Mongolia to Diversify Export Markets

Macro Research

• 9M GDP up 10.2% YoY. Growth Slowing but Remains Strong
  18 Oct 2012
• Mongolia Outlook 2012. World's Fastest Growing Economy
  14 Feb 2012
• Mongolian Stock Market: Capitalizing on Frontier Opportunities
  11 Apr 2011

Metals & Mining

• Mongolian Mining Corp. Launches $600m Debut Bond Issue
  23 Mar 2012
• Prophecy Coal Corp. To Complement Obsolete Power Plants in Mongolia
  20 Feb 2012

Company Research

• Aspire Mining Ltd - Initiation Report, Speculative BUY
  3 Feb 2012
• APU - Initiation Report, BUY
  21 Jan 2011
• TAVAN TOLGOI JSC - Initiation Report, BUY
  21 Jan 2011