Amartuvshin Hanibal, Managing Director, Tenger Financial Group LLC, Mongolia

1. Strictly Confidential
Strictly confidential
Financial Gateway to
Mongolia
Amar Hanibal, Managing Director

2. 1
TenGer Financial Group
1. TenGer Financial Group is a portfolio of financial service businesses
spanning microfinance, insurance, consumer and business lending, savings,
advisory, and payment services
2. Given the relatively small size of the economy and financial service sector,
the diversified strategy of TFG provides for a more balanced exposure to the
real economy
3. In growing economy such as Mongolia, the financial sector closely tracks the
economic growth and accompanying income accumulation
4. Attractive risk/return to both fixed income and equity investors

3. 2
Mongolia: bank-centric intermediation
Mongolia has been and will remain dependent on banking intermediation
9.3%
57.2%
55.7%
0%
10%
20%
30%
40%
50%
60%
70%
2009 2010 2011 2012 Q3, 2013
Market cap to GDP ratio Deposit to GDP ratio Loan to GDP ratio

4. 1,620
2,108
1,688
2,267
3,126
3,627
3,881 4,116 4,324 4,427
4,826
5,118
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Growth
3
Source: IMF, WEO, October, 2013
GDP Per Capita (USD)
480 530 610
760 900
1,120
1,400
1,800 1,790 1,900
2,340
3,160
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: World Bank, World Development Indicators, Sep., 2013
GNI per capita, Atlas method
(current USD)
• The economic development is
gradually increasing income and
wealth of the population
• Increasing household incomes
lead to demand for more
sophisticated financial services
• SMEs are growing source of
growth
• Banking role in the system is
increasing

5. 4
FI’s as vehicle for investment in Mongolia
Why FIs:
1. Diversified play on the economy
2. Growth tracks GDP at 2-3 multiple
3. Institutionalized risk management
4. Regulated business
However, the following conditions have to be met in order
to follow this investment strategy:
1. Corporate governance
2. Professional management
3. Financial discipline
4. Balanced shareholding structure

6. 5
Strictly confidential
TenGer Financial Group holdings
100% 100% 100%100%
Selected unaudited financials (Q3 2013 YTD)
Total Assets: MNT 1,631 billion (USD 1.0 billion)
Total Equity: MNT 151 billion (USD 92 million)
51%
The only financial Group in Mongolia that can offer a full financial services package
80%
Commercial
Banking
Leasing
Services
Security
Services
IB and
brokerage
Microcredit
(China)
General
Insurance
FX MNT / USD 1,655.44 as of Sep 30th, 2013

7. 6
Example: Integrated solutions
for SME’s and Corporates
Net Working Capital Inventory PP&E Short Term Debt Long Term Debt Equity
Cash & Treasury
Trade and
commodity
Finance
Corporate Card
Clearing bank
Forex hedging
Casualty
Insurance
Liability Insurance
Equipments
Leasing
Sale & Lease-
back
Physical
Protection
Alarm Security
Working capital
Loan Facility
Revolving Credit
Line
Long term
financing raised
from IFIs
Advisory
(valuation)
IPO
Private Equity
Assets Liabilities & Equity

8. 7
FI’s as vehicle for investment in Mongolia
Why FIs:
1. Diversified play on the economy
2. Growth tracks GDP at 2-3 multiple
3. Institutionalized risk management
4. Regulated business
However, the following conditions have to be met in order
to follow this investment strategy:
1. Corporate governance
2. Professional management
3. Financial discipline
4. Balanced shareholding structure

9. 8
TFG: corporate governance
1. Balanced mix of board directors representing Mongolian, international and
minority investors.
2. Effective board
3. Conservative risk appetite
– Quality of earnings
– Sufficient reserves
4. Solid foundation of risk management
5. Prudent capital structure – CAR 17.7% vs. 15.85% average for systemic
banks.

10. Strong international shareholder base
9
Highest level of Corporate Governance due to reputable global investors
NameEntityOwnership
Mongolyn Alt Corporation (MAK)20.0%
The International Finance
Corporation (IFC)
19.2%
ORIX Corporation15.5%
The European Bank for
Reconstruction and Development
(EBRD)
11.6%
Ronoc10.2%
EIT Capital Management10.1%
Mercy Corps7.6%
Major Shareholders (above 5%)Major Shareholders (above 5%) RatingsRatings
B1 (stable)
B (stable)
SP: 3

11. 10
2.4
6.7
12.9
15.9
18.3
0
4
8
12
16
20
2009 2010 2011 2012 Q3,13
YTD Profit after Tax
MNT B
MNT 18.3B
321
475
834
1,124
1,631
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2009 2010 2011 2012 Q3,13
Assets
MNT 1,631B
MNT B
8.6
18.5
20.9
15.6
17.3
0
3
6
9
12
15
18
21
2009 2010 2011 2012 Q3,13
%
17.3%
ROaE (ordinary shares)
3,594
4,270
6,104
7,057
8,275
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2009 2010 2011 2012 Q3,13
Book Value per share
MNT 8,275
MNT
5.9
11.0
13.1
11.4
13.4
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2009 2010 2011 2012 Q3,13
Profit Margin
13.4%
%
19.3
30.8
51.0
68.8 65.2
0
20
40
60
80
2009 2010 2011 2012 Q3,13
YTD Operating
Income
MNT 65.2B
MNT B
Consistent financial performance
USD 11.1 MM
EUR 8.2 MM
USD 985 MM
EUR 729 MM
USD 5.00
EUR 3.70
USD 39.4 MM
EUR 29.2 MM
Sep.30.2013 BoM MNT/USD rate: 1,655.44
Sep.30.2013 BoM MNT/EUR rate: 2,235.92

12. 11
285
186
163
146
50
100
150
200
250
300
2008 2009 2010 2011 2012 Q3, 2013
Past 5 years
TFG BVPS S&P 500 MSCI Emerging Markets FTSE 100
390
115
81
100
0
100
200
300
400
2007 2008 2009 2010 2011 2012 Q3, 2013
Past 6 years
TFG BVPS S&P 500 MSCI Emerging Markets FTSE 100
Financial returns: TFG vs. Major Indices
As of December 31st for each year
Past 6 yrs. Alpha CAGR
TFG 26.7%
S&P 500 276% 2.4%
MSCI EM 309% -3.5%
FTSE 100 290% 0.0%
Past 5 yrs. Alpha CAGR
TFG 24.7%
S&P 500 99% 14.0%
MSCI EM 122% 10.9%
FTSE 100 139% 8.3%
As of December 31st for each year

13. 12
Conclusion
1. Financial institutions such TFG will continue to play key role in the growth and
development of the economy
2. FIs do provide an attractive entry point to the long-term economic success of
Mongolia, subject to caveats
3. TFG and its subsidiaries are reliable and prudent partner for investors in
Mongolia
4. Offers range of services that any investor may require
5. An investment that will require patience