Source: Khan Bank              Date: 04 August, 2010

In a farewell message on his retirement as CEO of Khan Bank, Mr. J.Peter Morrow has said he has extended his contract through 2012 and will serve as a part time advisor and Director, ensuring an orderly transition for domestic and international customers, lenders and stakeholders. He has also been named Deputy Chairman of Newcom LLC. He has also joined the board of the Mongolian Stock Exchange and is discussing other situations in the public and private sectors.

Mr. Morrow expressed his pleasure that he is passing on to Mr. Simon Morris, his successor as CEO, a very strong bank. Deposits have grown over 30% in the first six months of 2010 and the bank has over MNT 700 billion of cash, 50% of the balance sheet. Its capital of MNT130 billion, 17% of risk assets, is far higher than any other bank here. Earnings have returned to pre-crisis levels, and the past two months have been all-time records.