Temasek Report 2010

We are the auditors of Temasek Holdings (Private) Limited (“Temasek”). We have audited the statutory consolidated financial statements of Temasek and its subsidiary companies (the “Group”) for the financial years ended 31 March 2008, 2009 and 2010 and have issued unqualified audit reports dated 16 July 2008, 15 July 2009 and 1 July 2010, respectively. The audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2005 to 2007 were audited by PricewaterhouseCoopers whose auditors’ reports contained unqualified opinions.

Under the Singapore Companies Act, Chapter 50, Temasek is an exempt private company and is not required to publish its audited statutory consolidated financial statements.

Management is responsible for the preparation and presentation of the Group Financial Summary set out in Performance section based on the audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2005 to 2010. The Group Financial Summary consists of the Group Financial Highlights, Group Income Statements, Group Balance Sheets and Group Cash Flow Statements as at and for the financial years ended 31 March 2005 to 2010 and Group Statements of Changes in Equity for the financial years ended 31 March 2009 and 2010.

Our responsibility is to express an opinion on whether the Group Financial Summary has been summarised and presented consistently, in all material respects, with the audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2005 to 2010. We conducted our examination in accordance with Singapore Standard on Auditing SSA 800 – The Independent Auditor’s Report on Special Purpose Audit Engagements. This standard requires that we comply with ethical requirements and plan and perform the examination to obtain reasonable assurance on whether the Group Financial Summary is free from material inconsistency with the audited statutory consolidated financial statements of the Group. Our work included examining, on a test basis, evidence supporting the consistency of the amounts and disclosures in the Group Financial Summary to the audited statutory consolidated financial statements of the Group.     

In our opinion, the Group Financial Summary is summarised and presented consistently, in all material respects, with the audited statutory consolidated financial statements of the Group from which they are derived.

KPMG LLP

Public Accountants and Certified Public Accountants
Singapore
1 July 2010