Daily Report

Mongolian Economic Indicators

Indicator
NGDP /bln. MNT/
RGDP /bln.MNT/
Inflation
Foreign reserve /mln. USD/
Policy rate
Trade balance /mln. USD/
Unemployment rate

Date
2016-06-30
2016-06-30
2016-07-31
2016-07-31
2016-08-18
2016-07-31
2016-03-31

Last
6,255
4,228
0.9
1,166.3
15.00
15.20
11.60

%YoY
3.70
0.10
-86.96
-24.08
-7.00
-79.06
56.80

FX Market
Currency
USD/MNT
CNY/MNT
RUB/MNT
EUR/MNT
JPY/MNT
EUR/USD
USD/JPY

Last
2,221.50
332.66
34.26
2,481.73
21.75
1.1172
102.12

%DoD

%WoW

-1.22
1.27
1.42
1.45
1.48
-0.15
-0.20

DBM bond - 5.75

DBM bond - 1.52 samurai
Mongol 2018 - 4.125
Mongol 2022 - 5.125
Mongol 2018 - 7.5 dim sum
Mongol 2021 - 10.875
TDBM 2017 - 10 dim sum
TDBM bond - 9.375
MMC bond - 8.875

Amt.
issued mln
USD
580
294
500
1,000
150
500
105
500
600

Last
97.51
104.45
94.11
84.85
94.81
102.95
98.02
99.78
26.25

World Indices
Index
MSE - TOP 20
DJIA
S&P 500
S&P/TSX comp
FTSE 100
S&P/ASX 200
Hang Seng
MICEX/ Moscow Index 50
Shanghai Composite Index
Bloomberg/Asia Pacific. World

Country
MN
US
US
US
UK
AUS
CN
RUS
RUS
ASIA

Last
11,957.90
18,502.99
2,180.38
14,681.97
6,838.05
5,493.30
23,015.57
1,986.72
3,075.15
177.66

Commodity Prices
Commodity
Copper Spot /LME
Oil
Gold Spot /LME
Silver Spot /LME
Iron Ore 58%/Tianjin
Prime Coking Coal/China Import
Prime Coking Coal China Import
from Mongolia price

USD
4,603.50
47.20
1,323.17
18.78
USD
56.57
66.00

-6.68
-6.17
-9.59
-6.76
-6.93
0.08
0.26

Yield

Maturity
date

10.466
0.865
8.552
8.160
10.271
9.901
13.890
9.438
464.556

2017-03-21
2023-12-25
2018-01-05
2022-12-05
2018-06-30
2021-04-06
2017-01-21
2020-05-19
2017-03-29

Performance
%DoD
YTD%
-0.02
-7.29
0.58
6.19
0.52
6.68
0.29
12.85
0.31
9.54
0.44
3.73
0.85
5.02
-0.33
12.79
0.17
-13.11
0.36
-2.48
Performance
%DoD
YTD%
-0.29
-2.17
0.47
27.43
-0.02
24.70
-0.53
35.60
%MoM
YTD%
10.14
42.85
13.79
6.45

33.00

2016-08-30

Economic policies of Government Action Plan 2016 -2020

(mongolia.gogo.mn)
Newly formed Government, after the 7th Parliamentary election, has developed
National Action Plan of Government of Mongolia to be implemented in 2016 -2020 in
accordance with the the Mongolian Sustainable Development strategy until 2030, MPP
action plan, civil society organizations, international contracts and public opinion.
The following plan included 90 percent of Mongolian People`s Party action plan which
won the 2016 Parliamentary Election and it will be implemented after approved by the
State Great Khural.

%MoM

1.49
1.50
1.85
1.59
1.64
-0.23
-0.27

Debt Markets
Bonds - Coupon

NEWS & UPDATES

0.00
Coal/China
Import

Iron ore

Coal/China Import
from Mongolia

Copper

-5.71

Moody's takes negative rating actions on eight Mongolian banks following

sovereign downgrade (Moodys)
Moody's Investors Service has downgraded the foreign currency long -term deposit
ratings of seven Mongolian banks to Caa1 from B3, and initiated a review for further
downgrade.
The seven banks are: Bogd Bank LLC; Capital Bank LLC; Golomt Bank LLC; Khan Bank
LLC; State Bank LLC; Trade and Development Bank of Mongolia LLC; and XacBank
LLC.
The rating action on the seven banks' ratings is based on the consideration that the
creditworthiness of the Mongolian banking system is highly correlated to that of the
sovereign.
The sovereign downgrade was driven by the sharp deterioration in fiscal metrics
which -- compounded by weak growth and already very low foreign exchange buffers
-- significantly exacerbates the fiscal challenges and liquidity risks facing the
government.
MNCCI opposes proposed income tax increase (UB Post)
The Mongolian National Chamber of Commerce and Industry (MNCCI) reported that it
opposes the Cabinets decision to increase income tax by 10 to 25 percent, as the
MNCCI believes no environment has been created to raise income taxes.
The MNCCI underlined that during the economic crisis, which has been continuing
since 2013, domestic entities have been obediently paying taxes and rental payments.
The MNCCI stressed that thanks to the Law on Supporting Economic Transparency, a
total of 33,000 entities submitted their financial and tax reports, resulting in making
around 34.2 trillion MNT in expenditures transparent.
Mongolian Mining Corp: Interim Results Announcement for the Six Months
Ended 30 June (mmc.mn)
For the six months ended 30 June 2016, Mongolian Mining Corporation (MMC or the
Company) and its subsidiaries (the Group) generated a total revenue of United
States Dollar (USD) 31.1 million, compared to USD71.8 million for the six months
ended 30 June 2015. For the six months ended 30 June 2016, the total sales volume
of the Groups primary product, washed hard coking coal (HCC), was 0.6 million
tonnes (Mt), representing 20.5% decrease compared with 0.7 Mt of HCC sold for the
six months ended 30 June 2015 and 32.8% increase compared with 0.45 Mt of HCC
sold in the second half of 2015. The loss attributable to the equity shareholders of the
Company for the six months ended 30 June 2016 was USD61.7 million, compared to a
loss of USD79.1 million for the six months ended 30 June 2015.
Mongolian Mining Corp: Recent Development (mmc.mn)
The JPLs are required under the Order to provide the Grand Court with a report on
the conduct of the provisional liquidation of the Company (the Report) by no later
than 25 August 2016 and at other intervals as the Grant Court may from time to time
direct. The JPLs submitted the Report to the Grant Court on 25 August 2016 (Cayman
time).
Other Mongolia News Headlines
Preliminary Balance of Payments for July, 2016 (Bank of Mongolia)
Speaker M.Enkhbold meets Russian Ambassador I.K.Azizov (Montsame)
Mongolia and China to cooperate in quarantine sphere (Montsame)

Gold

Sub-center project to be implemented by USD 27.5 million

(mongolia.gogo.mn)
Mongolia intends to collaborate with EBRD in public transport ( Montsame)

Oil

Source: Bloomberg Finance L.P.

30 August 2016

MONGOLIA RELATED COMPANIES

Company Name

Rio Tinto
Banpu
Turquoise Hill Resources
Areva
Mongolian Mining Corporation
Centerra Gold
SouthGobi Resources
Mongolia Energy Corporation
Denison Mines
Genie Energy
Central Asia Metals
Entre Gold
Xanadu Mines
Guildford coal / Terra Energy
Khan Resources
Aspire Mining
Prophecy Development Corp
Petro Matad Ltd
Mongolia Growth Group Ltd.
Erdene Resources Development
General Mining Corp Ltd
Kincora Copper
Haranga Resources
Wolf Petroleum
Viking Mines
Parmelia Resources
Altan Rio Minerals
Eumeralla Resources
Draig Resources

Closing
Price

31.690
16.000
3.120
6.195
0.106
6.690
1.310
0.160
0.508
6.240
174.000
0.299
0.190
0.026
0.644
0.016
4.020
2.950
0.360
0.320
0.655
0.310
0.005
0.012
0.027
0.000
0.010
0.031
0.038

Currency

%DoD

USD
THB
USD
EUR
HKD
CAD
HKD
HKD
USD
USD
GBp
USD
AUD
AUD
USD
AUD
CAD
GBp
CAD
CAD
AUD
CAD
AUD
AUD
AUD
AUD
CAD
AUD
AUD

0.48
0.63
1.63
3.25
3.92
0.75
0.00
-3.13
-0.47
1.30
-2.52
2.93
5.56
3.85
0.00
6.25
-3.13
-3.28
-2.70
-1.56
0.00
-3.13
0.00
0.00
0.00
0.00
0.00
0.00
2.63

YTD %

8.83
31.97
22.83
1,166.31
-39.43
1.52
-45.42
-12.43
1.93
-42.67
13.45
26.59
72.73
285.71
158.24
112.50
14.86
-5.60
5.88
96.88
156.86
55.00
25.00
200.00
68.75
0.00
0.00
39.34
57.28

Daily Traded
value USD

90,692,740
12,759,196
6,597,752
661,565
86,681
6,448,559
28,300
21,677
98,353
86,127
22,371
13,234
9,431
7,565
1,287
1,085
7,210
0
0
31,335
63,822
1,550
7,945
7,157
12,346
0
107
19
3,637

Traded
Avg. 5 day traded Market cap mln
Volume Day
volume
USD

2,873,593
27,598,900
2,138,895
98,323
6,172,000
961,407
168,050
1,071,500
192,560
13,860
9,767
45,477
66,500
392,987
2,000
84,286
2,281
2,017,288
45,001
128,000
127,025
6,512
2,098,134
787,500
603,745
0
14,000
800
123,128

3,874,033
37,164,740
2,236,527
111,661
5,717,100
2,748,123
186,915
46,312
330,326
59,111
75,040
97,993
120,190
601,774
17
541,224
3,629
785,291
25,550
78,620
36,205
10,982
519,627
161,500
190,749
40,160
740,740

59,332.55
1,791.93
6,278.42
2,652.17
126.59
1,796.99
43.52
35.71
270.84
153.80
253.97
45.58
73.56
50.75
54.14
11.95
13.69
11.10
16.67
29.27
157.94
7.48
1.48
3.49
5.13
0.00
0.68
2.33
3.16

52w high

40.050
18.716
3.670
8.530
0.238
8.670
3.370
0.280
0.666
14.612
185.000
0.400
0.260
0.030
0.670
0.042
5.500
9.875
0.600
0.550
0.905
0.550
0.006
0.036
0.033
0.098
0.025
0.037
0.050

52w low

21.885
10.911
1.550
3.050
0.026
5.640
1.240
0.107
0.350
5.925
121.250
0.170
0.075
0.002
0.237
0.005
1.000
1.525
0.330
0.110
0.046
0.150
0.002
0.004
0.008
0.020
0.010
0.019
0.015

Industry
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Electrical Equipment
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Electric Utilities
Metals & Mining
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Metals & Mining
Oil, Gas & Consumable Fuels
Oil, Gas & Consumable Fuels
Real Estate Management
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Oil, Gas & Consumable Fuels
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining

Source: Bloomberg

MONGOLIAN STOCK MARKET - MSE TOP 20 INDEX

Company name

MSE TOP 20 Index

APU JSC
Arig Gal JSC
Baganuur JSC
Bayangol Hotel JSC
BDSec JSC
Hermes Center JSC
Gobi JSC
Darkhan Nekhii JSC
Jenco Tour Bureau JSC
Makhimpex JSC
Merex JSC
Tavan Tolgoi JSC
Talkh Chikher JSC
UB-BUK JSC
State Department Store JSC
HB Oil JSC
Khukh Gan JSC
Sharyn Gol JSC
Shivee Ovoo JSC
E- Trans Logistics JSC

Closing
Price MNT

11,960
411
2,150
2,300
38,000
1,760
135
8,320
23,560
75
2,700
75
1,400
19,800
349
505
324
55
2,850
2,906
84

%DoD

-0.62
-1.46
0.00
0.00
10.42
0.00
0.00
-0.12
0.00
0.00
0.00
-6.67
0.00
0.00
0.00
0.79
0.00
0.00
0.00
0.00
-

29-08-2016

%YTD

Last Traded
date

-7.29
3.95
-8.51
-6.88
-12.58
-9.23
9.76
-2.00
29.10
0.00
-4.93
-5.41
-52.54
13.92
59.00
-3.96
-22.86
-26.67
-26.01
-17.51
-30.00

2016-08-29
2016-08-29
2016-08-28
2016-08-29
2016-08-30
2016-08-17
2016-08-30
2016-08-30
2016-08-09
2016-08-25
2016-08-29
2016-08-30
2016-08-25
2016-08-28
2016-08-26
2016-08-29
2016-06-15
2016-08-30
2016-08-26
2016-08-26
2016-08-26

Daily Traded
value USD

1,357
1,110.06
73.55
10.35
0
77.79
53.48
31.44
-

Traded
volume Day

Avg. 5 day value

USD

7,426
6,000
76
10
64
6
1,270
-

2,236
1,185
19
8
21
158
60
178
267
141
6
85
138
53
-

Market Cap
USD

362,570,251
135,433,349
3,367,336
31,934,588
7,990,910
13,468,377
4,773,039
29,181,791
11,552,488
3,376,097
4,619,377
2,048,323
33,189,863
9,124,159
20,666,251
8,433,579
2,508,425
13,047,576
17,553,863
1,746,928

52w
high MNT

52w low
MNT

13,608
490
2,570
3,070
48,000
2,069
145
9,500
24,040
90
3,560
80
3,950
20,000
39,600
885
450
100
5,320
4,450
120

10,485
325
1,800
1,350
36,000
1,300
105
7,010
14,510
60
2,202
65
100
15,000
295
480
276
49
2,000
2,190
77

Industry
MSE Top 20 Index
Beverages-Wine/Spirits
Wool
Coal
Hotels&Motels
Finance-Invest Bnkr/Brkr
Retail-Misc/Diversified
Apparel Manufacturers
Apparel Manufacturers
Travel Services
Food-Meat Products
Bldg Prod-Cement/Aggreg
Coal
Food-Baking
Bldg Prod-Cement/Aggreg
Retail-Misc/Diversified
Oil Refining&Marketing
Metal-Diversified
Coal
Coal
Transport-Services

Source: Bloomberg
Gainers:
Bayangol Hotel JSC
Aspire Mining

10.42
6.25

Latest News:
No news
No news

Losers:
Merex JSC
Petro Matad Ltd

-6.67
-3.28

No news
Petro Matad Updates on Blocks IV, V Exploration Program in Mongolia

30 August 2016

Golomt Securities LLC

Golomt Securities LLC provides timely and efficient execution of domestic and global securities transactions while concurrent ly providing
insightful advisory service based upon our unique proprietary research and analysis.

We have a physical seat on the Mongolian Stock Exchange (MSE) as well as trade access to all major international stock exchan ges and
over-the-counter markets through our longstanding
1166.31correspondent relationships with many of the world's leading banking instituti ons.

##### financial
10.5solutions-2.5
Our services offer the most comprehensive
to investors and companies seeking financing by taking a holist ic approach that
combines the strength of Golomt Bank's investment banking services and market research expertise as well as Golomt Securities LLC's state
of the art trade execution capabilities and superior service standards.
Contact
606B Central Tower
Great Chinggis Khaan's Square,
Ulaanbaatar 14200
Mongolia
Phone: +976-70121530
Fax:
+976-70121529
E-mail: info@golomtsecurities.com
Website: www.golomtsecurities.com

Find us on Bloomberg: GLM <GO>

Disclaimer
This document has been prepared by the Golomt Securities LLC 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 Securities LLC, 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.