(The following statement was released by the rating agency) HONG KONG, October 15 (Fitch) Fitch Ratings has assigned Mongolia's forthcoming US dollar-denominated bonds an expected rating of 'B-(EXP)'. KEY RATING DRIVERS The expected rating is in line with Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B-' with a Stable Outlook. RATING SENSITIVITIES The rating would be sensitive to any changes in Mongolia's Long-Term Foreign-Currency IDR. On 19 February 2017, Fitch affirmed Mongolia's Long-Term Foreign-Currency IDR at 'B-' with a Stable Outlook. The Long-Term Local-Currency IDR is also 'B-'. Contact: Primary Analyst Andrew Fennell Director +852 2263 9925 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Stephen Schwartz Senior Director +852 2263 9938 Committee Chairperson James McCormack Managing Director +44 20 3530 1286 Date of Relevant Rating Committee: 17 February 2017 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings - Effective from 16 August 2016 to 21 July 2017 (pub. 16 Aug 2016) here Sovereign Rating Criteria - Effective from 18 July 2016 to 21 July 2017 (pub. 18 Jul 2016) here

Published Date:2017-10-16