ONE. Microfinance related

Changes were made in appendix of decree No.169 of FRC dated 2008

Granted additional license to “Net capital NBFI” LLC to engage in non bank financial trust services

Extended the license of “Goviin tsenher altai NBFI” LLC to carry on non-bank financial activity

Revoked the license of “Jam zam NBFI” LLC for carrying out lending activity and the license of “UBNP NBFI” LLC for carrying out non bank financial activities respectively.

Renewed the license of “Lkhabuyan” cooperative to carry out savings and credit cooperative’s activity

Extended the licenses of following cooperatives to conduct savings and credit cooperatives activity

“G S B E KH” “MINA” “BEKH” “CHADANKHUU” “GAN IVEEL”

Revoked the licenses of “MONCU” and “Avraga zoos”, cooperatives to engage in savings and credit cooperatives activity respectively

TWO. Securities related

Regulation on allocation of identification number for securities has been approved and Securities Clearing House& Central Depository Co., Ltd has been authorized to work further in this matter.

Renewed the license of “Arkhust shunkhlai” and “Munkh Undes”, shareholding companies to carry out securities activity

Delisted the securities of “Erdenet khivs” shareholding companies from the securities registration

Revoked the listing of securities of “Monad” shareholding Company

Extended the license of “TTSEK” LLC to carry out broker and dealer’s activity

Registered the licensing of “Mongol rating service”, LLC to conduct rating activity

In regards to changes were made in company’s name from “Mongol shines”, LLC into “Mongol Banner”, LLC and “Baaz” LLC into “Mongolia-Infrastructure”, LLC, respectively accordingly registration of securities has been adjusted.

Renewed the following activities starting from June 1^st, 2010 and removed the restrictions imposed by the FRC’s decree No. 131

• Activities such as processing client order, opening connecting account, consolidating accounts, doing transfer between accounts in the form of cash and stocks based on the trust of Bulganbroker LLC, Tulgat chandmani bayan LLC, BDSEC LLC, MIC LLC and Euroasia capital Mongolia LLC

• Activities such as receiving cash of customers from Securities Clearing House and Central Depository Co., Ltd and distribute through the company itself.

THIRD. Insurance related and other matters

Granted license to Mega Marz LLC for carrying out activity of insurance loss adjustor

Approved the revised regulation on regulating auditing of insurance company

Approved FRC’s policy document on accounting

Amendment has been made on the “Regulation on consolidated record keeping of licenses and permission granted by the FRC” which was approved by the decree No. 25 dated 2006