Turquoise Hill Announces Receipt Of Final Order For Arrangement With Rio Tinto

Turquoise Hill Resources Ltd. (TSX:TRQ) (NYSE:TRQ) ("Turquoise Hill" or the "Company") today announced that the Supreme Court of Yukon (the "Court") has granted the final order (the "Final Order") in connection with the previously announced statutory plan of arrangement under section 195 of the Business Corporations Act (Yukon), pursuant to which Rio Tinto International Holdings Limited ("Rio Tinto") will acquire the approximately 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto and its affiliates do not currently own (the "Minority Shares") for C$43.00 per share in cash (the "Arrangement"). As announced in its news release dated December 9, 2022, the Arrangement was approved by the holders of common shares of the Corporation (the "Shareholders") at a special meeting of the Shareholders held on December 9, 2022.

The Arrangement is expected to be completed on or about December 16, 2022, subject to the delivery by the parties of customary closing deliverables.

Following completion of the Arrangement, Turquoise Hill intends to apply to have its common shares delisted from the Toronto Stock Exchange and the New York Stock Exchange and to cease to be a reporting issuer under Canadian securities laws. Further information regarding the Arrangement is provided in the management information circular dated September 27, 2022, as amended and supplemented on November 24, 2022 (the "Circular"), copies of which are available under Turquoise Hill's profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov and on the Company's website.