Change %

(Day)YTD change %

MSE - Top20 MN 14,611.31 -0.74 -1.64

DJIA US 17,320.71 -0.61 -2.82

S&P 500 US 1,992.67 -0.92 -3.22

Nasdaq US 4,570.82 -1.48 -3.49

S&P/TSX comp CN 14,041.82 -0.30 -4.04

FTSE 100 UK 6,498.78 1.73 -1.03

S&P/ASX 200 US 5,286.00 -0.85 -2.31

Hang Seng HK 24,185.68 -0.68 2.46

Bloomberg/asia.pac ASIA 186.56 -0.24 1.35

COMMODITY PRICES

Change %

(Day)YTD change %

Prime Coking Coal /Tianjin 137.17 0.00 -1.16

Zinc Spot /LME 2,054.25 1.49 -5.20

Iron Ore 58%/Tianjin 68.80 -49.33

Copper Spot /LME 5,681.00 1.10 -10.79

Oil 46.47 0.48 -12.77

Gold Spot /LME 1,261.77 -0.08 6.54

Silver Spot /LME 17.06 0.66 8.58

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 94.00 8.847 3/21/2017

MMC bond - 8.875 600 66.50 31.056 3/29/2017

Mongol 2018 - 4.125 500 91.12 7.181 1/5/2018

Mongol 2022 - 5.125 1,000 83.43 7.825 12/5/2022

TDBM 2015 - 8.5 300 99.50 9.260 9/20/2015

TDBM 2015 - 12.5 25 98.38 13.101 11/17/2015

TDBM 2017 - 10 dim sum 115 96.87 11.526 1/21/2017

DBM bond - 1.52 sam. 290 104.45 0.973 12/25/2023

INDICES CHANGE

MSE TOP 5 MOST TRADED

Trade value '000

MONGOLIAN RELATED NEWS

President to attend World Economic Forum

President Ts.Elbegdorj will conduct a state visit to the Czech Republic upon invitation by Miloš

Zeman, President of the Czech Republic, between January 18-20th, and will then attend the 45th

World Economic Forum in Davos, Switzerland, from January 21-24th. During the visit to the Czech

Republic, President Ts.Elbegdorj will have an official talk with President Zeman, and conduct

meetings with the Czech Prime Minister, President of The Senate of the Parliament of the Czech

Republic, and Deputy of the Chamber of Deputies of the Parliament. President Ts.Elbegdorj will give

an opening speech at a Mongolia-Czech business forum and visit the Mongolian Studies Center at

the Charles University in Prague. A meeting will also be held with Mongolians who reside in the

Czech Republic. The visit comes in the year of the 65th anniversary of diplomatic relations between

the two countries. The visit is believed to be a significant step towards deepening traditional good

relations and cooperation between Mongolia and the Czech Republic, in particular, to expand

cooperation on the economy, trade, investment, social care, and infrastructure, and to intensify

cooperation through international institutions. During the World Economic Forum, President

Ts.Elbegdorj will conduct meetings with the leaders of several countries and hold talks on bilateral

cooperation.

http://english.news.mn/content/201356.shtml

Hospital for National University of Medical Sciences of Mongolia to be built

A new hospital for National University of Medical Sciences of Mongolia is to be built with Japanese

Government aid. It will be the first university hospital in Mongolia to provide medical students and staff

with practical experience. The project will be launched this year and the hospital will open in 2017.

The hospital is to be the venue of medical treatment courses for better and new diagnostics and

treatment technology. More than two hundred new jobs will be created with the launching of the new

hospital.

http://vom.mn/d/7869

GLOBAL NEWS

U.S. Futures Slip With Asian Stocks as Aussie Bonds Surge

U.S. index futures slipped with Asian stocks as Switzerland unexpectedly scrapping its currency cap

damped demand for riskier assets and as oil headed for its longest run of weekly losses since 1986.

The Swiss franc was near a record high versus the euro as Australian bonds surged. Standard &

Poor’s 500 Index futures slid 0.7 percent by 10 a.m. in Tokyo, following a five-day drop of more than 3

percent in the U.S. equity benchmark. Japanese shares drove the MSCI Asia Pacific Index (MXAP)

down 0.6 percent with U.S. oil at $46.33 a barrel, poised for an eighth weekly decline. The franc was

at 99.06 centimes per euro, after soaring as much as 41 percent Thursday in Zurich. Yields

(GACGB10) on 10-year Australian debt slid below the nation’s key interest rate for the first time since

2012. The Swiss National Bank sparked mayhem on trading floors after the surprise move, which

abolished an exchange rate limit against the euro designed to shield the economy from the region’s

sovereign-debt crisis. A New Zealand currency brokerage said it would close due to losses sustained

from the franc’s surge. The euro area reports final December consumer prices figures today, after the

SNB stoked speculation stimulus will be boosted at next week’s European Central Bank meeting.

http://www.bloomberg.com/news/2015-01-15/franc-holds-surge-with-gold-while-aussie-bond-yields-

sink.html

China Orders More Regions to Cut Coal Consumption

China’s state planning agency has ordered the city of Shanghai and the provinces of Zhejiang,

Jiangsu and Guangdong to draw up plans to reduce coal consumption in a bid to improve air quality,

according to a policy document released on Wednesday. The National Development and Reform

Commission (NDRC) said in a notice posted on its website that the regions had been ordered to set

targets by June this year. China has named the vast manufacturing hub of the Yangtze river delta,

which includes Zhejiang, Jiangsu and Shanghai, as one of its three main pollution control regions,

along with the Pearl river delta, another major economic heartland that covers Guangdong. The third

region of Beijing, Tianjin and Hebei has already set targets to cut coal use. Beijing will cut

consumption by 12 million t from 2013 – 2017, Tianjin by 20 million t and Hebei by 40 million t.

China’s coal-dominated energy mix has been identified as one of the major causes of the hazardous

smog that frequently shrouds big cities such as Beijing and Shanghai, as well as a big source of

climate-warming greenhouse gases. The country aims to bring the share of coal in total energy

consumption down to below 62% by 2020. According to the outgoing head of the country’s energy

administration, Wu Xinxiong, the share fell to 64.2% in 2014 from 66% at the end of 2013. Reuters

reported that it is expected to include a nationwide coal consumption cap of 4.2 billion t in its next five-

year plan covering the 2016-2020 period, but it is unclear if the target will be binding.

http://www.worldcoal.com/coal/14012015/China-orders-regions-to-cut-coal-consumption-1744/

2015-01-16

16 January 2015Daily Report

PerformanceLastCountryIndex

Indicator

PerformanceLast

USDCommodity

NEWS & ANALYSIS

-1.64

-2.82

-3.49

-4.04

-1.03

-2.31

2.46

2.32

-3.90

YTD %

-0.74

-0.61

-1.48

-0.30

1.73

-0.85

-0.68

2.20

-1.98

MSE - Top20

DJIA

Nasdaq

S&P/TSX comp

FTSE 100

S&P/ASX 200

Hang Seng

DAX

Nikkei 225

Change % (Day)

30

56

650

1

104

0 500 1,000

APU

BAN

DLG

ETR

GOV

0.00%

-4.32%

-14.02%

-2.04%

-0.67%

-15% -10% -5% 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 | 2015.01.16

16 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 2.700 -0.37 -12.90 6,535.6 5,433.21 4.36 2.65 1.00

Centerra Gold CG CN Equity CAD 6.830 0.00 13.08 9,106.3 1,347.65 7.07 3.16 1.20

MMC 975 HK Equity HKD 0.320 0.00 -5.88 559.1 382.40 0.84 0.31 7.75

Denison Mines Corp DML CN Equity CAD 1.040 -0.95 -7.96 781.9 439.11 1.95 1.02 1.20

Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.246 0.00 -3.53 47.1 119.75 0.55 0.25 7.75

MoEnCo 276 HK Equity HKD 0.430 0.00 7.50 29.7 93.71 1.06 0.38 7.75

SouthGobi Resources 1878 HK Equity HKD 3.820 0.00 -1.04 200.7 107.81 6.20 3.49 7.75

Central Asia Metals PLC CAML LN Equity GBp 145.000 -0.34 -20.77 13,665.4 245.54 190.00 138.75 0.66

Mongolia Investment Group Ltd 402 HK Equity HKD 0.265 -3.64 -20.90 23.9 229.79 0.38 0.16 7.75

Mongolia Growth Group YAK CN Equity CAD 0.700 0.00 -5.41 67.9 20.36 3.07 0.68 1.20

North Asia Resources Holdings Ltd 61 HK Equity HKD 0.134 0.00 -9.46 16.9 105.15 0.21 0.10 7.75

Guildford Coal Ltd GUF AU Equity AUD 0.033 0.00 -8.33 0.3 24.92 0.11 0.03 1.22

Origo Partners PLC OPP LN Equity GBp 6.125 0.00 0.00 966.9 33.16 8.25 6.13 0.66

Entree Gold Inc ETG CN Equity CAD 0.205 5.13 0.00 12.7 25.15 0.52 0.18 1.20

Aspire Mining Ltd AKM AU Equity AUD 0.036 2.86 9.09 20.4 20.84 0.07 0.03 1.22

Prophecy Coal Corp PCY CN Equity CAD 0.060 0.00 20.00 2.8 12.61 0.11 0.04 1.20

FeOre Ltd FEO AU Equity AUD 0.026 0.00 0.00 1.2 11.32 0.08 0.02 1.22

Petro Matad Ltd MATD LN Equity GBp 2.250 0.00 5.88 3.2 9.55 10.25 2.00 0.66

Xanadu Mines Ltd XAM AU Equity AUD 0.110 0.00 10.00 19.0 32.89 0.18 0.03 1.22

Haranga Resources Ltd HAR AU Equity AUD 0.013 0.00 -7.14 0.2 3.66 0.09 0.01 1.22

Wolf Petroleum Ltd WOF AU Equity AUD 0.040 0.00 -11.11 29.2 9.85 0.08 0.03 1.22

Manas Petroleum Corp MNAP US Equity USD 0.090 12.92 0.07 10.4 15.03 0.17 0.04 1.00

Khan Resources Inc. KRI CN Equity CAD 0.410 0.00 -15.46 20.9 23.31 0.49 0.21 1.20

East Asia Minerals Corp EAS CN Equity CAD 0.015 0.00 50.00 4.6 1.49 0.11 0.01 1.22

Erdene Resource Development Corp ERD CN Equity CAD 0.100 -16.67 -4.76 1.6 6.90 0.26 0.09 1.20

Modun Resources Ltd MOU AU Equity AUD 0.003 0.00 0.00 3.1 4.38 0.01 0.00 1.22

Kincora Copper Ltd KCC CN Equity CAD 0.025 0.00 0.00 1.6 6.46 0.09 0.02 1.20

General Mining Corp Ltd GMM AU Equity AUD 0.005 0.00 0.00 0.1 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 2.01 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

15 January 2015 18 JSC's 20,151 shares worth 8.94 mln MNT have been traded.

TOP20 index was 14,611.31 -0.74% YTD -1.64%

Company name Trade volumeTrade value

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

APU 8 30 3750 0 0.00% 110 3702 3750 14

BAN 21 56 2680 -121 -4.32% 2 2680 2900 273

DLG 200 650 3250 -530 -14.02% 0 0 0 0

ETR 10 1 96 -2 -2.04% 1674 90 96 2761

GOV 14 104 7400 -50 -0.67% 18 7400 7450 154

GTJ 10 30 3000 -100 -3.23% 500 2700 3000 17

GTL 100 950 9500 0 0.00% 0 0 11000 483

HGN 5,010 476 95 -4 -4.04% 2665 95 99 5190

HRM 1,237 192 155 0 0.00% 2000 150 155 3698

JTB 1,601 142 89 0 -0.35% 540 88 89 2211

MIB 210 46 220 0 0.00% 83177 210 220 83121

NEH 254 4,448 17510 -40 -0.23% 177 17510 18000 90

RMC 10,213 919 90 -4 -4.11% 0 0 97 1123

SHG 1 6 5800 -235 -3.89% 19 5800 6500 328

TTL 20 86 4300 -50 -1.15% 170 4100 4300 196

UID 1,047 597 570 0 0.00% 100 485 580 169

ACL 115 83 720 0 0.00% 0 0 0 0

NIE 80 120 1500 1 0.07% 0 0 0 0

30 day graphic

Change day

3

-1

2014.09 2702.1

2013.06 7591

13606.65

3250

91.118

16 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