Investor Presentaiton

3. Mongolian Double Tax Treaties Withholding taxes Domestic Rates UAE Treaty Dividends 20% 0% Termination of DTTS Kuwait Treaty 0% for at least 49% Luxembourg Treaty participation, 5% for 15/5/0 (3) others 0% for financial institutions, 10% for others 5 Netherland Treaty 0% for at least 10% participation, 15% for others 0% for financial institutions, 10% for others 5 10% for Financial Interests institutions, 20% for 0% 0% others 20% 10% 10 Royalties Technical 20% Exempted Exempted 5 Service LO 5 The treaties became a loophole for treaty shopping and tax planning resulting unnecessary revenue loss without contributing much to inbound investment; Major investors in the Mining sector had been aggressively treaty shopping Although the efforts to amend these treaties has undergone for about year, treaties has been terminated unilaterally; 10

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