BMO Capital Markets Investment Banking Pitch Book

BMO Capital Markets Strategic Counterparty Discussions • Investigated potential for a transaction with strategic counterparties interested in Oyu Tolgoi ■ Idea was shared with numerous global companies with copper operations (13 parties in total) - Potential transaction structures were raised / discussed: Acquisition of full 49% minority stake ■ Strategic investment . While some counterparties expressed interest, none were willing to sign a CA given complexities around Rio Tinto's involvement and broader market weakness at the time of discussions 11 PROJECT ASTERIX

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