WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,703.30 0.32 -3.67
DJIA US 16,315.19 -0.04 -1.58
S&P 500 US 1,877.70 0.16 1.59
Nasdaq US 4,227.17 0.32 1.21
S&P/TSX comp CN 14,036.68 -1.34 3.05
FTSE 100 UK 6,392.68 0.42 -5.28
S&P/ASX 200 US 5,224.70 0.33 -2.38
Hang Seng HK 23,087.50 0.17 -0.94
Bloomberg/asia.pac ASIA 169.04 -0.12 0.54
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 140.36 0.00 -26.50
Zinc Spot /LME 2,341.50 0.52 14.05
Iron Ore 58%/Tianjin
Copper Spot /LME 6,859.00 1.11 -7.01
Oil 81.84 -4.55 -16.85
Gold Spot /LME 1,225.49 -0.60 1.98
Silver Spot /LME 17.23 -0.93 -11.51
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 97.65 6.814 3/21/2017
MMC bond - 8.875 600 65.25 29.909 3/29/2017
Mongol 2018 - 4.125 500 94.67 5.780 1/5/2018
Mongol 2022 - 5.125 1,000 89.11 6.785 12/5/2022
TDBM 2015 - 8.5 300 99.52 9.039 9/20/2015
TDBM 2015 - 12.5 25 97.25 15.054 11/17/2015
TDBM 2017 - 10 dim sum 115 98.13 10.629 1/21/2017
DBM bond - 1.52 sam. 290 103.37 1.125 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
Turquoise Hill Announces Third Quarter 2014 Production
Turquoise Hill Resources today announced the third quarter 2014 production for Oyu Tolgoi.
Production for Q3'14 was 36,600 tonnes of copper and 132,000 ounces of gold in concentrates. Metal
production for the quarter was in-line with Q2'14 as higher copper grades offset lower throughput due
to the previously announced failure of the rake arms in one of Oyu Tolgoi's two tailings thickeners.
Material mined of approximately 19.5 million tonnes for the quarter was higher than Q2'14 but was
impacted by lower equipment availability. The high-grade zone of the open pit was progressively
accessed during Q3'14 with consistent mining of the high-grade zone starting in September. As a
result, gold grades improved during Q3'14 and are expected to increase during Q4'14. Strong
concentrate sales continued during Q3'14 with sales exceeding production resulting in an inventory
drawdown for the quarter. As a result of the delayed mine advancement in Q3'14, Turquoise Hill now
expects Oyu Tolgoi to produce between 550,000 - 600,000 ounces of gold in concentrates for 2014.
Previously anticipated Q4'14 gold in concentrates production is expected to shift to Q1'15. Turquoise
Hill previously expected between 135,000 - 160,000 tonnes of copper in concentrates for the year but
now expects Oyu Tolgoi to produce between 135,000 - 150,000 tonnes of copper in concentrates for
2014. Throughout 2014, Oyu Tolgoi has been focusing on cost reduction and productivity initiatives
designed to generate increased cash flow and improve financial performance. As a result, Turquoise
Hill expects an approximately US$130 million reduction in Oyu Tolgoi's operating cash costs for 2014
from the previously announced US$1.0 billion. Turquoise Hill has also reduced expected capital
expenditure for 2014 from US$160 million to capital expenditure of approximately US$110 million for
the year.
http://money.cnn.com/news/newsfeeds/articles/marketwire/11G023820-001.html
World Bank and Ministry of Education support early childhood education in Mongolia
For over 20 years the World Bank has supported the Mongolian governments educations reforms
and has implemented a total of 46.8 mln dollars grant to the education sector. The World Bank and
the Ministry of Education and Science began the implementation of the Early Childhood Education
Project with the grant from the Global Partnership for Education of 10 million dollars in 2012. The aim
of the Global Partnership for Education Early Childhood Education (GPE-ECE) Project is to provide
access to early childhood education for children in disadvantaged communities and reduce the social
inequality in Mongolia. This aim of involving herders children in early childhood education is being
achieved by increasing access to preschool education, creating alternative preschool classes,
improving teaching and learning environment, and providing learning materials, furniture, equipment
and toys. One hundred ger-kindergartens were supplied and distributed to rural areas of 100 soums
of 14 aimags with large populations of herders children and where the pre-school enrollment rate is
especially low. Each year 2,500 children have benefited and ger kindergartens are providing a
convenient way for children of herder families to get early childhood education. Under this project, 17
new kindergartens with the capacity of 100 children each are being built in 8 districts of Ulaanbaatar.
Furniture, kitchen and other equipment, indoor and outdoor playground toys, carpets and bedding are
also supplied to the newly built kindergartens. Presently, the State Professional Commission has
approved the completed buildings of 10 kindergartens that began their operations; the remaining 7
will be completed by end of October this year. These kindergartens will provide a child-friendly
environment and offer high quality learning conditions for over 1,700 children in Ulaanbaatar including
remote districts such as Bagakhangai, Baganuur and Nalaikh. Initial survey results have shown the
satisfaction of local communities. Teachers, rural soum governors, parents of the students and
remote herders have expressed strong support for the projects interventions and the improvement of
the delivery of these services.
http://www.worldbank.org/en/news/press-release/2014/10/13/world-bank-and-ministry-of-education-
support-early-childhood-education-in-mongolia
GLOBAL NEWS
Dollar Rises Amid Signs of Global Weakness; Won Slips
The dollar gained as signs of global weakness drove investors toward the relative strength of the U.S.
economy, while West Texas Intermediate oil was little changed following its biggest drop in two years.
The won weakened after the Bank of Korea cut key interest rates. The Bloomberg Dollar Spot Index
climbed 0.2 percent by 10:41 a.m. in Tokyo as the slowest inflation in four years in China sent
commodity currencies lower and the euro weakened. Japans Topix (TPX) gauge increased 0.2
percent. Standard & Poors 500 Index futures was little changed. West Texas Intermediate crude
traded at $81.90 and Brent crude rose 0.3 percent after a 4.3 percent tumble yesterday. The won lost
0.3 percent as rates were cut to the lowest level since 2010. The dollar index has gained more 6.5
percent since the end of June as signs of recovery in the worlds biggest economy contrast with data
signaling weakness in China, Japan and the euro zone. China reported the slowest consumer
2014-10-15
15 October 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-3.67
-1.58
1.21
3.05
-5.28
-2.38
-0.94
-7.61
-8.34
YTD %
0.32
-0.04
0.32
-1.34
0.42
0.33
0.17
0.15
-0.02
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
11
2,152
61
3,564
2,492
909
0 2,000 4,000
BAN
BUK
EER
GOV
HGN
JTB
5.50%
0.47%
0.00%
0% 5% 10% 15%
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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Volume MSETOP Index
Daily Report | 2014.10.15

15 October 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 3.470 0.00 5.15 7,839.1 6,982.68 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.930 6.65 37.27 4,644.2 1,236.30 6.90 2.82 1.13
MMC 975 HK Equity HKD 1.050 -0.94 1.94 0.4 501.53 1.43 0.48 7.76
Denison Mines Corp DML CN Equity CAD 1.100 0.00 -14.73 1,582.6 490.34 1.95 1.02 1.13
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.365 0.00 -25.51 314.0 177.55 0.69 0.31 7.76
MoEnCo 276 HK Equity HKD 0.170 0.00 -30.04 76.5 148.08 0.29 0.15 7.76
SouthGobi Resources 1878 HK Equity HKD 4.650 0.00 -32.41 135.4 112.29 9.90 4.38 7.76
Central Asia Metals PLC CAML LN Equity GBp 160.000 0.00 13.48 16,974.6 280.56 190.00 134.75 0.63
Mongolia Investment Group Ltd 402 HK Equity HKD 0.350 0.00 20.69 4.5 302.32 0.41 0.16 7.76
Mongolia Growth Group YAK CN Equity CAD 1.790 2.87 -21.15 100.2 54.93 3.07 1.51 1.13
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.159 0.00 -12.64 40.4 83.02 0.21 0.10 7.76
Guildford Coal Ltd GUF AU Equity AUD 0.042 5.00 -49.31 4.9 30.83 0.13 0.04 1.15
Origo Partners PLC OPP LN Equity GBp 7.625 0.00 3.39 2,948.1 43.20 9.50 6.63 0.63
Entree Gold Inc ETG CN Equity CAD 0.260 0.00 -16.13 17.3 33.70 0.53 0.26 1.13
Aspire Mining Ltd AKM AU Equity AUD 0.044 0.00 -21.43 #VALUE! 26.84 0.08 0.03 1.15
Prophecy Coal Corp PCY CN Equity CAD 0.045 -10.00 -43.75 1.7 10.00 0.11 0.04 1.13
FeOre Ltd FEO AU Equity AUD 0.040 -27.27 -2.44 1.7 18.38 0.08 0.03 1.15
Petro Matad Ltd MATD LN Equity GBp 2.125 -10.53 -43.33 312.0 9.43 11.50 2.13 0.63
Xanadu Mines Ltd XAM AU Equity AUD 0.105 0.00 110.00 0.0 22.03 0.18 0.03 1.15
Haranga Resources Ltd HAR AU Equity AUD 0.018 0.00 -70.97 0.6 3.78 0.09 0.01 1.15
Wolf Petroleum Ltd WOF AU Equity AUD 0.056 0.00 -20.00 9.4 12.74 0.09 0.03 1.15
Manas Petroleum Corp MNAP US Equity USD 0.131 9.17 91.24 30.8 22.61 0.17 0.04 1.00
KRI CN Equity CAD 0.390 0.00 36.84 16.0 23.43 0.45 0.17 1.13
Voyager Resources Ltd VOR AU Equity AUD 0.002 0.00 -50.00 0.4 2.69 0.01 0.00 1.15
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.8 2.87 0.11 0.03 1.15
Erdene Resource Development Corp ERD CN Equity CAD 0.140 0.00 0.00 3.3 9.25 0.26 0.07 1.13
Modun Resources Ltd MOU AU Equity AUD 0.003 0.00 -25.00 3.3 4.23 0.01 0.00 1.15
Kincora Copper Ltd KCC CN Equity CAD 0.045 12.50 80.00 4.4 12.29 0.09 0.02 1.13
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 2.7 0.86 0.04 0.01 1.15
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -75.00 2.6 1.54 0.01 0.00 1.15
Blina Minerals NL BDI AU Equity AUD 0.001 0.00 0.00 1.7 1.29 0.00 0.00 1.15
Source: Bloomberg
MONGOLIAN STOCK MARKET
14 October 2014 16 JSC's 36,155 shares worth 13.80 mln MNT have been
traded.
TOP20 index was 15,703.30 0.32% YTD -3.67%
Company name Trade volume
Trade value
'000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
ADL 20 38 1880 -9 -0.48% 23 1800 1889 8
ATR 33 2,244 68000 0 0.00% 10 61100 78000 8
BAN 3 11 3798 198 5.50% 100 3400 4360 10
BUK 50 2,152 43040 200 0.47% 25 42840 47880 1
EER 26 61 2350 0 0.00% 342 2350 2399 60
GOV 440 3,564 8100 5 0.06% 36 8000 8190 20
HGN 21,300 2,492 117 0 0.00% 138 114 125 8000
JTB 10,100 909 90 8 9.76% 618 80 90 1000
OLL 300 35 117 -1 -0.82% 200 111 125 200
RMC 300 36 120 9 8.11% 350 112 130 1758
SHG 15 104 6900 0 0.00% 25 6800 6960 30
TCK 10 200 20000 0 0.00% 10 20000 20480 10
UID 749 424 565.94 -1 -0.19% 1034 568 600 149
ETR 1,801 180 100 7 7.53% 100 93 100 100
HSR 314 1,287 4100 0 0.00% 0 0 4500 10
MRX 694 69 100 5 5.26% 364 100 112 1000
30 day graphic
Change day
3
0
2013.06 2702.1
2013.06 7591
13606.65
1880
15 October 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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