PowerPoint Presentation

ULAANBAATAR, MONGOLIA2015

DISCLAIMER

This presentation may contain forward looking statements that are subject to risk factors associated with the natural resources sector and the business of coal mining.

Sharyn Gol JSC believes that the expectations reflected in these statements are reasonable however they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, supply and demand dynamics, currency fluctuations, drilling and production results, estimates of reserves and resources, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Sharyn Gol JSC believes that any information contained in this document was accurate as Apr 2014. However, Sharyn Gol JSC does not warrant its accuracy or reliability.

This information is provided expressly on the basis that recipients will carry out their own independent enquiries into the matters contained here in and make their own independent decisions about the affairs, financial position, or prospects of Sharyn Gol JSC; who reserves the right in its absolute discretion, to update or amend and/or supplement any information at anytime.

Anniversary Celebrations July 31 - August 1

Located in Darkhan-Uul Aimag220 km North of UB City

Discovered 1930Exploration 1958-1960 Mining Started 1965 Fully privatized2003 Peak production 2.5 Mtpa (1975-1983) Listed in MSE 199350 YearAnniversary 2015

Sharyn Gol coalfield was discovered in the 1930s, but it wasnt until 1958 that a joint venture between Mongolian and Russian exploration teams recognized its economic potential. Exploration was conducted up until 1961, culminating in mine construction commencing in 1962, with first production achieved in 1965.By 1975, the mine was producing 1.1 Million tons per annum (Mtpa) before expansion to a design capacity of 2.5 Mtpa, between 1976 and 1980. However, due to the withdrawal of Soviet financial support, transition period to market economy, production was unable to keep pace and a gradual reduction in coal production was experienced in the 1990s.In 2003, company fully privatizedDrill program, JORC report2011Wash plant commissionedTransition from SOE to Private EnterpriseProduction Graphic

Firebird fund took control of the companyNew management developed and began companys rebuilding program, includes short term goals:

Re-measuring its reverse and resourcesStabilize and improve financial situationFleet innovationExpand marketDevelop value-added production

Turnaround Story: Fundamentals

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Mine Development and Exploration Program 12.7 Billion MNTBusiness Development (Wash Plant and Naco Fuel JSC Acquisition) 8.1 Billion MNTFleet Modernization Program 4.3 Billion MNT

TOTAL INVESTMENT 25.1 Billion MNT (equal to 16.0 Mill USD)

COAL WASH PLANT Naco fuel jsc

Total Resource (air dry), SW Area. Above 300m depth Class Tonnes RD, ASH, CV, IM, VM, FC, S, g/cc % Kcal/kg % % % % Measured 61,371,0001.733.44,4802.929.034.60.9Indicated 31,222,0001.735.44,3442.927.933.80.9Inferred 24,641,0001.735.74,4052.927.833.61.0Total 117,233,0001.734.44,4282.928.534.20.9Total Resource (air dry), Satellite Area. Above 300m depth Class Tonnes RD, ASH, CV, IM, VM, FC, S, g/cc % Kcal/kg % % % % Measured 110,697,0001.732.54,3822.829.335.41.4Indicated 48,314,0001.732.34,3522.829.535.41.6Inferred 61,318,0001.630.34,4792.630.436.82.1Total 220,329,0001.731.84,4032.729.735.81.7Total resources 337 million tons (Micromine JORC standard report)

Wash plant yielded 11.9% ash, 0.6% sulfur, calorific value of 6,137 Kcal/kg (air dried basis)

9Wash Plant manufactured by Derek Parnaby Feed-in Capacity 600k ton per annum Commissioned 6/17/20152nd operating wash plant in Mongolia

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In 2012, Sharyn Gol JSC purchased 92,93% of the company.The company was listed in MSE in 2007 and is operating as a public company since. Produces smokeless fuel, coal gas, tarHas the capacity to produce 65K tn per annumOne of the few existing plants in MongoliaTechnical improvements under progressPotential market for smokeless fuel

Business Development Naco Fuel JSC

Fleet Modernization 4.3 Billion MNT8 new 65t Komatsu 65 dumpers for over burden removal6 new Nord Benz coal trucks1 new Sandvik drill for blast holes3 new Doosan excavators, 35t and 70t sizeNew Caterpillar D9 bulldozer

Whats in the FutureIn 2015 thermal coal and coal based product demand is to reach 15 MtpaGovernment of Mongolia has approached to development program for Darkhan City Area as heavy industrial zone and power generating expansion point due the shortage of power grid. Darkhan TPP expansion 68 MW expected Darkhan Heavy Industrial Development Zone development 128 MWErdenet TPP expansion 48 MWErdenet Copper Mines Extension on the power generating sectionNew Coal Heating Power Plants Project /above 5 GW/Pig Iron Plant extension Smokeless fuel demand to reduce the air pollution in areas of Ulaanbaatar, Darkhan and Erdenet Cities Cement Factory expansion due to rapid increase of construction demand Increase in production to 2.5 MtpaSales mix with higher proportion of industrial or unregulated sales13The Future Mongolian Energy Consumption up to 2020 (MW) In 2015 thermal coal and coal based product demand is to reach 15 Mtpa to cover the deficit of energy in near future.

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Power plant StatusProducing power capacity Location Demand (000s ton) 1Amgalan Powerplant Operational300killowattUlaanbaatar 5002Powerplant #3 Operational50MegawattUlaanbaatar 3003Powerplant #4 Operational100MegawattUlaanbaatar 5004Dornod Powerplant Operational100MegawattDornod3005Bayanteeg Powerplant Plan 40MegawattUvurkhangai 2506Telmen Powerplant Plan100MegawattZavhan 4507Ulaanbaatar #5 Powerplant Plan450MegawattUlaanbaatar 30008Tavantolgoi Powerplant Plan450MegawattSogth gobi 30009Baganuur Powerplant Plan700MegawattBaganuur 1600/3200 10Shivee-Ovoo Powerplant Plan300MegawattGobisumber 130011Chandagan Powerplant Plan600MegawattKhenty 3000TOTAL 3,19012,600Power Generation Projects

Power plant StatusPrLocation Demand (000s ton) 1Darkhanii tumurlgin uildver OperationalSteelDarkhan3002Erdenet Uildwer OperationalCement Erdenet2503Khutul Cement & Shokhoo OperationalCement Ulaanbaatar 1204Erel Cement OperationalCement Darkhan 1005Achit ikht OperationalCopperErdenet 10TOTAL 12,600Industrial Projects

Retail Market

20122013201420152016

Mongolia Stock exchange trade date index SHARYN GOL JSC HALF CENTRY experience

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