Disclaimers

Everything on the Platform, including research, analysis, entity profiles, financial and market data, and the News Feed, is provided for general informational, research and educational purposes only.

The Platform is not a financial advisor, broker-dealer, investment bank, or securities intermediary. Nothing on the Platform constitutes:

• Investment, financial, legal, tax, or accounting advice
• An offer to sell, a solicitation to buy, or a recommendation to buy, sell, hold, or otherwise transact in any security, financial instrument, asset, or investment product
• A guarantee of future performance or returns

Content on the Platform does not take into account any individual user's investment objectives, financial circumstances, risk tolerance, or particular needs. You should not make any investment decision based solely on information found on the Platform. Before making investment decisions, you should:

• Conduct your own independent research and due diligence
• Review original source documents (annual reports, prospectuses, filings, and the original publications behind News Feed items)
• Consult qualified financial, legal, or professional advisors licensed in your jurisdiction
• Consider your own financial situation, risk tolerance, and investment objectives

Investing involves risk, including the possible loss of capital. Past performance and reported market developments do not guarantee future results.

About the News Feed

The News Feed gives users convenient access to financial, economic, business, investment and capital markets news from third-party publishers and other external sources.

The News Feed automatically collects information from external sources and uses AI to summarize, translate, categorize and display it. Its purpose is to help users find relevant news and go to the original publications.

CMM is not the publisher, author or creator of the original news content. CMM does not write any news articles or summaries in the News Feed.

Use of Artificial Intelligence

All summaries, translations, headlines, classifications, tags, key points and other descriptive text in the News Feed are 100% generated by artificial intelligence ("AI") and automated systems. They are published automatically. No CMM employee or editor writes, edits, reviews or verifies them before publication. CMM only reviews content after publication when responding to reports under "Content Concerns, Corrections and Removal Requests" below.

AI-generated content is provided for convenience. It may contain errors, inaccuracies, omissions, misleading interpretations, outdated information or incomplete context. Translations and summaries may not fully reflect the meaning, tone, qualifications or detail of the original publication.

AI-generated content is not a word-for-word reproduction of the original article. Before relying on any information in the News Feed, consult the original publication and other reliable sources.

Third-Party Sources and Attribution

News articles, reports, statements, data and other materials in the News Feed come from third-party publishers, organizations, companies, public institutions and other sources.

Each item in the News Feed is labelled as AI-generated, names the original publisher, and links to the original publication.

The inclusion of third-party content does not imply that CMM endorses, approves, verifies, or agrees with the content, opinions, statements, or conclusions expressed by its original publisher or author.

Copyright and Intellectual Property

Unless otherwise stated, third-party articles, photographs, graphics, videos, logos, trademarks, and other protected materials remain the property of their respective authors, publishers, or rights holders.

CMM identifies the source of every item and respects applicable intellectual property rights. The availability of information on a public website does not, by itself, mean that all forms of reuse or republication are permitted.

AI-generated summaries and translations in the News Feed may be subject to applicable intellectual property laws and third-party rights. The use of AI does not remove any applicable rights or legal obligations.

Users must respect the intellectual property rights and applicable terms of the original publishers and rights holders.

Third-Party Links

The News Feed may contain links to external websites and services that are not operated or controlled by CMM. Links are provided for convenience and informational purposes. CMM does not control external websites and is not responsible for their content, availability, privacy practices, security, or terms of use, and does not endorse their content merely by linking to them.

Users access external websites at their own discretion and are responsible for reviewing the applicable terms, privacy policies, and other notices.

Content Concerns, Corrections and Removal Requests

CMM seeks to address credible reports concerning inaccurate attribution, potentially infringing content, broken links, misleading AI-generated summaries, and other legitimate content concerns.

If you are an author, publisher, rights holder, or other authorized representative and believe that material displayed in the News Feed infringes your rights, is incorrectly attributed, or should otherwise be reviewed, please contact us at info@capitalmarkets.mn.

Please include, where applicable:

• The URL of the relevant CMM News Feed item.
• The original source URL and the identity of the publisher or rights holder.
• A description of the concern and the material in question.
• Evidence of your authority to make the request, where relevant.
• Your requested correction or action.

CMM will review reports and take appropriate action where warranted, which may include correcting attribution, updating or removing AI-generated material, disabling a link, or suspending or removing disputed content, subject to applicable law and the circumstances of the request.

Nothing in this section limits any rights or remedies available under applicable law.

How Entity Profiles Are Created

CMM uses artificial intelligence technology to compile entity profiles from publicly available sources. These sources include, but are not limited to:

• Mongolian Stock Exchange (MSE) filings and disclosures
• Government registries and licensing databases
• Company websites and investor relations materials
• Published news articles and press releases
• Industry reports and public databases

What This Means for You

AI-generated profiles are starting points, not verified facts. While our technology cross-references multiple public sources, AI-generated content may contain:

• Inaccuracies or errors in data extraction
• Outdated information that has not yet been updated
• Incomplete coverage of an entity's full operations or history
• Misattributed relationships between entities or individuals

You should not rely solely on AI-generated profiles for investment decisions, business transactions, or legal purposes. Verify critical information through independent sources, and check whether a profile is marked "AI profile" or "CMM Verified".

Verification Status

Profiles on the Platform show where their data comes from:

• AI profile — Compiled automatically from public sources. Not yet reviewed by a CMM analyst. Use with appropriate caution.
• CMM Verified — Reviewed and approved by a CMM analyst for accuracy and completeness.
• Company submitted — Data provided directly by the entity. Self-reported and not independently verified by CMM unless otherwise noted.

Personal Data in Profiles

Entity profiles may include names, titles, and professional biographies of executives, board members, and key personnel. This information is compiled from publicly available professional sources. If you are a profiled individual and wish to request correction or removal of your information, see our Terms of Service, Section 6.3 or contact us at info@capitalmarkets.mn.

Corrections and Updates

If you are a representative of a profiled entity and believe any information is inaccurate or incomplete, you may request a correction. See our Terms of Service, Section 6.3 for details, or contact us directly at info@capitalmarkets.mn.

We aim to resolve correction requests within 10 business days, and clear factual errors within 3.

Sources and Accuracy

The financial data, market data, and related information displayed on the Platform ("Financial Data") comes from multiple sources with varying levels of verification.

Public Company Financial Data:

• Sourced from MSE filings and audited financial reports
• Includes balance sheets, profit and loss statements, and cash flow statements
• While sourced from official filings, CMM does not independently audit this data
• Stock prices are sourced from MSE published data and may be delayed; refer to the MSE directly for real-time pricing

Private Company Financial Data:

• Self-reported by company representatives or compiled from public disclosures
• Includes revenue, EBITDA, net income, total assets, and total debt where available
• This data has not been independently verified or audited by CMM
• Empty fields indicate data was not available or not disclosed, not that the value is zero

Project Technical and Financial Data:

• Includes CAPEX estimates, IRR projections, NPV calculations, reserves estimates, and production figures
• Sourced from company disclosures, feasibility studies, and public filings
• Projections and estimates are forward-looking and subject to significant uncertainty
• Project owners decide how much of each project listing each plan can see

Bond Data:

• Includes coupon rates, maturity dates, face values, and credit ratings where available
• Sourced from issuance documents and public disclosures
• CMM analyst commentary on bonds represents opinion, not fact

Forward-Looking Statements

Some content on the Platform may contain forward-looking statements, including projections, estimates, and expectations about future performance. These statements are based on assumptions that may prove incorrect. Actual results may differ materially from any projections.

Market Data Delays

Stock prices and market data displayed on the Platform may be delayed. For MSE-listed securities, data is sourced from the MSE and subject to the exchange's data distribution terms. Do not rely on Platform data for time-sensitive trading decisions.

CMM Analyst Content

Analyst commentary, insights, and research published on the Platform, including subscriber-only and Institutional-only publications, represent the professional opinions of individual CMM analysts. These opinions:

• Are not personalized investment advice
• May change without notice as new information becomes available
• Should be considered alongside other information sources
• Do not constitute an endorsement of any entity or investment opportunity
• May concern companies with which CMM has, or may seek, an advisory or commercial relationship. CMM also provides advisory services, including capital raising and investor relations, to companies that may appear on the Platform

The same applies to answers given through Ask an Analyst.

Fundraising Signals

Some entity profiles display indicators that a company has self-reported an active capital raise ("Raising"). These indicators are informational only. They reflect company-submitted status and are not verified, endorsed, or monitored by CMM. CMM does not arrange, broker, solicit, or facilitate investment in any company displayed on the Platform. Introduction requests made in response to such indicators are requests for information only and do not constitute an offer, solicitation, or recommendation to invest. Users must conduct their own due diligence and consult licensed advisors before engaging in any investment activity.

Nothing in the display of fundraising signals, investment project listings, or the handling of introduction requests is intended to constitute regulated activity under the Securities Market Law of Mongolia, or equivalent legislation in any other jurisdiction.

The Platform serves users in multiple jurisdictions. Content and financial data presentation on the Platform may not meet the regulatory requirements of your jurisdiction. In particular:

• Hong Kong: This Platform is not licensed by the Securities and Futures Commission (SFC) and does not carry on any regulated activity under the Securities and Futures Ordinance.
• Singapore: This Platform is not licensed by the Monetary Authority of Singapore (MAS) and does not carry on any regulated activity under the Securities and Futures Act.
• United States: This Platform is not registered with the Securities and Exchange Commission (SEC) and does not provide services regulated under US securities laws.
• European Union: This Platform does not provide investment services as defined under MiFID II (Directive 2014/65/EU).
• United Arab Emirates: This Platform is not regulated by the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) in the DIFC, or the Financial Services Regulatory Authority (FSRA) in the ADGM. Content on this Platform does not constitute a financial promotion in the UAE.
• India: This Platform is not registered with the Securities and Exchange Board of India (SEBI) and does not provide investment advisory services, portfolio management services, or research analyst services as defined under SEBI regulations. Indian residents should consult SEBI-registered advisors before making investment decisions.
• Mainland China: This Platform is not licensed or registered with the China Securities Regulatory Commission (CSRC) and does not provide securities advisory, investment consulting, or securities information services within the meaning of PRC securities laws. Content on this Platform is not directed at or intended for distribution to PRC residents as securities research or investment advice.

CMM makes no representation or warranty that content on the Platform, including News Feed content, AI-generated profiles and Financial Data, is accurate, complete, reliable, current, available at all times, or suitable for any particular purpose.

Information may be delayed, incomplete, incorrectly attributed, duplicated, modified by the original publisher, or presented without important context. Automated systems may also fail to identify corrections, updates, or changes to the original source. Market data, company information, financial figures, economic indicators, announcements, and other time-sensitive information should be verified against authoritative or primary sources.

To the maximum extent permitted by applicable law, CMM, its directors, officers, employees, contractors, and analysts shall not be liable for any direct, indirect, incidental, special, consequential, punitive, or other loss or damage arising out of or in connection with:

• The use of, inability to access, or reliance upon the Platform, the News Feed, AI-generated profiles, Financial Data, or any third-party content made available through them
• Errors, omissions, delays, inaccuracies, or interruptions in that content, including AI-generated content
• Investment decisions made based on Platform content
• External website content
• Unauthorized access to or alteration of Financial Data

This includes, without limitation, investment losses, lost profits, business interruption, and data loss.

Nothing in these disclaimers limits or excludes liability for fraud, fraudulent misrepresentation, or any liability which cannot be limited or excluded under applicable law.

CMM may update these disclaimers from time to time to reflect changes in the Platform, its technology, its content sources, or applicable legal requirements.

The updated version will be published on this page with a revised "Last updated" date. Continued use of the Platform after an update is subject to the revised disclaimers to the extent permitted by applicable law.

For questions, corrections, copyright concerns, or other matters relating to these disclaimers, please contact:

Capital Markets Mongolia LLC
Email: info@capitalmarkets.mn
Website: capitalmarkets.mn