PRESS RELEASE

MS HO CHING APPOINTED TO TEMASEK BOARD

Temasek Holdings is pleased to announce that Ms Ho Ching will be appointed to the Temasek Board with immediate effect.

We wish to also announce the retirement of Mr Khaw Boon Wan from our board on 22 October 2001. We wish to thank Mr Khaw for his invaluable contributions as our board member from 15 July 98 to 22 Oct 01, and wish him every success in his future endeavours.

Issued on: 16 Jan 2002