Singapore

Temasek Holdings (“Temasek”) has confirmed it is planning to divest all three of its wholly-owned Singapore power generation companies; namely, PowerSeraya Ltd, Senoko Power Ltd and Tuas Power Ltd (collectively, “the gencos”) over the next 12 to 18 months.

Mr Wong Kim Yin, Managing Director of Investments at Temasek Holdings, said, "We have seen a lot of interest from potential buyers since last year. At the same time, the Singapore economy is poised to grow strongly over the next few years. The conditions are conducive for the divestment of the gencos.”

He added, "We had organised our power generating assets into three independent companies, each with its own board and management. This was to enable them to operate independently in a competitive environment. With the recent passage of the Amendments to the Gas Act by Parliament, the regulatory framework governing the competitive wholesale supply of gas and power is complete. These developments have set the stage for a competitive yet stable, power generation market to operate in Singapore. Hence, it is timely for us to divest the gencos, as the next step towards the liberalisation of the electricity market."

Temasek expects the divestment process to begin in the second half of this year, with the entire process to be completed by end 2008 or early 2009.

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment firm headquartered in Singapore. Supported by affiliates and offices around Asia, it manages a diversified S$129 billion (US$80 billion) portfolio, concentrated principally in Singapore, Asia and the OECD economies.

The Temasek portfolio spans various industries including telecommunications & media, financial services, real estate, transportation & logistics, energy & resources, infrastructure, engineering & technology as well as bioscience & healthcare.

Temasek’s total shareholder return since inception in 1974 has been 18% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.

For further information on Temasek please visit www.temasekholdings.com.sg.

PowerSeraya

PowerSeraya has a licensed capacity of 3,100 MW and owns generation assets which includes 1,500 MW of oil-fired steam plants, 740 MW of gas-fired combined-cycle plants and 750 MW Orimulsion-fired steam plants. PowerSeraya offers retail energy services through its wholly owned subsidiary, Seraya Energy Pte. Ltd.

Senoko Power

Senoko Power has a licensed capacity and owns generation assets totalling 3,300 MW comprised of 1,250 MW of oil-fired steam plants, 1,945 MW of gas-fired combinedcycle plants and 105 MW gas-fired open-cycle plants. Senoko Power offers retail energy services through its wholly owned subsidiary, Senoko Energy Supply Pte. Ltd.

Tuas Power

Tuas Power has a licensed capacity and owns generation assets totalling 2,670 MW comprised of 1,200 MW of oil-fired steam plants and 1,470 MW of gas-fired combined cycle plants. Tuas Power offers retail energy services through its wholly owned subsidiary, Tuas Power Supply Pte. Ltd.

Temasek Holdings
Lim Siow Joo
Associate Director, Corporate Affairs
Tel: (65) 6828 6503
Email: siowjoo@temasek.com.sg

Weber Shandwick
Ivan Tan
Senior Vice President
Weber Shandwick (for Temasek Holdings)
Tel: (65) 6825 8027
Email: itan@webershandwick.com