Source: Newcom Group                   Date: 30 September, 2010

A memorandum of understanding to jointly explore business opportunities in Mongolia, signed with Newcom Group last week in New York, makes U.S.-based General Electric Company (GE) the largest multinational company to operate in the country. The two companies agreed on the principles and basis to explore a sustained partnership in key sectors of the economy, including power, civil aviation, healthcare, railways, water, mining, lighting and financial services.

The memorandum was signed by Mr. Ts. Boldbaatar, Chairman of Newcom, and Mr. Mark Norbom, President and CEO of GE Greater China, in the presence of Prime Minister S.Batbold. “GE is very excited to explore growth opportunities in Mongolia with a strong partner like Newcom.   Each company brings strengths that are well-aligned with Mongolia’s growth needs -- GE brings technologies and expertise in infrastructure and financial services and Newcom brings established relationships and operations in the market,” said Mr. Norbom.

“Newcom is happy to be GE’s partner of choice in Mongolia. Indeed, we are a perfect match – it is imagination and innovation that drives our two companies. As GE has stood at the forefront of imagination and progress in the world for over a century, Newcom has been a pioneer in new and innovative technologies in democratic Mongolia. Together we are set to team for growth and take on big development challenges in emerging Mongolia,” said Mr. Boldbaatar.