private & confidential. 1 speaker introduction private & confidential speaker lee cashell,...

Private & Confidential


1SpeakerIntroduction


Speaker

Lee Cashell, Founder, Chairman & CEO;

Formerly a private equity fund manager in Hong Kong for JAFCO Investment Asia, Mr. Cashell has held various positions within the investment banking industry in Asia as an economist, financial analyst and corporate finance manager. He founded APIP in 2002.

▪ Hong Kong incorporated company operating within Mongolia’s property, cement and financial services industries

▪ Established in 2002▪ Profitable every year since inception

▪ The leading Mongolian real estate developer▪ Award winning development and construction companies▪ Over 40,000 sqm of completed developments▪ Over 30,000 sqm currently under construction▪ Mongolia’s largest and most valuable land bank

▪ Additional strategic businesses▪ Largest real estate agency in Mongolia▪ Only cement producing facility in the nation’s capital▪ A leading SME finance company and equities brokerage

▪ World class management and governance structure▪ Simple, transparent capital structure ▪ lFRS compliant and audited by a big 4 firm▪ Majority owned and operated by founding partners▪ Near term plans to list on an international exchange

APIP is Ideally positioned to benefit from the high growth generated by Mongolia’s mining boom


2MongoliaOverview


Overview

• Mining Industry accounts (Oxford Business Group) ▪ 22% of GDP Output▪ 85% of FDI▪ 94% of Export Value

• Coal production estimated to reach 121 million metric tons by 2020 (Earnst & Young)

• Mongolia owns the world’s 12th largest copper deposits (Earnst & Young)

• Mining is estimated to account for 10.3% of GDP Growth Rate Expected in 2014 (World Bank)

Capital: UlaanbaatarPopulation: 1.3 Million


Snapshot

Investment Positives 2013/14 Developments

• Stable democracy

• Strong macroeconomic fundamentals

• Large natural resource reserves

• Large FDI inflow

• No cross border capital control

• Low tax environment

• Repealed unattractive foreign investment law

• Scrapped controversial mineral law

• Implemented investment friendly law

• Oyu Tolgoi dispute working towards a resolution

• New securities law in place


2007 2008 2009 2010 2011 2012 2013* 2014P*0

1

2

3

4

5

FDI (USD bn)

FDI (USD bn)

Oyu TolgoiMine Project

InvestmentLaw Changes

2012 Strategic Entities Foreign Investment Law (SEFIL)::▪ Potentially restrict foreign capital’s access to strategic

sectors, including natural resources industry▪ Acquiring majority stake in those strategic sectors now

need both government and parliamentary approvals.

2013 New Investment Law replaced 2012’s SEFIL:▪ Foreign state-owned business entities are required to

go through government approval only

In 2009, Oyu Tolgoi Investment Agreement(OTIA) was made between Rio Tinto PLC and the Mongolian Government; 5% Mining Royalty was imposed on revenue

In 2011, Mongolian parliamentary members demanded a full renegotiation of the OTIA; the royalty demand was increased from 5% to 20%

In 2013, instead of full renegotiation, the Mongolian government demanded changes in 22 points of dispute concerning financial matters

Regulations and FDI

Source: World Bank


Comparisons

* 10% for Resident Companies and 40% for Non-resident Companies* Myanmar Statistics are from PrincewaterhouseCoopers

GDP Growth Rate Forecast 2014°

GDP Growth Average 2004-

2012°

Doing Business

Index 2013°

Corruption Perception Index

2013* FDI % of GDP

2012° Tax regime† Sovereign Ratings

% % The Lower the Better % VAT % Capital Gains Tax % Moody’s

Mongolia 10.3 8.9 76 83 43.3 10 0 B1

China 7.2 10.5 96 80 3.1 17 25 Aa3

India 5.5 7.8 134 94 1.3 12.5-15 20 Baa3

Indonesia 7.7 5.8 120 114 3.1 10 20 Baa3

Myanmar 6.9 N/A 182 157 N/A 1.5-20 40 * N/A

Philippines 6.6 5.2 108 94 1.1 0-12 10-Jun Baa3

Vietnam 5.4 6.5 99 116 5.4 10-May 22 B1

° World Bank* Transparency International† Ernst & Young


Fundamentals

• GDP per capita doubled between 2005 and 2012, and it is expected to double again over the next five years – the fastest growth rate in Asia

• Much of this growth has been powered by the huge copper/gold project at Oyu Tolgoi, owned by Rio Tinto and the Government of Mongolia

• Huge FDI inflows began to cool in 2012 with the introduction of a controversial foreign investment law

• In October 2013, Parliament passed a new investment law much more open to foreign investment

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120

2000

4000

6000

8000

10000

12000

GDP Per Capita (PPP)

Mongolia China India Indonesia Philippines Vietnam

Sources: World Bank

Source: World Bank

2008 2009 2010 2011 2012 2013

-5

0

5

10

15

20

GDP Per Capita Growth Rate (%)

Mongolia China India Indonesia Philippines

Vietnam


3MongolianReal EstateMarket


• 0% capital gains tax

• 2% stamp duty

• 10% income tax

• No capital controls

Tax

Legal and Tax Regulations

• Foreigners enjoy same property rights as nationals

• “Floating Freehold” Title

Mongolia China Kazakhstan Hong Kong Russia

Income Tax Flat tax at 10%Variable tax from 3% to

45%

10% tax on employment

income, 15% on capital gains,

20% on ‘other income’

Variable tax from 2% to 17%

Flat tax at 30%

Corporate Income Tax

Variable tax ranging from 10% to 25% if

incorporated in Mongolia, 20%

otherwise

Flat rate of 25%

Flat rate of 20%

Flat rate of 16.5% (15% for

unincorporated businesses)

Flat rate of 20%

Property Ownership Tax

Variable between 0.6% and 1.0% None

Variable between 1%

and 1.5%

Standard rate of 15% of net assessable

property value as determined by

rent, minus 20%, maintenance

allowance

Up to 1.5% depending

on cadastral

value

Value Added Tax 10% 17% 12% None 18%

International Comparison

Legal


• Rise in real estate market value

• Strong demand with supply side constraints

• Large increase in average disposable income

• Subsidized government mortgage policy

Market Performance

2005 2006 2007 2008 2009 2010 2011 2012 20130

500

1,000

1,500

2,000

2,500

3,000Average Price (USD/sqm)

Average Residential Sales Prices Average Retail Sales Prices

Mon House

Park View

Temple View

Residency Residence

Asia Pacific Investment Partners

• Continued FDI inflow from the mining boom

• More than 53% of Ulaanbaatar’s citizens (approx. 750,000 people) live in the ‘ger’ districts

• Ulaanbaatar is expected to witness significant immigration from the 50% of Mongolians that live outside of the city

Rising Demand...

… Causing Prices to Increase


2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

1

2

3

4

5

050100150200250300350400450

FDI vs. Construction in UB

FDI Construction

FDI (

US$

bln

)

UB

Cons

truc

tion

(US$

mil)

Sources: National Statistics Office of Mongolia; World Bank

• Consistent GDP growth since 2001

• Continuous construction despite setback in economy

• Bright future investor prospects with positive growth and increasing property prices

• Increase in construction despite slowing foreign direct investment (FDI)

• Construction serving real estate demand with increased immigration into Ulaanbaatar

• Predicted rise in FDI with newly passed investment law in Q4 2013

2005 2006 2007 2008 2009 2010 2011 2012 2013-2

3

8

13

18

23

0

2

4

6

8

10

12

14

16

18

20

GDP Growth vs. UB Property Price

GDP Growth UB PropertyG

DP

Gro

wth

%

UB

Prop

erty

$U

S/sq

m

Sources: Mongolian Properties; Invest Mongolia

Domestic Growth and Foreign Investment

Domestic Growth

Foreign Investment


0%

3%

6%

9%

12%

15%

13.6

%

13.0

%

10.5

%

7.9%

7.0%

6.7%

6.7%

6.3%

6.3%

6.3%

6.1%

5.7%

5.3%

5.0%

4.9%

4.8%

4.5%

4.0%

3.3%

2.8%

Prime Rental Yield Ranking, Q1 2013

Hong Kong

Singapore

Shanghai

Mumbai

Delhi

Beijing

Guangzhou

Bangkok

Ho Chi Minh ...

Kuala Lumpur

The Village @

...0%

2%

4%

6%

8%

10%

12%

14%

16%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000Luxury Residential Price & Yield Ranking, Q1 2013 Title

Luxury residential price US$/sqm Yield

International Comparison

Ulaanbaa

tar

Ulaanbaa

tar

• Mongolia outperforms all other developed and emerging economies in terms of rental yield

• Average rental yields exceed 12% per annum

• Liquid rental market and undersupply means yields will remain high

Yield

• Prices per square meter are lower than in many other developed and emerging economies

• Prime property prices start at around US$2600

• Bright future investor prospects with positive growth and increasing property prices

Price


4CommercialReal Estate


Commercial Real Estate Overview

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

100

200

300

400

500

600

700

Average Monthly Income (USD)

Average Senior ManagersProfessionals Service Workers

Source: Mongolian National Statistics Office

Colliers, APIP

• Rise in purchasing power

• Arrival of more luxury retailers in Ulaanbaatar

• Growing retail occupancy rate, especially for high end brands such as Louis Vuitton

• Undervalued even compared to other frontier and emerging markets

• High retail space rental yields in prime locations

• Expected increase in asset value appreciation

Downtown Ulaanbaatar Jakarta Downtown Hanoi0

20

40

60

80

100

120Average Monthly Retail Rental

Cost

/sqm

(US$

)

Domestic Growth

Undervalued Retail Space


APIP Survey

• More than 40 international brands have opened up exclusive franchises or wholly owned outlets in Ulaanbaatar to date, the majority in the past three years

• Strong mid-range brand performance suggests that Mongolian consumption patterns may be distinct from those in other rapidly growing Asian markets, including China

Year Retail Brands Arriving in Mongolia New Retail Space Occupied m22009 Louis Vuitton, Ermenegildo Zegna 500

2010Burberry, Emporio Armani, Marie Marie, Mont

Blanc, Tommy Hilfiger, Pianegonda, United Colors of Benetton, L’Occitane, Victorinox,

Hugo Boss1,260

2011 Tag Heuer, Guess, Ulysses Nardin 232

2012 Bang and Olufsen, Timberland, Hublot 240

2013Mango, UGG, Versace, Pal Zileri, Vertu, KFC, Cinnabon, Round Table Pizza, Coffee Bean &

Tea Leaf 1,140

2014 Petit Bateau, Frey Wille, Coccinelle, Zara, Daminai, Vertu, Karen Miller N/A


Leasing comparable data

Comparable data

▪ The retail landscape in Ulaanbaatar is both underdeveloped and fragmented

▪ The main tenants by property are as follows:▪ Central Tower – Louis Vuitton, Burberry, L’Occitane, Hugo Boss▪ Blue Sky Hotel – Various small operators in an arcade format▪ Naran Mall – Esprit, Adidas, Swarovski, Tag Heuer, CK,

Timberland

• The vast majority of retail stock is single floor, soviet-style shop fronts along the side of the road ▪ There are relatively few international grade spaces in the city ▪ Comparative data is limited and none of the global brokers

maintain a permanent presence in Mongolia


Commercial Real Estate Case Study

• Project completion: Summer 2014

• Total plot size: 10,000 sqm

• Total GFA: 10,000 sqm

• Commercial Units: 8,000 sqmretail units, coffee shops,wine shops, bakeryrestaurants, Brauhaus PubOffice Space, wedding hall

• Residential units: 2,000 sqm8 luxury penthouses

• Residential: $2600

• Commercial: $2600

The Village @ Nukht

Average Price (USD/sqm)


Investment Opportunity: Village @ Nukht

• $2600

• 125sqm property will cost US$325,000

Average Price (USD/sqm)

Units Available

• Total of 28 units available

• 16 available units on the 1st floor

12% Guaranteed Rental Yield for Two Years


5ResidentialReal Estate


• Existing Demand Surpasses Market Supply

▪ Quality Residential Space per capita is less than 10 sqm per person

• Large Increase in Demand is Expected

▪ 50% of Mongolians (1.5 Million) live outside Ulaanbaatar

▪ Over 53% of Ulaanbaatar Citizens (750,000) still live in pre-modern housing

• Macroeconomic Growth will Drive Rise in Demand

▪ Rise in real wages along with economic growth

▪ Emergence of upper middle class fuels demand for luxury housing

“Increased Market Appetite for High-end Housing”

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20180

500

1,000

1,500

2,000

2,500

3,000

Ulaanbaatar Average Residential Sales Prices (USD per sqm)

Historical Price and APIP Forecast Price Confidence Interval (Upper Bound)

Confidence Interval (Lower Bound)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201805

1015202530354045

Ulaanbaatar Average Residential Rental Prices(USD per sqm)

Historical Price and APIP Forecast Price Confidence Interval (Upper Bound)

Confidence Interval (Lower Bound)

Overview


APIP’s Current Projects Within Central Ulaanbaatar:1. Olympic Residence2. Park Place Residence3. Oasis Residence

APIP’s Completed Projects:4. Mon House Residence5. Park View Residence6. Temple View Residence7. Regency Residence

1

2

7

6

5

3

4

Residential Real Estate Case Study


• Conveniently located near the State Circus, the Mon House features a lift, 24 hour security, and views of the southern mountain range

• 11 floors of residential apartment space with heated parking garage large enough to accommodate over 56 vehicles

• Children’s playground as well as close access to restaurants and cafes

• High quality construction – built to withstand a magnitude 8 earthquake

• 45% rental yield per annum

• 400% asset value appreciation since completion

The Mon House

Mon House: 2005 45% Rental Yield 400% Appreciation


• Park View Residence features 31 luxurious, fully furnished rental apartments in the heart of Ulaanbaatar

• Spread across 7 floors of residential space

• Close proximity to Chinggis Khan square and many restaurants and cafes

• Three floors of mixed-use commercial space, including office space on the first floor


• 400% asset value appreciation since completion

Park View

Park View: 2007 35% Rental Yield 400% Appreciation


• Units in this building have 2-3 bedrooms, 2 bathrooms, and an open plan kitchen

• Average unit size is 130 sqm

• Complex features 24 hour security, large windows, and cable/internet access

• Centrally located just South of Chinggis Khan Square, overlooking the monastery


• 100% asset value appreciation

Temple View

Temple View: 2009 18% Rental Yield 100% Appreciation


• Houses 97 luxury apartments and penthouses spread across thirteen floors

• Three large office spaces on the second floor as well as restaurant and cafes on the first

• Conveniently located near the Blue Sky Tower, Central Tower, and Mongolia’s most high class retail spaces

• Only ten minutes from the train station and 20 from the national airport


• 300% capital appreciation since completion

The Regency Residence

Regency Residence: 2010 24% Rental Yield 300% Appreciation


• Raised US$15 million in April 2013 on a pre-money valuation of US$140 million

• Successful Completion of US$12.6 million capital raising on June 3, 2014

• The Village @ Nukht and the Olympic Residence are on track to be completed by summer 2014 and 2015, respectively

Net Income Growth

Company Growth

Company Growth


IMPORTANT INFORMATION

THIS PRESENTATION HAS BEEN PREPARED AND DISTRIBUTED BY ASIA PACIFIC INVESTMENT PARTNERS LIMITED (“APIP”) FOR GENERAL INFORMATION PURPOSES ONLY. NEITHER THIS PRESENTATION NOR THE INFORMATION CONTAINED HEREIN SHALL CONSTITUTE OR BE CONSTRUED AS AN OFFER OR SOLICITATION OF AN OFFER OR AN INVITATION TO SUBSCRIBE FOR TO BUY OR TO SELL ANY SECURITIES OR OTHER FINANCIAL INSTRUMENTS OR AS A PROSPECTUS, INFORMATION MEMORANDUM, ADVERTISEMENT OR FINANCIAL PROMOTION IN ANY JURISDICTION. THIS PRESENTATION SHALL NOT FORM THE BASIS FOR ANY INVESTMENT DECISION NOR SHALL IT BE CONSTRUED AS ANY REPRESENTATION, UNDERTAKING OR RECOMMENDATION BY APIP OR BY ANY OF ITS PROFESSIONAL ADVISERS, DIRECTORS, OFFICERS OR AGENTS.

APIP DOES NOT REPRESENT OR WARRANT THAT THE INFORMATION CONTAINED IN THIS PRESENTATION IS COMPREHENSIVE, COMPLETE, CURRENT, VERIFIED OR ACCURATE AND ACCEPTS NO LIABILITY IN ANY JURISDICTION FOR LOSSES OR DAMAGES OF ANY KIND (WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR OTHERWISE) ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS PRESENTATION OR FROM ANY ACTIONS OR OMISSIONS IN RELIANCE ON THE INFORMATION CONTAINED HEREIN.

THIS PRESENTATION IS INTENDED FOR LIMITED CONFIDENTIAL DISTRIBUTION TO CERTAIN PROFESSIONAL, SOPHISTICATED, ACCREDITED AND/OR QUALIFIED INVESTORS, AS DEFINED IN THE JURISDICTIONS RELEVANT TO SUCH INVESTORS AND IN SUCH CIRCUMSTANCES AS MAY BE PERMITTED BY APPLICABLE LAW AND REGULATION IN EACH SUCH JURISDICTION. ANY RECIPIENT INTO WHOSE POSSESSION THIS PRESENTATION MAY COME MUST INFORM ITSELF ABOUT AND OBSERVE ANY RESTRICTIONS OF APPLICABLE LAW AND REGULATION. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING LIMITATION:

HONG KONG: THIS PRESENTATION HAS NOT BEEN DELIVERED FOR REGISTRATION TO THE REGISTRAR OF COMPANIES IN HONG KONG, ITS CONTENTS HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG, NOR HAS THE COMPANY BEEN AUTHORIZED BY THE HONG KONG SECURITIES AND FUTURES COMMISSION. ACCORDINGLY, THE PRESENTATION MAY NOT BE ISSUED, CIRCULATED OR DISTRIBUTED IN HONG KONG OTHER THAN (1) IN CIRCUMSTANCES WHICH DO NOT CONSTITUTE IT AS A “PROSPECTUS” AS DEFINED IN THE COMPANIES ORDINANCE (CAP.32 OF THE LAWS OF HONG KONG) AND WHICH DO NOT CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THAT ORDINANCE, OR (2) TO PROFESSIONAL INVESTORS AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP.571 OF THE LAWS OF HONG KONG) AND THE SECURITIES AND FUTURES (PROFESSIONAL INVESTOR) RULES (CAP. 571D OF THE LAWS OF HONG KONG) MADE THEREUNDER.

U.S.A.: THE SECURITIES REFERRED TO IN THIS PRESENTATION HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND ACCORDINGLY MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS. APIP DOES NOT INTEND TO REGISTER THE OFFER AND SALE OF SUCH SECURITIES IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING IN THE UNITED STATES. THIS PRESENTATION MAY NOT BE DISTRIBUTED (A) TO “U.S. PERSONS” WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (B) TO PERSONS WHO ARE NOT “ACCREDITED INVESTORS” WITHIN THE MEANING OF REGULATION D OF THE SECURITIES ACT.

EEA & UNITED KINGDOM: IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE, THIS PRESENTATION IS ONLY ADDRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE. IN THE UNITED KINGDOM, THIS PRESENTATION IS ONLY BEING DISTRIBUTED TO AND IS ONLY DIRECTED AT PERSONS THAT ARE (A) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER") OR (B) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM THIS PRESENTATION MAY LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS PRESENTATION MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS.

APIP IS INCORPORATED IN HONG KONG AS A HOLDING COMPANY OF THE APIP GROUP OF COMPANIES INCORPORATED IN DIFFERENT JURISDICTIONS. IN VIEW OF THE NUMBER OF DIFFERENT JURISDICTIONS, THE LAWS OF WHICH MAY BE APPLICABLE TO PROSPECTIVE INVESTORS IN APIP, NO ATTEMPT IS MADE IN THIS PRESENTATION TO SUMMARIZE THE POSSIBLE LOCAL TAX CONSEQUENCES OF ANY ACQUISITION, HOLDING OR DISPOSAL OF ANY SECURITIES ISSUED BY APIP. PROSPECTIVE INVESTORS MUST CONSULT THEIR OWN PROFESSIONAL ADVISERS ON THE POSSIBLE TAX, EXCHANGE CONTROL OR OTHER CONSEQUENCES OF BUYING, HOLDING OR SELLING ANY SECURITIES ISSUED BY APIP OR ANY APIP GROUP COMPANIES UNDER APPLICABLE LAWS AND REGULATION.

THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS WITH RESPECT TO FUTURE RESULTS, PERFORMANCE AND EVENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE STATEMENTS THAT COULD BE CONSIDERED FORWARD-LOOKING STATEMENTS, AND SOME MAY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "ANTICIPATE," "BELIEVE," "ESTIMATE," "EXPECT," "INTEND," "MAY," "PLAN," "PROJECT," "SHOULD" OR SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE RESULTS, PERFORMANCE OR EVENTS, AND MANY FACTORS COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE THAT MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS, INCLUDING, AMONG OTHERS, CHANGES IN GENERAL ECONOMIC, POLITICAL AND BUSINESS CONDITIONS, CHANGES IN INVESTMENT CLIMATE, CHANGES IN CURRENCY EXCHANGE RATES AND INTEREST RATES, CHANGES IN BUSINESS STRATEGY AND VARIOUS OTHER FACTORS THAT MAY OR MAY NOT BE REFERRED TO IN THIS PRESENTATION. RECIPIENTS MUST NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. APIP UNDERTAKES NO OBLIGATION, TO UPDATE OR REVISE THIS PRESENTATION, WHETHER AS A RESULT OF NEW INFORMATION, SUBSEQUENT EVENTS, ANTICIPATED OR UNANTICIPATED CIRCUMSTANCES OR OTHERWISE.

THE INFORMATION CONTAINED HEREIN MAY NOT BE REPRODUCED, REDISTRIBUTED OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN PERMISSION OF APIP IN EACH INSTANCE.

COPYRIGHT © 2013 ASIA PACIFIC INVESTMENT PARTNERS LIMITED. ALL RIGHTS RESERVED.

Disclaimer


United Kingdom

Asia Pacific Investment Partners47 Charles StreetMayfair, LondonW1J 5EL

Mongolia

Asia Pacific Investment PartnersRegency Residence16 Olympic Street Ulaanbaatar, Mongolia

www.apip.com www.invest-mongolia.comhttp://www.mongolia-properties.com/E-mail: [email protected]

Hong Kong

Asia Pacific Investment PartnersUnit 301, 3/F Winsome House,73 Wyndham Street, Central, Hong Kong

Contact Information

Lee M. Cashell,Chief Executive [email protected]

Gema Gerelsaikhan Sales & Marketing Manager+852 2805 7796 [email protected]

private & confidential. 1 speaker introduction private & confidential speaker lee cashell,...

Documents

private confidential

new investment law

project investment law

world bank slide

place slide

mongolia overview slide

investment banking industry

jafco investment asia