Temasek Report 2010

For the financial year ended 31 March 2010, our one-year Total Shareholder Return by market value was 42.71%.

Total Shareholder Return (TSR) is the compounded annual return over a specified period. We measure TSR by market value and by shareholder funds.

TSR by market value TSR by market value takes into account changes in the market value of our portfolio, dividends we paid, and nets off any new capital we received. For unlisted investments, the movements in shareholder funds are tracked in lieu of market price changes.

Our long-term 20-year and 30-year TSRs by market value were stable at 16%. TSR since inception remained a healthy 17%.

TSR by shareholder funds measures the compounded annual growth in shareholder funds driven by the underlying profitability of our portfolio companies, and returns from our investment activities.

Our TSR by shareholder funds remained a steady 16% since inception. Medium-term TSRs over five- and 10-year periods were 14% and 12% respectively, while long-term 20-year and 30-year TSRs were a healthy 14%.