WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,799.24 -0.14 -3.08
DJIA US 17,071.22 -0.25 2.98
S&P 500 US 1,977.80 -0.25 7.00
Nasdaq US 4,505.85 -0.14 7.88
S&P/TSX comp CN 14,976.92 -0.33 9.95
FTSE 100 UK 6,646.60 -0.04 -1.52
S&P/ASX 200 US 5,272.70 0.16 -1.49
Hang Seng HK 23,229.21 -1.90 -0.33
Bloomberg/asia.pac ASIA 173.59 -0.18 3.24
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 139.76 0.00 -26.50
Zinc Spot /LME 2,282.50 1.07 11.18
Iron Ore 58% /Tianjin 69.10 -0.58 -42.42
Copper Spot /LME 6,787.50 0.31 -7.98
Oil 94.57 1.10 -3.91
Gold Spot /LME 1,217.24 0.12 1.30
Silver Spot /LME 17.49 -0.04 -10.17
MONGOLIAN ECONOMIC INDICATORS
Date Last
YoY change
%
RGDP /bln. MNT/ 2014.07 9,857 5.3
NGDP /bln.MNT/ 2014.07 6,635 14.6
Inflation 2014.07 14.9
Foreign reserve /mln. USD/ 2014.06 1,317.5 -57.6
Policy rate July 31 ,2014 12.00
DEBT MARKET
Bonds - Coupon
Amt.
issued mln
USD
Last Yield Maturity date
DBM bond - 5.75 580 97.51 6.863 3/21/2017
MMC bond - 8.875 600 66.25 28.780 3/29/2017
Mongol 2018 - 4.125 500 95.16 5.600 1/5/2018
Mongol 2022 - 5.125 1,000 89.26 6.739 12/5/2022
TDBM 2015 - 8.5 300 99.90 8.604 9/20/2015
TDBM 2015 - 12.5 25 99.25 12.957 11/17/2015
TDBM 2017 - 10 dim sum 115 97.73 10.904 1/21/2017
DBM bond - 1.52 sam. 290 103.31 1.133 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
CAREC chooses Azerbaijan, Mongolia as workshop organizers for economic operators
Azerbaijan and Mongolia will hold workshops on risk management within the framework of
preparation of the program for participants of foreign trade activities of the participating countries of
CAREC (Central Asia Regional Economic Cooperation), the State Customs Committee (SCC) said
Sept.29 on its website. Agreement to hold workshops in these countries for authorized economic
operators was reached during the XIII session of the Customs Cooperation Committee within the
framework of CAREC, which was held Sept. 22-23 in Cholpon-Ata (Kyrgyzystan). These [the
organization of workshops] and other activities are envisaged within the framework of Aid for Trade
program in 2014-2015. The meeting of the Customs Cooperation Committee was attended by
delegations of customs services in Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan,
Tajikistan, Turkmenistan, Uzbekistan, as well as Azerbaijani delegation headed by Deputy Chairman
of the State Customs Committee Rza Gasanguliev. The CAREC program established in 1997 is a
partnership of 10 countries- Azerbaijan, Afghanistan, China, Kazakhstan, Kyrgyzstan, Mongolia,
Pakistan, Tajikistan, Turkmenistan, Uzbekistan and 6 multilateral institutions: ADB, European Bank
of Reconstruction and Development, International Monetary Fund, Islamic Development Bank, UN
Development program and World Bank.
(Source: http://en.trend.az/business/finance/2316476.html)
Lenders expect Rio Tinto to miss Mongolia deadline
Rio Tinto appears unlikely to be ready to push ahead with the second stage of the Oyu Tolgoi mine
this week, despite an imminent deadline and improving relations with the Mongolian government. The
majority of lenders toward the $US5.4($6.2) billion second stage have attached a September 30
deadline to their funding commitments, after the initial deadline on March 31 was breached. The
second stage of the giant copper and gold mine has been delayed for more than a year because of
numerous disputes between the Mongolian government and Rio's subsidiaries, including a tax
dispute and an argument over the construction cost of the project. But there has been a flurry of
activity in recent weeks between the two camps, including a promise by Mongolia to reduce the
amount of tax owed by Rio's subsidiaries, and the publication of a new feasibility study for the mine by
Rio. Mongolian officials have made particularly bullish comments in recent days, with a senior figure
in the mining ministry Otgochuluu Chuluuntserent saying over the weekend that a resolution was just
days away. But multiple lenders indicated on Monday they were not expecting a full resolution of the
issues in time to meet the September 30 deadline. Several of the 15 international banks involved in
the deal said they would be happy to extend their funding deadlines once again, having been
encouraged by the recent improvement in relations between the two camps. The lenders said they
were increasingly confident a deal could be solved by the end of the 2014 calendar year. The
European Bank for Reconstruction and Development, which is part of the funding group, confirmed
that its deadline was already set at December 31, rather than September 30. Rio chief executive Sam
Walsh has previously likened his company's relationship with Mongolia to a long marriage, and has
said he is willing to miss short-term funding deadlines to make sure the terms of the relationship with
the developing nation were right. If Rio does surprise by resolving all issues before the September 30
deadline, the biggest winner could be the shares of Turquoise Hill Resources, the Canadian
subsidiary of Rio that holds Rio's interest in Oyu Tolgoi. Shares in Turquoise Hill have surged in
recent weeks on the back of the thawing relationship between Rio and Mongolia. Turquoise shares
were fetching $C3.57($3.67) in September, but reached $C4.42 on September 15. They slipped back
to $C4 last week, only to spike again on Saturday morning Australian time to be $C4.26.
(Source: http://www.smh.com.au/business/mining-and-resources/lenders-expect-rio-tinto-to-miss-
mongolia-deadline-20140929-10nm78.html#ixzz3El1JZAsa)
GLOBAL NEWS
Asian Stocks Sink on Hong Kong as Copper Falls With Crude
Asian stocks fell, with the regional index headed for its steepest monthly drop since May last year
amid concern over tensions in Hong Kong and after a bigger-than-expected decline in Japanese
factory output. The dollar extended gains as copper and crude oil retreated. The MSCI Asia Pacific
Index slipped 0.4 percent by 9:20 a.m. in Tokyo, helping it down 5 percent in September. Japans
Topix (TPX) index lost 0.7 percent, trimming its quarterly advance. The greenback climbed against
the Korean won and Australias currency as the Hong Kong dollar traded near a 28-month low. New
Zealands dollar was set for its worst quarter since 2008. Copper fell 0.2 percent in London before an
update on Chinas manufacturing sector. Oil in New York slipped 0.3 percent. Global stocks are
headed for their first quarterly drop in more than a year as the Federal Reserve winds up bond
purchases and ponders when to raise rates. Leaders of Hong Kongs pro-democracy protests set a
deadline of tomorrow for their demands to be met, while in Ukraine, the army saw its most deaths
since forging a truce with pro-Russia militants more than three weeks ago. Japanese industrial
production fell 2.9 percent last month from a year earlier, exceeding the 1.1 percent predicted drop.
India reviews benchmark rates today.
2014-09-30
30 September 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-3.08
2.98
7.88
9.95
-1.52
-1.49
-0.33
-1.35
-0.59
YTD %
-0.14
-0.25
-0.14
-0.33
-0.04
0.16
-1.90
-0.71
-0.71
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
4,462
105
19
777
1,600
654
0 2,000 4,000 6,000
APU
MRX
JTB
BAN
GOV
MMX
0.84%
1.01%
1.23%
-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
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4,000
6,000
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Volume MSETOP Index
Daily Report | 2014.09.30

30 September 2014 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 3.760 -1.83 13.94 8,051.5 7,566.24 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.430 3.43 25.69 2,482.9 1,150.01 6.90 2.82 1.12
MMC 975 HK Equity HKD 0.840 -5.62 -18.45 517.8 400.93 1.48 0.48 7.76
Denison Mines Corp DML CN Equity CAD 1.270 -1.55 -1.55 1,681.8 575.09 1.95 1.01 1.12
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.365 0.00 -25.51 108.0 177.42 0.69 0.31 7.76
MoEnCo 276 HK Equity HKD 0.172 -3.37 -29.22 334.0 149.71 0.29 0.15 7.76
SouthGobi Resources 1878 HK Equity HKD 4.550 -1.09 -33.87 75.8 109.80 9.90 4.38 7.76
Central Asia Metals PLC CAML LN Equity GBp 170.000 -1.73 20.57 115,763.9 304.63 190.00 134.50 0.62
Mongolia Investment Group Ltd 402 HK Equity HKD 0.242 0.00 -16.55 1,842.7 208.74 0.41 0.16 7.76
Mongolia Growth Group YAK CN Equity CAD 1.900 -4.52 -16.30 95.1 59.15 3.07 1.71 1.12
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.155 0.00 -14.84 109.6 69.89 0.21 0.10 7.76
Guildford Coal Ltd GUF AU Equity AUD 0.045 2.27 -45.69 1.8 33.11 0.14 0.04 1.15
Origo Partners PLC OPP LN Equity GBp 7.875 0.00 6.78 255.6 45.59 9.50 6.63 0.62
Entree Gold Inc ETG CN Equity CAD 0.290 -4.92 -6.45 34.7 38.19 0.53 0.27 1.12
Aspire Mining Ltd AKM AU Equity AUD 0.052 4.00 -7.14 #VALUE! 31.80 0.08 0.03 1.15
Prophecy Coal Corp PCY CN Equity CAD 0.055 -8.33 -31.25 0.7 12.41 0.13 0.04 1.12
FeOre Ltd FEO AU Equity AUD 0.055 0.00 34.15 0.4 25.34 0.08 0.03 1.15
Petro Matad Ltd MATD LN Equity GBp 2.875 0.00 -23.33 116.4 13.04 11.50 2.63 0.62
Xanadu Mines Ltd XAM AU Equity AUD 0.130 0.00 160.00 0.0 27.34 0.18 0.03 1.15
Haranga Resources Ltd HAR AU Equity AUD 0.027 0.00 -56.45 2.7 5.68 0.09 0.03 1.15
Wolf Petroleum Ltd WOF AU Equity AUD 0.048 0.00 -31.43 18.2 10.94 0.09 0.03 1.15
Manas Petroleum Corp MNAP US Equity USD 0.120 -10.45 75.18 20.8 20.71 0.17 0.04 1.00
Khan Resources Inc KRI CN Equity CAD 0.400 3.90 40.35 9.0 24.41 0.45 0.17 1.12
Voyager Resources Ltd VOR AU Equity AUD 0.001 0.00 -75.00 0.2 1.35 0.01 0.00 1.15
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.6 2.88 0.11 0.03 1.15
Erdene Resource Development Corp ERD CN Equity CAD 0.140 0.00 0.00 1.6 9.40 0.26 0.07 1.12
Modun Resources Ltd MOU AU Equity AUD 0.003 -25.00 -25.00 0.4 4.24 0.01 0.00 1.15
Kincora Copper Ltd KCC CN Equity CAD 0.040 -11.11 60.00 0.1 10.94 0.09 0.02 1.12
General Mining Corp Ltd GMM AU Equity AUD 0.007 0.00 -58.82 0.1 0.82 0.03 0.01 1.15
Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 -57.14 0.7 0.87 0.04 0.01 1.15
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -66.67 0.4 2.05 0.01 0.00 1.15
Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 0.1 1.29 0.00 0.00 1.15
Source: Bloomberg
MONGOLIAN STOCK MARKET
27 September 2014 11 JSC's 14,642 shares worth 10.91 mln MNT have been
traded.
TOP20 index was 15,799.24 -0.14% YTD -3.08%
Company name Trade volume
Trade
value '000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
MIB 9,010 2252 249.99 0 0.00% 250 240 250 8659
RMC 2,200 288 131.09 -1 -0.55% 2000 120 140 2000
APU 1,206 4462 3700 31 0.84% 606 3662 3700 1300
MRX 1,100 105 95 1 1.01% 6200 90 95 9279
JTB 230 19 82 1 1.23% 3543 80 82 3405
BAN 222 777 3501 -6 -0.17% 200 3200 3798 3
GOV 200 1600 8000 -90 -1.11% 2 7950 8000 10
MMX 199 654 3288 -3 -0.09% 107 3255 3295 30
TTL 117 597 5100 -105 -2.02% 170 4425 5095 728
ETR 100 9 94 2 2.17% 300 88 94 3334
UYN 50 60 1200 -50 -4.00% 100 1100 1200 2
HAG 5 40 8000 755 10.42% 0 0 8000 11
TAV 3 72 24140 -4260 -15.00% 25 21000 24140 22
30 day graphic
Change day
3
0
2013.06 2702.1
2013.06 7591
13606.65
3700
30 September 2014
Diclaimer
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
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Contact

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