Mr. Dan Feder, Partner, PriceWaterhouseCoopers

1. PricewaterhouseCoopers LLP
PwC
PwC Mongolia
September 2010

2. PricewaterhouseCoopers LLP Slide 2
Agenda
 PwC Global
 PwC in Mongolia
 Mining
 Capital Markets

3. PricewaterhouseCoopers LLP Slide 3
Who we are

4. PricewaterhouseCoopers LLP Slide 4
PwC Global
Creating relationships that create value
 The PwC global network is one of the world’s
largest providers of assurance, tax, and
business consulting services.
 We believe that the best outcomes are
achieved through close collaboration with
our clients and the many stakeholder
communities we serve.
 So every day, 161,000 PwC people in 154
countries work hard to build strong
relationships with others and understand the
issues and aspirations that drive them.
 At PwC, we measure success by our ability
to create the value that our clients, our
people and the wider investing public are
looking for.
www.pwc.com

5. PricewaterhouseCoopers LLP Slide 5
PwC in Mongolia
 Opening of our new office in Ulaanbaatar
took place on 7 September 2010.
 PwC Mongolia as part of the PwC Global
network is ready to provide assurance,
advisory and taxation services to both
Mongolian and international companies
with operations in Mongolia.
 The main areas of focus include the mining
sector, financial services,
telecommunications and manufacturing.
 Over 20 predominately national staff; many
with international experience.

6. PricewaterhouseCoopers LLP Slide 6
What do we do?
Assurance Financial Statement
Audit
Financial Accounting
Systems & Process
Assurance
Internal Audit
Contractual &
Regulatory
Compliance Audit
Taxation Compliance Services
Tax Accounting
Indirect Tax (VAT)
Tax Function
Effectiveness
Transfer Pricing
International Tax
Structuring
Advisory Performance
Improvement
Forensic Services
Corporate
Governance
Risk Management
Mergers &
Acquisitions
Due Diligence

7. PricewaterhouseCoopers LLP Slide 7
Global Mining Trends & Outlook
Where does Mongolia fit?
Poised to take advantage of the next boom
• Demand is strong – the industry will grow
dramatically
• Supply struggling to keep up
• Opportunities exist for those with resources
– Mongolia very prospective
• Proximity to China
• Wealth, infrastructure, employment,
development
Difference to baseline in %
Source: IMF

8. PricewaterhouseCoopers LLP Slide 8
PwC – serving the mining sector
 PwC currently audits 32% of mining
companies worldwide with more than $1
billion in revenue.
 We audit 47% of the FT Global 500 mining
companies and provide other professional
services to the remainder of them.
 We audit twelve of the top 40 global mining
companies by market capitilisation.
• 1,500 professionals work in mining sector
across the globe.
PwC
31%
Other
7%
E&Y
14% KPM G
24%
Deloitte
24%
Top 40 global mining market share
by market capitalisation

9. PricewaterhouseCoopers LLP Slide 9
We help our clients confront the mining
industry's most challenging issues,
including:
 Addressing sustainability Issues
 Complying with regulatory &
Reporting requirements
 Improving performance &
Operational effectiveness
 Industry transactions &
Consolidation
 Managing financial risk
 Recruiting & Retaining a skilled
workforce
 Financing & Managing Capital
Projects
Our audit clients globally include:
 Barrick Gold
 Central Asia Metals
 Chalco
 Eurasia Natural Resources
Corporation (ENRC)
 Katanga Mining
 Namakwa Diamonds
 Newmont Mining
 OceanaGold
 Rio Tinto
 Southern Copper
 Vale
PwC – serving the mining sector

10. PricewaterhouseCoopers LLP Slide 10
Mining Center of Excellence
The Central Asia Mining Center of Excellence (MCoE) was
founded by PwC in Kazakhstan in early 2009, reflecting the
growth and development of our mining practice.
MCoE is a group of professionals specialising in the mining
industry with the aim of serving as a central point for industry
specific research and education. Its main strategic goal is to
maintain excellence in mining client service.
MCoE holds regular client and internal meetings, conducts
industry related training and actively participates in external
industry events and activities.
Recent activities:
• MINEX
• Central Asia Mining Congress
• Association of Mining Companies (AGMP)

11. PricewaterhouseCoopers LLP Slide 11
Mining publications
Financial Reporting in the Mining
Industry
Describes the financial reporting implications of IFRS
across a number of areas selected for their particular
relevance to the mining industry.
Total Tax Contribution
Total Tax Contribution of the Global Mining Industry is
the first industry wide study looking at the total taxes of
14 of the world’s largest mining companies. It is the
first study of income and non-income taxes prepared
for the mining industry on a global basis
Junior Mine
An annual publication that provides a consolidated view of
the UK’s junior mining industry, as represented by 50 of
the largest mining companies listed on AIM.
Mining Deals
An annual comprehensive analysis of M&A activity in the
mining industry. Examining both the rationale behind the
overall trends, looking at the key individual deals under
review and ahead to the future direction of deal-making in
the sector.
Mine
An annual survey of the top 40 global mining companies
by market capitalisation. Our report provides a
comprehensive analysis of the financial performance and
position of the global mining industry and also discusses
current trends in the global mining industry. The sixth
publication includes an article around sustainable
development which focuses on balancing the long term
benefits of a clear SD program against the realities of the
current economic climate.
Global Mine Bulletin
This quarterly bulletin is prepared by our global mining
team and aims to focus on current issues within the mining
industry, how these impact our clients business as well as
providing information around our global skills and services
in the sector.

12. PricewaterhouseCoopers LLP Slide 12
PwC Capital Markets Group
Global network - Local knowledge
CMG practice of 480 professionals across 27 territories, including over 130 people in London
PwC Capital Markets Group locations
SPAIN
MEXICO
CHILE
LONDON
AMSTERDAM
BELGIUM
BRAZIL
SINGAPORE
FRANKFURT
NORDIC REGION
SYDNEY
TORONTO
ISRAEL
MOSCOW
ARGENTINA
KOREA
JAPAN
SWITZERLAND
FRANCE
INDIA
POLAND
SOUTH AFRICA
ITALY
DUBAI
TAIWAN
CHINA
NEW YORK
HONG KONG

13. PricewaterhouseCoopers LLP Slide 13
What do we do in Capital Markets?
Capital Markets Capital markets
execution services -
assurance and
advisory
Capital markets
support services -
centre of excellence
IPO readiness
Accounting Advisory Complex GAAP
conversions and
embedding
Complex accounting
standards
implementation
Acquisitions or
carve-out accounting
advice and support
Structuring Debt for equity,
refinancing, IPO and
M&A structures
Reserves planning
and solving dividend
blocks
Corporate
simplification,
reorganisation and
inversions

14. PricewaterhouseCoopers LLP Slide 14
PwC – London Capital Markets
• In 2007-2010, our UK Capital Markets Group
acted as a Reporting Accountant on 41
London Main Market listings, raising in
excess of £6.5 billion.
• We have worked on many high profile
listings on London’s Main Market including
ENRC and Royal Dutch Shell.
• We work extensively and increasingly with
companies from emerging markets in
preparing them for and advising them on
London listings.
• Over the past five years, we acted as a
Reporting Accountant on 15 Main Market
IPOs of Russian and CIS companies, and
advised on nearly 40% of CIS listings on the
London Main Market in 2007-2010.
PwC
23%
EY
20%
Deloitte
16%
KPMG
17%
Other
23%
London Main Market IPO share –
number of IPOs in 2007-2010*
* For the period from 1 January 2007 to 30 June 2010

15. PricewaterhouseCoopers LLP Slide 15
London capital market credentials – mining, energy,
utilities
IPO on the Official List
of the London Stock
Exchange
£707m
pwc
July 2010
Reporting Accountant
IPO on the Official List
of the London Stock
Exchange
£581m
pwc
March 2010
Reporting Accountant
IPO on the Official List of
the London Stock
Exchange
$100m
pwc
December 2009
Reporting Accountant
IPO on the Official List of
the London Stock
Exchange
$3,042m
pwc
December 2007
Reporting Accountant
Rights Issue
$15,200m
pwc
June 2009
Reporting Accountant
ROYAL DUTCH SHELL
Listing on the Official List
of the London Stock
Exchange
Restructuring
pwc
May 2005
Reporting Accountant
Class 1 acquisition of
Alcan Incorporated
Total equity
consideration $38b
pwc
October 2007
Reporting Accountant
IPO of GDRs on the
Official List of the London
Stock Exchange
$369m
pwc
November 2006
Reporting Accountant
IPO of GDRs on the
Official List of the London
Stock Exchange
$605m
pwc
February 2007
Reporting Accountant
IPO of GDRs on the
Official List of the
London Stock Exchange
Introduction only
pwcz
August 2009
Reporting Accountant
IPO on the Official List of
the London Stock
Exchange
$420m
pwc
June 2007
Reporting Accountant
IPO on the Official List of
the London Stock
Exchange
$185m
December 2007
pwc
Reporting Accountant

16. PricewaterhouseCoopers LLP Slide 16
PwC – HK Capital Markets
 In 2009 Hong Kong ranked first in terms
of the IPO funds raised (HK$244 billion
or US$31 billion) globally.
 Our HK Capital Markets Group acted as
Reporting Accountant on 12 HK listings
in 2009, raising in excess of HK$105
billion (US$13 billion) and positioning us
as the market leader.
 We have advised on 5 out of the 8
largest IPOs, individually raising more
than HK$10 billion.
HK Market share – funds raised in
HK IPOs in 2009
PwC
43%
EY
26%
Deloitte
15%
KPMG
15%
Other
1%

17. PricewaterhouseCoopers LLP Slide 17
SINOPHARM GROUP CO
LTD
H Shares IPO on Main
Board of Hong Kong stock
exchange
HK $10.040 billion.
pwc
September 2009
Advised by
Capital market credentials – Hong Kong
CHINA MINSHENG
BANKING CORP
H and A shares IPO on
Hong Kong and Shanghai
stock exchanges
US $5.2 billion
BELLE INTERNATIONAL
HOLDINGS LTD
IPO on Main Board of Hong
Kong stock exchange
HK $9.955 billion.
pwc
November 2009
Advised by
pwc
May 2007
Advised by
CHINA MINSHENG
BANKING CORP
IPO on Hong Kong stock
exchanges
US $3.86 billion
pwc
May 2007
Advised by

18. PricewaterhouseCoopers LLP
Leading in the
Capital Markets
highlights some of the
issues that need to be
resolved in advance,
during and post a
successful flotation
process and how we
can assist clients in
resolving many of the
issues identified.
IPO Watch Europe
is a quarterly survey
tracking the value and
volume of primary
listings on Europe’s
principal stock
markets. The annual
IPO Watch Europe –
Review of the year
collates data from the
quarterly reviews
conducted.
The Listing in
London series
comprises a number of
guides giving an
overview of the key
requirements for listing
on one of the London
markets including
primary listing,
secondary listing, listing
of depositary receipts,
listing of debt and AIM
flotation.
Capital Markets publications
Going Public guide
gives an overview of
the key issues and
regulations to be aware
of when listing on one
of the Greater China
markets for a range of
capital markets
transactions including
China A-share and B-
share listings, Hong
Kong H-share listings,
and GEM flotations.
IPO Watch Greater
China
is a quarterly survey
tracking the value and
volume of primary listings
on Greater China’s
principal stock markets.
The annual IPO Watch
Greater China – Review
of the year collates data
from the quarterly
reviews conducted.

19. PricewaterhouseCoopers LLP Slide 19
PwC contacts in Mongolia
PwC Mongolia
Dan Feder
Partner in charge
Tel: +976-11- 322069, 322068
Email: dan.feder@kz.pwc.com
Bolormaa Tsedenpil
Assurance Senior Manager
bolormaa.tsedenpil@mn.pwc.com
Sebastian Merriman
Tax Senior Manager
sebastian.merriman@mn.pwc.com
Esentsengel Sukhee
Markets Leader
esentsengel.sukhee@mn.pwc.com
PwC Mongolia office
Central Tower, 6th floor, Suite 601
Ulaanbaatar, Mongolia
Tel: +976-11- 322069, 322068

20. PricewaterhouseCoopers LLP Slide 20
PwC CMG contacts
London
Clifford Tompsett
Tel: +44 20 7804 4703
Email: clifford.tompsett@uk.pwc.com
Europe
Leandro van Dam
Tel: +31 20 5687144
Email: leandro.van.dam@nl.pwc.com
New York
Scott Gehsmann
T: +1 646 471 8310
Email: scott.j.gehsmann@us.pwc.com
Hong Kong
Kennedy Liu
Telephone: +852 2289 1881
Email:kennedy.liu@hk.pwc.com
Toronto
Geoff Leverton
Telephone: +1 416 815 5053
Email: geoff.m.leverton@ca.pwc.com
Dubai
Stephen Drake
Telephone: +971 4 304 3416
Email: james.anderson@ae.pwc.com

21. PricewaterhouseCoopers LLP Slide 21
PwC
This publication has been prepared for general guidance on matters of interest only, and
does not constitute professional advice. You should not act upon the information contained
in this publication without obtaining specific professional advice. No representation or
warranty (express or implied) is given as to the accuracy or completeness of the information
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LLP, its members, employees and agents accept no liability, and disclaim all responsibility,
for the consequences of you or anyone else acting, or refraining to act, in reliance on the
information contained in this publication or for any decision based on it.
© 2010 PwC. All rights reserved. Not for further distribution without the permission of PwC.
"PwC" refers to the network of member firms of PricewaterhouseCoopers International
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