Singapore

Temasek Holdings (Private) Limited (“Temasek”) today announced that it has begun the divestment process for its wholly-owned Singapore power generation company (“genco”), Senoko Power Limited (“Senoko”). This follows the sale in March 2008 of Tuas Power to SinoSing Power Pte Ltd.

Senoko, the second genco to be divested by Temasek, has a total licensed generation capacity of 3,300 MW – the largest in Singapore - supplying 30% of Singapore's electricity needs. Its power assets include 1,945 MW of gas-fired combined cycle plants, 1,250 MW of oil-fired steam turbine plants and 105 MW of diesel-fired open cycle gas turbine plants.

Mr Wong Kim Yin, Managing Director of Investment at Temasek Holdings, explained, "The sale of Senoko Power, which follows the divestment of Tuas Power in March this year, is a continuation of Temasek's plan to divest all of our three Singapore gencos. This will provide an orderly transition to a competitive yet stable power generation market in Singapore."

He further noted, "We have received strong indications of interest from potential bidders in this transaction”.

As with the sale of Tuas Power, the sale of Senoko will be subject to acceptable price and commercial terms.

More on Senoko

Senoko sells all of its electricity output into the National Electricity Market of Singapore, a competitive wholesale electricity market. It accounted for approximately 30% of Singapore’s electricity generation units sold in calendar year 2007.

For the year ended 31 March 2008, the company had revenues of S$2,495 million and EBITDA of S$245 million.

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Note to Editors

In June 2007, Temasek announced its intention to divest its interest in its three wholly-owned Singapore-based gencos, namely, Tuas Power, Senoko Power and PowerSeraya ("Seraya").

Senoko and Seraya were restructured out from Singapore Power as independent and competitive gencos after the transfer of Singapore Power to Temasek in 1995. Tuas Power was set up independently as the 3rd genco in 2001 as part of the national plan to have liberalised and competitive electricity generating market in Singapore. Although wholly owned by Temasek, each of these gencos has been run independently with its own board and management as fully commercial competitors.

With the regulatory framework governing the power and gas industries in place, including clarity on the future provisions for LNG facilities and supply, Temasek judged the conditions to be ready for an orderly transition to a fully liberalised market structure. At the same time, the three gencos had established a track record for efficiency. Thus, Temasek signalled its readiness to divest all three gencos with its announcement in June 2007.

The first phase saw the successful sale of Tuas Power in March 2008. Senoko is now identified as the second and largest genco sale to be sold in this phased process of divestment.

Barring unforeseen circumstances, Temasek is on track to fully complete the divestment of all its three gencos by end-2009, and fulfill its undertaking to work towards a liberalised and competitive electricity market in Singapore.

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is a global investment firm headquartered in Singapore. Supported by affiliates and offices around the world, it holds and manages a diversified S$164 billion (US$108 billion) portfolio as at 31 March 2007, concentrated principally in Singapore, Asia and the OECD economies.

Temasek's investment strategies centre on four themes – Transforming Economies, Thriving Middle Class, Deepening Comparative Advantages and Emerging Champions – with its portfolio of companies coming from nine major sectors: financial services; telecommunications and media; transportation and logistics; real estate; infrastructure, industrial and engineering; energy and resources; technology; life sciences; and consumer and lifestyle.

Total shareholder return for Temasek since its inception in 1974 has been more than 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

For more information, please contact:

Mark Lee
Director, Corporate Affairs
Tel: (65) 6828 6509
E-mail: marklee@temasek.com.sg

Ivan Tan
Senior Vice President
Weber Shandwick (for Temasek)
Tel: (65) 9635 9765
E-mail: itan@webershandwick.com