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      "text": "The following presentation represents a preliminary report to the Special Committee. The analysis is incomplete and the preliminary indications of value presented in this report are for discussion purposes only and should not be construed as an opinion as to the value of Turquoise Hill, the Turquoise Hill Common Shares or the fairness of the Transaction.",
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      "text": "DRAFT as of 6-Jul-2022 Strictly Confidential For Discussion Purposes Only",
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      "text": "The Special Committee of the Board of Directors (\"Special Committee\") of Turquoise Hill Resources Ltd. (\"Turquoise Hill\", \"TRQ\", or the \"Company\") has engaged TD Securities Inc. (\"TD Securities\") to act as independent valuator in connection with the non-binding proposal dated March 13, 2022 (the \"Proposal\") received from Rio Tinto International Holdings Ltd. (\"RTIHL\" and together with its affiliates, \"Rio Tinto\" or \"Rio\") to acquire all of the outstanding common shares of Turquoise Hill (the \"Turquoise Hill Common Shares\") not held by Rio Tinto, referred to herein as the \"Transaction\". TD Securities has been asked to prepare the following preliminary analysis of the value of the Turquoise Hill Common Shares. This presentation summarizes the analysis undertaken by TD Securities to date.",
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