Source: Mongolia Growth Group                        Date: 22 June, 2011

Mongolia Growth Group Ltd. has received a license from the Financial Regulatory Authority (FRA) to underwrite property and casualty insurance in Mongolia. The newly formed insurance company will be named Mandal General. "I want to thank everyone who helped us on the application process. In particular, I want to thank FRA for their help in expediting our license request," said Mrs. M. Davaanyam, CEO of Mandal General. "We recognize the responsibility of insuring others and feel confident in our ability to live up to the high expectations set by FRA."

"We have an aggressive roll out plan that has been pushed forward by the early receipt of our insurance license," said  Mr. U. Ganzorig, President of Mandal General. "Our recruitment efforts continue and we currently have 17 employees dedicated to insurance. Within days we will begin our marketing program with the goal of underwriting our first policy by July 1. I want future policy holders to know that we shall soon have MNT6 billion of equity capital making us the best capitalized insurance company in Mongolia. Our conservative underwriting policy and use of re-insurance ensures that we will be able to pay all legitimate claims."