PRESENTATION

1. Investment Potential in Mongolian Coal
Securities
May 23, 2012
Valuation of ETT and Impact of New
Government Policy
By Masa Igata,
Founder & CEO Frontier Securities

2. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
Valuation of ETT and Impact of New Government Policy
 Prospects of margins and volumes that the Mongolians can
expect to enjoy in the next 3-5 years
 Valuation comparison of ETT compared with other coal miners
inside and outside of Mongolia
 What are the challenges for Mongolian companies to raise
money in international capital markets successfully?
 What will be the policy of the new Government and its impact?
2
Agenda

3. Massive resources: 20 bln tons of coal
Coal exports ramp up to 55 mtpa by 2020.
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 Coal: 9th largest in the world with 20
billion tons of coal, 7 – 8 billion tons of
which is high CV thermal and coking
coal with values in excess of
US$100/ton
 100 billion tons of lignite which could be
readily exported as power (US$500 bn)
 2011 coal exports was 21.1 mm tons;
2012F coal exports is 28.0 mm tons
 Mongolia’s coal exports is expected to
reach 130.0 Mtpa by 2025.
 Mining GDP has been on a steady
growth, despite the commodity price
volatility.
231 257 323
566
463
717
1,006 997 967
1,438
1,648
0
500
1000
1500
2000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
US$ mm Growth of mining GDP
CAGR = 21.7%
7.1
16.7 21.1 28.0 33.0 40.0
50.0
90.0
130.0
0
50
100
150
2009 2010 2011 2012F 2013F 2014F 2015F 2020F 2025F
Mtpa
Mongolia’s coal export projection
 Mongolia’s total inferred coal resources as predicted around 152 bn tons ranking top 15
 The preliminary and detailed exploration resulted in about 23 bn tons of coal reserves
 The proved coal reserves are 12.2 bn tons including 2 bn tons of coking coal and 10.1bn
tons of thermal coal
Source: 1) National Statistics Office (NSO) – Monthly Bulletin of Statistics (Exchange rate US$1 = 1,330 MNT)
2) NDIC presentation and Lucky Strike Resources Investor Presentation, Nov 2011

4. Significant investment is mining equipment is needed to fuel mineral exports
I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
4Growth in mineral exports is offset by rising imports of mining machinery,
contributing to trade deficit
1%
3% 24%
11%
55%
1%
2%
3%
US$ 4.1 bn in Mineral Exports (FY2011)
Refined copper &
Copper alloys
Zinc
Copper
Iron
Bituminous coal
Molybdenium
1%
6%
33%
11%
37%
2%
3%
7%
US$ 2.4 bn in Mineral Exports (FY2010)
Refined copper &
Copper alloys
Zinc
Copper
Iron
Bituminous coal
Molybdenium
Fluor spar
271 425 608 424 681
1,772
290 360
836 1,038
1,630
5,310
0
1,000
2,000
3,000
4,000
5,000
6,000
2006 2007 2008 2009 2010 2011
US$ mm Trend in machinery imports and FDI
Mining machinery and equipment imports FDI
0
2,000
4,000
6,000
8,000
200020012002200320042005200620072008200920102011
US$ mm
Mining equipment and fuel imports contribute to
the surge in Mongolia’s trade deficit
Exports Imports
Source: National Statistics Office (NSO) – Monthly Bulletin of Statistics Dec 2008, Dec 2011, and World Bank – Mongolia Quarterly Economic Updates, Feb 2012,

5. Major coal projects in Mongolia – location map
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Khushuut
Ownership: MonEnCo
Zeegt, Shinejinst
Ownership: Gobi coal &
Energy
Ovoot Tolgoi, Soumber
Ownership: SouthGobiSands
Naryn Sukhait
Ownership: MAK and MAK/QH
Baruun Naran
Ownership: MMC
Ukhaa Khudag
Ownership: MMC
Small TT
Ownership: TT JSC
Big TT
Ownership: Erdenes MGL
Ovoot
Ownership: Aspire Min
Ulaan Ovoo, Chandgana
Ownership: Prophecy Coal
Shivee Ovoo
Ownership: Shine Shivee,
Shivee Ovoo, Erdenes MGL
Baganuur
Ownership: State owned co.
5Source: Energy Resources, Mineral Resources Authority of Mongolia, Company Websites, Frontier Securities

6. Mongolia is expecting over 50mt exports by 2015
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Major coal projects in Mongolia – summary
Source: Individual company reports*Include Southwest, Borteeg, Eastern and Bortolgoi coalfields
Company Mine
Resource
(mt)
Reserve
(mt)
Production (mt) cash
cost
(USD/t)
Quality Parameters
Ash Sulphur
Volatile
matters2011 A 2015E
Gobi Coal &
Energy
Shinejinst 229 95
NA
6
40 10% 0.45% 37%
Zeegt 93 NA 50 10% 0.50% 37%
Khurren Gol NA NA NA NA NA NA
Aspire Mining Ovoot 330.7 NA NA 12 15 8% 1% 25% - 28%
Prophecy Coal
Ulaan Ovoo 209 20
0.5 – 0.1
1 14 10% 1% NA
Chandgana 1,200 NA 1.4 14 12.49 0.7 NA
Hunnu Coal
Altai Nuurs 500 ~ 250 NA
NA 4.8
10.70% 0.48% 18%
Tsant Uul 200 ~ 150 90 17% - 39%0.28% - 0.65% 22% - 42%
Unst Khudag 324.25 226
MMC
Ukhaa Khudag 578 283
4.8 15.2 25.3
25% 0.66% 25.55%
11% 0.60% 31%Baruun Naran 283 185
MAK Naryn Sukhait 220 NA ~ 7 8 6% - 10% 0.7% - 1.5% 35% - 38%
South Gobi Ovoot Tolgoi 736 176 4.6 26 10%
MEC Khushuut 149 NA 0.5 – 0.1 6 21
Sharyn Gol JSC Sharyn Gol 200 0.5 – 1 1.5 19% 0.46% 30% - 35%
ETT
East Tsankhi 1,262 619 1 15 41
Similar to MMC
West Tsankhi 1,734 610 NA 6 41
Others* 4,387 NA NA NA
Total Appr. 20 77

7. High quality coking coal reserves are nearest to China
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7Mineral assets’ geographical locations: an ultimate blessing
Source: Mineral Resources Authority of Mongolia
- Coking coal - Bituminous coal - Subbituminous coal -Lignite
Most developments located here

8. Global coking coal trade –
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Supply constraints in
Australia and industry
consolidation lead to lower
supply!!!
The biggest of buyer of Mongolian coal is less than 200km from away!
Source: AME, China Coal Resource,
Indonesian Ministry of Energy &
Resources, J.P. Morgan estimates.
Coking coal export from
major suppliers is project to
remain steady in future.

9. Indonesian domestic consumption will take over exports…
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Indonesian coal trade
Source: Indonesia Coal Mining Association

10. China alone buys each ounce of Mongolian coking coal
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Mongolian coking coal is dominating!
Source: Aspire mining; China Coal Resource, Shanxi Fenwei Energy Consulting
Mongolian coal industry statistics

11. Coal quality and price comparison
China will continue to benefit from cheap but high quality Mongolian coal
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0.00
1.00
2.00
3.00
4.00
5.00
Indonesia Australia Mongolia
Chinese coal imports 2012 YTD (Mln tons)
Thermal
Coking
269
215
155
122 129
45
0
50
100
150
200
250
300
Imported Domestic Mongolia (e)
USD/t
Average coal prices 2012 for China
Coking
Themal
Source: Company Reports, China coal resource, J.P. Morgan report
MMC’s washed coal
Comparison of coking coal quality

12. Full-fledged infrastructure development will put Tavan Tolgoi to its maximum growth trajectory
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Tavan Tolgoi – Major coking coal reserves
Development of transportation network and infrastructure
facilities is critical to successful commercialization of Mongolia’s
mining industry.
Location
 The Tavan Tolgoi coal
coalfield is located in the
central South Gobi region
of Mongolia
 Approximately 235 km
north of the Mongolian-
Chinese border
Source: Erdenes Tavan Tolgoi JSC, COO presentation, March 23, 2012

13. Erdenes Tavan Tolgoi JSC owns licenses over a majority of the Tavan Tolgoi coalfield
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ETT – Company profile
 ETT holds 7.4 bt of Measured,
Indicated and Inferred coal
reserves, and resources of 1.2 bt
of Proven and Probable coal
reserves in accordance with
JORC.
 ETT commenced commercial
production in July 2011.
 ETT is in the process of expanding
production with the objective of
becoming a large-scale producer
and exporter of high quality
washed coking and thermal coal
products in Chinese and North
Asian markets
 ETT has a strong growth profile,
targeting 20 Mpta ROM production
from East Tsankhi by 2017
Current corporate structure
Government of Mongolia
Erdenes MGL LLC
Erdenes Tavan Tolgoi JSC
Government of Mongolia
Erdenes MGL LLC
Erdenes Tavan Tolgoi JSC
Anticipated future corporate structure
Mongolian
shareholders
Publicly
traded shares
100%
100%
100%
51% or more
Source: Erdenes Tavan Tolgoi JSC, COO presentation, March 23, 2012

14. Coal field structure
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Overview of Mongolia’s largest coal field – ETT
MMC
Source: Erdenes Tavan Tolgoi JSC, COO presentation, March 23, 2012

15. ETT is focusing on the development of Tsankhi coalfields
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JORC Reserves and Resources
Measured
Indicated
Inferred
Eastern coalfield
Tavan Tolgoi JSC
(“Small TT”) (third party)
East Tsankhi coalfield
Reserves1: 619Mt (~61% coking coal)
Resources2 1,262Mt (~71% coking coal)
Daitsuki LLC
(third party)
Borteeg
coalfield
Southwest
coalfield
Source: Draft Technical Report
Note: 1) Represents marketable coal Reserves (i.e. sold raw or washed and sold as premium coal). Reserves for East Tsankhi exclusive of reserves within mining licenses owned by
third parties
2) In-situ coal Resources at <300m depth limit and estimated under JORC Code. Resources inclusive of reserves. Resources for East Tsankhi exclusive of resources within
mining licenses owned by third parties
West Tsankhi coalfield
Reserves1: 610Mt (~59% coking coal)
Resources2: 1,734Mt (~72% coking coal)

16. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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Tsankhi coalfield – key highlights
 Overview: license owned by Erdenes (100%
owned by the Government), production rights
and development costs to bidders
 Recent development: Currently in negotiation
with foreign SOEs and private interests from
U.S., Russia, China, Korea and Japan to
develop West Tsankhi coalfield as a
consortium
 Overview: owned and operated by
Erdenes MGL through contract mining
agreement, commencing with Macmahon
/ Operat joint venture
 Current production: 2.5 Mtpa
 Producing high quality unwashed coking
coal while CHPP is under construction
 5 Years offtake agreement with Chalco
West Tsankhi coalfieldEast Tsankhi coalfield
Source: Erdenes Tavan Tolgoi JSC, COO presentation, March 23, 2012

17. ETT & MMC
Resource and reserve base comparison (Unit mt)
I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
Area (Resource) Measured Indicated Inferred Total
ETT
East Tsankhi 410 726 126 1,262
West Tsankhi 576 706 452 1,734
Others* – 1,554 2,833 4,387
Total 7,383
MMC
Ukhaa Khudag 203 294 81.0 578
Baruun Naran 209 73 1 283
Total 853
ETT/MMC resource ratio 8.6
*Include Southwest, Borteeg, Eastern and Bortolgoi coalfields
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Area (Reserve) Proven Probable Total Marketable
ETT
East Tsankhi 359 589 948 619
West Tsankhi 482 406 888 610
Total 841 995 1,836 1,229
MMC
Ukhaa Khudag 188 95 283 N/A
Baruun Naran 148 37 185 N/A
Total 336 132 468 N/A
ETT/MMC reserve ratio 3.9

18. Production – production and prices
EET will be producing 2.7 times more than
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0
5
10
15
20
25
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Production(mt)
Production plans
East Tsankhi
West Tsankhi
MMC
ProjectedActual
Average selling price (USD per ton)
Area 2010 2011 2012E 2013E
ETT
Unwashed 70 70 75 95
Washed – – – 160
MMC
Unwashed 68.6 95.1 95.1 95
Washed – 155.6 155.6 160
Source: Individual company reports, Frontiers data

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Production and transportation cost comparison
Source: J.P. Morgan report
Global cost curve (FOT to the China target market region)
USD/tFOB
Global coking coal production cost curve
MMC,
SouthGobi
ETT USD 41/t
MMC

20. P R E S E N T A T I O N M A T E R I A L
Securities
Key data and assumptions for ET & WT DCF based valuation
East Tsankhi West Tsankhi
Coking/thermal split ratio 61/39 59/31
Coking coal Quality Hard & semi soft Hard & semi soft
Split ratio 2.4 2.8
LOM washing yield 64% 67%
Mine life (years) 50 48
Operating cost USD/t 41 41
Transportation USD/t 25 25
Avg. sell
price
Coking
coal
Washed 160 USD/t
Raw 95 USD/t
Thermal
Coal
Washed 90 USD/t
Raw 60 USD/t
Others:
• CAPEX = $ 1.5 bn
• Discount rate = 10%
• Depreciation rate = 2%
• Royalty tax = 9%
• Tax = 27%
• Administrative exp. = 10%
• Annual maintenance = $ 30 mn
• Our evaluation assumes 2 CHPP plants from 2014; each with 20mtpa capacity
• Maximum capacity (40mtpa) will be reached by 2019
20

21. P R E S E N T A T I O N M A T E R I A L
Securities
Valuation matrix ETT (ET and WS)
2012 2013 2014 2015 2016 2017 2018 2019 – 61
ET: Production 3 6 9 12 15 20 20 20
Coking/Thermal production ratio 100% 100% 100% 80% 80% 60% 60% 60%
WT: Production 3 6 9 12 15 20
Coking/Thermal production ratio 100% 100% 100% 80% 80% 60%
Total raw coking coal production 3.00 6.00 7.00 5.60 4.00 - - -
Total washed coking coal production - - 3.05 6.10 10.32 13.32 14.52 14.52
Total raw thermal production - - - 2.40 - 2.40 - -
Total washed raw coal production - - - - 1.83 4.88 6.68 9.68
CHPPs Capacity 5.00 10.00 20.00 30.00 35.00 40.00
Total Revenue 285.00 570.00 1,153.00 1,652.00 2,195.64 2,675.88 2,923.69 3,193.54
Mining cost per BCM 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00
Coal Processing cost 4.58 4.58 4.58 4.58 4.58 4.58 4.58 4.58
Transportation cost per ton 33 33 33 33 33 33 33 33
Royalty (USD mn) - - 44 88 149 192 209 209
Administration expenses 29 57 115 165 220 268 292 319
Total operating cost 177 355 704 1,045 1,356 1,741 1,880 2,102
Operating profit margin 38% 38% 39% 37% 38% 35% 36% 34%
Operating Profit (USD mn) 108 215 449 607 840 935 1,044 1,091
PAT (USD mn) 79 157 328 443 613 682 762 797
CAPEX (USD mn) -351 -465 -507 -44 -30 -157 -30 -30
Depreciation (USD mn) 6 11 23 33 44 54 58 64
Cash Flow (USD mn) -238 -238 -35 596 854 831 1,073 1,125
Discount rate
Terminal Growth
1% 2% 3% 4% 5%
8% 10,720 11,783 13,273 15,507 19,230
9% 9,007 9,722 10,674 12,007 14,007
10% 7,689 8,187 8,827 9,680 10,875
11% 6,645 7,003 7,449 8,024 8,789
12% 5,802 6,064 6,385 6,786 7,302
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22. Mongolian M & A transactions & ETT’s other areas’ value estimation
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Date Acquirer Target Coal type
Transaction
value (USD m)
Stake
(%)
Total
Resource
(Mt)
USD/t
Resource
Project
status
Dec-10
SouthGobi
Resources
Aspire
Mining
Coking,
thermal 20 20% 331 0.30 Pro
Jun-11 MMC
QGX
Holdings
Coking,
thermal 464 100% 446 1.04 Pro
Sep-11 Banpu
Hunnu
Coal
Coking,
thermal 477 88% 844 0.64 Exp/Dev
Dec-11 SOE Gobi Coal
Coking,
thermal 91 14% 322 2.20 Pro
Source: Individual company reports, Goldman Sachs Research estimates, Frontiers estimates
ETT’s other areas have
great potentiality due to
massive resources!
JORC Resources (mt) Measured Indicated Inferred Total Mine type Coal type
Soumber 137 83 220 Open pit HCC
ETT Other areas - 1,554 2,833 4.4 bn Open pit HCC
Soumber's coal resources 127.3 mt
Implied resource unit value in the Grande Cache acquisition (US$/t) 2.9
ETT other areas’ resource 4.4 bn tons

23. P R E S E N T A T I O N M A T E R I A L
Securities
Peer comparison – EV/t resource
EET is in line with industry peers
Company Name Ticker EV (USD mn) EV/t resource Project status
MMC 975 KH 3599 4.18 Production
SouthGobi Resources Ltd 1878 HK 1330 2.66 Production
Mongolia Energy Corp Ltd 276 HK 1070 7.57 Production
Aspire Mining Ltd AKM AU 230 0.7 Exploration
Prophecy Coal Corp PCY CN 120 0.12 Exploration
ETT (ET + WS) 8.8 bn 2.95 ES, production
Note: Using EV and closing prices as at 24 February 2012.
Source: Company reports, Bloomberg, and J.P. Morgan estimates
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24. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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ETT IPO –
Post-IPO ownership structure:
51% owned by Mongolian Government
20% owned by Mongolian citizens
29% for IPO issue in LSE or MSE + HKEx + Mongolian co-operations
 Goldman Sachs and Deutsche Bank will be global coordinators for IPO,
 BNP Paribas, Barclays, Jefferies and Macquarie will be book runners
 As a world-class deposit, unfortunately, at the moment TT project is still at the raw stage and last year
produced its first million tons of coal.

25. Railway access to major coal mining projects in future
I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
Phase IV
Phase I: 270 km
Phase II: 1,040 km
Phase III: 620 km
Phase IV: 3600 km
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Source: Ministry of Road Transportation, Construction and Urban Development

26. Government of Mongolia to construct railroad to China
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Infrastructure
Project
 Government of Mongolia to
construct railroad with MMC:
MMC will invest 400mn USD
for railway project
Anticipated outcomes
 Increase transportation capacity
over 50mpta for ETT and MMC
 Significantly lower transportation
cost by 12USD to 15 USD per ton
depending on gauge difference
 Russian gauge will lower the cost
by approximately 12USD;
 Chinese gauge will reduce by 15
USD
 Probability of Russian gauge is
higher

27. Margins for Mongolian companies projected to increase
Mongolian companies will enjoy higher margins due to increase price,
reduction in transportation cost and product value addition
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• Production is held constant for illustrative purpose
• Average truck transportation cost from South Gobi Province to Chinese customer (~ 400 km) was 25USD/t by truck in 2010
• Railroad in 2015 will cut transportation cost by approximately USD 13/t
Parameter
Unwashed
product (2010)
Partial Washed
product (2012)
Full Washed product
(2015)
Yield (As received basis) 100% 85% 70%
Production (tons) mt 3 2.6 2.1
Ash % 27 14 11
Price/ton (USD) 70 115 160
Revenue (USD mn) 210 293 336
Royalty *
9% 8% 6%
Earnings after royalty tax (USD mn) 191 270 316
Transportation cost (USD mn) 25 20 7
Revenue after transportation 166 250 309
Possible Margin Benchmark value 84 143

28. Lucrative opportunities can be undermined by political uncertainty
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Political risk
Updates on politics
 Bill to control foreign investment into strategic enterprises
 Arrest of key anti-ruling party leader, Ex-President of Mongolia
N. Enkhbayar on bribery charge
 Potential suspension of SouthGobi mining licenses
Implications for
investors
 It is becoming more difficult for foreign investors to do business
in sectors of strategic significance , namely, mineral resource,
finance and banking, communications;
 However it is premature to suggest exact implications of the bill
before its implementation
 Ultimately the Government will definitely devise solution to
satisfy all parties – restoring investors confidence, wining public
opinion, ensuring sustained economic growth etc.
 Real economic engine is not much hindered by political shock
 Rising political risk does not mean to discourage investors;
however they must be careful about the timing
Bottom line
 Post election 2012 is the best timing for investment
 Investment in Mongolian with right timing and right portfolio
definitely yields rewarding returns!!!

29. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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Key challenges for Mongolian companies
• Impacts of new foreign investment law
• Inflationary pressures
• Weaker share price
• Balance of supply other countries
10 CAD per price of Ivanhoe mines
can be considered as a benchmark of
weak share prices!Share performance of Ivanhoe mines

30. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
• New investment law will be in place soon, however issue of
resource nationalization will be settled after election
• New investment law aims to win the trust of the citizens not
to scare investors; we believe investment environment will
improve after the election
• Given quality, resource, and construction of railway – ETT
will be one of the biggest IPOs of Asia
• Investment at right time with right portfolio will definitely yield
rewarding returns!!!
30
Conclusion

31. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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Appendices

32. The first step towards world-class stock exchange platform
I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
32Implementation of Securities Market Law’s (SML) reform:
Improved Listing Rules:
More clarified terms and
definitions:
More strict requirements and
emphasis on disclosure and
transparency:
Promoted market activities and
transactions:
- Incorporated parts of Official Listing
Rules from UK’s Financial Services Act;
- Set up listing and prospectus
requirements;
- Clarified where a prospectus is needed,
and where it is not
- Adoption of international standard,
where feasible;
- More clarified definitions of various
Securities Market terms
- More descriptive Broker, Dealer and
Underwriter responsibilities;
- Introduced the concept of Beneficial
Ownership, Trustees and Custodians;
- Clearer definition of the law’s objectives
- Amended statements that would have
placed excessive liability on Professionals;
- Removed text that are unnecessarily too
prescriptive and onerous;
- Added definitions and procedures related
to Depository Receipts
Latest
SML’s
reform
Government of Mongolia, MSE and FRC implement a number of reform measures to nurture a sustainable
development of the country’s capital market.

33. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
33Prospective infrastructure to access Eastern Russian
and Eastern Chinese seaports

34. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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Frontier Securities is one of the leaders in Mongolia
o Frontier Securities is the first foreign investment full-service banking firm
in Mongolia
o With underwriting and brokerage licenses
o Member of MSE
o Wide-range of services for aiding investment decisions
o Corporate Finance
o Research and analyses
o Up-to-date reports and information
o Due diligence
o Etc.
o Cross-border investment brokerage services
o Headquartered in the capital of Mongolia, Frontier Securities has a strong
presence in the country and wide network
o Client base include regional and Hong Kong, Chinese, Australian, British,
Canadian and other foreign energy and resource companies, sovereign
wealth funds, private equity and hedge funds, institutional and other
investors

35. I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
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Frontier Securities’ products
We provide various information to foreign and domestic companies to aid
their investment decisions:
• Company Reports
• Macro-Economic Reports
• Daily Summaries
• Independent Analyst Reports
• Investment Analyses
• Investment Forum and Conferences
• many more

36. Your participation is highly welcome.
I N V E S T M E N T P O T E N T I A L I N M O N G O L I A N C O A L Securities
36Frontier’s Annual Conference is held from September 3 – 5, 2012
Frontier has been organizing annual conferences focusing on capital raising and investment
opportunity in Mongolia since its establishment in 2007. Having quickly gained momentum and
acknowledgement from the investor community, our June 2011 annual conference grew even larger
in scope and size, welcoming more than 560 participants from many prominent organizations
across various sectors. Our pre-conference and post-conference mining tours receive favorable
responses from attending international investors. In addition, our Expert Series, a publication of
annual conference summary, is also distributed through international news outlets for investor’s
reference, helping them make informed investment decision on Mongolian related assets.
The objective of this event is to allow institutional investors to learn more about the latest
developments and lucrative investment opportunities in the Mongolian business environment from
key direct sources. At the same time, our conference is also structured to provide a channel for
Mongolian corporations to explore various raising capital options offered by foreign counterparts.

37. P R E S E N T A T I O N M A T E R I A L
Information in this presentation does not constitute invitation or application or investment advice or service provision
for sale and purchase of any stock, future, option or other financial product by Frontier Securities and its related
company. This presentation is not the recommendation to make a specific trade and guarantee for a specific product
whether it is appropriate or adequate for buyers. Also, although this presentation is prepared from the various
information sources we deem reliable, we shall not guarantee their accuracies and rightness. Moreover, past
performances do not suggest or guarantee for the future results. Thus, the Company shall not take responsibility for
the loss out of the decision based on its content. When making a contract on trades using the information in this
presentation, please consult with your business advisor, lawyer, tax & accounting advisor about investment product
prices, compatibility, value or other items beforehand. Information and services in this presentation and its provision or
usage shall not contradict to the applied laws and work guidelines or regulations of self regulating organization or shall
not be provided in the legal frame which does not admit such information and its provision; in the legal frame natural
person or legal body shall not use those information and service. Some of the products and services in this
presentation may not be applied for all the legal frames or not all customers may not use. Also, the Company may
change or delete information or others items in this presentation without previous notice.
Contact:
Frontier Securities
Email: STAFF@frontier.mn
Tel: +976-70119999
Address: #705, Blue Sky Tower
Peace Avenue 17, 1stkhoroo
Sukhbaatarl District,
Ulaanbaatar, Mongolia
Securities
Disclaimer