Temasek Report 2010

We aim to create and maximise sustainable long-term value as an active investor and shareholder of successful enterprises.

As an owner with a long-term perspective, we have the flexibility of taking concentrated positions, investing with a long or short horizon, or remaining in cash.

As an active shareholder, we act to enhance sustainable value, consolidating or transforming our holdings where it makes sense.

As an active investor, we invest, hold or divest where we can achieve clear shareholder value.

Our investments are funded primarily by dividends from portfolio companies, divestment proceeds and commercial leverage.

As at 31 March 2010, over three quarters of our underlying exposure was to Asia. Our largest sectoral exposures are to financial services; telecommunications, media & technology; and transportation & industrials.

Our investments centre around four themes:

• Transforming Economies
• Growing Middle Income Populations
• Deepening Comparative Advantages
• Emerging Champions

These remain relevant for the longer term, though near and medium - term prospects may be volatile as the global economy deleverages and finds its new balance.

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