -18.37 147.9 194.70 0.69 0.31 7.75
MoEnCo 276 HK Equity HKD 0.190 -2.06 -21.81 271.2 165.60 0.29 0.15 7.75
SouthGobi Resources 1878 HK Equity HKD 4.540 -3.20 -34.01 102.7 109.71 9.90 4.38 7.75
Central Asia Metals PLC CAML LN Equity GBp 169.000 0.00 19.86 8,508.2 304.67 190.00 130.25 0.61
Mongolia Investment Group Ltd 402 HK Equity HKD 0.234 10.38 -19.31 2,760.7 202.11 0.42 0.16 7.75
Mongolia Growth Group YAK CN Equity CAD 2.000 -3.38 -11.89 93.5 62.79 3.07 1.71 1.11
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.164 0.61 -9.89 260.9 74.04 0.21 0.10 7.75
Guildford Coal Ltd GUF AU Equity AUD 0.053 -1.85 -36.04 10.2 39.71 0.14 0.05 1.13
Origo Partners PLC OPP LN Equity GBp 7.875 0.00 6.78 0.0 45.87 9.50 6.63 0.61
Entree Gold Inc ETG CN Equity CAD 0.280 -9.68 -9.68 6.0 37.18 0.53 0.27 1.11
Aspire Mining Ltd AKM AU Equity AUD 0.050 0.00 -10.71 #VALUE! 31.13 0.08 0.03 1.13
Prophecy Coal Corp PCY CN Equity CAD 0.055 0.00 -31.25 3.1 12.52 0.13 0.04 1.11
FeOre Ltd FEO AU Equity AUD 0.055 0.00 34.15 3.9 25.80 0.08 0.03 1.13
Petro Matad Ltd MATD LN Equity GBp 2.875 0.00 -23.33 3.6 13.11 11.50 2.63 0.61
Xanadu Mines Ltd XAM AU Equity AUD 0.130 0.00 160.00 0.0 27.84 0.18 0.03 1.13
Haranga Resources Ltd HAR AU Equity AUD 0.027 -10.00 -56.45 0.5 5.79 0.09 0.03 1.13
Wolf Petroleum Ltd WOF AU Equity AUD 0.050 0.00 -28.57 4.2 11.61 0.09 0.03 1.13
Manas Petroleum Corp MNAP US Equity USD 0.107 -4.89 56.20 36.6 18.47 0.17 0.04 1.00
Khan Resources Inc KRI CN Equity CAD 0.400 5.26 40.35 7.3 24.62 0.45 0.17 1.11
Voyager Resources Ltd VOR AU Equity AUD 0.002 0.00 -50.00 0.6 2.75 0.01 0.00 1.13
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.0 2.93 0.11 0.03 1.13
Erdene Resource Development Corp ERD CN Equity CAD 0.125 0.00 -10.71 0.7 8.46 0.26 0.07 1.11
Modun Resources Ltd MOU AU Equity AUD 0.004 0.00 0.00 4.4 5.75 0.01 0.00 1.13
Kincora Copper Ltd KCC CN Equity CAD 0.045 0.00 80.00 0.7 12.41 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 1.13
Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 -57.14 5.3 0.88 0.04 0.01 1.13
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -66.67 1.8 2.09 0.01 0.00 1.13
Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 1.3 1.32 0.00 0.00 1.13
Source: Bloomberg
MONGOLIAN STOCK MARKET
24 September 2014 18 JSC's 4,628 shares worth 7.99 mln MNT have been
traded.
TOP20 index was 15,857.24 -0.25% YTD -2.73%
Company name Trade volume
Trade
value '000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
TTL 855 4446 5200 -40 -0.76% 140 5100 5235 105
APU 284 1051 3700 0 0.00% 15 3659 3700 1216
GOV 120 971 8090 -110 -1.34% 25 8005 8200 142
KEK 56 504 9000 0 0.00% 0 0 9500 208
BAN 120 420 3500 -35 -0.99% 220 3500 3798 5
HRM 1,000 170 170 0 0.00% 200 158 170 8509
MRX 1,000 94 94 0 0.00% 6200 90 94 380
JTB 1,074 87 81 0 0.00% 1000 79 81 4696
HSR 15 62 4100 -400 -8.89% 0 0 4100 475
MIE 3 50 16500 470 2.93% 47 16500 18510 5
TCK 2 40 20000 0 0.00% 10 20000 20900 32
MSR 23 28 1200 0 0.00% 3 1200 0 0
EER 10 24 2390 -5 -0.21% 100 2300 2400 300
MVO 9 24 2640 -395 -13.01% 0 0 3200 57
MMX 5 17 3300 12 0.36% 70 3288 3300 4
NKT 40 14 349.5 30 9.22% 2000 250 350 550
GFG 10 4 448.7 59 15.00% 50 448.7 0 0
UID 2 1 567 0 0.00% 549 567 629 460
Change day
30 day graphic
3
0
2013.06 2702.1
2013.06 7591
13606.65
1850
25 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
investment professionals.

Contact

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