April 30, 2014

Disclaimer

Forward-looking statements

We have included in this presentation forward-looking statements. All statements that are not historical facts, including

statements about our intentions, beliefs, expectations or predictions for the future, are forward-looking statements.

The reliance on any forward-looking statement involves risks and uncertainties, and although we believe the

assumptions on which the forward-looking statements are based are reasonable, any or all of those assumptions could

prove to be inaccurate and as a result, the forward-looking statements based on those assumptions could also be

incorrect.

We undertake no obligation to publicly update or revise any forward-looking statements contained in this presentation,

whether as a result of new information, future events or otherwise, except as required by applicable laws, rules and

regulations.

In light of these and other risks and uncertainties, the inclusion of forward-looking statements should not be regarded as

representations by us that our plans and objectives will be achieved.

Note: All numbers in this presentation are approximate rounded values for particular items 2

Asia-Pacific region is a main market for steel making material suppliers

Asian five countries account for more than 2/3 of global crude steel production

3

Asia-Pacific coking coal market

71 31

52

8 China

Taiwan

Japan

South

Korea

USA

Canada

Australia

Indonesia

Russia

142

3

18

31

63

Source: www.worldcoal.org

19

Mongolia

Major coking coal exporting countries with

access to Asia-Pacific region in 2012E:

Australia 142 million tonnes

USA 63 million tonnes

Canada 31 million tonnes

Mongolia 19 million tonnes

Russia 18 million tonnes

Indonesia 3 million tonnes

Total 276 million tonnes

Major coking coal importing countries in

Asia-Pacific region in 2012E:

China 71 million tonnes

Japan 52 million tonnes

India 37 million tonnes

South Korea 31 million tonnes

Taiwan 8 million tonnes

Total 199 million tonnes

Stagnating steel sector in North America and

Europe drives key producers to redirect

supplies to Asian market, in particular to

China

37

India

34

47 45

54

75

7% 9% 8% 9%

12%

-

20

40

60

80

2009 2010 2011 2012 2013

0%

5%

10%

15%

20%

China coking coal imports % in China coking coal consumption

477 528

592 598 622

0

200

400

600

800

2009 2010 2011 2012 2013

Chinese coking coal demand

Crude steel production Coke production

Source: World Steel Association, China Coal Resources

(Mt)

4

(Mt)

Coking coal consumption Coking coal imports

(Mt) (Mt)

CAGR 2009-2013 : 7.8%

China’s coking coal imports will likely continue to grow

CAGR 2009-2013 : 6.9% CAGR 2009-2013: 21.6%

CAGR 2009-2013 : 7.6%

577

639

702 717

779

0

200

400

600

800

2009 2010 2011 2012 2013

355 383

421 443

476

0

200

400

600

2009 2010 2011 2012 2013

Others 68.5%

MMC export 31.5%

Source: Bloomberg

2011 : 45Mt

Note: Starting 2012 MMC is exporting washed coal, while all other exporters are selling raw coal.

In 2013, on raw coal basis MMC coal export would be 8.6Mt, which is over 47% of total Mongolian export ; Source: Company data, NSO

MMC export 23%

Others 77%

MMC export 27%

Others 73%

MMC strengthens position as leading Mongolian coal exporter

China’s growing demand for imported coal

Australia 40%

Canada 15%

Mongolia 20%

Russia 11%

USA 8%

Others 6%

Australia 22%

Canada 11%

Mongolia 37%

Russia 9%

USA 9%

Others 12%

Australia 24%

Canada 8%

Mongolia 48%

Russia 9%

USA 10%

Others 1%

2012 : 54 Mt 2013 : 75 Mt

2011 : 21 Mt 2012 : 21 Mt 2013 : 18 Mt

5

Mongolia is an important supplier of coking coal for China

Mongolian coking coal supply to China

Raw coal mining and selling at mine-gate by leaving entire remaining value-chain to Chinese traders

Unsustainable high-cost business model is economical only under high pricing market environment

6

Mongolian coking coal operations - I

Mine TKH

GM

CHPP

Jinquan Baotou Tangshan

End-user

MONGOLIA

CHINA

Raw Coal

(high-grade)

Raw Coal

(low-grade)

Trucking

Trucking Trucking

Mining

Processing

Railing

Mining Trader

Sales

Tru

ckin

g

Gravel road

HIGHGRADING

Washed Coal

Integrating value chain for raw coal mining, blending, processing and transportation in Mongolia

Improving competitive position by integrating entire coking coal manufacturing value-chain

7

Mongolian coking coal operations - II

Mine TKH

GM

CHPP

Tangshan

End-user

MONGOLIA

CHINA

Raw Coal

(high-grade)

Raw Coal

(low-grade)

Trucking Mining

Railing Agents

Blending

Tru

ckin

g

Sales

Paved road

Processing

Washed Coal

Expanding value-chain by establishing strategic joint ventures and cooperation arrangements

Direct access to end-user customers by integrating with Chinese railway network

8

Mongolian coking coal operations - III

Mine TKH

GM

CHPP

Tangshan

End-user

MONGOLIA

CHINA

Raw Coal

(high-grade)

Raw Coal

(low-grade)

Railing Mining

Railing

Blending

Railin

g

Sales

Railway

Processing

Washed Coal

1.6

3.9 5.3

0.4

1.6

2.3

2.5

7.4

10.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2011 2012 2013

Washed coking coal Washed thermal coal ROM coal feed

7.1

9.4 9.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2011 2012 2013

80.8 78.7

65.8

40.0

45.0

50.0

55.0

60.0

65.0

70.0

75.0

80.0

85.0

90.0

2011 2012 2013

ROM coal production Washed coal production

Coal sales

(Mt)

MMC has established itself as the largest coal mining company in Mongolia

9

(Mt)

MMC operational performance

(US$/t)

Total operating cash cost at GM1

1 Net washed HCC delivered cash cost at GM, includes mining, processing, handling, transportation, logistics, site administration, inventory losses, royalties and fees

1.5

3.4 4.3

3.3

2.2 1.4

4.8

5.6 5.7

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2011 2012 2013

Washed HCC Other products

(Mt)

44.8%

11.6% 10.2%

3.5%

13.4%

8.4%

3.3% 3.3% 1.5%

0%

10%

20%

30%

40%

50%

Min

ing

Pro

ce

ssin

g &

Ha

ndlin

g

Tra

nspo

rt -

lo

ng h

aul

Lo

gis

tics

Tra

nspo

rt -

sh

ort

ha

ul

Ro

ya

ltie

s

Cu

sto

ms &

Air

po

llution f

ee

Site

adm

in

Inve

nto

ry lo

sses

MMC operating cash cost structure for washed HCC in 2013 (under DAP GM terms)

Continuous effort of cost management and operational efficiency are critical factors to our sustainable growth

10

1 Mining costs includes contractor fee, plant rate, fuel, blasting and explosives, other mining related costs and stripping activity asset depreciation 2 Logistics costs include logistics (0.6%), road (0.8%) and handling costs (2.1%) 3 The effective royalty rate for HCC was 5.9%

1

2

3

MMC cash cost structure

Product TM, % ar A, % ad VM, % daf TS, % ad CSN G Index Y Index

UHG <8.0% <10.5% <26.5% <0.7% >6 >80 >15

Transportation and logistics infrastructure development is a key driver to enhance market penetration

Cross border railway will potentially bring cost savings on short haul transportation starting from 2015

11

Infrastructure development initiatives

Washed HCC cash cost @ GM in 2013:

65.8 USD per tonne

Cross border transportation logistics cost by

trucks:

8.8 USD per tonne (13.4%)

Cross border railway with targeted

completion by end-2014 is expected to bring

cost savings up to 7-8 USD per tonne

MMC and other Mongolian coal producers

(ETT and TT) established JV to execute

cross border railway project connecting GS

and GM jointly with China Shenhua Group

By integrating with Chinese railway network,

the cost competitiveness of Mongolian coal

sourced from Taval Tolgoi area in the

Chinese market is expected to increase and

enhance the capability for geographical

market penetration of the Company’s

products in China.

UHG mine site aerial view

Thank You

Mongolian Mining Corporation

16F Central Tower

Sukhbaatar District

Ulaanbaatar 14200

Mongolia

www.mmc.mn investor@mmc.mn