Source: Asia Pacific Investment Partners                            Date: 23 July, 2010

Hong Kong-based Asia Pacific Investment Partners recently completed a convertible note offering, raising approximately USD4 million, according to Mr. Lee Cashell, Managing Partner of APIP.  The round was led by a Singapore-based hedge fund and also included a number of other private and institutional investors.

APIP holds market-leading positions in Mongolia's real estate development, cement, and mining industries and also has interests in transportation, luxury development, and infrastructure development. It owns Altan San Securities, one of the country's major stock broking firms with a seat on the small but rapidly developing Mongolian Stock Exchange.

"The majority of the financing raised in the recent round will be allocated towards rapid capacity expansion of Central Asian Cement (CAC) and will be used to develop CAC's own clinker production facility as part of the company's vertical integration strategy. Additional funds will be used towards further exploration of the company's recent discovery of a large body of iron ore in a region bordering close to China," commented Mr. Cashell.

The company is planning an additional capital raising exercise of USD30 million later this year as a precursor to seeking listing on a suitable exchange.