This presentation by Erdenes Tavan Tolgoi JSC provides an overview of their mining operations and projects. It summarizes that ETT owns licenses over the Tsankhi and West Tsankhi coalfields located in Mongolia's Tavan Tolgoi deposit, one of the largest coking coal deposits globally. It also outlines ETT's current operations including open-pit mining and 3.5Mtpa production at East Tsankhi, as well as plans to develop West Tsankhi through a consortium and expand production at both sites.

1. ERDENES TAVAN TOLGOI JSC
GRAEME HANCOCK
CHIEF OPERATING OFFICER
23 APRIL 2012

2. ERDENES TAVAN TOLGOI JSC // PAGE 1
THIS PRESENTATION INCLUDES CERTAIN ―FORWARD-LOOKING STATEMENTS‖. ALL STATEMENTS,
OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS THAT
INVOLVE RISKS AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO THOSE THAT RELATE TO
COAL RESOURCES AND SALEABLE PRODUCT YIELDS, PRODUCTION PLANS, COSTS OF
PRODUCTION, STRIP RATIOS, CAPITAL EXPENDITURES, COAL PRICES AND MARKETS. THERE CAN
BE NO ASSURANCES THAT THESE STATEMENTS WILL PROVE ACCURATE; AND ACTUAL RESULTS
AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH
STATEMENTS. THE INFORMATION CONTAINED HEREIN REPRESENTS THE COMPANY’S JUDGMENT
AS OF THE DATE HEREOF, BASED ON INFORMATION CURRENTLY AVAILABLE, INCLUDING THE
INFORMATION CONTAINED IN A DRAFT INDEPENDENT TECHNICAL REPORT PREPARED AT THE
REQUEST OF THE COMPANY. THE DRAFT TECHNICAL REPORT AND THE COMPANY’S MINE
DEVELOPMENT PLANS ARE SUBJECT TO CHANGE. THE COMPANY DOES NOT ASSUME ANY
OBLIGATION TO UPDATE ANY STATEMENT. NEITHER THE COMPANY NOR ANY OF ITS PERSONNEL
ACCEPTS OR ASSUMES RESPONSIBILITY, OR HAS ANY LIABILITY, TO ANY PERSON IN RESPECT OF
THIS PRESENTATION. THIS PRESENTATION DOES NOT FORM PART OF AND IS NOT MADE IN
CONNECTON WITH ANY OFFERING OF SECURITIES, AND IT SHOULD NOT BE RELIED UPON IN
CONNECTION WITH ANY CONTACT, INVESTMENT, DECISION OR COMMITMENT WHATSOEVER.
DISCLAIMER

3. ERDENES TAVAN TOLGOI JSC // PAGE 2
Overview Current Corporate Structure
 Erdenes Tavan Tolgoi JSC owns
licences over a majority of the
Tavan Tolgoi coalfield, one of the
largest open pittable coking coal
deposits in the world
 The Company holds 7.4Bt of
Measured, Indicated and Inferred
coal reserves and resources and
1.8Bt of Proven and Probable coal
reserves in accordance with JORC
 The Company commenced
commercial production in July
2011
COMPANY SNAPSHOT
Government of Mongolia
Erdenes MGL LLC
Erdenes Tavan Tolgoi JSC
100%
100%
Anticipated Future Corporate Structure
Government of Mongolia
Erdenes MGL LLC
Erdenes Tavan Tolgoi JSC
51% or more
100%
Mongolian Shareholders Publicly Traded Shares
20% Up to 29%

4. ERDENES TAVAN TOLGOI JSC // PAGE 3
Location
COMPANY SNAPSHOT - LOCATION
 The Tavan Tolgoi coalfield
is located in the central
South Gobi region of
Mongolia
 Approximately 200km
north of the Mongolian-
Chinese border

5. ERDENES TAVAN TOLGOI JSC // PAGE 4
 Tavan Tolgoi deposit consists of 6 sub-fields: Tsankhi, Ukhaa Khudag, Bortolgoi,
Borteeg, Southwest and Eastern coalfields
 ETT owns licences over 5 of the 6 sub-fields (excluding Ukhaa Khudag)
 Tsankhi is the main and best explored of the coalfields owned by ETT and contains
the highest portion of Measured and Indicated coal resources
COALFIELD STRUCTURE
Source: Draft Technical Report
~25km

6. ERDENES TAVAN TOLGOI JSC // PAGE 5
 Tavan Tolgoi deposit consists of 6 sub-fields: Tsankhi, Ukhaa Khudag, Bortolgoi,
Borteeg, Southwest and Eastern coalfields
 ETT owns licences over 5 of the 6 fields (excluding Ukhaa Khudag and Small TT)
 Tsankhi is the main and best explored of the coalfields owned by ETT and contains
the highest portion of Measured and Indicated coal resources
COALFIELD STRUCTURE
Source: Draft Technical Report
~25km
MMC 500Mt 286 Mt
Small TT

7. ERDENES TAVAN TOLGOI JSC // PAGE 6
The current focus of the Group is on the Tsankhi coalfield
1Represents ROM coal Reserves. Reserves for East Tsankhi exclusive of reserves within mining licences owned by third parties
2In-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 licences owned
by third parties
Source: Draft Technical Report
Eastern coalfieldBorteeg
coalfield
Southwest
coalfield
Tavan Tolgoi JSC
(“Small TT”) (third party)
Daitsuki LLC
(third party)
Bortolgoi coalfield
Measured
Indicated
Inferred
287А
11977А
11945А
West Tsankhi coalfield
Reserves1: 888Mt (~59% coking coal)
Resources2: 1,734Mt (~72% coking coal)
East Tsankhi coalfield
Reserves1: 948Mt (~61% coking coal)
Resources2 1,262Mt (~71% coking coal)
JORC RESERVES AND RESOURCES

8. ERDENES TAVAN TOLGOI JSC // PAGE 7
Coal Resources (Mt, inclusive of coal Reserves)
JORC COAL RESERVES AND RESOURCES
Source: Draft Technical Report
Coalfield
Proved
(Mt ROM)
Probable
(Mt ROM)
Total
(Mt ROM)
Marketable
(Mt Product)
East Tsankhi 359 589 948 619
West Tsankhi 482 406 888 610
Total ETT 841 995 1,836 1,229
Coal Reserves (Mt)
Coal Reserves split by coal type (Mt)
Coalfield
Measured
(Mt ROM)
Indicated
(Mt ROM)
Inferred
(Mt ROM)
Total
(Mt ROM)
East Tsankhi 410 726 126 1,262
West Tsankhi 576 706 452 1,734
Others1 - 1,554 2,833 4,387
Total ETT 986 2,986 3,411 7,382
Coal Resources split by coal type (Mt)
1Include Southwest, Borteeg, Eastern and Bortolgoi coalfields

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Tsankhi coking coal specifications Tsankhi coking coal quality benchmarked
against global coking coal projects
COAL QUALITY
Source: Draft Technical Report

10. ERDENES TAVAN TOLGOI JSC // PAGE 9
Overview
EAST TSANKHI – OVERVIEW
 JORC Reserves and Resources statement completed
— Total Reserves 948Mt (>60% coking coal)
— Total reserves and resources 1262Mt
 Commenced pre-stripping and box cut development in August 2010
 Production commenced in July 2011 with total production just under 2Mt to date
 Currently producing at an annualized rate of 3.5Mtpa
 New large equipment to enter into service at the end of this month
 Target 3Mt ROM of raw coking coal in 2012 and gradually increasing capacity to
steady state 20Mtpa ROM by 2017 with potential for further expansion
— Estimated mine life @20Mtpa: 50 years
— Production of high quality unwashed coking coals for export in first two years
while Coal Handling and Preparation Plant (―CHPP‖) is being constructed
— Highly competitive cost with the estimated LOM average mine operating cost:
US$40.70/t of saleable washed coal
Source: Draft Technical Report

11. ERDENES TAVAN TOLGOI JSC // PAGE 10
Contract mining agreement
EAST TSANKHI – OVERVIEW
 Contract mining agreement commenced with Macmahon/Operta Joint Venture
 Structured as an Alliance Contract, with a Base + KPI risk based compensation
scheme
 An initial 5 year term with option to extend for an additional 2 years on meeting KPIs
 Contractor to raise financing for and procure all necessary mining equipment – ETT
to purchase all mining equipment at the end of the contract term at book value
Offtake agreement
 5 Year offtake agreement signed with Chalco
 Exports to China under the agreement commenced in October 2011

12. ERDENES TAVAN TOLGOI JSC // PAGE 11
Open-pit surface mining with a life of ~50 years Total LOM saleable product of 619Mt
EAST TSANKHI – OPERATIONS
 Targeted steady state annual ROM production of ~ 20Mtpa (after ramp-up)
 Estimated LOM average strip ratio at ~ 2.74
 Targeted annual saleable production of ~ 13-15 Mtpa (after ramp-up)
 Estimated LOM average washing yield at ~64%
Source: Draft Technical Report and related mine development plan

13. ERDENES TAVAN TOLGOI JSC // PAGE 12
Chinese Demand for Coking Coal
ETT Cost ranking (CFR Bohai Sea)
EAST TSANKHI – MARKET AND ECONOMICS
Source: Draft Technical Report and related mine development plan
0
20
40
60
80
100
120
140
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Mt
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Landborne
imports
(Clean)
Seaborne
imports
% Mongolian
Supply
0
50
100
150
200
250
300
0 100 200 300 400
Mt
FOBUS$/t
Erdenes TT
Australia
Canada
China
Mozambique
Indonesia
Russia
South Africa
USA
Venezuela
Vietnam
New Zealand
ETT Cost ranking (FOR Mine Gate)
0
20
40
60
80
100
120
0 100 200 300
Mt
FOBUS$/t
Erdenes TT
Australia
Canada
China
Mozambique
Indonesia
Russia
South Africa
USA
Venezuela
Vietnam
New Zealand

14. ERDENES TAVAN TOLGOI JSC // PAGE 13
Overview Recent development
WEST TSANKHI – OVERVIEW
 JORC Reserves and Resources
statement completed
— Total Reserves 888Mt
— Total reserves and resources
1,734Mt
 Feasibility study almost completed
— Supports a steady state 20Mtpa
ROM production rate over a five
year ramp-up period
— Estimated mine life of ~48 years
 We plan to commence mining in May-
June this year
 Currently in negotiations with
leading foreign companies to
develop the West Tsankhi Coalfield
as a consortium
— Interested parties from the US,
China, Russia, Japan and Korea
 Erdenes TT will retain title to the
West Tsankhi mining licences and
the consortium will operate under a
Contract arrangement similar to an
Indonesian style Coal Contract of
Works

15. ERDENES TAVAN TOLGOI JSC // PAGE 14
Road from Tavan Tolgoi to Gashuun Sukhait Border Crossing
INFRASTRUCTURE – KEY ELEMENTS
 The Company has received Cabinet approval to construct a sealed highway parallel
to the Mongolian Mining Corporation (―MMC‖) paved road
 20 Mtpa CHPP will employ ―world-class‖ technologies and processes and is
expected to be one of the largest and most advanced in Asia
East Tsankhi CHPP
Railroad from Tavan Tolgoi to Gashuun Sukhait
 Mongolian Mining Corporation (MMC) has a license to build the rail from Tavan
Tolgoi to the Gashuun Sukhait border crossing. ETT anticipates cooperating in this
development.
Water Supply
 Cabinet approved water use permit for Balgasyn Ulaan Nuur (―BUN‖) ground water
Power Supply
 The company has approval to construct a 300MW power plant to meet its long-term
power requirements

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Mine camp
SELECT PHOTOS

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Mine pit from waste dump
SELECT PHOTOS (CONT’D)

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SELECT PHOTOS (CONT’D)
Seam 4 in Pit wall

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Seam 4 thickness and low stripping ratio
SELECT PHOTOS (CONT’D)

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SELECT PHOTOS (CONT’D)
In pit equipment Stripping operations
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SELECT PHOTOS (CONT’D)
Coal ROM stockpile
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SELECT PHOTOS (CONT’D)
Current waste dump
SELECT PHOTOS (CONT’D)

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SELECT PHOTOS (CONT’D)
Open cut operations
SELECT PHOTOS (CONT’D)

24. ERDENES TAVAN TOLGOI JSC // PAGE 23
Jigjidjav 8, 1st khoroo,
Chingeltei District
Ulaanbaatar, Mongolia
Tel: (976) 7011-8585
Fax: (976) 7011-9595
Erdenes Tavan Tolgoi JSC
THANK YOU FOR YOUR ATTENTION