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  "notes": "References Ontario Securities Commission MI 61-101 regulations.",
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      "text": "The monetary consideration that, in an open and unrestricted market, a prudent and informed buyer would pay to a prudent and informed seller, each acting at arm's length with the other and under no compulsion to act",
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      "text": "MI 61-101 requires the Valuator to determine the \"en bloc\" value that an acquiror of 100% of Turquoise Hill would be expected to pay in an open auction",
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      "text": "Under MI 61-101, Fair Market Value is defined as\nNo downward adjustment to fair market value is permitted to reflect\nLiquidity of the securities\nEffect of the Transaction on the securities\nThe fact that the securities do not form part of a controlling interest\nThe Valuator must consider any distinctive material benefit that might accrue to an interested party as a consequence of the Transaction\nSynergies\nTax benefits\nOther\nThe Valuator must also consider any prior Valuations and any bona fide offers made for Turquoise Hill in the past 24 months",
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