FRONTIER’S 5TH INVESTMENT CONFERENCE IN JAPAN

JICA Ichigaya Building, International Conference Hall

November 24, 2017

Invest Mongolia Tokyo

Post Conference Report

Invest Mongolia Tokyo

Message from CEO Dear Valued Clients, I am very pleased to announce that 5th Invest Mongolia Tokyo has successfully finished on November 24, 2017. The event has attracted about 37 speakers and 280 attendees from 10 countries and 205 organizations. Invest Mongolia Tokyo aimed to address following opportunities, risks and concerns that have been put forward by the investment communities from Mongolia, Japan and other nations. Through the presentations and panels, participants have gained the opportunities to understand different an-gles of approaches from politicians, authorities, banks, lawyers and investors. At the same time, exchanging the ideas with others during breaks and the networking events have been very stimulating for them. The conference was well received by participants because of following reasons. First of all, with the implementation of IMF program and the stable currency, the economic condition in Mongo-lia has started to pick up finally. And, the sense of the bottoming out of the economy were shared both by the authorities in Mongolia and the Japanese investors. Secondly, the conference was timely because it was held at the time just after the Party Congress of the Mongo-lian Peoples’ Party has selected Khurelsukh as the head of the party. The fact that the same person will act the party head and the Prime Minister was welcomed by Japanese investors because they believed the policies of the Government will be stable until 2020. Thirdly, Frontier has successfully invited many key decision makers, opinion leaders and investors to the confer-ence. So, participants could get the most updated perspectives of 1. The strong commitment by Japanese Government through IMF program to Mongolia and the favorable

political and economic outlook between Mongolia and Japan in 2018 2. The current economic condition in Mongolia, monetary policy of the central bank and the resilience of the

economy even with the vulnerability of the coal business. 3. The still weak impact of EPA and the necessity to modify it to accommodate the business demands. 4. The opportunities and risks for Japanese small to mid-sized corporations to do business in Mongolia. 5. The investment opportunities in various sectors (especially in banking, NBFI, mining, telecom and sovereign)

in Mongolia. 6. The legal developments in Banking and Finance Sector in Mongolia. 7. The strong interest by Mongolian Government to improve the investment climate. Lastly, I would like to thank the supporting organizations. The conference was supported by Government of Mongilia, JICA, JETRO and many others. Also, Melville Erdenedalai, Khangarid Properties, Oriental Invest and others have supported the event. Without their commitments, the conference could not be materialized. We want to organize the event annually and want to come back to Tokyo in December 2018. So, we welcome more active participation to the event from each of you next year. Thank you very much for attending the conference. Best Regard,

Masa Igata

Founder & CEO

Frontier Securities

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Invest Mongolia Tokyo

Summary of the conference

Invest Mongolia Tokyo conference welcomed 280 attendees and 37 speakers from 10 different coun-tries.

This year’s conference gathered 150 Mongolian and foreign organizations and companies from vari-

ous industries including mining, real estate, tourism, agriculture and finance. Below are the types of organizations who have participated into the conference. 1. Japanese Government and agencies: Ministry of Finance, Financial Service Agency, Ministry of Econo-

my, Trade and Industry, Tokyo Stock Exchange, JICA, JETRO, JCoal

2. Japanese Trading companies: Mitsubishi Corp, Mitsui &Co, Sumitomo Corp, Itochu, Marubeni, Sojitz

3. Japanese financial institutions: Bank of Tokyo Mitsubishi UFJ, SMBC, J-Trust, Daiwa Research Institute

4. Japanese Corporations: Softbank, Orix, KDDI, Mitsubishi Materials, TOA Institute

5. Mongolian Government and agencies: Ministry of Foreign Affairs, National Development Agency,

Bank of Mongolia, Ministry of Mining, Mongolian Embassy in Japan

6. Mongolian companies: Khan Bank, TDB, Mobicom, XAC Bank

7. International Organizations: Rio Tinto, International Monetary Fund, Asian Development Bank, ING

In addition to above organizations, the conference was attended by numerous other medium to small in-stitutions, universities and individuals.

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Invest Mongolia Tokyo

Event in Pictures

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Invest Mongolia Tokyo

Participation by countries

Mongolia 55 (People)

Japan 195

Other countries 30

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Invest Mongolia Tokyo

Conference Speakers (Part 1)

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Motoo Hayashi Parliament Member Chairman of Japan-Mongolia Friendship Parliamentarians' Union

Neil Saker Resident Representative International Monetary Fund

Yolanda Fernandez Lommen Country Director Asian Development Bank

Bold Luvsanvandan Parliament Member Former Minister of Foreign Affairs

Bayarsaikhan Banzragch Chairman National Development Agency

Takenori Shimizu Director,The TOA Institution Former Ambassador to Mongolia

B.Lkhagvasuren The Deputy Governor Bank of Mongolia

Chris Melville Founding Partner Melville Erdenedalai, Ulaanbaatar

Enkhbold Voroshilov Director General Ministry of Foreign Affairs Mongolia

Batjargal Dambadarjaa Chargé d'affaires ad interim Mongolian Embassy in Japan

John Bell CEO Khan Bank

Tatsuya Hamada Chairman & CEO Mobicom Corporation

Bold Sandagdorj Chief economist Xac Bank

Anthony Willoughby The Nomadic School of Business

Jun Yokoe Chief Representative Sumitomo Mitsui Banking Corporation Ulaanbaatar Representative Office

Michael Marshall Executive Director Applus+ Mongolia

Hiroto Fujiwara General Manager Sumitomo Corporation

Yoshito Yako Director, East Asia Division Japan International Cooperation Agency (JICA)

Invest Mongolia Tokyo

Conference Speakers (Part 2)

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Hirotake Hirose Chief Representative, Ulaanbaatar Repre-sentative Office The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Hajime Uchida Chief Representative, Tokyo Representative Office Trade & Development Bank of Mongolia

Masami Tazaki Executive Director STR Partners

Hidetoshi Nagata General Manager - Head of Global Listings Tokyo Stock Exchange

Takuo Kidokoro Former Japanese Ambassador to Mongolia

Bold Otgonbaatar CEO Oriental Invest LLC

Jargalsaikhan Dambadarjaa Independent economist Jargal DeFacto

Erik Versavel Managing Director Country Representative Mongolia ING

Enkhsaikhan Nyamsuren Head of Sales Department BM Mongolian Partners

Bolortuya Jambal Director Khangarid Properties Co.,Ltd

Akifumi Nakanishi Director / Senior Consultant Asian Business Development Division Daiwa Institute of Research Ltd.

Vladimir Khundaa Project Manager of Copper smelting plant project Ministry of Mining

Nobuto Iwata Professor Aoyama Gakuin University

Bayarsaikhan Davaadorj, CFA Long Term Partners of Mongolia LLC

Erdenedalai Odkhuu Partner Melville Erdenedalai LLP

Baigalmaa Tsookhuu Associate Melville Erdenedalai LLP

Yoshitaka Hosoi Senior Advisor for Natural Resources Japan International Cooperation Agency (JICA)

Batdelger Baatar Project Engineer Mongol Refinery State-Owned LLC

Masa Igata Founder & CEO Frontier Securities

Invest Mongolia Tokyo

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Venue/International Conference Hall, JICA Global Plaza

8:30-8:58 Registration Opens

Session Chairman: Jargalsaikhan Dambadarjaa, Executive Director, The Defacto Institute

9:00-9:08 Opening Address: Masa Igata, CEO, Frontier Securities LLC

9:10-9:15 Keynote Speech: Motoo Hayashi, Parliament Member, Chairman of Japan-Mongolia Friendship Parliamentarians' Union

9:15-9:25 Keynote Speech: Batjargal Dambadarjaa, Chargé d'affaires ad interim, Embassy of Mongolia in Japan

9:25-9:33 Keynote Speech: Bayarsaikhan Banzragch, Chairman, National Development Agency

9:35-10:08

Panel: The outlook of the relation between Japan and Mongolia The opportunities on the economic developments of Mongolia from Japan The economic and political priorities in 2018 between the two countries to develop the relations further The reshuffle of the cabinet, the result of the Party Congress and their implications to foreign investors including Japan Moderator: Jargalsaikhan Dambadarjaa, Executive Director, The Defacto Institute Panelists: Bold Luvsanvandan, Parliament Member, Former Minister of Foreign Affairs Enkhbold Voroshilov, Director General, Ministry of Foreign Affairs Takuo Kidokoro, Former Japanese Ambassador to Mongolia

10:10-10:28

Presentation: Overview of Legal Developments in the Banking & Finance Sector Chris Melville, Founding Partner, Melville Erdenedalai LLP Erdenedalai Odkhuu, Partner, Melville Erdenedalai LLP Baigalmaa Tsookhuu, Associate, Melville Erdenedalai LLP

10:30-10:38 Presentation: Yolanda Fernandez Lommen, Country Director, Asian Development Bank ADB's Support to Mongolia in a Period of Economic Difficulty

10:40-11:58

Panel: The economic outlook – What does consensus forecast say? Current macroeconomic and financial sector in Mongolia: How sustainable is the improved external demand Priorities and policy actions of the Government in the next 3 years: Are they achievable in consistent to the IMF

program? What else need to be done by the government to satisfy its current and prospective debt and equity investors Implementation of the IMF program and its impact on the economy: Key updates and concerns of the second

review of EFF program Asset quality review: Expected potential change and development afterwards FDI outlook: How much potential FDI in which sectors we are talking about in coming 3 years? How to get financing internationally on growth area with priorities? Political risks: The continuity of the policies of the new cabinet and the possible delay of the implementation of

policies Moderator: Jun Yokoe, Chief Representative, Sumitomo Mitsui Banking Corporation Ulaanbaatar Representative Office Presentation: Lkhagvasuren Byadran, Deputy Governor, Bank of Mongolia Presentation: Bold Sandagdorj, Chief Economist, Xac Bank Panelists: Neil Saker, Resident Representative, IMF Bold Sandagdorj, Chief Economist, Xac Bank John Bell, CEO, Khan Bank Yolanda Fernandez Lommen, Country Director, Asian Development Bank Lkhagvasuren Byadran, Deputy Governor, Bank of Mongolia

12:00-12:38

Panel: The outlook for Mongolia’s Mineral Exports and its implications to Japanese investors Overview of Oyu Tolgoi, Tavan Tolgoi and other opportunities in Mining Japanese companies' involvements and opportunities in the industry Moderator: Masami Tazaki, Executive Director, STR Partners Panelists: Yoshitaka Hosoi, Senior Advisor for Natural Resources, Japan International Cooperation Agency (JICA) Hiroto Fujiwara, General Manager, Sumitomo Corporation Ulaanbaatar office Vladimir Khundaa, Project Manager of Copper smelting plant project, Ministry of Mining

Conference Program

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Invest Mongolia Tokyo

Session Chairman: Nobuto Iwata, Professor, Aoyama Gakuin University

12:40-12:58 Presentation: Jargalsaikhan Dambadarjaa, Executive Director, The Defacto Institute "New Budget and Old Method"

13:00-13:18 Presentation: Anthony Willoughby, The Nomadic School of Business

13:20-13:38 Presentation: The Success History of Mobicom and Telecom Industry in Mongolia Tatsuya Hamada, Chairman & CEO, Mobicom Corporation

13:40-13:48 Presentation: Vladimir Khundaa, Project Manager of Copper smelting plant project, Ministry of Mining

13:50-13:58 Q&A session

Session Chairman: Hajime Uchida, Chief Representative, Tokyo Representative Office, Trade & Development Bank of Mongolia

14:00-14:38

Panel: Doing Business in Mongolia Moderator: Hirotake Hirose, Chief Representative, Ulaanbaatar Representative Office, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Panelists : Takenori Shimizu, Director, The TOA Institution & Former Ambassador to Mongolia Hiroto Fujiwara, General Manager, Sumitomo Corporation Ulaanbaatar office

14:40-14:48 Q&A session

14:50-15:08 Presentation: Neil Saker, Resident Representative, IMF

15:10-15:18 Presentation: Bolortuya Jambal, Director, Khangarid Properties Co.,ltd

15:20-15:28 Presentation: Enkhsaikhan Nyamsuren, Head of Sales Department, BM Mongolian Partners How Japanese companies can work on Mongolian projects with European Companies

15:30-15:38 Q&A session

15:40-16:18

Panel: Investment Opportunities in financial sector in Mongolia

The attractive interest rate and opportunities in NBFI (Non-Bank Financial Institutions)

The update on the recent issuance of 800 mil USD Soverign Debt and the opportunities for Bond investors

The undergoing asset quality review (AQR) and the opportunities to invest in banks

The reasons behind the 60% rise of the Mongolian Stock Exchange (MSE) and the opportunities going forward to invest in listed securities through MSE and foreign exchanges including Tokyo Stock Exchange (TSE)

The opportunities to invest in private equities Which sectors are attractive for Japanese investors and why? Moderator: Erik Versavel, Country Representative, Mongolia Representative Office, ING Panelists: Akifumi Nakanishi, Director/Senior Consultant, Asian Business Development Division, Daiwa Institute of Research Ltd Bayarsaikhan Davaadorj, CFA, Long Term Partners of Mongolia LLC John Bell, CEO, Khan Bank(Inviting) Hidetoshi Nagata, General Manager-Head of Global Listings, Tokyo Stock Exchange

16:20-17:18

Panel: Green and Infrastructure The strong demand to infrastructure development and areas of priorities by the Government The serious environmental issues in Mongolia and the measures to tackle the situation Infrastructure projects supported by Japan: Power Plant, New Airport, Renewable Energy(Wind and Solar),

Railway etc Moderator: Jargalsaikhan Dambadarjaa, Executive Director, The Defacto Institute Panelists: Chris Melville, Founding Partner, Melville Erdenedalai LLP, Ulaanbaatar Hirotake Hirose, Chief Representative, Ulaanbaatar Representative Office, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Hajime Uchida, Chief Representative, Tokyo Representative Office, Trade & Development Bank of Mongolia Michael Marshall, Executive Director, Applus+ Mongolia

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Invest Mongolia Tokyo

17:20-17:48

Presentation: Japan International Cooperation Agency (JICA) -JICA's operation for the further development of Mongolia- Presentation: Yoshito Yako, Director, East Asia Division, East and Central Asia and the Caucasus Dept, JICA Introduction of the guidebook on Investment Environment in Mongolia JICA's cooperation strategy and main project examples Assistance to industrial promotion and diversification in Mongolia: Human resources development for indus-

tries, SME financing scheme and Mongolia-Japan Center, etc.

Potentials of regional development through economic corridors and possibilities of Japanese companies' busi-ness expansion to Mongolia

17:50-18:28

Panel: The development plan of Mongolia and the proposal to the Government from Japan The review of what has been proposed to the Government by Invest Mongolia UB on Sep 4-5 What else should be done by the Government particularly for Japanese investors to be truly convinced to in-

vest? Moderators: Chris Melville, Founding Partner, Melville Erdenedalai LLP, Ulaanbaatar Panelists: Neil Saker, Resident Representative, IMF Bold Luvsanvandan, Parliament Member, Former Minister of Foreign Affairs Masami Tazaki, Executive Director, STR Partners Takuo Kidokoro, Former Japanese Ambassador to Mongolia Enkhbold Voroshilov, Director General, Ministry of Foreign Affairs Hirotake Hirose, Chief Representative, Ulaanbaatar Representative Office, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jargalsaikhan Dambadarjaa, Executive Director, The Defacto Institute Erik Versavel, Country Representative, Mongolia Representative Office, ING Bayarsaikhan Banzragch, Chairman, National Development Agency

18:30-18:38 Closing Remarks: Masa Igata, CEO, Frontier Securities

18:40-20:40 Reception

Invest Mongolia Tokyo

Participated Companies & Organizations

Adegawa Enterprise Co., Ltd

Alchemy

ALPHANY Co.,Ltd

Amar Capital

Aoyama Gakuin University

Apollo Building Service Co.,Ltd

Applus+Mongolia

Asia Engineering Consultant

Asian Development Bank

Aucfan

AZUMA SHIPPING CO LTD

Azuma shipping co.,ltd

B.Y Global Design

Bank of Mongolia

BM Mongolian Partners

Bristol Brothers

CASHMERE HOLDING LLC

Chairman of Japan-Mongolia Friendship Parliamentarians' Union

Citigroup Global Markets Japan

Coal to SNG Project Unit

Cocobridge

Copper smelting plant project

ING

Daiwa Institute of Research

Deloitte Tohmatsu Financial Adisory LLC

DHL Global Forwarding Japan K.K.

Eiwashoji Co.,Ltd

Foreland Realty Network Japan Co.,LTD.

Fujiholding

GerHub

Goo bayan health

Hitotsubashi University

Hosei University

IBISOKU,Co.LTD.

IHM

International Monetary Fund

ITOCHU Corporation

J.A.M KONNEKTer Co,Ltd

JAICAF

Japan Center for International Finance

Japan Coal Energy Center

Japan Exchange Group, Inc.

Japan International Cooperation Agency (JICA)

Japan International Labour Foundation

Jargal DeFacto

JETRO

JMF Holdings LLC

JTEC Co.,Ltd

JTrust Co.,Ltd

KATO TRANSPORT CO.,LTD.

KDDI

KDDI Research

Khan bank

Khangarid Properties Co.,Ltd

LigerHoldingInternational

Long Term Partners of Mongolia LLC

Marubeni Corporation

Melville Erdenedalai LLP

Metal Economics Research Institute, JAPAN

MG Leasing Corporation

Ministry of Foreign Affairs Mongolia

Mitsubishi Corporation

Mitsubishi Materials Techno Corporation

Mitsubishi UFJ financial Group

Mitsui & Co., Ltd.

Mitsui Co. & Steel Ltd

Mongolian National Broadcaster

Mobicom Corporation

MOFA

Mongol Refinery State-Owned LLC

MONGOLIAN CENTRAL SECURITIES DEPOSI-TORY CO., LTD

Mongolian Economy Magazine

Mongolian Embassy in Japan

Mongolshoji Co., Ltd.

Monnichi today

Nakamura Logistics Inc.

Nansin co.ltd

National Development Agency

Nista Co.,Ltd.

NPO法人Bizjapan

NTC international co.ltd.

NTCインターナショナル株式会社

O.P.C.Corporation

Oriental Invest LLC

ORIX Corporation

Oshima Management Institute

Park hotel mongolia, (Active Group LLC)

Parliament of Mongolia

PwC Consulting

RIo Tinto Japan

S&W

Sakura mart

SB Energy

Silverbirch Associates KK

Sojitz Corporation

Sterling Content

STR Partners Co.,Ltd.

Strato33 Inc.

Sumitomo Corporation

Sumitomo Mitsui Banking Corporation

Symphony Financial Partners Co., Ltd

Sync logistics

Taiyono Hikari

The Bank of Tokyo-Mitsubishi UFJ,Ltd

The Hikari Securities Co.,Ltd.

The Nomadic School of Business

The TOA Institution

The University of Tokyo

Tohoku University

Tokyo Stock Exchange, INC

Trade & Development Bank of Mongolia

Woovoo

World a-investment llc.

Xac Bank

Yusen Logistics.,Co.ltd.

ZAOBA Corporation

あずさ監査法人

ランガルハウス株式会社

三井物産

三菱マテリアルテクノ㈱

三菱商事株式会社

合同会社宝勇ネットワーク

摂津倉庫株式会社

有限会社エバーグリーン

株式会社DEN ORIENTAL RELATIONS

株式会社イビソク

株式会社三井住友銀行

阪神地所株式会社

And many others

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Invest Mongolia Tokyo

Supporting Organizations and Partners

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Invest Mongolia Tokyo

Supporting Organizations and Partners

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Invest Mongolia Tokyo

Express your interest to sponsor, exhibit or participate in

Frontier’s 12th and 6th Annual Conference in UB and Tokyo

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4-5 September 2018 in UB and

4 December 2018 in Tokyo

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Frontier’s 5th Investment Conference in Japan

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