Change %

(Day)YTD change %

MSE - Top20 MN 14,633.70 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

Ovoot Coal confirmed as premium quality coking coal

It has been confirmed that 25-50 percent of Aspire Mining's Ovoot coking coal is primary coking,

according to China's coal classifications. This means the Mongolian blend has the same quality as

primary coal supplied by Australia, the USA, and Canada to the Chinese market. Several economic

indicators suggest that the demand for primary coking coal in China is likely to increase. Primary

coking coal supply from Mongolia to China is expected to reach 83 million tons by 2020, with an

increase of 32 million tons. It is estimated that the Ovoot coking coal deposit contains 255 million tons

of coal according to JORC reporting. The first phase of Ovoot production is planned for 2018 to

export five million tons of coal, with future plans to increase output to 10 million tons.

http://english.news.mn/content/200559.shtml

MTU starts tripartite negotiations

Yesterday, officials from the Mongolian Trade Union (MTU) reported that the tripartite negotiations on

labor and society between the MTU, the government, and the Mongolian Employer’s Federation

(MEF) for 2015 to 2016 will be held. President of the MTU Kh.Amgalanbaatar stated that there are

four major issues that should be decided through the negotiations. Items on the agenda include:

approving the law on indexing wages and pensions, and the law on pricing, increasing wages,

pensions and allowances (the MTU suggests increases at a minimum of 60 percent), ensuring

employment guarantees, supporting the MTU’s contributions to measures against the economic crisis

and creating a joint working group. The tripartite negotiations were held yesterday at 3:00 p.m. at the

Ministry of Labor, and the MTU’s President expressed his hope that the issues up for discussion will

be resolved in favor of the MTU.

http://ubpost.mongolnews.mn/?p=12948

GLOBAL NEWS

Central Asia Metals’s “Buy” Rating Reiterated at FinnCap (CAML)

FinnCap reiterated their buy rating on shares of Central Asia Metals (LON:CAML) in a research report

released on Tuesday morning. FinnCap currently has a GBX 286 ($4.38) price objective on the stock.

Central Asia Metals (LON:CAML) opened at 176.00 on Tuesday. Central Asia Metals has a one year

low of GBX 147.027 and a one year high of GBX 190.00. The stock’s 50-day moving average is GBX

167.3 and its 200-day moving average is GBX 165.0. The company’s market cap is £159.5

million.Central Asia Metals Plc (LON:CAML), formerly Central Asia Metals Limited, is a mining

exploration and development company.

http://www.wkrb13.com/markets/456703/central-asia-metalss-buy-rating-reiterated-at-finncap-caml/

Asian Stocks Extend Gains as Crude Rises; Dollar Falls

Asian stocks rose a second day, led by commodity producers, as U.S. crude oil headed for its longest

streak of gains since August. The dollar weakened from a 10-year high after a second Federal

Reserve official cautioned against raising interest rates this year. The MSCI Asia Pacific Index added

0.6 percent by 10:38 a.m. in Tokyo, paring its loss in the week to 0.7 percent as BHP Billiton Ltd.

(BHP), the world’s biggest mining company, rose 2.4 percent. Chinese stocks fell as producer prices

dropped the most since 2012. Standard & Poor’s 500 Index futures lost 0.2 percent. U.S. oil rose a

third day, gaining 0.5 percent. The Bloomberg Dollar Spot Index slipped 0.2 percent after Minneapolis

Fed President Narayana Kocherlakota said higher rates would hinder a recovery in inflation. A new-

year selloff in global equities reversed in recent days after Fed meeting minutes indicated the bank

hadn’t altered its view on rates and on the prospect of further euro-area stimulus. Kocherlakota joined

Chicago Fed President Charles Evans in warning against an increase to rates in 2015, with payrolls

data today projected to show unemployment falling to 5.7 percent. China’s factory gate prices fell 3.3

percent in December, exceeding economists’ estimate for a 3.1 percent decline, data today showed.

http://www.bloomberg.com/news/2015-01-08/japan-futures-rise-as-s-p-500-erases-2015-decline-on-

fed.html

2015-01-09

9 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)

58

1,260

250

1

0 500 1,000 1,500

BNG

BUK

DHU

ETR

5.45%

0.00%

0.00%

0% 2% 4% 6%

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 | 2015.01.09

9 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

8 January 2015 18 JSC's 78,696 shares worth 13.93 mln MNT have been traded.

TOP20 index was 14,633.70 0.06% YTD -1.54%

Company name Trade volumeTrade value

'000Last Chg day Chg day %

Buy

volumeBuy price Sell price Sell volume

MRX 1,500 135 90 0 0.00% 2000 85 90 8140

ADL 3 5 1550 0 0.00% 47 1451 1550 3877

BNG 1 58 58000 3000 5.45% 92 55000 58000 91

BUK 30 1,260 42000 0 0.00% 13 42040 43000 50

DHU 50 250 5000 0 0.00% 0 0 4995 140

ETR 10 1 99 0 0.00% 960 90 98 30000

HGN 25,396 2,514 99 -1 -1.00% 2400 95 99 4604

HRM 46,000 7,360 160 0 0.00% 65 155 169 4000

JTB 5,236 471 89.96 1 1.08% 65 84 90 3509

MCH 10 14 1379 5 0.36% 20 1170 1500 81

MDR 27 13 490 -5 -1.01% 50 421 490 286

MVO 41 109 2670 70 2.69% 9 2670 2800 22

NEH 24 420 17510 10 0.06% 547 17510 20100 2

OLL 10 1 111 0 0.00% 0 0 111 11692

RMC 10 1 99 0 0.00% 2152 96 99 2934

TTL 308 1,284 4168 -32 -0.76% 100 4010 4300 99

UYN 30 32 1050 0 0.00% 265 950 1050 30

BNB 10 7 650 -39 -5.66% 40 587 650 385

30 day graphic

Change day

3

0

2014.09 2702.1

2013.06 7591

13606.65

3250

92.333

9 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