Turquoise Hill announces 10:1 share consolidation

News Release

October 1, 2020

Turquoise Hill announces 10:1 share consolidation

Turquoise Hill Resources Ltd. (Turquoise Hill or the Company) announced today that it is proceeding with the planned consolidation (or reverse stock-split) of the Company's issued and outstanding common shares at a ratio of one post-consolidation share for every ten pre-consolidation shares (the Consolidation). The Consolidation will be effective as of October 23, 2020. Notice has been provided to the New York Stock Exchange (NYSE) and conditional approval to proceed with the Consolidation has been received from the Toronto Stock Exchange (TSX). Subject to the receipt of all required and final approvals, the Company's common shares are expected to begin trading on the NYSE and the TSX, on a consolidated basis, on or about October 26, 2020.

The Company's shareholders approved a special resolution at the Company's annual and special meeting of shareholders held on July 24, 2020, granting the board of directors authority, in its sole discretion,to implement the Consolidation and to select the exact consolidation ratio, provided that (i) the ratio be no smaller than one post-consolidation share for every five pre-consolidation shares and no larger than one post-consolidation share for every thirty pre-consolidation shares, and (ii) the number of pre-consolidation shares in the ratio be a whole number of common shares. The principal reason for implementing the Consolidation is to ensure that the Company's common shares remain eligible for continued listing on the NYSE. The NYSE's listing rules require that a listed security must have an average closing price of at least US$1.00 over a 30- day trading period in order to remain eligible for continued listing on the exchange.

The Consolidation will reduce the number of issued and outstanding common shares of the Company from 2,012,314,469 shares to approximately 201,231,446 shares. Turquoise Hill's common shares will continue to trade on the NYSE and the TSX under the existing ticker symbols. Following the Consolidation, the new CUSIP number for the Company's common shares will be 900435207 and the new ISIN will be CA9004352071.

Proportionate adjustments will be made to the Company's outstanding performance share units, restricted share units and deferred share units. No fractional Common Shares will be issued pursuant to the Consolidation. Any and all such fractional shares will be aggregated and sold by the Company's transfer agent and registrar, AST Trust Company (Canada) (AST), on the market and in the event that the proceeds therefrom, net of brokerage commissions, expenses and withholding taxes, exceed US$5.00, such proceeds shall be paid to the relevant shareholders in proportion to their fractional entitlements. The Company is only

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567	[e-mail]
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
	H3B 3P2

1

responsible for dealing with fractions arising on registered holdings. For shareholders who hold their common shares through an intermediary (such as a securities broker, dealer, bank or other financial institution), the effect of the Consolidation on their individual holdings will be administered by the intermediary.

Further details on the Consolidation are contained in the amended management information circular of the Company dated June 17, 2020, which has been filed and is available under the Company's profile on SEDAR at www.sedar.com.

AST will act as the exchange agent for the Consolidation. While a letter of transmittal was previously mailed to the Company's registered shareholders along with its proxy materials in March of 2020, a new letter of transmittal will be mailed to the Company's registered shareholders in respect of the Consolidation.

Registered shareholders will be required to send their certificate(s) representing pre-Consolidation common shares of the Company, along with a properly executed letter of transmittal, to AST in accordance with the instructions provided in the letter of transmittal. Shareholders who previously returned their certificates to AST with a properly executed letter of transmittal will not be required to take any further action with respect to the Consolidation. Shareholders who hold their common shares through a securities broker, dealer, bank or other financial institution will not be required to take any action with respect to the Consolidation and should contact that intermediary for their post-Consolidation positions. A copy of the new letter of transmittal will be available on the Company's profile on SEDAR at www.sedar.com, and will also be posted on the Company's website at www.turquoisehill.com.

Contact

Investors and Media

Roy McDowall

+ 1 514-848-1506

roy.mcdow [e-mail]

Follow uson Twitter @TurquoiseHillRe

Forw ard-looking statements and forward-looking information

Certain statementsmade herein, including statementsrelating to mattersthat are not historical factsand statementsof 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 securitieslegislation 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 eventsor future performance, reflect current expectationsor beliefsregarding future eventsand are typically identified by wordssuch as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressionssuggesting future outcomesor statementsregarding an outlook. These include, but are not limited to, statementsand

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567	[e-mail]
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
	H3B 3P2

2

information regarding: the completion and potential benefits of the Consolidation; the expected number of common shares issued and outstanding following the Consolidation; the timing and anticipated effective date of the Consolidation; the date on which the common

shares are expected to start trading on the NYSE and the TSX on a consolidated basis; the expectationsset out in the 2020 Oyu Tolgoi Technical Report ("OTTR20"); the timing and amount of future production and potential production delays; statementsin respect of the

impactsof any delayson the Company'scash flows; expected copper and gold grades; liquidity, funding sources, funding requirements and planning and the statusand nature of the Company'songoing discussionswith Rio Tinto plc and itssubsidiarieswith respect to future funding plansand requirements(including ascontemplated by the Memorandum of understanding dated September 9, 2020 (the "MoU"));

the amount of any funding gap to complete the Oyu Tolgoi underground project; the amount and potential sourcesof additional funding;

the Company'sability to re-profile itsexisting project debt in line with current cash flow projections; the amount by which a successful re- profiling of the Company'sexisting debt would reduce the Company'scurrently projected funding requirements; the Company'sand Rio Tinto'sunderstanding regarding the raising of supplemental senior debt and the Company'sability to raise supplemental senior debt; the Company'sand Rio Tinto'sunderstanding regarding the processfor identifying and considering other funding options; the Company'sand

Rio Tinto'sunderstanding regarding the scope and timing for an equity offering by the Company to addressany remaining funding gap;

the Company'sintention to prioritize funding by way of debt and/or hybrid financing over equity funding; the Company'sexpectation of the

anticipated funding gap in the various scenarios described in this press release; the timing of studies, announcements and analyses; status of underground development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes, content and timing thereof;

expectationsregarding the possible recovery of ore in the two structural pillarsto the north and south of Panel 0; the possible progression

of a state-owned power plant ("SOPP") and related amendmentsto the Power Source FrameworkAgreement ("PSFA") aswell as power purchase agreements; the timing of construction and commissioning of the potential SOPP; sourcesof interim power; the potential impact

of COVID-19 on the Company'sbusiness, operationsand financial condition; capital and operating cost estimates, timing of completion of the Definitive Estimate review and the scope thereof; mill and concentrator throughput; the outcome of formal international arbitration

proceedings; anticipated businessactivities, planned expenditures, corporate strategies, and other statementsthat are not historical facts.

Forward-looking statementsand information are made based upon certain assumptionsand other important factorsthat, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievementsexpressed or implied by such statementsor information. There can be no assurance that such statements or information will prove to be accurate. Such statementsand information are based on numerousassumptionsregarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs, anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo North Lift 1; sequence of mining within and across panel

boundaries; the availability and timing of required governmental and other approvalsfor the construction of the SOPP; the ability of the Government of Mongolia to finance and procure the SOPP within the timeframesanticipated in the PSFA, asamended; the willingness

of third partiesto extend existing power arrangements; the statusof the Company's relationship and interaction with the Government of Mongolia on the continued operation and development of the Oyu Tolgoi mine and Oyu Tolgoi LLC internal governance; the statusand nature of the Company'songoing discussionswith Rio Tinto plc and itssubsidiarieswith respect to future funding plansand requirements (including ascontemplated by the MoU) aswell as the completion and potential benefitsof the Consolidation, the timing and anticipated effective date of the Consolidation and the date on which the common sharesare expected to start trading on the NYSE and the TSX on a consolidated basis. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reservesand resourcesand metallurgical recoveries; development plansfor processing resources; the outcome of the Definitive Estimate review; public health crisessuch as COVID-19; mattersrelating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; litigation risks; regulatory restrictions(including environmental regulatory restrictionsand liability); Oyu Tolgoi LLC or the Government of Mongolia'sability to deliver

1. domestic power source for the Oyu Tolgoi project within the required contractual time frame; communicationswith local stakeholders and community relations; activities, actions or assessments, including tax assessments, by governmental authorities; events or circumstances(including strikes, blockadesor similar eventsoutside of the Company'scontrol) that may affect the Company'sability to deliver itsproductsin a timely manner; currency fluctuations; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; competition; lossof key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term domestic power supply for the Oyu Tolgoi project; capital and operating costs,

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567	[e-mail]
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
	H3B 3P2

3

including with respect to the development of additional depositsand processing facilities; and defective title to mineral claimsor property. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statementsand information, there may be other factorsthat cause actions, eventsor results not to be as anticipated, estimated or intended. All such forward-looking statementsand information are based on certain assumptionsand analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, aswell asother factorsmanagement believesare reasonable and appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertaintiesand other factorsthat could cause actual eventsor resultsto differ materially from those projected in the forward-looking statementsor information.

With respect to forward-looking information concerning the continued operation and development of Oyu Tolgoi, the Company hasbased its assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, among others: the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for Oyu Tolgoi; the ability to secure and draw down on the supplemental debt under the Oyu Tolgoi project financing facility and the availability of additional financing on terms reasonably acceptable to Oyu Tolgoi LLC, Rio Tinto and the Company to further develop Oyu Tolgoi as well as the status and nature of the Company'songoing discussionswith Rio Tinto plc and itssubsidiarieswith respect to future funding plansand requirements (including as contemplated by the MoU); the potential impact of COVID-19;the impact of changes in, changes in interpretation to or changesin enforcement of, laws, regulationsand government practicesin Mongolia; the availability and cost of skilled labour and transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays, and the costs which would result from delays, in the development of the underground mine (which could significantly exceed the costsprojected in OTTR20); projected copper, gold and silver pricesand their market demand; and production estimatesand the anticipated yearly production of copper, gold and silver at Oyu Tolgoi.

The cost, timing and complexitiesof mine construction and development are increased by the remote location of a property such as Oyu Tolgoi. It iscommon in mining operationsand in the development or expansion of existing facilitiesto experience unexpected problems and delaysduring development, construction and mine start-up. Additionally, although Oyu Tolgoi hasachieved commercial production, there is no assurance that future development activitieswill result in profitable mining operations.

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statementsinvolve numerousassumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factorsthat could cause actual results to differ from these forward-looking statementsare included in the "Risk Factors" section in Company'sannual information form for the year ended December 31, 2019 ("AIF"), as supplemented by the "Risks and Uncertainties" section of the Company's second quarter 2020 management'sdiscussion and analysis("MD&A") dated July 28, 2020.

Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF and in the "Risks and Uncertainties" section of the Company'ssecond quarter 2020 MD&A that may affect future resultsisnot exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made asof the date of thisdocument and the Company doesnot undertake any obligation to update or to revise any of the included forward-looking statementsor information, whether asa result of new information, future eventsor otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567	[e-mail]
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
	H3B 3P2

4