$TRQ Pentwater Capital Management LP (Post 1) June 24, 2020 Dear Mr. Quellman and Members of the Board of Directors: I am writing to you regarding an unacceptable lack of clarity in your financial disclosures. Turquoise Hill’s 2019 fourth quarter financial results, released on March 21, 2020, served as the first public disclosure of TRQ’s alleged $4.5 billion estimate of the incremental funding requirement caused by the delay and capital overrun in the underground development at Oyu Tolgoi, announced more than 8 months earlier on July 15, 2019. How the company reached the $4.5 billion figure was not explained in any of the filings in any clear way. As you know, Pentwater has made numerous attempts at more transparency from the Company on this subject.
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