Change %

(Day)YTD change %

MSE - Top20 MN 14,624.93 0.06 -1.54

DJIA US 17,584.52 1.23 -1.34

S&P 500 US 2,025.90 1.16 -1.60

Nasdaq US 4,650.47 1.26 -1.81

S&P/TSX comp CN 14,285.00 0.27 -2.37

FTSE 100 UK 6,419.83 0.84 -2.23

S&P/ASX 200 US 5,380.80 0.51 -0.56

Hang Seng HK 23,681.26 0.83 0.32

Bloomberg/asia.pac ASIA 184.70 0.52 0.34

COMMODITY PRICES

Change %

(Day)YTD change %

Prime Coking Coal /Tianjin 136.81 -1.16 -1.16

Zinc Spot /LME 2,122.50 -1.87 -2.05

Iron Ore 58%/Tianjin 68.80 -49.33

Copper Spot /LME 6,182.50 -0.62 -2.91

Oil 48.75 0.21 -8.49

Gold Spot /LME 1,213.89 0.20 2.49

Silver Spot /LME 16.56 0.17 5.43

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 96.50 7.505 3/21/2017

MMC bond - 8.875 600 66.50 30.818 3/29/2017

Mongol 2018 - 4.125 500 92.33 6.864 1/5/2018

Mongol 2022 - 5.125 1,000 85.89 7.401 12/5/2022

TDBM 2015 - 8.5 300 99.50 9.231 9/20/2015

TDBM 2015 - 12.5 25 98.44 13.089 11/17/2015

TDBM 2017 - 10 dim sum 115 96.81 11.478 1/21/2017

DBM bond - 1.52 sam. 290 104.35 0.985 12/25/2023

INDICES CHANGE

MSE TOP 5 MOST TRADED

Trade value '000

MONGOLIAN RELATED NEWS

SouthGobi Announces the Dismissal of the Money Laundering Accusations and the Transfer

of the Tax Investigation Case Back to the Court of Justice in Mongolia

SouthGobi Resources Ltd. (SGQ)(1878) (the "Company") announced today that the Capital City

Prosecutor in Mongolia had dismissed the accusations of alleged money laundering against the

Company's three (3) former employees and transferred the tax investigation case back to Court. As

previously detailed by the Company in its Management Discussion and Analysis ("MD&A") for the

three months ended September 30, 2014 which is available at www.sedar.com, the Company has

been subject to investigations by the State Investigations Agency ("SIA") into allegations against the

Company and some of its former employees regarding possible breaches of Mongolia's money

laundering and taxation laws. A report issued by the experts appointed by the SIA on June 30, 2013

and again in January 2014 had recommended that the alleged accusations of money laundering

against the Company's three (3) former employees be withdrawn. The Company has been notified

that on December 30, 2014, the Capital City Prosecutor had decided to dismiss the allegations of

money laundering. The Company announced on November 10, 2014 that the Mongolian investigation

authority issued a resolution to order a re-investigation into alleged violations of Mongolian taxation

law. The Company has been informed that the re-investigation was completed and the case

transferred back to the Second District Criminal Court of Justice on December 31, 2014.

http://www.marketwatch.com/story/southgobi-announces-the-dismissal-of-the-money-laundering-

accusations-and-the-transfer-of-the-tax-investigation-case-back-to-the-court-of-justice-in-mongolia-

2015-01-07-71733130

Aspire Mining’s Ovoot blend a premium coking coal for China

Aspire Mining (ASX:AKM) has received an encouraging report confirming that a Mongolian Blend with

between 25% to 50% Ovoot coal is a premium coking coal using Chinese coal classifications. The

blend is considered to be similar or even better than primary coking coals imported from Australia, the

U.S., and Canada due to its medium ash, low sulphur and high G value. This comes as Chinese

demand for primary coking coal is predicted to increase due to changes in steel making technologies

and depletion of domestic coal reserves combined with continued steel production growth. The supply

gap for primary coking coals in China is expected to peak at 83 million tonnes by 2020. The report

was commissioned to assess the marketability and indicative pricing of the Mongolian Blend in order

to complete a Scoping Study to support the development of a regional coal blending facility at the

Sainshand Industrial Park. Preliminary internal analysis by Aspire indicates a positive cashflow

blending operation based on current pricing. Initial production is estimated to commence in 2018,

producing 5 million tonnes per annum of saleable coking coal and increasing in subsequent years to

achieve full scale production of up to 10Mtpa from both the open pit and underground operations.

http://www.proactiveinvestors.com.au/companies/news/59946/aspire-minings-ovoot-blend-a-premium-

coking-coal-for-china-59946.html

GLOBAL NEWS

Asian Stocks Rebound as Samsung Jumps; Crude Holds Gains

Asian stocks climbed, with the regional index rallying from a three-week low after U.S. equities

rebounded and Samsung (005930) Electronics Co. posted better-than-estimated earnings. The

Malaysian ringgit strengthened while crude oil maintained its advance. The MSCI Asia Pacific Index

rose 0.9 percent by 10:05 a.m. in Tokyo, climbing for the first time in four days as Samsung, the

world’s biggest smartphone maker, added 0.9 percent. Japan’s Topix index jumped 1.2 percent with

futures on the Standard & Poor’s 500 Index up 0.1 percent after the gauge rebounded from its longest

slump in more than a year. The ringgit rallied from a 5 1/2-year low as the euro traded near its lowest

level since 2006. Oil in New York extended gains into a second day. Signs of U.S. economic strength

and the prospect of expanded European stimulus provided a jolt to global equities, which slumped 3.1

percent over the first three trading days of the year as oil extended its descent into a bear market.

Strong demand from U.S. refineries ignited a rebound in West Texas Intermediate crude yesterday,

amid concern over a global glut. Japan reports on inflation expectations today, after the euro area

reported its first drop in consumer prices since 2009.

http://www.bloomberg.com/news/2015-01-07/asian-futures-pace-u-s-stock-rebound-on-economy-

optimism.html

2015-01-08

8 January 2015Daily Report

PerformanceLastCountryIndex

Indicator

PerformanceLast

USDCommodity

NEWS & ANALYSIS

-1.54

-1.34

-1.81

-2.37

-2.23

-0.56

0.32

-2.93

-2.07

YTD %

0.06

1.23

1.26

0.27

0.84

0.51

0.83

0.51

1.21

MSE - Top20

DJIA

Nasdaq

S&P/TSX comp

FTSE 100

S&P/ASX 200

Hang Seng

DAX

Nikkei 225

Change % (Day)

510

6

31

1,040

0 500 1,000 1,500

DHU

ETR

JTB

MBG

0.00%

-1.00%

0.00%

-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 | 2015.01.08

8 January 2015 2

MONGOLIAN RELATED COMPANIES

Name Sym Currency LastChg day

% YTD %

Trade value

000 USD

Market cap mln

USD/52w high 52w low

Currency

cross

Turquoise Hill TRQ US Equity USD 3.020 -2.27 -2.58 9,000.2 6,077.14 4.36 2.75 1.00

Centerra Gold CG CN Equity CAD 6.740 0.60 11.59 7,925.8 1,348.01 6.90 3.16 1.18

MMC 975 HK Equity HKD 0.330 0.00 -2.94 598.1 394.18 0.84 0.32 7.75

Denison Mines Corp DML CN Equity CAD 1.100 0.00 -2.65 2,424.6 470.77 1.95 1.02 1.18

Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.270 0.00 5.88 207.7 131.38 0.55 0.25 7.75

MoEnCo 276 HK Equity HKD 0.475 0.00 18.75 160.8 103.47 1.06 0.38 7.75

SouthGobi Resources 1878 HK Equity HKD 3.800 0.00 -1.55 25.8 107.20 6.35 3.49 7.75

Central Asia Metals PLC CAML LN Equity GBp 174.000 -0.57 -4.92 2,690.3 292.80 190.00 148.00 0.66

Mongolia Investment Group Ltd 402 HK Equity HKD 0.290 0.00 -13.43 690.4 251.35 0.38 0.16 7.75

Mongolia Growth Group YAK CN Equity CAD 0.700 0.00 -5.41 8.4 20.64 3.07 0.68 1.18

North Asia Resources Holdings Ltd 61 HK Equity HKD 0.149 0.00 0.68 22.5 116.86 0.21 0.10 7.75

Guildford Coal Ltd GUF AU Equity AUD 0.035 0.00 -2.78 8.7 26.02 0.11 0.03 1.23

Origo Partners PLC OPP LN Equity GBp 6.125 0.00 0.00 0.0 33.01 8.25 6.13 0.66

Entree Gold Inc ETG CN Equity CAD 0.210 -8.70 2.44 13.1 26.11 0.52 0.18 1.18

Aspire Mining Ltd AKM AU Equity AUD 0.033 -2.94 0.00 3.7 18.81 0.07 0.03 1.23

Prophecy Coal Corp PCY CN Equity CAD 0.060 -7.69 20.00 0.5 12.79 0.11 0.04 1.18

FeOre Ltd FEO AU Equity AUD 0.026 0.00 0.00 1.2 11.15 0.08 0.02 1.23

Petro Matad Ltd MATD LN Equity GBp 2.375 5.56 11.76 439.8 10.03 11.50 2.00 0.66

Xanadu Mines Ltd XAM AU Equity AUD 0.095 0.00 -5.00 0.1 27.97 0.18 0.03 1.23

Haranga Resources Ltd HAR AU Equity AUD 0.013 0.00 -7.14 1.0 3.60 0.09 0.01 1.23

Wolf Petroleum Ltd WOF AU Equity AUD 0.040 0.00 -11.11 6.5 9.70 0.08 0.03 1.23

Manas Petroleum Corp MNAP US Equity USD 0.060 0.00 -33.29 5.6 10.02 0.17 0.04 1.00

Khan Resources Inc. KRI CN Equity CAD 0.410 0.00 -15.46 0.3 23.63 0.49 0.21 1.18

East Asia Minerals Corp EAS CN Equity CAD 0.020 100.00 100.00 0.6 1.95 0.11 0.01 1.23

Erdene Resource Development Corp ERD CN Equity CAD 0.125 13.64 19.05 0.1 8.74 0.26 0.09 1.18

Modun Resources Ltd MOU AU Equity AUD 0.004 0.00 33.33 10.0 5.75 0.01 0.00 1.23

Kincora Copper Ltd KCC CN Equity CAD 0.025 0.00 0.00 1.0 6.55 0.09 0.02 1.18

General Mining Corp Ltd GMM AU Equity AUD 0.005 0.00 0.00 0.0 0.54 0.02 0.01 1.23

Draig Resources Ltd DRG AU Equity AUD 0.016 0.00 23.08 0.8 0.86 0.04 0.01 1.23

Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 0.00 0.4 1.98 0.01 0.00 1.23

Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 0.0 1.30 0.00 0.00 1.23

Source: Bloomberg

MONGOLIAN STOCK MARKET

7 January 2015 14 JSC's 6,970 shares worth 24.89 mln MNT have been traded.

TOP20 index was 14,624.93 0.06% YTD -1.54%

Company name Trade volumeTrade value

'000Last Chg day Chg day %

Buy

volumeBuy price Sell price Sell volume

APU 4,900 18,375 3750 -1  -0.03% 20 3200 3900 212

BUK 45 1,890 42000 -840  -1.96% 0 0 42000 30

DHU 102 510 5000 0  0.00% 50 5000 0 0

ETR 64 6 99 -1  -1.00% 5000 85 99 2781

JTB 350 31 89 0  0.00% 65 84 90 8509

MBG 130 1,040 8000 0  0.00% 50 8000 0 0

MCH 13 18 1374 0  0.00% 20 1170 1379 91

MMX 60 221 3690 -10  -0.27% 2 3497 3690 269

NEH 81 1,418 17500 0  0.00% 119 17500 20000 1

TCK 21 389 18500 0  0.00% 89 18500 19400 15

TTL 20 84 4200 48  1.16% 100 4100 4300 99

UID 149 82 550 -20  -3.51% 101 550 599 50

UYN 35 37 1050 50  5.00% 265 950 1150 30

BHR 1,000 790 790 70  9.72% 250 590 790 9000

30 day graphic

Change day

3

0

2014.09 2702.1

2013.06 7591

13606.65

3250

92.333

8 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