Turquoise Hill Resources Ltd. announced that Mr. Ulf Quellmann has resigned as the Company's Chief Executive Officer effective March 3, 2021, the Board of Directors of the Company and Mr. Quellmann having agreed that it would not be in the best interests of the Company for Mr. Quellmann to continue in this position. The Board, on the recommendation of the Special Committee, has appointed Steeve Thibeault as Interim Chief Executive Officer. Mr. Thibeault served as the Company's Chief Financial Officer between June 2014 and April 2017. Since April 2017, Mr. Thibeault has had no affiliation with either Turquoise Hill or Rio Tinto. Mr. Thibeault led the negotiations of the funding agreements for Turquoise Hill that the Company entered into with Rio Tinto in 2015. The Special Committee is confident that Mr. Thibeault is well positioned to immediately assume leadership of negotiations with Rio Tinto, progress the OT funding plan and oversee day-to-day operations of the Company while the Board engages in a process to identify a permanent Chief Executive Officer.