May 2015

Table of Contents Disclaimer Golomt Bank Mongolia Economic & Industry Overview Investment Projects 1

Disclaimer 2 This document has been prepared by Golomt Bank LLC (“Golomt Bank”) in connection with the proposed projects. It is for informational purposes only and all information, structures, suggestions and numbers used in this document are indicative at this stage. This document is confidential and solely for the use of addressee in connection with the Project. This document and all the subsequent information delivered to the Recipients is delivered purely for the purposes of information and may not be stored, distributed, reproduced, or used for any purpose other than the evaluation of the Proposed Transaction.

Table of Contents Disclaimer Golomt Bank Mongolia Economic & Industry Overview Investment Projects 3

Mongolian Economy 4 GDP growth rate vs. East Asian average Source: Bank of Mongolia

Mongolia Economy (Cont’d) Source: Bank of Mongolia Mongolia’s Real GDP breakdown CAGR 9.0% Current USD billions OtherNet taxes on products Real estateTrade ManufacturingMining AgricultureIMF forecast 5

Table of Contents Disclaimer Golomt Bank Mongolia Economic & Industry Overview Investment Projects 6

Market Position TOP 6 Mongolian Banks Source: Bank of Mongolia 2012 Banking Sector Market Share Total assets, 2014 (MNT billions) 7 A unique opportunity in a truly emerging market

Key Financials Diversified Loan Growth (MNT bln) Loans by Industry Deposit by Market Segment and Account Type 1,185, , , ,271 RetailCorporateGovernmentOther Time depositDemand deposit Current account 8 USD 11.9BUSD 2.1B Asset Split (2014)

International outreach Agriculture bank of China Bank of China Baoshang Bank China Construction bank Industrial and Commercial Bank of China China Citic Bank Bank of Inner Mongolia-China China Minsheng Bank Mizuho Bank Ltd Sumitomo Mitsui Banking Corporation Bank of Tokyo Mitsubishi UFJ, Ltd Australia and New Zealand Banking Group Limited Canadian Imperial bank of Commerce Commerz Bank AG, FF/AM Main Deutsche Bank AG BHF-Bank AG, Frankfurt am Main KazKommerts Bank Korea Exchange Bank Shinhan Bank, Seoul Kookmin Bank, Seoul Hana Bank, Seoul Bank of China (Hong Kong) Limited Land Bank of Taiwan Taiwan EXIM Bank Sber Bank, Russia Baikalsky Office Sber Bank, Russia, Moscow head office JSC Bank of Foreign Trade Russian Agricultural Bank United Overseas Bank Limited DBS Bank Barclays Bank PLC Standard Chartered Bank Deutsche Bank Trust Company Americas Marsheq Bank PSC Atlantic Forfaiterungs AG Nordea Bank Finland PLC Banco popolare DI Vicenza SCPA SACE Kuveyt Turk Katilim Bankasi A.S Hungarian EXIM Bank BNP Paribas Asian Development Bank Cooperation with 43 banks, 19 countries mBank, Warsaw Raiffeisen Bank, International AG 9

Golomt Bank ECA Financing 10 EXPORT CREDIT AGENCY Importer Commercial Banks ECA / EXIM Exporter Loan agreement Repayment Loan agreement Disbursement, Risk Coverage Trade contract Most competitive interest rates and fees Medium to long term financing Golomt Bank collaborates with international Export Credit Agencies (ECAs) and provides medium- to long-term import financing loans to local companies. The ECAs finance fixed asset purchases of companies that are interested in import products and services from the EU and OECD member countries. These import subsidizing loans provide the domestic importers with an opportunity to obtain relatively long-term financing under favorable terms while also ensuring that the exporters receive their payments on time.

Export-Import Bank of the ROC 11 Credit Line limit10’000’000 USD Maximum tenor1-5 year General Requirement  Goods/ equipment parts raw materials purchased from Taiwanese exporter or exported from Taiwan −Goods manufactured in Taiwan −Exported through Taiwanese exporter  The loan amount must not exceed 85% of the export contract  Consumer goods up to 1 year, non-consumer goods up to 5 years Golomt bank and Taiwan ExIm has established Credit Line Agreement in 2012.

Table of Contents Disclaimer Golomt Bank Mongolia Economic & Industry Overview Investment Projects 12

Healthcare Sector Growing Economy and Healthcare Spending  The population reached 3.0 million in 2015 (AAGR 1.7% over 10 years).  Healthcare spending per capita continued to grow hand in hand with the GDP per capita at an average rate of 23%.  State-run hospitals with old equipment constitute 39% of the total number of hospitals and 81% of overall bed capacity. Health Issues in Mongolia (as of 2013)  UB is one of the world’s most polluted cities, its harmful dust is 6-7 times higher than the most lenient WHO standards. Air pollution gets much worse during winter when coal is burnt for heating.  4 out of 10 persons got hospitalized for 7 days on average.  766 delivery complications were recorded per 1,000 live births.  Child illnesses constituted 44% of total illness cases.. Source: Ministry of Health, NSO, UNICEF, The World Bank, IMF, NCMCH Health expenditure per capita (US$) Rising Demand for Specialized Private Hospitals 13

Healthcare Project 14 Required investment use of proceed (million $US)Project Financials Assumption WACC 10% EBITDA multiplier 2x Terminal growth 5% Project return Valuation mln USD Project IRR-23% Equity IRR-41% Ratios Average net margin-34% Average EBITDA margin- 65% Min DSCR-1.3 Last year annual revenue 1.3 million USD. Project revenue 4.8 million USD Company size Total asset 9.5 million USD Current debt equity ratio 50: Debt financing 70% Equity financing 30% Debt details: Tenor-10 year Grace period-2 year Interest rate 8%

Real estate sector 15 According to Purchase Prices Survey, property prices in Ulaanbaatar have risen by as much as 30% and rental prices by 20% a year on average for the past 5 years. Ulaanbaatar’s (UB) population accounts for approximately 46% of Mongolia’s population of 3M. By 2020, Mongolia’s population is expected to reach 5M and the UB’s population 2M. Government of Mongolia implemented policies boosting the growth in the real estate sector subsidized mortgage program which provides low interest mortgages to eligible families price stabilization program which provides low cost financing to construction companies Strong sector growth Significant urbanization and demographic changes Government initiatives Real estate price growth

Projects 16 Hospital (w omen & children) Required investment USD 10 Million Diary Market Cancer Hospital Required investment USD 14 Million Issue new 103k shares additionally, 30% of outstanding shares (USD 5.1 million) The company founded in 1997, one of the leading private hospitals in Mongolia with specialized focus on women and children’s health Company established in 1997, expanded business sector in retail, services, construction, real estates and healthcare. Operation are from Japan The company was established in Currently Mongolian one of biggest player in dairy product market.

Projects 17 Real estate (residential) Size ranging from USD 15 Million to USD 20 Million Real estate (business asset) Real estate (office) Size ranging from USD 15 Million to USD 20 Million Size ranging from USD 10 Million to USD 20 Million -Apartments - Luxury houses - Office spaces in prime locations -Warehouses -Entertainment facility -Industrial park

Projects 18 Hotel A Project seeking 13.9m, which 30 % of CAPEX, USD equity investor Food & pastry Printing Offering the controlling share of the company. Required investment million USD. Hotel project with planned 200 guest rooms, conference and event halls. A total of 2’250m2 rental space in Ulaanbaatar city A rated zone. Last year annual revenue was USD1.5 million USD and EBITDA margin was 25%. Total assets are about USD1 million. One of the leading company in the sector seeking potential strategic investment for capacity expansion project.

Contact Golomt Bank Head Office Chinggis Khan Square - 3 Ulaanbaatar A, Mongolia Fax: (ext: 1402, 1378) Website: Thank you for your attention