I first became interested in TECK in 1980. Since then I have followed TECK intermittently. TECK has a dual system on their common shares, class A and class B. The two classes are the same except that a class A share has 10 times the voting rights of a class B share. When the class B shares were created they were given the guarantee that in the event of a takeover each class B share would receive the same compensation as a class A share.

The Dual Class Resolution is an attempt to convert each class A share into 1.67 class B shares. In order for this resolution to pass it must receive the votes of 2/3 of the class A shares voting and the votes of 2/3 of the shares of the class B shares voting. I urge all class B shareholders to vote no for the Dual Class Resolution.

The Separation Plan of Arrangement splits TECK into two companies. However in the maze of details concerning the split it works out that the stock options held by class A shareholders are far more valuable than if the options were for class B stock. I urge every class B shareholder to vote against the Separation Plan of Arrangement.

In conclusion, the plan to convert the class A shares to class B shares and the plan to split TECK into two companies are designed to have the class A shareholders receive more compensation per share than the class B shareholders. I urge all class B shareholders to vote against every resolution on the proxy.