Singapore

Temasek refers to the announcement made by 98 Holdings to make a voluntary conditional offer for all the shares of NatSteel Ltd.

2. Temasek Holdings wishes to state that the main objective of its participation as a 20% financial investor in 98 Holdings is to demonstrate Temasek’s commitment to derive better value for shareholders of NatSteel. Temasek believes that this offer by 98 Holdings is a better offer than the management buy-out (MBO) offer by Crown Central Assets Ltd for the reasons stated in the offer announcement by 98 Holdings. In particular, this offer gives shareholders of NatSteel better value and more choices.
3. As a shareholder of NatSteel, Temasek remains open to considering any better bids. Therefore, although Temasek has given the undertaking to accept the offer by 98 Holdings, Temasek has reserved the right to accept any higher competing bid that may arise, as stated in the offer announcement.
4. Temasek welcomes the NatSteel Board’s stance that, whilst it has accepted the MBO offer, shareholders are not precluded from voting on a competing bid in the event of such a bid.
5. Temasek believes that this offer, the MBO offer and any other competing offers, gives NatSteel shareholders a broader range of options to realize better value.

For media enquiries, please contact:

Eva Ho (Ms)
Vice President, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828-6763
FAX: (65) 6828-6263
Mobile: (65) 9617-6234
Email: evaho@temasek.com.sg