The document discusses the Mongolian investment case amid negative international perceptions. It notes that Mongolian stocks and currency have crashed in recent years due to macroeconomic factors like the election cycle. However, it argues that signs like compressing currency volatility and recovering bond prices indicate improving macro stability. It highlights Mongolia's vast pipeline of industrial and infrastructure projects, comparing Mongolia's potential to become the "next Qatar." The presentation aims to make the case that now is an opportune time to invest in Mongolia.

1. The Mongolian Investment Case in the
Context of Negative International Perception
James Passin
Principal
Firebird Management LLC
2014 Mongolian Investment Summit

2. Disclaimer
This Presentation is confidential and may not be reproduced or distributed in any jurisdiction except with the prior
express written consent of FG2 Advisors, LLC (“FG2”). The Presentation is for informational purposes only, and is
intended only for those recipients to whom it is delivered by FG2. By accepting this Presentation, the recipient
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divulge any such information to any other party.
Nothing herein should be considered a recommendation by FG2 of any security, assets or investment. In
preparing this Presentation, FG2 has relied upon and assumed the accuracy and completeness of all information
available from public sources or which was provided to or reviewed by it. FG2 has no obligation to update or keep
current the information contained herein. FG2 does not make any representation or warranty as to the accuracy
or completeness of the information contained herein. This Presentation shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, investment product, or investment advisory services described
herein. Any offering will be made only by means of a private placement memorandum or other appropriate
materials (the “Offering Documents”) that will contain detailed information about any investment to be offered. The
terms of any investment described herein are subject to change. Any Fund and any interests therein have not
been and will not be registered, guaranteed, approved or disapproved under or by the securities laws of the United
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agency or authority.
Certain statements and information in this Presentation constitute “forward-looking statements” and forward-
looking information that is not purely historical in nature. Such information may include, among other things,
projections, forecasts or estimates of cash flows, yields or returns, scenario analyses and proposed or expected
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similar expressions are generally intended to identify forward-looking statements. Such forward-looking
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updates to any forward-looking statement contained herein to reflect any change in its expectation with regard
thereto or any change in events, conditions or circumstances on which any such statement is based.
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3. Crash in All Listed Mongolian Proxies
3
Mongolia Energy (HK) Turquoise Hill (NYSE)
Entrée Gold (TSXVX) Petro Matad (AIM)

4. 4
Local Mongolian Stocks Crashed
5
• MSE Top 20 Index

5. Currency: Mongolian Tugrik
5
Mongolian Currency Devalued- (USDMNT) – 3 years

6. Mongolian Election Cycle vs MSETOP 20
6

7. 7
Mongolian USD Treasury Bonds
Intriguing Recent Recovery in Prices
6
Mongolian 10-Year Bond (price)

8. Compression of Currency Volatility:
Indication of Improving Macro Stability?
8
Tugrik vs. USD (MNTUSD) Historic Vol

9. Bearish Macro Environment for Resource
Venture Capital -- Round Trip to 2008!
9
Toronto Venture Exchange Composite Index

10. The New China vs. the Old China
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11. International Brands Enter the Mongolian Market
Market Entrants Since 2013
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12. A Massive Pipeline of Industrial/Infra Projects
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COAL TO GAS
• $30.0 bln
IRON ORE
CLUSTER
• $1.0 bln
RAILWAYS
• $16.0 bln
COAL TO
LIQUIDS
• $2.5 bln
COPPER
SMELTER
• $2.0 bln
HIGHWAYS
• $0.46 bln
COAL WASHING
• $0.08 bln
OIL
PRODUCTION
• $0.8 bln
OIL REFINERY
• $1.20 bln
POEWR PLANT
on TT COAL
MINE
• $1.0 bln
POWER PLANT
V
• $1.2 bln

13. Mongolia: The Next Qatar?
13
Real GDP/Capita - Qatar (starting 1970) vs Mongolia (starting 1991)
Source: Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Mongolia (starting 1991) Qatar (starting 1970)
Mongolia Today 2013
Mongolia in 2034?
Mongolia 1991

14. 14
Mongolian GDP – Late 13th Century
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15. THANK YOU
FG2 Advisors LLC
152 W. 57th St., 24th Floor
New York, NY 10019 USA
Tel: (1) 212 698 9260
Fax: (1) 212 698 2666
www.fbird.com
Contact: Ellen D’Aleo, Client Services
Email: edaleo@fbird.com
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