On May 15, five Government bonds were traded in the
secondary market at Mongolian Stock Exchange (MSE) at the market value of MNT
105,000 each. It was the first time that Mongolian Government bonds with
International Securities Identification Number (ISIN) were traded in the
secondary market in accordance with the internationally accepted principles.

With the commencement of secondary market trading of such
securities, it becomes possible to calculate the brenchmark index for short and
long-term loans based on their traded value and yield curve.