Change %

(Day)YTD change %

MSE - Top20 MN 14,720.85 0.06 -0.90

DJIA US 17,427.09 -1.06 -2.22

S&P 500 US 2,011.27 -0.58 -2.31

Nasdaq US 4,639.32 -0.48 -2.04

S&P/TSX comp CN 14,084.43 -0.72 -3.75

FTSE 100 UK 6,388.46 -2.35 -2.71

S&P/ASX 200 US 5,319.30 -0.64 -1.70

Hang Seng HK 24,077.11 -0.15 2.00

Bloomberg/asia.pac ASIA 183.72 -0.14 -0.19

COMMODITY PRICES

Change %

(Day)YTD change %

Prime Coking Coal /Tianjin 137.20 0.00 -1.16

Zinc Spot /LME 2,024.00 -2.25 -6.60

Iron Ore 58%/Tianjin 68.80 -49.33

Copper Spot /LME 5,619.00 -5.40 -11.76

Oil 48.19 -0.60 -9.54

Gold Spot /LME 1,228.62 -0.01 3.74

Silver Spot /LME 16.77 -0.50 6.75

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 95.50 8.045 3/21/2017

MMC bond - 8.875 600 66.50 31.029 3/29/2017

Mongol 2018 - 4.125 500 92.17 6.894 1/5/2018

Mongol 2022 - 5.125 1,000 83.91 7.735 12/5/2022

TDBM 2015 - 8.5 300 99.50 9.257 9/20/2015

TDBM 2015 - 12.5 25 98.38 13.100 11/17/2015

TDBM 2017 - 10 dim sum 115 96.93 11.473 1/21/2017

DBM bond - 1.52 sam. 290 104.31 0.989 12/25/2023

INDICES CHANGE

MSE TOP 5 MOST TRADED

Trade value '000

MONGOLIAN RELATED NEWS

Agreements on the Mongolia-China transport approved

Agreements to ship out and hold transit transportation via Chinese territory have been concluded

between the Mongolian and Chinese governments and approved by the Cabinet. Due to the rapid

increase of mining production in Mongolia and new economic conditions, with the goal to secure the

opportunity to export Mongolian goods to third markets, Mongolia faces the necessity to open its

gateways to seaports. The two countries have agreed on beneficial conditions concerning volumes,

tariff discounts, tax conditions, and terms regarding the railway transportation of Mongolian goods

through China. Moreover, it was agreed upon to increase the number of seaports which will be used

by Mongolia, including the utilization of seven seaports: Dandong, Dalian, Jinjou,Yingkou,

Qinhuangdao, Huanghua, and Tianjin in north western China, which are close to the foreign trade

centers in the region. Progress in the development of the diplomatic relationship between the two

countries will significantly contribute to mutual economic, trade and transportation sector

development and mark a new era of relations between the two countries.

http://english.news.mn/content/201226.shtml

Bank of Mongolia raises the policy rate to 13 percent

On 14, Bank of Mongolia raises the policy rates once again by 1 unit and makes it 13 percent.

Monetary Policy Council meeting held at 1PM yesterday and made this decision. The Council has 14

members and Bank of Mongolia officials expressed their agreement on raising the rates. Bank of

Mongolia raised the policy rates back in July 2014 by 1.5 points to 12 percent and was expressing

that if necessary the rate might be raised again.

http://mongolia.gogo.mn/r/143846

China-led Asian infrastructure bank picks up new members

The multilateral development bank proposed by China is gaining more signatories from the Middle

East and Central Asia, making Beijing likely to enjoy stronger power in Asia. Saudi Arabia and

Tajikistan have decided to sign up for the Asian Infrastructure Investment Bank, the Chinese finance

ministry said Wednesday. This would raise the total to 26 member states. Twenty-one countries

signed a memorandum of understanding last October on the new bank's establishment, slated for the

end of 2015. More have since expressed an intention to sign on, including New Zealand. The group

now includes all 10 members of the Association of Southeast Asian Nations, as well as India,

Pakistan and Mongolia. The U.S. and Japan have stayed out, arguing that the new bank's roles would

overlap with those of the Asian Development Bank. Australia and South Korea have not joined,

either. The new bank is designed to help revitalize Asia-Pacific economies by improving

infrastructure, according to the Chinese government, which will be its main backer.

http://asia.nikkei.com/Politics-Economy/International-Relations/China-led-Asian-infrastructure-bank-

picks-up-new-members

GLOBAL NEWS

Most Asian Stocks Advance as Japan Rebound Outweighs U.S. Sales

Most Asian stocks rose as a rebound by Japanese energy companies and exporters outweighed

disappointing U.S. retail sales. About two shares rose for each that fell on the MSCI Asia Pacific

Index (MXAP), which lost 0.1 percent to 137.35 as of 9:16 a.m. in Tokyo, before markets opened in

China and Hong Kong. Japan’s Topix index added 0.6 percent as the yen weakened after crude rose

the most in 2 1/2 years yesterday. The steepest drop in U.S. retail sales in almost a year heightened

concern over the global slowdown after the World Bank downgraded its own prediction for the world

economy this week. The Bloomberg Commodity Index of 22 energy, agriculture and metal prices

plunged to a 12-year low this week as oversupply spurred a rout in oil and as slowing economic

growth in China and Europe means less demand for raw materials such as copper, which has

tumbled to the lowest since 2009. Global shares are on course for a third weekly slide. Australia’s

S&P/ASX 200 Index declined 0.7 percent and New Zealand’s NZX 50 Index slipped 0.4 percent.

South Korea’s Kospi index added 0.1 percent. South Korea and Indonesia are projected to keep

interest rates on hold in policy reviews today, and Australia is due to report jobs data.

http://www.bloomberg.com/news/2015-01-15/most-asian-stocks-advance-as-japan-rebound-

outweighs-u-s-sales.html

2015-01-15

15 January 2015Daily Report

PerformanceLastCountryIndex

Indicator

PerformanceLast

USDCommodity

NEWS & ANALYSIS

-0.90

-2.22

-2.04

-3.75

-2.71

-1.70

2.00

0.12

-2.78

YTD %

0.06

-1.06

-0.48

-0.72

-2.35

-0.64

-0.15

-1.25

1.01

MSE - Top20

DJIA

Nasdaq

S&P/TSX comp

FTSE 100

S&P/ASX 200

Hang Seng

DAX

Nikkei 225

Change % (Day)

12,324

2,858

1,419

1,198

1,044

0 5,000 10,000 15,000

BHR

APU

BUK

RMC

TTL

0.00%

0.00%

0.00%

-2.23%

1.16%

-3% -2% -1% 0% 1% 2%

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 | 2015.01.15

15 January 2015 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 2.710 -2.52 -12.58 10,548.1 5,453.33 4.36 2.65 1.00

Centerra Gold CG CN Equity CAD 6.830 1.49 13.08 6,201.9 1,351.15 7.07 3.16 1.20

MMC 975 HK Equity HKD 0.320 0.00 -5.88 0.8 382.27 0.84 0.32 7.75

Denison Mines Corp DML CN Equity CAD 1.050 -3.67 -7.08 2,434.2 444.49 1.95 1.02 1.20

Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.247 0.00 -3.14 3.2 120.20 0.55 0.25 7.75

MoEnCo 276 HK Equity HKD 0.430 0.00 7.50 76.5 93.67 1.06 0.38 7.75

SouthGobi Resources 1878 HK Equity HKD 3.570 0.00 -7.51 12.4 100.72 6.20 3.49 7.75

Central Asia Metals PLC CAML LN Equity GBp 145.500 -5.21 -20.49 26,747.8 246.93 190.00 138.75 0.66

Mongolia Investment Group Ltd 402 HK Equity HKD 0.275 -1.79 -17.91 5.7 238.37 0.38 0.16 7.75

Mongolia Growth Group YAK CN Equity CAD 0.700 0.00 -5.41 16.5 20.41 3.07 0.68 1.20

North Asia Resources Holdings Ltd 61 HK Equity HKD 0.131 0.00 -11.49 36.8 102.76 0.21 0.10 7.75

Guildford Coal Ltd GUF AU Equity AUD 0.034 0.00 -5.56 7.2 25.57 0.11 0.03 1.22

Origo Partners PLC OPP LN Equity GBp 6.125 0.00 0.00 0.0 33.29 8.25 6.13 0.66

Entree Gold Inc ETG CN Equity CAD 0.195 -15.22 -4.88 21.7 23.98 0.52 0.18 1.20

Aspire Mining Ltd AKM AU Equity AUD 0.035 6.06 6.06 34.4 20.18 0.07 0.03 1.22

Prophecy Coal Corp PCY CN Equity CAD 0.060 -7.69 20.00 2.8 12.65 0.11 0.04 1.20

FeOre Ltd FEO AU Equity AUD 0.026 0.00 0.00 1.2 11.27 0.08 0.02 1.22

Petro Matad Ltd MATD LN Equity GBp 2.250 -5.26 5.88 122.9 9.58 10.25 2.00 0.66

Xanadu Mines Ltd XAM AU Equity AUD 0.110 -12.00 10.00 18.9 32.75 0.18 0.03 1.22

Haranga Resources Ltd HAR AU Equity AUD 0.013 0.00 -7.14 2.6 3.64 0.09 0.01 1.22

Wolf Petroleum Ltd WOF AU Equity AUD 0.040 0.00 -11.11 29.1 9.81 0.08 0.03 1.22

Manas Petroleum Corp MNAP US Equity USD 0.080 -0.38 -11.38 1.9 13.31 0.17 0.04 1.00

Khan Resources Inc. KRI CN Equity CAD 0.410 -4.65 -15.46 20.9 23.37 0.49 0.21 1.20

East Asia Minerals Corp EAS CN Equity CAD 0.015 -25.00 50.00 7.8 1.48 0.11 0.01 1.22

Erdene Resource Development Corp ERD CN Equity CAD 0.120 0.00 14.29 4.3 8.30 0.26 0.09 1.20

Modun Resources Ltd MOU AU Equity AUD 0.003 0.00 0.00 6.1 4.36 0.01 0.00 1.22

Kincora Copper Ltd KCC CN Equity CAD 0.025 0.00 0.00 18.1 6.48 0.09 0.02 1.20

General Mining Corp Ltd GMM AU Equity AUD 0.005 0.00 0.00 0.0 0.55 0.02 0.01 1.22

Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 15.38 10.7 0.82 0.04 0.01 1.22

Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 0.00 0.5 2.00 0.01 0.00 1.22

Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 0.0 1.32 0.00 0.00 1.22

Source: Bloomberg

MONGOLIAN STOCK MARKET

14 January 2015 21 JSC's 37,668 shares worth 23.52 mln MNT have been traded.

TOP20 index was 14,720.85 0.06% YTD -0.90%

Company name Trade volumeTrade value

'000Last Chg day Chg day % Buy volume Buy price Sell price Sell volume

BHR 15,600 12,324 790 0  0.00% 36 700 790 13400

APU 762 2,858 3750 0  0.00% 110 3702 3800 36

BUK 33 1,419 43000 0  0.00% 13 42040 44200 34

RMC 12,759 1,198 93.86 -2  -2.23% 0 0 90 2241

TTL 240 1,044 4350 50  1.16% 170 4100 4350 150

ATR 15 1,020 68000 0  0.00% 0 0 70000 8

BNG 14 770 55000 -3000  -5.17% 12 55000 58000 81

HGN 7,400 733 99 0  0.00% 7665 95 99 5000

BAN 259 725 2801 1  0.04% 20 2680 2800 3

ATI 100 310 3100 150  5.08% 0 0 3100 5052

ADL 183 275 1500 0  0.00% 177 1500 1550 4211

HHC 110 272 2470 0  0.00% 100 2150 2839 2

KEK 20 180 9000 0  0.00% 20 9000 0 0

MIE 10 140 14000 0  0.00% 73 14000 15500 265

NEH 4 70 17550 40  0.23% 10 17550 18000 90

GOV 8 60 7450 0  0.00% 32 7400 7450 154

GTJ 19 59 3100 0  0.00% 500 2700 3000 27

TCK 1 19 19000 500  2.70% 89 18500 19400 15

DAR 21 16 770 -30  -3.75% 0 0 0 0

VIK 10 16 1600 -99  -5.83% 0 0 1600 90

HRM 100 16 155 0  0.00% 200 151 155 4935

Change day

30 day graphic

3

0

2014.09 2702.1

2013.06 7591

13606.65

3250

92.173

15 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