WORLD INDICES

Change %
(Day)
YTD change %
MSE - Top20 MN 15,513.93 -0.40 -4.83
DJIA US 16,805.41 0.76 1.38
S&P 500 US 1,964.58 0.71 6.29
Nasdaq US 4,483.72 0.69 7.35
S&P/TSX comp CN 14,543.82 0.39 6.77
FTSE 100 UK 6,388.73 -0.47 -5.34
S&P/ASX 200 US 5,448.50 0.67 1.80
Hang Seng HK 23,302.20 -0.13 -0.02
Bloomberg/asia.pac ASIA 171.08 0.28 1.75
COMMODITY PRICES
Change %
(Day)
YTD change %
Prime Coking Coal /Tianjin 140.65 0.00 -26.50
Zinc Spot /LME 2,258.50 0.07 10.01
Iron Ore 58%/Tianjin
Copper Spot /LME 6,762.00 0.15 -8.32
Oil 81.01 -1.32 -17.69
Gold Spot /LME 1,231.29 0.02 2.47
Silver Spot /LME 17.21 0.03 -11.62
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 97.49 6.901 3/21/2017
MMC bond - 8.875 600 63.00 31.988 3/29/2017
Mongol 2018 - 4.125 500 95.45 5.542 1/5/2018
Mongol 2022 - 5.125 1,000 89.56 6.721 12/5/2022
TDBM 2015 - 8.5 300 99.52 9.053 9/20/2015
TDBM 2015 - 12.5 25 97.25 15.142 11/17/2015
TDBM 2017 - 10 dim sum 115 97.66 10.897 1/21/2017
DBM bond - 1.52 sam. 290 103.45 1.115 12/25/2023
INDICES CHANGE
MSE TOP 5 MOST TRADED
Trade value '000
MONGOLIAN RELATED NEWS
State Policy on Railway Transportation finally approved
The plenary session of parliament reviewed a draft bill on several measures for the implementation of
the State Policy on Railway Transportation, which won approval with 84 percent of the vote. Due to
strategic priorities, the issue whether to build narrow-gauge or wide-gauge railroads has been in hot
debate and delayed for years. The bill will permit the building of narrow-gauge (1,435 mm) railroad
from coal processing plants to the Chinese border for transporting raw minerals, dependent on an
effective agreement on border crossing cooperation between Mongolia and China. If negotiations on
railway transportation cooperation are a success, the new Tavantolgoi-Gashuunsukhait, Sainshand-
Zamiin Uud, and Khuut-Bichigt railway lines would be built with 1,435 mm gauge rails, and the Arts
Suuri-Erdenet, Tavantolgoi-Sainshand-Baruun-Urt-Khuut-Choibalsan, and Khuut-Numrug railway
lines would be built with 1,520 mm gauge rails. The Sainshand and Zamiin Uud lines were eliminated
from the proposed plan submitted by the government, and the new railway lines will be built along two
main routes instead.
http://english.news.mn/content/193145.shtml
MACMAHON FLAGS MONGOLIAN FIGHT
Macmahon Holdings has raised the possibility of legal action against a Mongolian coal miner over a
disputed contract worth hundreds of millions of dollars. The company said there was no certainty that
talks with state-owned Erdenes Tavan Tolgoi could resolve the standoff. Macmahon made the
comments after announcing that a standstill agreement with ETT had been extended for another two
weeks. A Mongolian subsidiary of the contractor and ETT are attempting to renegotiate the contract.
At this point there is no certainty that these efforts will result in an agreed outcome, Macmahon said.
However, for the time being, the judgment of the company is that further discussions should occur
before other options such as international arbitration are pursued. If it is ultimately necessary to
terminate the contract with ETT, Macmahons Mongolian subsidiary will promptly commence
alternative processes to enforce its contractual entitlements against ETT. By the end of August, the
WA company had unpaid progress claims of about $US30 million ($34 million). Macmahon said ETT
was obliged to buy $US48 million in project equipment if the contract was terminated. The Tavan
Tolgoi project was forecast to contribute about $100 million to Macmahons revenue this financial
year. The work was scheduled to run until 2017.
http://www.unuudur.com/?p=29808
GLOBAL NEWS
Asia Stocks Rise as ECB Stress Tests Ease Europe Concern
Asian stocks rose, after the regional benchmark gauge capped its first weekly advance in seven
weeks, as a stress test passed by most European banks added to signs of recovery in the region.
The MSCI Asia Pacific Index (MXAP) gained 0.5 percent to 138.22 as of 9:01 a.m. in Tokyo, the
highest intraday level since Oct. 10, before markets opened in Hong Kong and China. The gauge last
week surged 2.9 percent after U.S. earnings beat estimates and a measure of European
manufacturing unexpectedly showed expansion this month.None of Europes largest banks were
found lacking in the European Central Bank study. Smaller lenders found to be deficient now have as
many as nine months to fill gaps identified by the ECB, which is aiming to close the door on half a
decade of financial turmoil in the euro region. Japans Topix index rose 0.6 percent and Australias
S&P/ASX 200 Index gained 0.5 percent. South Koreas Kospi index advanced 0.5 percent. Markets in
New Zealand are closed for a holiday.
http://www.bloomberg.com/news/2014-10-27/asia-stocks-rise-as-ecb-stress-tests-ease-europe-
concern.html
CHINA PUSHES REGIONAL BANK WITHOUT SOUTH KOREA, AUSTRALIA
China pushed ahead with the creation of its proposed $50 billion Asia regional bank by signing a
memorandum today with 21 countries, which didnt include South Korea (005930), Australia and
Indonesia. The proposed Asian Infrastructure Investment Bank (AIIB), first put forward by Chinese
President Xi Jinping in October last year, is a key component of Chinas efforts to expand its regional
influence. The bank, a potential rival to institutions such as the Asian Development Bank, has been
opposed by the U.S., which has asked its allies not to participate, the New York Times reported
earlier this month. The 21 prospective founding member countries at the signing ceremony included
India, Vietnam, Singapore, Qatar, Thailand, Mongolia and Myanmar, according to a pool report of the
event. Xi told delegates from the countries that all Asian nations understand the importance of
seeking strength through unity and the AIIB will welcome participation by all countries either from
within or outside of Asia.
http://www.unuudur.com/?p=29810
2014-10-27
27 October 2014
Daily Report
Performance
Last Country Index
Indicator
Performance
Last
USD
Commodity
NEWS & ANALYSIS
-4.83
1.38
7.35
6.77
-5.34
1.80
-0.02
-5.91
-5.68
YTD %
-0.40
0.76
0.69
0.39
-0.47
0.67
-0.13
-0.66
0.48
MSE - Top20
DJIA
Nasdaq
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
DAX
Nikkei 225
Change % (Day)
198
110
3,120
1,656
0 2,000 4,000
BAN
BDL
BNG
GOV
-2.65%
0.10%
0.00%
-3% -2% -1% 0% 1%
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
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Volume MSETOP Index
Daily Report | 2014.10.27

27 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 3.120 -1.89 -5.45 13,903.1 6,278.37 4.36 3.01 1.00
Centerra Gold CG CN Equity CAD 5.530 -0.90 28.01 2,771.8 1,164.41 6.90 2.82 1.12
MMC 975 HK Equity HKD 1.200 0.00 16.50 1,567.8 573.17 1.43 0.48 7.76
Denison Mines Corp DML CN Equity CAD 1.080 -2.70 -16.28 432.3 486.22 1.95 1.03 1.12
Winsway Coking Coal Holdings Ltd 1733 HK Equity HKD 0.350 0.00 -28.57 97.5 170.25 0.63 0.31 7.76
MoEnCo 276 HK Equity HKD 0.161 0.00 -33.74 86.1 140.24 0.29 0.15 7.76
SouthGobi Resources 1878 HK Equity HKD 4.170 0.00 -39.39 6.2 100.70 9.90 3.88 7.76
Central Asia Metals PLC CAML LN Equity GBp 158.000 1.94 12.06 4,577.5 283.17 190.00 134.75 0.62
Mongolia Investment Group Ltd 402 HK Equity HKD 0.345 0.00 18.97 4,637.1 298.05 0.39 0.16 7.76
Mongolia Growth Group YAK CN Equity CAD 1.630 0.00 -28.19 34.4 50.52 3.07 1.51 1.12
North Asia Resources Holdings Ltd 61 HK Equity HKD 0.149 0.00 -18.13 88.4 77.80 0.21 0.10 7.76
Guildford Coal Ltd GUF AU Equity AUD 0.040 0.00 -51.73 10.3 29.76 0.11 0.04 1.14
Origo Partners PLC OPP LN Equity GBp 7.375 0.00 0.00 1,662.1 42.35 9.50 6.63 0.62
Entree Gold Inc ETG CN Equity CAD 0.270 0.00 -12.90 5.8 35.35 0.53 0.25 1.12
Aspire Mining Ltd AKM AU Equity AUD 0.050 16.28 -10.71 #VALUE! 30.97 0.08 0.03 1.14
Prophecy Coal Corp PCY CN Equity CAD 0.070 7.69 -12.50 15.8 15.70 0.11 0.04 1.12
FeOre Ltd FEO AU Equity AUD 0.025 0.00 -39.02 0.6 11.65 0.08 0.03 1.14
Petro Matad Ltd MATD LN Equity GBp 2.625 16.67 -30.00 0.0 11.81 11.50 2.00 0.62
Xanadu Mines Ltd XAM AU Equity AUD 0.105 5.00 110.00 0.0 22.33 0.18 0.03 1.14
Haranga Resources Ltd HAR AU Equity AUD 0.018 -5.26 -70.97 0.1 3.83 0.09 0.01 1.14
Wolf Petroleum Ltd WOF AU Equity AUD 0.051 2.00 -27.14 26.9 11.85 0.09 0.03 1.14
Manas Petroleum Corp MNAP US Equity USD 0.096 5.73 40.15 7.6 16.57 0.17 0.04 1.00
Khan Resources Inc. KRI CN Equity CAD 0.390 -2.50 36.84 6.1 23.67 0.45 0.18 1.12
Voyager Resources Ltd VOR AU Equity AUD 0.002 0.00 -50.00 0.5 3.08 0.01 0.00 1.14
East Asia Minerals Corp EAS CN Equity CAD 0.030 0.00 -25.00 0.4 2.91 0.11 0.03 1.14
Erdene Resource Development Corp ERD CN Equity CAD 0.140 7.69 0.00 9.3 9.35 0.26 0.07 1.12
Modun Resources Ltd MOU AU Equity AUD 0.003 0.00 -25.00 0.0 4.28 0.01 0.00 1.14
Kincora Copper Ltd KCC CN Equity CAD 0.045 0.00 80.00 0.5 12.42 0.09 0.02 1.12
General Mining Corp Ltd GMM AU Equity AUD 0.005 0.00 -70.59 0.5 0.59 0.02 0.01 1.14
Draig Resources Ltd DRG AU Equity AUD 0.015 0.00 -57.14 2.8 0.88 0.04 0.01 1.14
Newera Resouces Ltd NRU AU Equity AUD 0.002 0.00 -66.67 34.0 2.08 0.01 0.00 1.14
Blina Minerals NL BDI AU Equity AUD 0.002 0.00 100.00 2.8 2.62 0.00 0.00 1.14
Source: Bloomberg
MONGOLIAN STOCK MARKET
24 October 2014 22 JSC's 5,246 shares worth 13.17 mln MNT have been traded.
TOP20 index was 15,513.93 -0.40% YTD -4.83%
Company name Trade volume
Trade value
'000
Last Chg day Chg day %
Buy
volume
Buy price Sell price Sell volume
ADL 100 180 1800 0 0.00% 70 1600 1889 514
APU 95 353 3720 20 0.54% 1340 3705 3800 1165
BAN 55 198 3602 -98 -2.65% 100 3550 3790 12
BDL 11 110 10010 10 0.10% 39 10010 11000 50
BNG 52 3,120 60000 0 0.00% 34 56000 60000 48
GOV 207 1,656 8000 0 0.00% 40 7500 8000 671
HBO 10 4 400 9 2.30% 4119 391 400 90
HGN 510 58 114.06 -2 -1.67% 587 114 117 419
HRM 1,000 179 179 13 7.82% 6300 165 179 1588
JTB 496 42 84 -4 -4.55% 542 84 88 859
MIB 10 3 250 0 0.00% 50 230 250 8539
NEH 100 1,850 18500 0 0.00% 50 17500 18450 100
NKT 10 3 330 1 0.30% 0 0 330 849
OLL 10 1 120 3 2.56% 200 111 120 4990
RMC 180 20 112.46 0 0.00% 200 111 112.46 417
SHG 7 46 6600 -100 -1.49% 50 6400 6695 90
SOR 5 11 2220 0 0.00% 300 1900 2220 360
TCK 247 4,940 20000 0 0.00% 3 19500 21000 50
TTL 21 101 4800 -100 -2.04% 29 4800 5000 605
UYN 70 70 1002 1 0.10% 158 1002 1100 83
ETR 2,000 200 100 10 11.11% 1124 90 115 12
GFG 50 26 510 0 0.00% 50 448.7 510 1309
30 day graphic
Change day
3
0
2013.06 2702.1
2013.06 7591
13606.65
3700
27 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
relationships by matching each client assignment with the collaborative expertise of the Banks team of seasoned banking and
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Contact

Sukhbaatar Square, Ulaanbaatar 210620A, Mongolia
Fax: +976-70117676 /1402/
E-mail: ibd@golomtbank.com
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