Turquoise Hill Acknowledges Increased C$40 per share Privatization Proposal from Rio Tinto

Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") acknowledges the receipt today of an improved non-binding proposal from Rio Tinto International Holdings Ltd. ("Rio Tinto"), to acquire all of the outstanding common shares of the Company it does not own for cash consideration of C$40 per share (the “New Rio Tinto Proposal”). Rio Tinto has stated that the New Rio Tinto Proposal is conditional on, among other things, Turquoise Hill not raising additional equity capital.

The New Rio Tinto Proposal was delivered to the Special Committee of the Company’s Board of Directors which is currently considering the proposal. Turquoise Hill shareholders do not need to take any action with respect to the proposal at this time.

About Turquoise Hill Resources

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company’s principal and only material mineral resource property. Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34% interest.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, the Special Committee’s consideration of the New Rio Tinto Proposal and other statements that are not historical facts.