PRESS RELEASE

SALE OF SEMAC PTE LTD

Temasek Holdings has signed a Conditional Sale and Purchase Agreement with SembCorp Waste Management ("SWM") for the sale of SEMAC Pte Ltd ("SEMAC") (the "Sale"). SWM, a wholly owned subsidiary of SembCorp Industries ("SCI"), put in the best offer of $120 million for SEMAC in a competitive bid. The Sale is conditional on the approval of the shareholders of SCI. J P Morgan was Temasek's financial advisor in the review of all bids and the selection of SWM's bid.

2 The bid for SEMAC attracted many interested parties, including both local and foreign companies from Australia, France, Germany, Japan and Malaysia. The sale of SEMAC, Singapore's largest waste management company, is part of the Singapore Government's ongoing privatisation exercise.

Issued on: 17 August 2000

For media enquiries, please contact:Eva Ho (Ms)
Manager, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: 6828-6763
Fax: 6828-6263
Mobile: 9617-6234
e-mail: evaho@temasek.com.sg