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CHAIRMAN’S MESSAGE

OUR MISSION

To be the premier business association in Mongolia dedicated to meeting the critical needs of its members,

namely:

• To get more business such as profits, clients;

• To obtain information critical to their businesses;

• To have a legal and regulatory environment conducive to their businesses.

The Business Council of Mongolia aims to make constructive contributions to enhancing the business environment in Mongolia and works to foster trade and business relations by providing a networking forum for its members. We sponsor, partner and host Mongolia’s leading investment conferences locally and in foreign countries.

BCM works closely with the Government of Mongolia, private sector, embassies, NGOs, special interest groups and business associations. Approximately 370 individuals

from members are volunteers on BCM’s working groups which identify issues and make recommendations for BCM’s advocacy. We have or will make strategic alliances with sectoral organizations for substantial progress in representing and advocating the collective interests of our members.

The BCM stands to help you unfold new potentials and maximize the ensuing benefits for its members and for the Mongolian society. In the years ahead the BCM will continue to be a resourceful depository of information, business exchange and consultation. BCM will remain a prime source for our members to assist with visionary business and investment decisions.

BCM is your, our and members’ organization. Our mandate is to serve your business and investment needs. We always welcome your suggestions and contributions to make the BCM efforts more effective. I take this opportunity to thank our working groups and the staff of BCM for their hard work and dedication.

Chairman, Business Council of Mongolia BYAMBASAIKHAN Bayanjargal

January, 2016

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BOARD OF DIRECTORSIn September of 2007 a group of committed business people in Mongolia met to form the Business Council of Mongolia. Our initial organizing Board of Directors composed of 7 members represented a cross-section of the business and economic mainstays of our economy. This organizing Board has been named as BCM’s Executive Committee, now with 9 members, as the Board of Directors has expanded to a total of 22 current directors.

Byambasaikhan is the CEO of Erdenes Mongol LLC, the nation's largest investment holding company comprise of Erdenes Tavan Tolgoi JSC, Oyu Tolgoi LLC, Erdenet Mining Corporation, Shivee Ovoo JSC, and Baganuur JSC. He also chairs the Business Council of Mongolia representing 250 active entities.In 2013, Byambasaikhan co-founded NovaTerra LLC, an investment, project management and financial advisory firm in UB. Developed and built first wind farm / IPP in Mongolia as CEO of a Mongolian technology investor. Financed energy projects in Central Asia with Asian Development Bank. Currently: Adviser (ex-officio) to the President of Mongolia and the Prime Minister; board member: Oyu Tolgoi LLC, Arts Council of Mongolia; Zorig Foundation USA, chair: Mongolian Economy Magazine advisory board. Honorary Consul of South Africa in Mongolia. Vice-president of the Mongolian Archery Association. Sponsors the Environmental Fellowship Program. Graduate of George Washington University and the National University of Mongolia. Byambasaikhan is an infrastructure project financier and business executive, managed investments for public and private sector clients. Structured power plant, transmission and distribution investment transactions ($4bln) and lead multidisciplinary project teams in emerging Asian markets. Financed power projects and corporate deals through international and bilateral financial institutions, ECAs and carbon funds. Chaired the board of Mongolia’s largest telecom company. Established JVs with GE, SoftBank. Structured financing for a copper processing plant in Mongolia. Appreciates delicate cross-cultural communications in government and business.

Byambasaikhan Bayanjargal, Erdenes Mongol – Chairman

Pete Morrow is a resident of Mongolia and was CEO of Khan Bank from 2000 to 2010. He has been a banker and financial consultant for 40 years, working in the United States and ex-socialist countries. He serves as Vice Chairman of the North America-Mongolia Business Council, Vice Chair of the Arts Council of Mongolia and various other corporate and NGO boards. Pete is the founding Chairman of American University of Mongolia (AUM), which intends to offer a liberal arts based, U.S.-style education in Ulaanbaatar.

J. Peter Morrow, NovaTerra - Founding Chairman

EXECUTIVE COMMITTEE

Randolph was elected as Vice Chairman of the Business Council of Mongolia in October 2013. He is President of Trade and Development Bank of Mongolia. He came to Mongolia in 2004 as part of the management and technical assistance program provided to TDB by ING Bank. Mr. Koppa also serves as a member of the Board of Directors of the Business Council of Mongolia and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).

Randolph Koppa, Trade and Devel-opment Bank - Vice Chairman

Mongolia represents Mr. Koppa’s 12th country in his 43 year international banking career. He is a graduate in International Relations from the University of Wisconsin. Trade and Development Bank is Mongolia’s oldest bank and the leader in corporate lending, trade finance, payments and foreign exchange business in the country. In addition, TDB serves Mongolians with top quality personal banking services including cards, electronic and SMS banking.TDB holds the rare distinction of being voted “Best Bank in Mongolia” two times in a row by “The Banker” and was awarded “Best Bank of the Year”, “Grand Prix in Banking and Financial sector of Mongolia”, “Best Business Entity for its Social Responsibility”, “Best Tax Payer” and many more by different international and local organizations.

Laurenz Melchers is co-founder and Chairman of MSM Group. He was a Mongolia resident from 1997-2014 and now lives in Hamburg, Germany while visiting Ulan Bator frequently. Laurenz was Chairman of BCM from 2010 to 2012. MSM (www.msmgroup.mn) is a Trade and Service company, active in the following fields of business: Mining & Construction Supply, Automotive Retail and Service, Chemicals Formulation and Supply, Agricultural Machinery Sales and Service and Beverage Distribution. MSM is known for quality of Services and Products and is the General Agent in Mongolia for many reputable brands including: Mercedes-Benz, BASF, John Deere, Atlas Copco, Moet Hennessy and others. Laurenz also acts as Mongolia country representative for the Hamburg based German-Asia-Pacific Business Association (OAV).

Laurenz Melchers, MSM Group - Former Chairman

Jargalsaikhan Dugar, Chairman and CEO of the MIH Group, is an established entrepreneur, business leader, and long-standing public servant in the Mongolia Federal Government. He began his career as a researcher with the institute of Geology and Mining in 1983. He later held various positions of authority including Officer of the Ministry of Geology and Mining, head of the Mining Department at Ministry of Heavy Industry, Vice President Finance of the State Owned extraction company Mongol Erdene Holding, Chairman of the Mineral Resources Authority of Mongolia, and Head of the Geology and Mines Department of the Ministry of Trade and Industry. Jargalsaikhan holds a BSc in Mining Economics from the Moscow State University of Economics Statistics and Informatics, specialized training from the Colorado School of Mines and has been awarded an Honorary MBA from the University of Science and Technology of Mongolia. Since entering the private sector Jargalsaikhan has focused on building the MIH Group LLC, of which he is now CEO and Chairman. MIH Group is one of Mongolia’s most successful private enterprises with multi-market activities in established and developing sectors. Among these are Mongolia’s first life insurance provider, first venture capital firm, investment banking and brokerage services, commercial and residential construction, property maintenance services, real estate leasing, food and beverage production, and agricultural manufacturing. The Group now comprises more than 20 subsidiaries and affiliated companies with over 200 employees combined. Mr. Jargalsaikhan is the Chairman of the Young Researchers Foundation at the School of Computer Science and Management of Mongolia, held a four year term as the President of the MNMA, and is the current President of Mongolian Federation of Checkers.

Jargalsaikhan D - MIH Group

EXECUTIVE COMMITTEE (Cont’d.)

Sumati Luvsandendev graduated from Moscow State University in 1979 in applied mathematics. From 1979 to 1994 he worked as a researcher in Mongolian Academy of Sciences. After the collapse of the socialist state institutions he joined the non-government sector. Since 1994 Sumati has headed the Sant Maral Foundation which under his leadership has become one of the prominent research centers in Mongolia. Sumati had participated as a board member in various NGOs activity such as Mongolian Open Society Forum, Transparency International - Mongolia, Art Council of Mongolia and BCM.

Andrew Woodley joined Oyu Tolgoi in October 2014. He is the President and Chief Executive Officer of Oyu Tolgoi. His responsibilities cover all aspects of the Oyu Tolgoi business including safety, strategy, operations and growth initiatives. Andrew has 19 years of experience with Rio Tinto in a range of mining, minerals processing, and smelting leadership and commercial roles. Prior to joining Oyu Tolgoi, he was the Managing Director for Rio Tinto Coal Mozambique and Country Head for Rio Tinto in Mozambique. He has held the role of General Manager Operations at the 7.5mtpa capacity Hail Creek open cut coking coal mine in the Bowen Basin, Queensland, and has served as the Executive Assistant to the Chief Executive and Chairman of Rio Tinto. Prior to joining Rio Tinto, Andrew worked in exploration in Canada, as well as management consulting in mining, and manufacturing in Australia, New Zealand, Malaysia and the USA. He has established and operated three business ventures, and has a Mining Engineering degree from the University of New South Wales, Australia, and an MBA from Wilfrid Laurier University in Canada. Since moving to Mongolia, Andrew has played a full and active role in the Mongolian business community. He posts about his work as President and CEO on Twitter at Twitter.com/CEO_OyuTolgoi.

Andrew Woodley - Oyu Tolgoi

Bayar B - Law Firm of ELC LLP Advocates

Bayar Budragchaa graduated from the University of St. Petersburg of the Ministry of Interior Affairs, Russian Federation with a Bachelor of Law degree (1985) and the School of Law, University of Auckland, New Zealand with a Master of Laws degree (1997). Besides his 12 years of experience in law enforcement organizations he has been working as attorney for 16 years. Mr. Bayar is a member of the Mongolian Bar Association and the International Bar Association.

Sumati Luvsandendev, Sant Maral Foundation - Former Vice Chairman

Bold Magvan was appointed as the Chief Executive Officer of XacBank LLC in July 2014. Bold has been with XacBank and its holding company - TenGer Financial Group- since 2005. Prior to his current appointment, Bold worked as the CEO and an executive director of TenGer Financial Group in 2011-2014, as the CEO of XacBank in 2009-2011 and as the President in 2005-2009. Bold is a senior banking professional with almost 30 years of experience including his engagements with global financial institutions as the World Bank and the International Monetary Fund. From 1996 to 2000, Bold was the Deputy Governor of the Bank of Mongolia

Bold M – Tenger Financial Group, XacBank

(Central Bank). In his prior professional career, he served as chief executive officer of the Mongolian Export-Import Bank, member of the boards of the International Investment Bank and the International Bank for Economic Cooperation in the Russian Federation and advisor for Da Afghanistan Bank (Central Bank), Islamic State of Afghanistan.Bold holds a Master’s Degree in International Affairs with a major in economic policy management from the Columbia University, New York. Bold served as the Vice President of the Mongolian Bankers Association in 2007-2011 and as the President in 2011-2014. Bold currently serves also as the Honorary Consul of the Republic of Iceland in Mongolia.

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Amarzul T - Petro Matad

Achit-Erdene Darambazar has been the President of Mongolia International Capital Corporation (MICC) since 2005, - the first investment bank offering corporate finance, stock underwriting, and brokerage services in the country. Achit-Erdene has been an innovator in the Mongolian financial sector and spearheaded many of the largest and most important recent finance transactions in Mongolia. Achit-Erdene completed a Master’s degree in International Relations from Columbia University and a Bachelor’s degree from Middlebury College. Achit-Erdene is fluent in English and Russian and proficient in Japanese and Korean.

Achit-Erdene D - Mongolia International Capital Corporation

BOARD OF DIRECTORS BOARD OF DIRECTORS (Cont’d.)

Amarzul T is a Mongolian citizen, educated in Singapore. Amarzul worked in the Mongolian Government’s Foreign Investment and Foreign Trade Agency (FIFTA). She then joined the resources sector in Mongolia, holding senior management positions in private sector resource companies. Amarzul is Board member & Executive Director of Petro Matad. Petro Matad Limited is the parent company of a group focused on petroleum exploration as well as future development and production in Mongolia. The Group’s assets consist of Production Sharing Contracts over Matad Block XX (10,340 km2 in eastern Mongolian), and Bogd Block IV and Ongi Block V (total 50,000 km2 in southwestern central part of Mongolia). Petro Matad is the first substantially Mongolian-owned company to list on an international stock exchange.

Bold Baatar assumed accountability for Rio Tinto’s Iron Ore Sales and Marketing in July 2015, in addition to the role of managing director Marine which he has held since May 2014, leading Rio Tinto’s ocean freight business. Bold is also a member of Rio Tinto’s Iron Ore Executive Committee. Previously, Bold was the President of International Operations for the Rio Tinto Copper group based in London. In this role he was accountable for a diverse portfolio of both green field and operating sites including Palabora in South Africa, Northparkes in Australia, nickel project in Indonesia, copper/gold deposit in the USA and coal operations in Mongolia.Before joining Rio Tinto, Bold served as an advisor to the Group on its investments in Oyu Tolgoi, copper and gold mine in Mongolia. He also held senior leadership positions with a gold mining company and a diversified investment management business in Mongolia. Prior to that he has

Bold B - Rio Tinto

worked in New York, London and Moscow for JPMorgan as an investment banker for over 11 years involved in leveraged buyouts, mergers and acquisitions and IPOs. Bold graduated from Mongolian Technical University with a Bachelor of Industrial Engineering and also holds an MBA degree from the University of Bridgeport, USA.

Betina Moreira Infante has worked in marketing communications, public affairs and public relations in the Americas, Europe and Asia for over 25 years. Working with private, public and non-governmental institutions, Betina has conceived and implemented communications strategies that have influenced opinions, changed behavior and built brand value. In 2008, Betina launched Breakthrough Public Relations (now Breakthrough Communications), a specialized PR and marketing communications agency, and the first international agency in Mongolia. In the early years, Breakthrough’s client list was comprised exclusively of mining and energy clients that needed strategic communications and stakeholder engagement. In 2011, Breakthrough signed a strategic alliance with Ogilvy expanding Breakthrough’s offerings, network and ability to service clients worldwide. Betina leads a team of local and international professionals

Betina Moreira Infante - Break-through Communi-cations

Ganzorig was recently appointed as the first President of Golomt Bank and he also continues as Chairman of the Mandal Daatgal LLC, which is owned by Golomt and UMC. Mandal is the largest insurer in Mongolia in terms of equity and 3rd largest insurance company in terms of assets. Mandal Daatgal LLC is introducing innovative risk management products through a multi-national experienced team. He has previously been a senior banker and advisor to large banks in Mongolia. Mr. Ganzorig has a postgraduate degree in Financial Management from Maaschricht School of Business in Netherlands, and BBA in accounting from ICB in Mongolia. He holds an ACI Dealing certificate. Ganzorig is an independent Director of the Mongolian Stock Exchange.

Ganzorig U - Mandal Daatgal, Golomt Bank

Daniel has worked and resided in Mongolia since 1997 as a partner in the law firm of MahoneyLiotta. Mr. Mahoney received his Bachelor of Science in Management degree, with high honors, from Tulane University of Louisiana, where he was a member of the Tulane Scholars and Honors Program and Beta Gamma Sigma honorary business fraternity. He then received his Juris Doctor degree, with high honors, from George Washington University in Washington DC. MahoneyLiotta advises and assists clients in structuring business transactions and relationships and in accessing the capital markets to obtain financing for ventures and projects in Mongolia.

Daniel Mahoney – MahoneyLiotta

who provide 360° communications services to clients in key growth sectors. The services range from community and stakeholder engagement, brand and reputation management to marketing communications, creative content development, media relations, and social media management. Prior to launching Breakthrough, Betina helped pioneer the U.S. Agency for International Development’s development outreach and communications functions, institutionalizing communications as an integral component of the U.S. foreign development assistance program at USAID. She established the first full-functioning Development Outreach & Communications Office in Serbia & Montenegro that served as an agency-wide model. In Indonesia, she developed an award-winning campaign for USAID that changed the way tsunami-affected populations and the general public viewed the U.S., turning predominantly negative sentiments around. While at USAID she provided technical assistance and communications training to USAID missions across Southeastern Europe, Russia, and South Asia.

Harris Kupperman is the founder of Praetorian Capital, a hedge fund focused on using long-term macro-trends to guide stock selection. Mr. Kupperman is also the Chairman and CEO of Mongolia Growth Group (YAK: Canada and MNGGF: USA), a publicly traded company focused on gaining leverage from the rapid growth of the Mongolian economy. In addition, Mr. Kupperman is the chief adventurer at AdventuresInCapitalism.com

Harris Kupperman- Mongolia Growth Group

Hulan is Executive Vice President, Tavan Bogd Group of Companies which she co-founded with her husband, Ts. Baatarsaikhan. Formerly she was Vice President, Trade and Development Bank, and Sales Manager of the representative company of Gobi Cashmere in Tokyo, Japan. Hulan obtained her Bachelor’s degree in International Economics at Moscow Finance University and an MBA at Mongolian National University. Currently Hulan is also member of the Board of Directors of Khan Bank and Gobi Corporation, where Tavan Bogd Group has shareholding stakes. She serves as Honorary Consul of Luxembourg to Mongolia.Tavan Bogd Group is a diversified enterprise with interests in manufacturing; trade & services; consumer goods; travel & tourism. Most recently Tavan Bogd became a sales agent of Toyota Corporation and a franchisee of KFC and Pizza Hut brands in Mongolia.

Hulan D - Tavan Bogd Group

Mark Bailey is the Executive Director of Thiess Mongolia (former Leighton LLC). He holds an Engineering degree (civil) and has more than 30 years of experience in the mining industry of which the past 27 years have been with the Leighton Group. Mark has spent 11 years in Kalgoorlie, Western Australia before taking on the role of Operations Manager and Mining Manager in Perth and as the Regional Manager – Mining, was instrumental in building a mining business for Leighton Asia Limited while based in Hong Kong. He has extensive experience at the operational, technical and corporate levels of the contract mining industry. Over the years, he has successfully delivered the safety, environmental, productivity and commercial objectives for over 25 significant mining projects covering gold, nickel, iron ore and coal. He has been the driving

Mark Bailey – Thiess Mongolia

Benoit Ribesse - ENGIE Mongolia

Benoit Ribesse has 21 years of managerial and technical experience in the fields of power generation and water treatment processes. Since 2014 Benoit is in charge of the Representative office of ENGIE (the new name of GDF SUEZ) in Ulaanbaatar and is leading the Business Development activities in the energy sector of Mongolia. He is Managing Director of CHP5 LLC, a project vehicle incorporated by GDF SUEZ, Sojitz Corporation, Posco Energy and Newcom Group and has been actively working on the development of the Power Plant number 5 (“CHP5”) project since 2011. Before moving to Mongolia, Benoit was Vice President Operations for IPR- GDF SUEZ based in Bangkok, managing technical & operational aspects of business development activities, as well as relations with suppliers and support construction and plant design improvement. He has been actively involved in projects in Mongolia, India, and Indonesia. From 2008 to 2011, Benoit was working as Vice President Operations at the Head Quarters of the GDF SUEZ Branch Energy International providing support to the Business Development Oversight process, in particular for projects developed in Saudi Arabia, Morocco, Abu Dhabi, Indonesia, and Vietnam.Before joining GDF SUEZ Group, Benoit has been managing projects over a period of 14 years in the energy (generation and Rational Use of Energy), and environment (process water and sewage water treatments) sectors including design, construction and operation activities. He holds a Master degree in Chemical Engineering from the Universite Libre de Bruxelles.

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Norihiko Kato - Khan Bank

Norihiko Kato started serving Khan Bank as Acting CEO in November 2011 and was appointed CEO in September 2012. In 2009 and 2010 he worked at Khan Bank as Senior Advisor and then Managing Director for corporate banking. Norihiko has extensive banking business experiences of 28 years at The Bank of Tokyo - Mitsubishi UFJ (BTMU) in corporate banking and corporate planning. He took management positions at BTMU in the Middle East, the Netherlands, the USA and Japan. Norihiko obtained a BA in economics from University of Tokyo and a MBA from UCLA. He has wife and two sons. Khan Bank is the leading bank of Mongolia with a well-diversified business portfolio of retail, SME, and corporate. It has the largest branch network of 540 online offices throughout Mongolia. With its 4,600 professional staff, Khan Bank provides its 1.8 million customers in all parts of the country with innovative banking services.

Stephen J. Potter – Wagner Asia

Tumentsogt Tsevegmid is Executive Director of General Electric (GE) in Mongolia since May 2011. His responsibilities include representing, promoting and protecting GE’s interests, carrying out business liaison, conducting market research and study, exploring and developing business opportunities in Mongolia. Some recent projects include supplying wind turbines for Mongolia’s first grid connected Salkhit wind park, supplying SuperSkids locomotives for Ulaanbaatar railways and supplying of healthcare equipment.Tumentsogt worked at the World Bank from 2007 to 2011 and managed projects in energy, renewables, urban, water supply, and air pollution and contributed to several analytical studies. Tumentsogt held various positions at the Government of Mongolia, including Advisor to Minister of Fuel and Energy of Mongolia, Ministry of Infrastructure of Mongolia and State Property Committee and his responsibilities included energy policy & planning, restructuring, private sector participation, management of state owned assets, NEA regional energy cooperation. Tumentsogt served as a Commissioner at the Energy Regulatory Authority (ERA) of Mongolia and dealt with issues of power sector regulation, licensing of energy activities, tariff setting, consumer rights, developing power market rules. Tumentsogt was also appointed as a President of CEO Club in 2014. Tumentsogt holds Master’s in Electrical

Steve Potter joined Wagner Asia Equipment as Managing Director in August 2011 after 40 years of management experience with Caterpillar and Caterpillar Dealers in 10 countries spanning the UK, Middle East and Asia. Steve earned a BA (Hons) in Economics from the University of Keele, an MBA from the Scottish Business School, University of Edinburgh. He also has a Mining Diploma from the Colorado School of Mines and Safety & Environmental Diploma from the Indonesian Ministry of Mines. Wagner Asia Equipment is the authorized dealer for Caterpillar mining, construction and power generation equipment and since commencing operations in Mongolia in 1996 has become the largest distributor and rental company in the country, with a reputation for quality products and support services. The company runs the largest technical training institute in the country and typically graduates 200 Mongolian apprentice technicians annually. Wagner also operates the largest equipment leasing company in Mongolia and is a leading automotive distributor representing Ford and Land Rover. Mr. Potter is also Executive Director of Wagner Asia Group Ltd and South Gobi Mining Services LLC and sits on the Board of the USAID-BPI sponsored QSDC, an NGO that helps develop Mongolian SME’s.

Tumentsogt T - General Electric

force behind the implementation and success of numerous alliance/relationship styled contracts which have delivered the safest and lowest cost production, achieving a win/ win outcome for both Leighton and the Client. Mark resides in and is responsible for growing Thiess’s business in Mongolia. Leighton LLC was changed to Thiess Mongolia in 2015. Mark is an honorary member of Rotary and in 2005 was awarded a Paul Harris Fellow for his service to the community.

BCM ADMINISTRATION

Jim co-founded BCM and was appointed Executive Director to manage its activities upon formation in September 2007. He lived in New York City and worked for Wall Street-based firms as an investment banker specializing in Mergers & Acquisitions since the 1970’s including the position as Global Head of M&A for Union Bank of Switzerland (UBS). Mr. Dwyer relocated to Ulaanbaatar in May 2001 to manage the successful privatizations of Mongolia’s two largest commercial banks, Trade & Development Bank and Khan Bank, and served pro bono as Chief Operating Officer of NAMBC-Mongolia from 2003 until the formation of BCM. Jim graduated with a BBA from the University of Notre Dame and an MBA from Columbia Graduate School of Business, where he also served as Past-President of its Alumni Association. He also serves as an Independent Director of Mandal General Insurance; Independent Director of Mongolia Growth Group Inc; Chairman & President of Mongolia Education Foundation; and Chairman of Mongoljin Private Capital Limited, the Sponsor of the Mongolia Development Finance Fund.

Jim Dwyer - Executive Director

Bayarmaa was appointed as BCM’s Vice Director in June 2014 with a focus on external relations, advocacy, public outreach, project development and organizational management. Prior to this, she was specialized in carbon finance at Clean Energy LLC working on the first wind farm project in the country and on the World Bank project implemented at the Ministry of Environment. She has work experience in private, public sector and international financial organizations, and gained skills in project development, management, procurement and finance. Her prior experience include 8 years of research experience on climate change mitigation, emission trading and market based offset mechanisms. She is a Chevening alumna and graduated from the University of Oxford in MSc in Nature, Society and Environmental Policy, and from the National University of Mongolia in BA in International Relations. Besides her Russian educational background, she studied in Japan at Akita International University and in Turkey for pre-master’s course.

Bayarmaa A - Vice Director

Saruul joined BCM in June 2010 and was named Project Manager in February 2013. She manages BCM's membership campaigns, conferences and special projects. She holds her Bachelor's degree of Linguistics from the University of the Humanities, Mongolia and a License degree in LEA (Affiliated Foreign Languages - specialized in International Commerce) from the University "Le Mirail", Toulouse, France. Saruul previously worked for one year as an Officer in the Department of Foreign Relations in the Ulaanbaatar City Governor's Office. She's been serving as a Continental Judge of Archery since 2013. Saruul was officially certified as an International Judge by World Archery in June 2014, USA.

Saruul E - Project Manager

Tuguldur was named BCM’s Office Manager in November 2007 in charge of day-to-day administrative affairs of BCM. She holds her bachelor’s degree of Linguistics from the University of Humanities and a master’s degree in International Relations from the National University of Mongolia. Tuguldur previously worked for two years for the Alliance Francaise Mongolia as secretary.

Tuguldur B - Office Manager

BOARD OF DIRECTORS (Cont’d.) Engineering from Moscow Power Engineering Institute (Russia, 1993), and Master’s in Public Affairs from Indiana University (USA, 2001).

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BCM ADMINISTRATION

Battur received a PhD in agricultural science from Hokkaido University in 2010. He has studied Mongolian dzud for his thesis. He is working for BCM since 2011. In addition to his BCM work he is a free-lance business coordinator and translator for international companies that have interest in Mongolia. His clients include Cameco Mongolia, SIAR Consulting, Skill Tech Global and Japanese companies such as Mikasatokai, Ichikawa Kankyo Engineering, Fujiki Tekkou. He knows English, Japanese and Russian.

Battur S - Assistant Editor

Otgongerel joined BCM as Partnership Manager in 2014. She works in developing and implementing new partnership initiatives, marketing and coordinating media and public relations activities. Otgongerel has worked as translator, project administrator and public relations specialist in number of international projects and programs funded by Swedish Development Agency, European Union and US Millennium Challenge Corporation. She has Bachelor Degree in English-Russian translation from Institute of Humanitarian Science and Master Degree in Organizational Communication from Gothenburg University of Sweden.

Khulangoo joined BCM as a Working Group Coordinator in 2015. She has Bachelor degree in linguistics from University of the Humanities. Khulangoo works in coordinating 8 working group activities with approximately 370 volunteers from BCM members, organizing BCM in the University Classroom series and advocating BCM activities to the public. Previously, Khulangoo has worked at MCA-Mongolia as Acting COO, Director of Property Rights Project, private sector, TV & media and development projects among others. Moreover, pursuing her passion for films, she studied film directing at Raindance film school in London, UK.

Otgongerel Kh - Partnership Manager

Khulangoo P - Working Group Coordinator

Terrence has been in Mongolia since 2009. Mr. Edwards came to Mongolia with a background in Journalism to serve with the U.S. Peace Corps teaching English as a Foreign Language (TEFL) volunteer in Uyanga Soum, Uvurkhangai Aimag. After finishing his service with the Peace Corps in 2011, he joined the BCM staff as Editor-in-Chief of BCM's NewsWire. In addition to his duties as editor, Mr. Edwards is a reporter for the Thomson Reuters news agency and is a regular contributor for the publication Business News Europe (BNE) and Nikkei Asian Review.

Terrence Edwards - Editor-in-Chief

MONTHLY MEETING JUNE, 2015

The first speaker of the evening was David Soumbadze of the Rumsfeld Foundation, to discuss the recent gathering of Central Asian nation fellowship awardees at the CAMCA Regional Forum in Ulaanbaatar for experience sharing of their strides toward development. “The idea is to bring together young potential leaders,” he said. A chief function of the Rumsfeld Association was introducing these future leaders to the political culture in Washington DC “to show them how complex processes of opinion making, decision making and policy making works.” Once in D.C. these fellowship visitors, some 120 to date including 11 Mongolians since inception in 2007, have met with the likes of former president George W. Bush and former U.S. Treasury head Alan Greenspan. “We think this is a very good way of connecting young future leaders of this very important region of the world,” he said.

Next up was Andrew Stewart, chief executive officer of Xanadu Mines Ltd., to discuss the developments made of its mining assets. “Despite tough times in Mongolia, there's still active exploration,” he said. Xanadu is focused on copper and gold deposits, most recently announcing a high-grade content of 3 percent copper ore at its Kharmagtai Copper-Gold Project. “It's a large resource and growing,” said Stewart.

Suvdmaa Munkhzaya, managing director of Precom Co.,Ltd., presented third that evening, with a presentation titled “Meat export: Mongolian pipe dream.” Although Mongolia has strong prospects for growth, with high-rising demand in Asia, the country lacks the skills and technological capacities to tap into that potential today. “Just imagine that in the next three years, potential could reach 100,000 tons of meat,” said Suvdmaa, adding, “but it all comes down to animals disease. Outbreaks of Foot and Mouth disease have in the past resulted in exports bans from Russia, but it’s not an uncommon issue and it can be managed, she said. It will take a concentrated effort from government “to fulfill its fundamental duty to create the correct legal environment.”

Applus Velosi Executive Director Michael Marshall gave the final presentation of the evening, on how a head-hunting company is expanding into engineering services for some of Mongolia's most important development projects. The company is rooted in the JDA recruitment firm, which is “synonymous with the mining industry in Australia, also the world.” Applus builds upon the experience JDA had already built in Mongolia. For example, it will bring direct benefit to the Salkhit wind farm by drawing from the experience of personnel from the Salkhit wind farm project, Mongolia's first wind farm, which accounts for up to 5 percent of energy in the country.

BCM MONTHLY MEETING RECAPS

The BCM meeting on 22 June was held at the Shangri-La Hotel with Executive Director Jim Dwyer as the meeting's host. In attendance were 130 members and invited guests.

BCM's three newest members are:

1. Bureau Veritas S.A. is a global company in testing, inspection and certification services.

2. Monrud LLC- A leading Mongolian services provider to the mining and exploration sector. Monrud specializes in designing, constructing and managing field camps for operations of varying size in remote locations across the country.

3. Sopoco LLC – A PV module manufacturer and solar system installer based in Ulaanbaatar. The company was established in 2011. Its main products and services are solar panels, renewable energy products and solutions.

Executive Director Dwyer gave an update on the activities of BCM's Legislative Working Group. Recently it has run an analysis of drafts of the Labor Law bill to be debated by Parliament. The efforts of 40 volunteers have helped to find that it was detrimental to businesses, employees and the State fiscal budget, and BCM has sent a letter to Mongolia's 76 Parliament members to better inform them of the bill's deficiencies. “We've asked for a sufficient and proper period for public comment of 60-90 days,” said Legislative Working Group member Doug McGay. M. Bold, former head of the Mongolian Bankers Association (MBA) and CEO of XacBank, commented on several of the problems with the draft bill about which the MBA has alerted numerous government officials and entities.

In attendance was Steve Saunders, the head of BCM's brother group, the North America-Mongolia Business Council (NAMBC). “As you work your way so ably through your 8th year, I'm just grateful to have this opportunity on behalf of the NAMBC to express on behalf of our board of directors, on which a good number your board serves, our deep appreciation of the essential role that BCM plays in trying to improve the business environment in Mongolia.”

Best Company of the Year-Oyu Tolgoi at BCM Renewal Dinner, 2015.11.02

Best Working Group of the Year-Education WG at BCM Renewal Dinner, 2015.11.02

BCM Monthly Meeting, June 2015 BCM Monthly Meeting, June 2015

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The BCM meeting on 24 August was held in the Crystal conference room in Blue Sky Tower and Hotel with Chairman Bayanjargal Byambasaikhan as the meeting's host. In attendance were 110 members and invited guests.

BCM's four newest members are:

1. CIM Bank is a leading Swiss private bank based in Geneva, Lugano and Wollerau, Switzerland and controls Primorska Banka in Croatia.

2. Erdenes Mongol LLC is the nation's largest investment holding company comprised of Erdenes Tavan Tolgoi JSC, Oyu Tolgoi LLC, Erdenet Mining Corporation, Shivee Ovoo JSC, and Baganuur JSC. The 100 percent state-owned company was established in February 2007 and represents the government of Mongolia's interest in strategic deposits.

3. Executive Excellence International Business Center (EEIBC) is committed to providing support to present and potential businesses in Mongolia via rendering different services of teleconferencing facilities, virtual office services, conference and executive suites’ rentals, and high quality business support services to help make our clients succeed.

4. Ambassador La Porta retired from the U.S. Foreign Service in the fall of 2003 after 38 years of service in the Department of State and an overall U.S. Government career of 44 years. Mr. La Porta served as U.S. Ambassador to Mongolia from 1997-2000.

Executive Director Jim Dwyer opened the meeting with a few words on the BCM Business Growth Index, which was released this month showing members' opinions on the current business environment in Mongolia. The Sant Maral Foundation took the results of the survey and compiled the data for an overall temperature of the business climate, where cold temperatures represent negative sentiment and hot represents positive. The June 2015 quarter's temperature of 3.4 degrees Centigrade indicated a rather chilly sentiment.

Speaking first was Anthony Woolley, a senior associate at Hogan Lovells LLP, summarizing the recent legislative changes made at the end of the Spring Session of Parliament. Most impacting business was the Law to Support Domestic Production and Law on Promoting Economic Transparency. The first sets the conditions for government support of businesses that produce goods in Mongolia through subsidized loans for reduced interest

MONTHLY MEETING AUGUST, 2015 rates, one time payments for companies planning to utilize cutting-edge technology and financing for the launch of exports by local companies. Some preferential treatment is given to companies that are listed on the Mongolian Stock Exchange, sourcing at least 60 percent of resources consumed for production locally, or operating with government partnerships.

The Economic Transparency Law, on the other hand, gives companies that have not yet been identified by government as being behind on tax payments the opportunity to pay tax without penalty. The goal is to collect more tax revenue during a year of economic hardship while combating the “gray” economy. Changes to value-added tax (VAT) conditions have also been made, with the threshold for a company's annual earnings before having to pay the tax raised from MNT10 million to MNT50 million. Voluntary VAT payments are still available.

Next to speak was Lee Cashell, Chief Executive Officer of Asia Pacific Investment Partners (APIP), to discuss his experience building up successful real estate projects such as the Regency Residence, while watching so many others fail. Opened in 2010, Regency has perhaps the fastest sales turnover in the city, said Cashell. On one occasion he saw a unit go for sale at 09:00 and be sold just eight hours later. But for many it takes at least five or six months to sell a unit in the city, he said. One reason is because the real estate industry grew more quickly than people's income. “Developers built too much for the absorption of people's incomes,” said Cashell. When looking to develop new projects, such as the recently announced Circus Residency, he puts thought into ideas beyond the architecture. Questions such as: “Where's the sun?” “Where's the wind coming from?”

The final speaker was Jennifer Bielman, country director for MercyCorps Mongolia, to discuss the 15-year history of the international humanitarian and development NGO in Mongolia. “Our focus historically has been in rural Mongolia—largely with small businesses.” Mercy Corps first arrived in Mongolia in 1999 with a focus pastoralism and observing dry-land production in the Gobi Desert. Today it focuses nationwide on rural development, providing businesses with access to finance, environmental management, governance and decentralization. Although the country experienced a period of rapid economic growth, no industry has kept up with the development of mining, she said. The agency will continue to focus on rural provinces and local communities for its programs, with the hope of establishing some “legacy programs” that would see local groups take over projects it launches.

MONTHLY MEETING SEPTEMBER, 2015

The BCM meeting on 28 September was held in the Crystal conference room in Blue Sky Tower and Hotel with Executive Director Jim Dwyer as the meeting's host. In attendance were 125 members and invited guests.

BCM's four newest members are:

1. APIAG Mongolia (APIAG Pte Ltd, APIAG Carbon and Minerals Ltd, and APIAG Mongolia LLC) is a Singapore- based international group specializing in investment in and advisory services to the energy and natural resources sector with a focus on PanAsia.

2. BG Group is an international exploration and production and liquefied natural gas (LNG) company. BG Group entered Mongolia in 2015 to explore for hydrocarbons in Blocks IV and V in the western part of the country.

3. Mongoljin Private Capital sponsors the Mongolia Development Finance Fund I LP, a 2013 vintage private equity and venture capital fund.

4. UNICEF promotes the rights and well-being of every child, in everything they do.

The first speaker of the evening was Pamela Slutz, NAMBC's chair, reminding members of the 18th annual NAMBC Investors Conference held this week. She also invited all BCM members to a follow-up reception, where Turquoise Hill Resources Ltd. Chair Jill Gardiner was the keynote speaker. She also took the opportunity to present BCM Executive Director Jim Dwyer with Canadian flag cufflinks as a gift for the occasion. “We remain positive about the future,” said Slutz. “Why are we confident? It's because of the Mongolian people. The creativity, resilience and ingenuity of the Mongolian people.”

Mend-Orshikh of New Media Group presented a follow-up speech to introduce BCM's new website, which launched over the summer. “One of the top reasons we approached BCM is because we know BCM organizes such incredible events,” said Mend-Orshikh. The newly-designed website will help expand Mongolia's outreach online, he said. The website now includes a forum for members to leave comments and discuss events, share photos, and make announcements such as job vacancies and partnership opportunities. “We are looking forward to engaging members not only offline and face to face,

but through online,” he said.

Speaking next on the importance of corporate social responsibility (CSR) to Mongolia's social and economic development was Steve Potter, chief executive officer of Wagner Asia Equipment LLC. With parliamentary elections on the horizon, it seems likely politicians will try and pander to voters by vilifying foreign-owned businesses in Mongolia, said Potter. However, that ignores the great benefit foreign companies still bring to Mongolia. “We only do business in Mongolia, and we're a major Mongolian tax payer," said Potter. “What they could have done with the amount we paid in taxes was build 10 hospitals, 130 kindergartens... even paid for the Mongolian military for a year.” A major CSR priority is community engagement, said Potter, which has led to funding for a 24-hour nursing home and clinic, the Lotus Foundation and the construction of a playground in one of Ulaanbaatar's ger districts, to name a few. “Recently we did cleanup along a highway near the presidential palace and Sky Resort – 8 tons of garbage in 2 hours,” said Potter. “We're challenge mining colleagues to see if they can beat us. We hope this is something that will raise interest in environmental cleanup.”

Cameron McRae, host of the CAREC Forum held last week and chief executive officer of Tarva Investment and Advisory, presented next. CAREC, a group of 10 countries in the Central Asia region, hosted an investors’ forum to present energy investments, trade policies, transport, and trade facilitation, said McRae. Also discussed widely were the now-planned “trade corridors” that will link the countries together for expanded trade and transport. “A lot of these corridors are under development,” said McRae. He added, “The work of these countries is to improve the infrastructure and pick up some of the trade. It's hard work.” One of the keynote speakers for the event was Prime Minister Chimed Saikhanbileg, whose speech focused on how Mongolia and the rest of the CAREC region can move forward amid tough economic conditions. “He was not afraid to say Mongolia has made mistakes in the past,” said McRae. “What they learned from self-induced errors is that trust is a very important commodity. It's easily lost; hard won.”

Saha Meyanathan, chief executive officer of the Executive Excellence International Business Center (EEIBC) in Mongolia and Chairman of BCM’s Education Working Group, was the final speaker of the evening, discussing Mongolia's education capabilities and agenda. Although Mongolia has not done poorly in spending for education, investing about 5 percent of GDP in the education sector annually, citizens still suffer from a lack of access to institutions such as kindergartens and quality higher education. BCM

Lee Cashell, CEO of APIP at BCM Monthly Meeting, August 2015

BCM Monthly Meeting, August 2015 Anthony Woolley, Senior associate at Hogan Lovells LLP at BCM Monthly Meeting, August 2015

Saha Meyanathan, CEO of EEIBC at BCM Monthly Meeting, September 2015

Cameron McRae, CEO of Tarva Investment and Advisory at BCM Monthly Meeting, September 2015

Steve Potter, CEO of Wagner Asia Equipment LLC at BCM Monthly Meeting, September 2015

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MONTHLY MEETING NOVEMBER, 2015

The BCM meeting on 2 November was held in the Crystal conference room in Blue Sky Tower and Hotel with Jim Dwyer, BCM Executive Director, as the meeting's host. In attendance were 175 members and invited guests.

BCM's nine newest members are:

1. Blue Sky Hotel & Tower - an elegant luxury hotel with spacious and exquisitely designed guest rooms, complete with fine dining restaurants presenting delectable Western and Asian cuisines.

2. CallPro - communication company established in 2009.

3. Corporate Governance Development Center (CGDC) - NGO focused on corporate development activities for Mongolian entities. Offers courses for qualification of independent corporate directors.

4. East Maven - an independently-owned reputation management agency with a focus on delivering strategic communications services and brand PR campaigns.

5. News.mn – a news agency was founded by journalists and reporters of “Ardiin erkh” newspaper in 2007.

6. OTV – Entertainment-only television broadcaster established in 2014.

7. RTHR Services - a recruitment, training and human-resources consulting company based in Ulaanbaatar.

8. Smartcard LLC - established in 1998 for providing smart card based systems to Mongolian market and is creative team which has successfully introduced smart card solutions in various sectors.

9. Transparency International – A global NGO dedicated to tackling corruption in Mongolia. It was established and registered in 2003 by a group of concerned citizens representing different civil society organizations.

Elisabeth Ellis, managing partner at Minter Ellison LLP, gave the first presentation on the “one law that will definitely affect everyone in this room”—the Labor Law bill. The revisions made since the last draft released in March saw great improvement in the latest draft, released in September. “There is progress,” said Ellis. “It seems there is a genuine attempt to reflect what's working in other countries, moving towards the international best practices.” The newest draft took into account input from BCM, such as criticism about government interference over hiring staff. However, there are still problems, including more costs incurred as companies that shuttle workers between work sites will have to do so more often. Too-great involvement of trade unions in management's decision was also of concern. “With this new law we are losing flexibility, rather than moving towards greater flexibility. We are moving backwards.”

Susan Cote-Freeman, the program manager for the private-sector team at Transparency International, spoke next on the group's core principles and activities for countering bribery. “It is a costly exercise for companies, when they run into corruption scandals,” she said. “We may develop internal policies on zero tolerance on corruption, but enforcement is the key.” She encouraged companies to actively mitigate risk “from the get-go” when confronted with corruption rather than comply. “It seems that there is a room for improvement for business sector on the corruption issue in Mongolia, but if we work together in a constructive way business can be done in an efficient and cleaner way.”

The final presentation of the evening was delivered by Andrew Woodley, president and chief executive officer of Oyu Tolgoi LLC, on the company's strategy sustaining a competitive copper business. “OT (Oyu Tolgoi) is in good shape. Good news in a not so good time,” he said. Of chief focus for OT are its commitment to safety (“staff is our capital”) and minimizing environmental impact. “We are pleased to see that our safety record is top ranked among the Rio Tinto operations,” said Woodley. “We are now transferring best practices to other operations.” But when looking at the bottom line, he said, it's essential that the business remain efficient so that it can be profitable “even in the lower seasons, as is well known, mining is seasonal.”

and Meyanathan have helped fill some of these gaps through the BCM Education Working Group and the related ‘BCM in the University Classroom’ effort. “As far as the BCM Education Working Group is concerned, we started with TVET, moved to higher education, early childhood programs and then secondary education. We're focused on teaching from teacher-to student-centered education.”

MONTHLY MEETING DECEMBER, 2015

The BCM meeting on 7 December was held in the Crystal conference room in Blue Sky Tower and Hotel with Jim Dwyer, BCM Executive Director, and D. Jargalsaikhan, BCM Board and Executive Committee member, as the meeting's hosts.

BCM's three newest members are:

1. Axel Fischer Academy (AFA) - focused on development and empowerment of personal skills to lead to higher performance and productivity.

2. Look Mongolia – a group of companies primarily engaged in tourism and hospitality services.

3. Monpolymet Group - one of the “TOP 100 Enterprises” and “The Best Rehabilitating Company” seven years in a row through 2003-2014, specializing in mining, mineral explorations, rehabilitation, construction and production of building materials. The Asia Foundation's Meloney C. Lindberg spoke to introduce Luvsanvandan Sumati as the evening’s first speaker to discuss a recent survey published on the private sector's perception of corruption in Mongolia. Mongolia's experience with involvement by government into business and markets is that it is usually followed by larger corruption, said Sumati. With elections scheduled for next June, the pressure is now great on private companies to give funds to politicians. “Political parties are trying to consolidate as much funds as possible,” he said.

“All parties are busy raising funds, extorting from us and pulling from state budget,” he said. Despite complaints about government offices such as the Tax Authority, about 40 percent of the population still believes the government has a strong role in resolving societal issues such as income disparity. However, since the people in power are also the ones profiting most from the current status quo, no great change is likely to come, said Sumati. “Officials in most parties are quite rich people... they wouldn't like to share their wealth with the rest of the population.” Next to speak was Galbadrakh S, a specialist at the Independent Agency Against Corruption's (IAAC) Prevention and Education Department, to discuss his

BCM’S MEMBERSHIP RENEWAL DINNER AND CELEBRATION OF 8TH ANNIVERSARY

After the monthly meeting of November 2nd, 200 registered guests entered the Diamond Ballroom for BCM's Membership Renewal Dinner. During the evening's awards ceremony, Oyu Tolgoi LLC received the “Best Company of the Year” award. “There is a Mongolian saying: 'If your path is truthful, you can even outrun a rabbit with an ox cart.' Today is a fine example of that saying,” said OT Chairman Batsukh Galsan while accepting the award.

Named “Best Working Group of the Year” was BCM's Education Working Group. “We began with a determination that something has to be done on the vocational education in Mongolia,” said Saha Meyanathan, chair of the working group. “Our work is not about money, it is about capabilities; it is not about putting money in the pockets, but in the hearts and intellects of the people.”

agency’s focus on promoting the rule of law and transparency. Split into four different departments, officers at the IAAC often investigate public officials for corruption, but this is not the only function of the agency, he said. “Third parties have the perception that IAAC’s main responsibility is investigation, but our main responsibility is prevention and public awareness. We focus a lot on those areas,” he said. Mergen Chuluun of the Young Presidents Organization (YPO) spoke third, introducing his global group's goals of helping young presidents, under age 50, better cope with their responsibilities at work and at home. “It's about sharing best practices so we can all gain from each other's experience,” he said. “It's not just business, but also personal matters.” The YPO helps these professionals find services such as schools and hospitals, as well as places to socialize. Mongolia's branch of YPO currently has 13 members from industries such as mining, real estate and banking.

BCM 8th Anniversary and Membership Renewal Dinner, 2015.11.02

Andrew Woodley, President and CEO of Oyu Tolgoi LLC at BCM Monthly Meeting, November 2015

Mergen Chuluun, Young Presidents Organization at BCM Monthly Meeting, December 2015

Terrence Edwards, BCM Editor-in-Chief at BCM Monthly Meeting, December 2015

New Members at BCM Monthly Meeting, November 2015

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BCM MEMBERS National International NGOs, Embassies, Donors

Air Trans ABB Mongolia Representative Office EMBASSIES AND COUNCILS

Ard Capital GroupAdvanced Facilities Management Mongolia

Australian Embassy - Seoul

Ard Financial Group Allens Br itish Embassy

AREC Mortgage ALS Group Canadian Embassy

Ar ig Bank Anderson & Anderson Embassy of Belgium in Beijing

Axel Fischer Academy APIAG Mongolia Embassy of the Czech Republic

Batseer Applus Velosi French Embassy

B & T Consulting Archetype Mongolia German Embassy

BD Sec Areva MongolHonorary Consul of the Republic of Esto-nia in Mongolia

Blue Sky Hotel Aspire Mining Honorary Consul of Mongolia to Ireland

Bodi Insurance Atlas Copco Mongolia Indian Embassy

Breakthrough PR Bank of Tokyo Mitsubishi Japanese Embassy

Bureau Ver itas BG Group Korean Embassy

CallPro Birches Group Luxembourg Ambassador of Mongolia

Churchill’s Boroo Gold Mongolia Consulate – New Zealand

Clear Lakes Capital CIM Bank Switzerland Mongolian Consulate General –Sydney

ConsolWays Clyde & Co Netherlands Embassy Office Rep.

Cummins Mongolia Investment Draper Capital Mongolia New Zealand Embassy – Beijing

Deloitte Onch EBRD South Afr ican Embassy – Beijing

EastMaven ENGIE Mongolia Swedish Trade Council – Beijing

EEIBC Ernst & Young Turkish Embassy

Eermel Falcon Dr illing Mongolia US Embassy

ELC Firebird NGOs

Erdenes Mongol Frontier Land Group Amer ican Center for Mongolian Studies

EuroKhan General Electr ic Arts Council of Mongolia

Fiscal Audit Global Welding Australian Trade Commission

Fr iends of Mongolia Gunvor LLC Br itish Mongolian Chamber of Commerce

G and DS Hogan LovellsCorporate Governance Development Center

GEE IBEX Mongolia Cover Mongolia

GK Mining ING Bank German Mongolian Business Association

Golomt Bank International SOS Global Green Growth Institute

GTs Advocates LehmanLaw Mongolia Mongolian Coal Association

GWMS Minter Ellison Mongolian Exporters Association

IARUDI Consulting Mitsubishi Corporation Mongolian National Mining Association

Ikh Uilsiin Ereld Mitsui & Co NAMBC

Integrated Financial Services Monadelphous Sant Maral Foundation

Khan Bank Mongoljin Pr ivate Capital Save the Children in Mongolia

Khaan Daatgal Mongolia Talent Network South Gobi Business Council

Kito MSM Group Taipei Trade & Economic Rep. office in UB

KPMG Audit Noble Group The Asia Foundation

Look Mongolia Ocean Partners The Nature Conservancy

MahoneyLiotta Oyu Tolgoi UNICEF

Major Dr illing Peabody Energy Wildlife Conservation Society

Mandal Insurance Pr icewaterhouseCoopers World Vision

Metro Express Rio Tinto Zor ig Foundation

MICC RungePincockMinarco

BCM MEMBERS National International NGOs, Embassies, Donors

MIG Insurance Saki Partners IFIs

MIH Group Salmira Investment Fund ADB

Mongol Daatgal Santa Fe Relocation Services GIZ

Mongolian Economy Magazine Schneider Electr ic Mongolia International Monetary Fund

Mongol Express Sedgman Consulting MercyCorps Mongolia

Mongolia Growth Group Shangr i-La Hotel Ulaanbaatar Swiss Development Cooperation

Mongolian Mortgage CorporationSiemens Mongolia Representatives Office

USAID

Mongolian National Broadcasting SMEC Mongolia World Bank

Mongolian Opportunities PartnersSumitomo Corporation Ulaanbaatar Rep Office

SCHOOLS

Mongolian Stock Exchange Sumitomo Mitsui Banking Corporation Amer ican School of Ulaanbaatar

Monos Sustainability East Asia Amer ican University of Mongolia

Monpolymet TCKMO GMIT

Namaste Indian Restaurant Techenomics Mongolia International School of Ulaanbaatar

National Life Terra EnergyManagement Department of Economic School of NUM

Newcom Thiess Mongolia Mongolian National University

New Media Group Trafigura Mongolia Santis Educational Services

News.mn Transparency International - Mongolia University of the Humanities

Nomadic Cater ing & Integrated Ser-vices

Transwest OTHERS

Nomadic Expeditions Mongolia Wagner Asia Forbes Mongolia Magazine

NovaTerra Oxford Business Group

NPC & Mandal Mr. Al La Porta

Observe Consulting Mr. Bill Thomson

Or ica Mongolia Mr. Lewis Marks

OTV Mr. Roger Perry

PATC

Petro Matad

Porsche Ulaanbaatar

Precom

Pr ime Info

Ramada

RTHR Services

Sandvik Mongolia

Smartcard

Sopoco

Specialized Career Consulting

Standard Investment

Start–Up Weekend Mongolia

Steppe Learning

Supply & Allied Services

Tavan Bogd

Tenger Insurance

The Cycling World

Trade & Development Bank

Valiant Art

VIP 76

XacLeasing

XacBank

Xanadu Wines

ZAMine

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BCM WORKING GROUPSBCM now has 8 active working groups with the total of over 370 members volunteering for reform of laws, policies and practices that inhibit economic growth.

BUSINESS ETHICS The Business Ethics is the newest working group, which was established in December, 2015. Its mission is to offer a platform for BCM members to discuss business integrity issues, share information and experiences, and engage in activities to advance the level of business integrity, corporate social responsibility, corporate governance, and compliance in the Mongolian business sector. The Working Group will further advocate for a transparent and enabling business environment and promote best practices in responsible business conduct.

CAPITAL MARKETS The Capital Markets Working Group was formed in May 2009. The Working Group advocates for sound development of Mongolia`s embryonic capital markets including stock markets, debt and mortgage markets, private equity, venture capital, and insurance each is so necessary to private sector development.

Working Group Co-ChairsChristine Hudetz Transparency InternationalAnders Berglund Atlas Copco

Working Group Co-ChairsNick Cousyn BDSecHoward Lambert ING Bank

Working Group Members1 Amarsanaa A OT 2 Enkhtuya O The Nature Conservancy 3 Gerelmaa D World Vision4 Janibyek T Wagner Asia5 John B. McDaniel U.S. Embassy Ulaanbaatar6 Jon Hiebert World Vision7 Oyunsuren G Schneider Electric

8 Rodney Hill Supply and Allied Services Mongolia

9 Sara G World Vision10 Tim Mahon Deloitte Onch Audit LLC11 Victoria Colamarco UNICEF12 Zaya B Mandal General Insurance

Working Group Members1 Achit-Erdene D MICC2 Adrain Chu Ernst & Young Mongolia Audit3 Altai Kh IND

4 Amarbayasgalan E Golomt Securities5 Amarmurun A LehmanLaw Mongolia6 Andrew Stewart Xanadu Mines7 Ariunsanaa B MCS8 Arthur Cookson OT9 Ashidmaa D Tenger Financial10 Augustine H XacBank11 Baasansuren S FLP12 Batjil B National Geographic13 Bat-Ulzii M Khan Bank14 Bayarmagnai N Hunnu Coal15 Bilgee Kh Wagner Asia16 Bold B Rio Tinto17 Bolor Tuyarah FLP18 Byambaa L Mongolia Growth Group19 Chris MacDougall MIBG20 Dorjpalam Kh OT21 Dul-Erdene N MSE22 Enkhzul D Mongolian Stock Exchange23 Erdenedelger B Khan Bank24 Ganbat E MCS25 Ganzorig U Golomt Bank26 Hajime Uchida SMBC27 Harris Kupperman Mongolia Growth Group28 Inoue Kayoko Embassy of Japan29 Jim Dwyer BCM30 John Barton US Treasury 31 Khayanhyarvaa N Mongolian National University32 Luvsanchultem V Zag33 Mandar Jayawant Mongolia Opportunities Fund34 Munkhdul B Cover Mongolia35 Munkhjin B Ernst & Young Mongolia Audit

36 Narantuguldur S Khan Investment Management Limited

37 Nasaa Ch FLP38 Nemuun G NovaTerra39 Niel Isbrandtsen Khan Bank40 Och O Golomt Bank41 Oliver Thirlwall Asian Real Estate Capital Ltd42 Otgochuluu Ch Erdenes Mongol43 Oyu MICC

44 Peter Morrow American University of Mongolia

45 Randolph S. Koppa TDB46 Ray Nadarajah Rio Tinto47 Saruul G Bodi Group48 Shaukat Tapia PwC49 Shin Bonggun Standard Chartered Bank50 Tsend Ts IND

EDUCATIONThe Education Working Group was established in February 2009. The Working Group serves as a bridge linking representatives from: government agencies; donor groups; NGOs; Mongolian and international institutions of higher education; and technical and vocational institutions with BCM members in order to improve the skills of the national work force and upgrade standards to meet international requirements in vocational schools and higher education institutions.

ENERGY AND ENVIRONMENTBCM Environmental Working Group was formed in February 2010. The mission is to use a multi-stakeholder approach to inform and promote environmentally sound and sustainable development business practices in Mongolia, as well as to exchange the latest information and developments on energy sector. Since February 2015 expanded its coverage to energy sector and was named as Energy and Environment WG.

Working Group Chair

Saha Meyanathan Executive Excellence International Business Center

Working Group Co-ChairsBulganmurun Tsevegjav GGGI Jon Lyons GGGI

Working Group Members1 Achim D. Schmillen World Bank2 Altannar Ch GMIT3 Andrew Orgill Santis4 Bat-Erdene R Mongolian National University5 Battuvshin Ch University of the Humanities6 Battuya M Embassy of Canada7 Bayarmaa S OT8 Bayarmaa B Minter Ellison

9 Bill FairbairnSupport to Mongolia's Technical and Vocational Education and Training Sector

10 Chuluun T World Bank

11 Dambadarjaa P Mongolian University of Science & Technology

12 Davaasuren B Energy Resources13 David Reiner MSM14 David Turnball Transwest15 Dorj D Mongolian National University16 Dorjderem GMIT17 Enkhchimeg D Mongolian National University

18 Enkhtsetseg G American University of Mongolia

19 Enkhtur S Consultant to MECS20 Enkhzaya Ch GMIT

21 Gerelmaa D Institute of Finance and Economics

22 Gunther C.Stehr GMIT23 Itgel L ADB24 Juergen Hartwig GIZ25 Kern Von Hagen OT

Working Group Members1 Altai O IFC2 Amanda Fine Wildlife Conservation Society3 Amarjargal Lkh LehmanLaw Mongolia4 Ariunaa N The Asia Foundation5 Ayako Maruyama JICA6 Baatar P EDC Ministry of Energy7 Batsanaa B XacBank8 Bayarjargal Yu The Nature Conservancy

26 Khayanhyarvaa N Mongolian National University27 Khishigdulam T University of the Humanities28 Kyu Cheol Eo KOICA Mongolia office29 Lhagva N FLP

30 Manlaibaatar Z Independent Research Institute of Mongolia (IRIM)

31 Marc Tasse ACMS32 Mergen Ch Nomadic Expeditions33 Mitsuaki Toyoda Save the Children 34 Narantsatsral S Sumitomo Corporation35 Narantsogt Ch OT36 Nobou Okada Mitsui Ulaanbaatar37 Olga Khardaeva PwC

38 Oyuntsatsral Z Institute of Finance and Economics

39 Robert Mark Hargreaves GMIT

40 Sara G World Vision41 Solongo A British Embassy42 Solongo D Australian Trade Commission43 Stefani Tuyarakh FLP

44 Sukhbaatar J Institute of Finance and Economics

45 Telmen E Save the Children46 Tserennadmid G PwC47 Tungalag Ch World Bank

48 Tuvshintugs B Economic Research Center & MNU

49 Unur D GIZ50 Uyen G PwC

Capital Markets WG Meeting, 2015.04.22 Capital Markets WG Meeting, 2015.09.15 Education WG Meeting, 2015.09.18 Education WG Meeting, 2015.11.27 Energy and Environment WG Meeting, 2015.11.16

51 Tsogtgerel B Golomt Bank52 Tugsjargal Ch OT 53 Tuya E LehmanLaw Mongolia54 Ulemj B MCS55 Ulziibayar B Ard Capital56 Uubanbayar O MahoneyLiotta57 William Cotter US Treasury58 Zandan B British Embassy

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LEGISLATIVEThe Legislative Working Group was formed in November 2007. BCM has formed a Legislative Working Group to advocate for certain legal and business practice matters. The Legislative Working group cooperates with Parliament's Steering Committees by providing its recommendations and conducting consultations.

Working Group Co-ChairsJames Liotta MahoneyLiottaBayar Budragchaa ELC

Working Group Members1 Amarbayasgalan Dash OT

2 Amarbayasgalan Dorjderem Terra Energy

3 Amarjargal Lkh LehmanLaw Mongolia4 Amarmurun A LehmanLaw Mongolia5 Amarzul Petro Matad6 Baasansuren P Atlas Copco7 Batbayar B BB Consulting8 Battuya J OT 9 Bolorchimeg Kh ELC LLP Advocates10 Bujinlkham Ts Mongolian National University11 Christopher Melville Hogan Lovells12 Chuluunbaatar LexLoci13 Doug McGay Sustainability14 Elisabeth Ellis Minter Ellison15 Enebish G LehmanLaw Mongolia16 Enkhbat B MDS & Khan Lex17 Enkhtuvshin Ts Anderson & Anderson18 Etienne Laumonoer Audier & Partners19 Ganbat E Energy Resources LLC20 Gerel E LehmanLaw Mongolia21 Kayoko Inoue Embassy of Japan22 Lkhamaa Kh OT

9 Bayarlkham B JICA10 Bayarmaa B Sustaninability East Asia

11 Belguun Mongolian University of Science & Technology

12 Byambasuren Lkh Groundwater Solutions13 Chingis T Sopoco14 Chisato Fukuda American Center of Mongolia

15 Chista Hasenkorf Colorado/National University of Mongolia

16 Darisuren P US Embassy17 Davaadorj M Observe Consulting18 David Rohanna APIAG19 Elbegsaikhan A British Embassy 20 Enkhjargal Ts Areva Mongol21 Enkhjin B Zorig Foundation22 Enkhjin B PwC23 Enkhtuvshin Sh Wildlife Conservation Society24 Enkhtuya O The Nature Conservancy

25 Erdenesaikhan N Swiss Agency of Development and Cooperation (SDC)

26 Gankhuyag Newcom Group27 Gerel E LehmanLaw Mongolia28 Gerelmaa M LehmanLaw Mongolia

29 Gerelt-Od TsMinistry of Environment, Green Development and Tourism

30 Jargal N G and DS31 John Miragliotta Sustainability Pty Ltd32 Keith Swenson New Zealand Nature Institute33 Khishigt T Newcom Group34 Maral G Zorig Foundation35 Mark Newby OT

36 Mark Tasse American Center for Mongolian Studies

37 Meloney C. Lindberg The Asia Foundation38 Naranzul B The Nature Conservancy39 Nasanjargal S TCKMO40 Nathan B. Johnson US Embassy41 Noah Elbot Xac Bank42 Odonchimeg N Wildlife Conservation Society43 Olga Khardaeva PwC44 Ongonsar P ADB 45 Onon B Wildlife Conservation Society46 Otgonbat D Observe Consulting47 Otgonsuren A Wildlife Conservation Society48 Oyunbileg B Embassy of Canada49 Purevdorj B Zorig Foundation

50 Robert Mark Hargreaves GMIT

51 Ryan Calvert Xac Bank

52 Sarnai Ch Newcom Group Clean Energy Asia LLC

LOGISTICSThe Logistics Working Group was established in April 2014. The Working Group aims to leverage best practices and expertise by implementing research towards identifying and recommending practical solutions for clarification and further improvement of the Government policies. The mission is to provide development in the fields of process standardization; cost reduction; market access; customs and compliance; domestic transport/warehousing; cross border transportation and transit.

RISK The Risk Working Group was initially formed in March 2012, as a result of the 3rd annual Risk Forum of Mongolia. In 2015, the working group was reborn with a renewed mission. The Working Group mission is to be the leading advocate on risk management issues in Mongolia by offering a platform for risk management related information sharing, organizing and participating in activities to expand awareness of social and business risks, contributing to development of risk management field in Mongolia, promoting risk management best practices of BCM members as well as the wider business community and engaging relevant stakeholders from all sectors.

Working Group ChairEnkhbat D MonEx

Working Group Co-ChairsZaya Bolorbold Mandal General InsuranceMark Bailey Thiess Mongolia

Working Group Members1 Arafat Siyez Cummins Mongolia Investment 2 Ariunaa I Aurum Partners3 Ariunsanaa B MCS Holding4 Badamdorj J Siemens5 Bayarmagnai N Hunnu Coal

6 Enkhtur G Mongolia Opportunities Partners

7 Erdenebileg Lkh ISG holding8 Guerin Alexandre Areva

Working Group Members1 Aaron Powell OT2 Aart Jongejans Xac Bank3 Amarsanaa Ts Recruit Mn4 Barrie Evans Churchill's5 Battur S Bagatumurch6 Chaminchimeg Golomt Bank7 Chris Hurdchris Iarudi 8 Chuluuntsetseg D Ard Insurance9 Davaadorj M Observe Consulting10 David Turnbull Transwest Mongolia11 Emily Spargo IARUDI Mining12 Enkhjargal Interconsulting13 Ganbold S FRC14 Ganzorig U Golomt Bank15 Garrett Wilson Wagner Asia

Energy and Environment WG Study Visit to Sopoco LLC, 2015.06.11

Legislative WG Meeting, 2015.05.21 Logistics WG Meeting, 2015.04.07 Logistics WG Meeting, 2015.08.18 Risk WG Meeting, 2015.05.20

9 Hao Yuan MSM10 Inca Bataa Santa Fe11 Luvsanchultem Zag12 Nergui Sh QMC Group13 Nicole Puntsag Schneider Electric14 Nobuo Okada Mitsui Ulaanbaatar15 Odkhuu M OT16 Otgonjargal Y Mongolian National University17 Oyunchimeg J Santa Fe18 Philippe Aubry Schneider Electric

19 Robert Mark Hargreaves GMIT

20 Shinebayar B Batseer21 Steve Potter Wagner Asia Equipment22 Tumentsogt Ts GE

23 Unurbayar Ministry of Road and Transportation

24 Zandan B UK Embassy

23 Luvsanchultem V Zag24 Manduul A Allens25 Maralmaa X OT26 Mendsaikhan T Bonalex27 Michael D. Richmond U.S. Embassy 28 Namuun B Atlas Copco29 Navchaa T OT30 Nemuun G NovaTerra31 Nomindari O MahoneyLiotta32 Nyamdulam N PATC33 Otgochuluu Ch Erdenes Mongol34 Oyumaa O Terra Energy35 Oyunchimeg B Areva36 Pierre-Michel Motteau Audier & Partners37 Shairiibuu B MW MGL Advocates38 Solongo B Hogan Lovells39 Sunjidmaa J MNMA40 Taishir T Xac Bank41 Tserendulam Yu Allens42 Tuvshinbayar B Terra Energy43 Tuya E LehmanLaw Mongolia44 Ulziibayar B Ard Capital45 Uyanga D Newcom46 Zandan B British Embassy47 Zoljargal D GTs Advocates

53 Saruul D

Project Manager, Biennial Update Report of Mongolia to UNFCCC project, Nature Conservation Fund under the MEGDT

54 Sonomdagva Ch National University of Mongolia

55 Sugarkhorloo E Techenomics Mongolia56 Thierry Plaisant Areva Mongol57 Tserendavaa O Groundwater Solutions58 Tuul G XacBank59 Undraa N The Asia Foundation60 Yanjaa Z Sustainability East Asia61 Zolbayar Kh MCS

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TAXThe Tax Working Group was initially formed in 2003 by the Mongolian branch of North-America Business Council (NAMBC). The Tax Working Group advocates on matters that affect general business and/or business sectors.

BCM IN THE UNIVERSITY CLASSROOM

The ‘BCM in the University Classroom’ series was launched in March 2012. This project provides lectures at universities to help inspire students and give them direction for their future careers. BCM is currently cooperating with the total of five universities on this project, including Mongolian University of Science and Technology (MUST); Mongolian National University (MNU); National University of Mongolia (NUM); Institute of Finance and Economics (IFE) and University of the Humanities (UH). As of now around 2,700 students and teachers have participated in the 'BCM in the University Classroom' project. Below is the summary table of all lectures organized in the year of 2015.

Working Group ChairTsendmaa Choijamts PwC

Topic Presenter Location Date Attendees

Pathways to Greening Economic Growth in Mongolia and beyond Jon M. L. Lyons, Country Representative of GGGI IFE 2015.12.03 70

Pathways to Greening Economic Growth in Mongolia and beyond Jon M. L. Lyons, Country Representative of GGGI UH 2015.11.24 80

Best Experience of Siemens Badamdorj J, General Director of Siemens Mongolia MUST 2015.04.29 43

Business Integrity Policy and ExperienceDr. Graeme Hancock, President and Chief Representative of Anglo American Development LLC

UH 2015.04.08 86

Career Development Munkhbaatar Ts, Team Leader of JDA Applus Velosi UH 2015.03.31 202

Personal Marketing Anu B, Head of Marketing Department at Wagner Asia MNU 2015.03.27 120

Number of students participated in 2015 601

Total number of students participated since 2012 2,700

Working Group Members1 Amarbayasgalan D Terra Energy2 Amarzul T Petrovis

3 Andrew Wee/Oyunbayar International SOS

4 Ariunaa Ts Noble Energy5 Arthur Cookson OT 6 Azzaya Lkh PwC

BCM KNOWLEDGE SHARING SESSIONS

Since May 2015 “BCM Knowledge Sharing Sessions” have been offered free of charge to BCM members on a regular basis. This new activity is aimed to provide opportunity for our members to share their knowledge with other members and also help them to connect with each other within their field of professional interests. As of December, 2015 the total of 6 sessions were organized with coverage of over 180 people from member organizations. The following knowledge sharing sessions have been organized in 2015.

Topic Trainer Date

Implementation of System Certification Standards and its Benefits Otgonbat D, Director of Observe Consulting LLC 2015.12.24

How to Improve Work Performance of Mongolian Employee Enkhjargal Ts, Executive Director of NPC&Mandal LLC 2015.11.25

Strategically Managing Mongolia’s Sovereign Credit and Perception Ratings Dr.Nigel Finch, Managing Director of Saki Partners 2015.10.09

Common Dental Issues and Preventive Treatments Jose Alberto Cruz Rey, General Dentist at Intermed Hospital 2015.09.16

Mastering the Mind: Focus on EQ Ganzorig U, President of Golomt Bank 2015.06.16

Market Research Analysis Christopher De Gruben, Managing Partner of M.A.D Investment Solutions 2015.05.13

Tax WG Meeting, 2015.04.29Dr. Graeme Hancock, President and Chief Repre-sentative of Anglo American Development LLC at

University of Humanities, 2015.04.09

Jon M. L. Lyons, Country Representa-tive of GGGI at Institute of Finance

and Economics, 2015.12.03

BCM Football Cup, 2015.07.05 BCM Knowledge Sharing Session with M.A.D, 2015.05.13

BCM Knowledge Sharing Session with U.Ganzorig, President of Golomt Bank, 2015.06.10

7 Baasansuren P Atlas Copco8 Baaska J Sustainablity9 Bolor B PATC10 Chuluunbaatar LexLoci11 Daniel Mahoney MahoneyLiotta 12 David Reiner MSM 13 Doljindemberel B KPMG Tax TMZ14 Dorjpalam Kh OT15 Dul-Erdene N Mongolian Stock Exchange16 Enkhsaikhan D KPMG17 Enkhtsetseg B Santa Fe18 Enkhtuvshin Sh WCS19 Erdene-Ochir E Deloitte Onch20 Ganhuleg B Boroo Gold21 Gerelmaa M LehmanLaw Mongolia22 Hulan D Tavan Bogd23 Hulan P OT 24 Inca Bataa Santa Fe25 James Liotta MahoneyLiotta 26 Javkhlant Deloitte Onch27 Jim Dwyer BCM28 John Henriksen Petro Matad29 Jonathan S. A. Tjia THIESS Mongolia30 Khishignemekh R Ernst and Young31 Lkhagva M Deloitte Onch32 Luvsanchultem V Zag33 Micheal Ahern PwC34 Munkhtuya Khan Bank35 Munkhtuya J MMC36 Namuun B Atlas Copco37 Namuun M Newcom38 Narantsatsral S Sumitomo Corporation39 Nasanjargal D PATC40 Nick Cousyn BDSec41 Ninjin Lehman Bush 42 Nyamdulam N PATC43 Onchinsuren D Deloitte Onch44 Oyun Ts International SOS45 Phyllis Pang Terra Energy46 Rentsenkhand BDO47 Shinejargal M Golomt Bank48 Shuree Akiolumos49 Tanyatuya D WCS50 Tarnavska Maryna PwC51 Tengis O Ernst & Young52 Tuya Deloitte Onch53 Tuya E LehmanLaw Mongolia54 Uuganbayar O MahoneyLiotta55 Uugantsetseg B WCS56 Uyanga M Ernst & Young57 Zolbayar BDO

16 Garry Saunders Thiess Mongolia17 Ilyas Mailibayev PwC18 Javkhlan B Golomt Bank19 Jelena Pesic PwC20 John Henriksen Petro Matad21 Jon Lyons GGGI22 Julius Jan C Gonzales Ernst & Young23 Lawrence Lennon M.A.D24 Luvsanchultem V Zag

25 Mark Tasse American Center for Mongolian Studies

26 Martin Hannigan OT27 Michael D Richmond US Embassy28 Munkhdul Ch MIG Insurance29 Namuun B Atlas Copco Mongolia30 Nasanjargal S TCKMO31 Nigel Finch Saki Partners32 Otgonbat D Observe Consulting33 Oyunkhand N Khan Bank34 Piers Zvegintzov/Zog/ OT35 Russell Mackenzie Wave International36 Setsen D Golomt Bank37 Saruul Ts Erdenes Tavan Tolgoi38 Tsogt G Mandal General Insuranse39 Simon Kim Transwest40 Uuganbayar D Clean Energy41 Tsevelmaa N Golomt Bank42 Tim Mahon Deloitte Onch Audit43 Tumentsogt Ts General Electric44 Yair J. Porat MNCCI

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THE BUSINESS COUNCIL OF MONGOLIA

BCM MEMBERSHIP BENEFITS

1. NETWORKING:

• Participation in BCM Monthly Meetings and Receptions• Participation in BCM’s 8 working groups Business Ethics, Capital Markets, Edu-

cation, Energy & Environmental, Legislative, Logistics, Risk and Tax• Annual BCM Renewal Dinner• BCM Football Cup• Participate in on-line forums on BCM web system• Connect with other members through on-line consultations on BCM web system• Build cooperation with other members through posting partnership proposals

on BCM web system

2. PUBLICIZE YOUR COMPANY:

• Company introduction during BCM Monthly Meeting with brochures for distri-bution

• Company banner on BCM website in ‘New Member Section’• Company introduction, logo with direct links to website and social media to

be displayed on BCM web system’s membership section• Possibility to display company banner at reasonable rates on BCM NewsWire

issues distributed to over 1400 member individuals plus 400 people at Diplo-matic missions

• Post vacancy notes of your company at BCM web system• Possibility to send out special “Paid Advertisement” to all BCM members mail-

ing list

3. LATEST BUSINESS NEWS:

• Weekly electronic BCM NewsWire Issues • Business related news, Presentations, Reports, and NewsWire archives on BCM

web system• Various event information through BCM Mailing List• Access to knowledge hub in BCM web system• Search for your topic of interest in BCM NewsWire Issues in the BCM website• Join us on Facebook, Twitter, LinkedIn, Slide share and Flickr.

4. DISCOUNTED PRICE FOR CONFERENCES:

• Participation at discounted rates in International and Local conferences, semi-nars and trainings.

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The BCM Business Growth Index is a regular barometer of business climate in Mongolia which tracks movements in business confidence quarterly. The main results of this index are shown in the form of temperature growth or fall of business environment in Mongolia. In other words, negative developments will send business to minus temperatures, whereas positive developments will produce warm temperatures accordingly. The BCM Business Growth Index is developed based on the results of a questionnaire collected from BCM member organizations including both national and international entities operating in Mongolia in trade, service and manufacturing on small, medium and large scales. The questionnaire is composed of a set of key 7 indicators related to company internal aspects as well as overall business environment. The Business Growth Index Temperature for Q2-2015 showed +3 Degrees Celsius and -6 Degrees Celsius for Q3-2015. The survey questionnaire was professionally designed in consultation with Sumati Luvsandendev, Founder and Director of Sant Maral Foundation, an institution well-known for its opinion polls, market and research work.

BCM FOOTBALL CUP 2015The 4th annual BCM Football Cup 2015 was organized at the National Garden Park’s football field on July 4 and 5, 2015. The Champion of the BCM Cup 2015 was Khan Bank’s FC team. Khan Bank defended their championship from 2014. Second Place was won by Wagner Asia’s team and Third Place by Mongolian Business Database’s team respectively. The semi-final match for the Bronze Medal was between Mongolian Business Database and Ard Financial Group teams. The Best Goal Keeper award was presented to A.Temuulen from Ard Financial Group; the Most Valuable Player award to G.Molor from Wagner Asia; the Best Striker to M.Batchuluun from Khan Bank and the Best Defender to B.Munkh-Erdene from Mongolian Business Database.

BCM BUSINESS GROWTH INDEX

E mail: jim@bcmongolia.org,bayarmaa@bcmongolia.org, tugi@bcmongolia.org saruul@bcmongolia.orgkhulangoo@bcmongolia.orgotgongerel@bcmongolia.orgeditor@bcmongolia.org

The Business Council of MongoliaExpress Tower, 12th floor Peace Avenue, P.O.Box-29 Ulaanbaatar, Mongolia 15160,

Tel/fax: 976 11 317027, 976 70114442

Website: www.bcmongolia.org

BCM Football Cup Winner Khan Bank FC, 2015.07.05

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YOUR PARTNER ON THE GROUND

Our clients:

NovaTerra is an investment, project management, and advisory firm led by a group of seasoned executives with extensive exper ience in energy, banking, real estate, and mining sectors in Mongolia, central Asia and the US. The company has successfully completed a number of most cutting edge projects and businesses in the country since its opening in 2013.

GDM is a buildings technology company providing better, faster and cheaper, clean-tech infrastructure solutions. Our infrastructure solutions include:

* Thermoblock, insulated concrete form (ICF) made of polyurethane for wall systems

* Thermoseal, spray polyurethane foam for building insulation, roofing

* Road Guard, soil stabilizer

* Road Fix, cold mix road patch

Financing, project development and project management services for mining, conventional power, renewable power, and infrastructure.

Engineer ing and technical expertise through its international partners.

Access to domestic and international equity and debt investors through our broad network.

Business and financial advice to strategically position our clients within Mongolia’s political and economic context.

NovaTerra offers:

Express tower 11FL, Chingeltei distr ict -1, Peace Avenue, Ulaanbaatar 15160, Mongolia | Tel: +976 75755545 | www.novaterra.mn

Bayangol distr ict, Khoroo-20, Zasagt Khan Center | Tel:+976 9522 2701 | www.gdm.mn

ELC is one of Mongolia’s leading professional multi-disciplinary law firms with over 30 legal profession-als advising national and foreign clients in relation to

comprehensive legal matters. The expertise of the firm’s law-yers makes ELC a leader in providing not only legal advice but also commercial solutions through its integrated approaches.Since its establishment in 2000, ELC has attained extensive and proven experience in corporate M&A, mining, banking, real es-tate, tax, litigation, infrastructure, road and transportation, consulting and law drafting, labour, and immigration services.In 2012, ELC was granted a permit by the Mongolian Financial Regulatory Commission (“FRC”) authorizing to advise clients regarding Law of Mongolia on Securities Markets and becom-ing one the first and few law firms to be approved by the FRC.ELC has been selected by Chambers & Partners as one of the lead-ing law firms to be recommended to Clients in 2013, 2014 and 2015.

Managing Partner: Bayar BudragchaaNumber of Partners: 4Number of Lawyers: 24Number of Attorneys: 11Languages: Mongolian, English, Russian, German, Japanese, Chinese, Turkish

OFFICELevel 6, Shonkhor Tower,Genden Street-16, Sukhbaatar Ditrict, 1st khoroo, Ulaanbaatar MongoliaTel: +976 77118193, 77118194Email: info@elclawoffice.mnWebsite: www.elclawoffice.mn

PRACTICE AREASCorporate/M&A/IPOMining & ConstructionRoad & TransportationCommunicationReal EstateTaxLitigation &ArbitrationLabour & Immigration

UNIQUE SERVICE IN

UNIQUE MONGOLIA