Temasek Report 2010

During the year ended 31 March 2010, we made S$10 billion of new investments and S$6 billion of divestments as part of our regular portfolio rebalancing.

Over the course of the year, we reinforced the balance sheets of some of our portfolio companies to enhance their financial flexibility. This included the rights issues of Bank Danamon and Chartered Semiconductor Manufacturing in April, Neptune Orient Lines in July and CitySpring in September 2009. Further, we injected S$1.5 billion into Singapore Power in October 2009, and S$210 million into Surbana in February 2010 to support their growth plans.

In the energy and resources sector, we invested S$418 million in the convertible debentures of Niko Resources, a Canadian-listed oil and gas company with assets in Asia. Subsequently in April 2010, we invested S$687 million in Inmet Mining, a Canadian copper producer with operations in six countries. May 2010 saw us investing S$207 million in Platmin Limited, a promising platinum producer in South Africa.

Nearer home, we invested S$343 million in Seoul Semiconductor, a Korean light emitting diode (LED) company and its subsidiary, Seoul Optodevice. This gave us exposure to energy-efficient LED displays and lighting products in the technology space.

Following our earlier investment in Li & Fung Limited two years ago, we had the opportunity last year to invest in a related spin-out, Trinity Limited, a leading luxury menswear retailer in Greater China. We increased our exposure to Olam International through S$138 million of convertible bonds in October 2009, shortly after an earlier investment of S$438 million in June 2009.

In May 2010, we invested S$251 million on the health sciences front in Celltrion, a Korean biopharmaceuticals company developing biosimilars, which are generic biotech drugs, for both emerging and developed markets.

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In China, we invested in China Construction Bank, as well as in Longfor, a real estate developer, and in China ITS, a transportation infrastructure technology solutions provider. We saw the IPOs of two of our earlier real estate investments, Evergrande Real Estate and Kaisa.

In India, we invested S$241 million in the National Stock Exchange of India in May 2010. We also added to our exposure in the infrastructure space with a S$280 million investment in GMR Energy Limited in June 2010, a leading Indian power utility company with exisiting generating capacity of 808 MW and planned additions of 6,000 MW in various stages of development. Other investments include Sobha Developers in February 2010, a leading developer in South India, and in Essar Energy in April 2010.

In our growing portfolio in Latin America, we invested S$70 million in Amyris Biotechnologies Inc, the US parent of Amyris Brasil, a Brazilian company with an innovative approach to producing biofuels and other chemicals from sugarcane. We also had an opportunity to gain an exposure of S$98 million in LAN Airlines, a Chilean airline with pan-regional presence in South America.

In Singapore, we reshaped our portfolio through the divestment of Chartered Semiconductor Manufacturing and the listing of Tiger Airways on the Singapore Exchange in January 2010. We now hold a direct stake in Singapore Airport Terminal Services (SATS) after Singapore Airlines distributed its stake in SATS to its shareholders.

We established SeaTown Holdings, a wholly-owned global investment company, in August 2009, with committed capital of over S$4 billion and the potential for third-party co-investment in the medium term. Sustainable urban solutions provider, SingBridge International, was formed in June 2009 to focus on the investment and development of integrated townships and large-scale projects in Asia.