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  "notes": "Standard legal disclaimer regarding the reliance on the full valuation and fairness opinion letter.",
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      "text": "The preparation of a Valuation and Fairness Opinion is a complex process and is not necessarily amenable to partial analysis or summary description. TD Securities believes that its analyses must be considered as a whole and that selecting portions of the analyses or the factors considered by it, without considering all factors and analyses together, could create an incomplete view of the process underlying the Valuation and Fairness Opinion. This report is summary in nature and the reader should read the Valuation and Fairness Opinion Letter in its entirety.",
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      "text": "TD Securities' mandate includes the preparation and delivery to the Special Committee of TRQ: A formal valuation (the \"Valuation\") of the Turquoise Hill Common Shares in accordance with the requirements of Multilateral Instrument 61-101 of the Ontario Securities Commission; and An opinion (the \"Fairness Opinion\") as to the fairness, from a financial point of view, of the Updated Revised Proposal being offered to TRQ common shareholders, other than Rio Tinto, in connection with the Transaction",
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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 initial non-binding proposal dated March 13, 2022 (the \"Initial Proposal\"), leading to the final improved non-binding proposal dated August 29, 2022 (the \"Updated Revised 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, as outlined in a term sheet dated August 31, 2022, referred to herein as the \"Transaction\"",
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