Singapore

Temasek Holdings (Private) Limited (“Temasek”) today announced that its wholly-owned subsidiary, CitySpring Infrastructure Management Pte. Ltd. (“Trustee-Manager”), has lodged a Preliminary Prospectus with the Monetary Authority of Singapore for the proposed Initial Public Offer of the CitySpring Infrastructure Trust (“CitySpring”), and its proposed listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”).

CitySpring, of which CitySpring Infrastructure Management Pte. Ltd. will be the Trustee-Manager, will be Singapore’s first infrastructure business trust. Temasek intends to position CitySpring as its key platform for infrastructure investments consistent with the business objectives of CitySpring.

The initial portfolio of CitySpring will comprise 100 per cent of City Gas Trust and 70 per cent of SingSpring Trust. Each of City Gas Trust and SingSpring Trust will acquire the business undertakings of City Gas Pte Ltd (“City Gas”) and SingSpring Pte Ltd (“SingSpring”), respectively. City Gas is the sole producer and retailer of town gas and has currently the sole licence for the retailing of town gas in Singapore. SingSpring owns and operates Singapore’s first and only large-scale seawater desalination plant which was, at the time of its completion, one of the largest membrane-based seawater desalination plants in the world.

CitySpring will seek to invest in infrastructure assets with a primary geographic focus on Asia, the Middle East, Australia and New Zealand, and provide unitholders of CitySpring (“Unitholders”) with regular and predictable distributions with the potential for long-term capital growth.

The Board of the Trustee-Manager, chaired by Mr Sunny George VERGHESE, Group Managing Director and CEO of Olam International Limited, consists of individuals with a broad range of commercial experience, including expertise in the infrastructure industry. See Annex 1 for a list of the Board Directors of the Trustee- Manager.

The Management of the Trustee-Manager is led by its CEO, Mr Fai AU YEUNG, who has 17 years of banking experience. He has led many transactions in the infrastructure, power and utilities sectors in Asia, Australia, Europe and North America. Mr Au Yeung’s biography as well as those of other Trustee-Manager’s executives can be found in Annex 2.

Mr Au Yeung said: “There is strong growth potential in the infrastructure industry in Asia. The Asian Development Bank estimates that Asia will require US$250 billion per annum until 2010 to fund new infrastructure investment and to maintain existing facilities.”

“Economic development and rapid urbanisation has put increasing strain on many countries’ infrastructure, resulting in investment opportunities in many sectors including utilities, transportation and communications. CitySpring intends to tap these opportunities and invest in a diversified range of infrastructure businesses.”

Temasek, the Sponsor of CitySpring, will hold 28.5 per cent of the Units upon listing, making it the single largest Unitholder of CitySpring. It intends to remain CitySpring’s single largest Unitholder.

Ms Margaret LUI, Managing Director (Investment) of Temasek, said: “As the Sponsor of CitySpring, Temasek will support CitySpring through our international reach and business network in the sourcing for acquisition opportunities. We intend to co-invest in infrastructure assets with CitySpring where appropriate.”

About Temasek Holdings (Pte) Limited

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 (about 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 per cent 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.

Annex 1

Board of City Spring Infrastructure Management Pte. Ltd.

Annex 2

Executives of CitySpring Infrastructure Management Pte. Ltd.

Mr Fai AU YEUNG – Chief Executive Officer

Prior to joining the Trustee-Manager, Mr Au Yeung was with Barclays Bank Group, and then JP Morgan and more recently CK Life Sciences Int’l., Inc. which is part of the Cheung Kong Group.

During his 17 years in the banking industry, Mr Au Yeung led many transactions in the infrastructure, power and utilities sectors in Asia, Australia, Europe and North America. For example, he has advised a number of Asian governments on their privatisation plans for the power industry, and was involved in each of the first power plant privatisations in Thailand, Australia and Northern Ireland. He has advised a number of Asian utility and infrastructure companies on their merger and acquisition plans, including the first merger of two listed Chinese power companies. He has built good relationships with many leading utility companies in Asia through management of their international debt and equities issues, including debut issues. He has also arranged a number of innovative structured/non-recourse financing for infrastructure projects throughout Asia and Europe. Mr Au Yeung has executed investment banking mandates for several of Singapore’s leading infrastructure and utility companies.

At CK Life Sciences Int’l., Inc., Mr Au Yeung was responsible for setting and
executing the company’s acquisition strategy and for actively managing the acquired portfolio companies. He served on the board of directors for many of these companies.

Mr Au Yeung graduated from St. Catharine’s College, Cambridge University, in 1987 having read Mathematics. He obtained his Master of Arts from Cambridge University in 1991, and became an Associate of the Chartered Institute of Bankers in that same year.

Mr TONG Yew Heng – Chief Financial Officer

Prior to joining the Trustee-Manager, Mr Tong was with Temasek Holdings for 11 years from 1995 to 2006 where he held various positions, including Director of Investment (Energy and Resources) where he led a team responsible for sourcing, evaluating and making investments in the energy and resources sector. He successfully led several investments in the Energy and Resources sector across Asia, and was instrumental in establishing an energy fund in India, jointly with a leading India energy group. He was also responsible for the restructuring of power and gas companies within Temasek Group, and was a member of the Electricity Market Implementation Group, which was charged with responsibility of implementing the new wholesale electricity market in Singapore. Mr Tong‘s experience in Temasek includes stewardship of companies in Temasek Group, direct investments, investments in private equity funds, mergers and acquisitions, privatisations, and divestments.

Mr Tong graduated in 1988 with a Bachelor of Engineering (Hons) degree from the University of Strathclyde (United Kingdom) and holds a Master of Business
Administration from the Nanyang Technological University. He also attended the Program for Executive Development at the International Institute of Management Development, Switzerland in 2000 and is a member of the Institute of Certified Public Accountants of Singapore.

Ms Susanna CHER Mui Sim, Vice President (Finance & Corporate Services)

Prior to joining the Trustee-Manager, Ms Cher was the Chief Financial Officer of Singapore public-listed healthcare company, Thomson Medical Centre Limited (“TMC”). In addition to being the Chief Financial Officer of TMC, Ms Cher managed the Patient Service Centre, Business Office, Management Information Systems, Central Supplies Departments and assisted in managing the Investor Relations Department. She was a key team member who contributed to TMC’s listing on SGX, SESDAQ in 2005. Prior to joining TMC, Ms Cher was the Group Management Accountant of Wearne Brothers Management Services Pte Ltd, the management arm of Wearne Brothers Limited (now known as WPL Corporation Limited), a company listed on the Mainboard of the SGX-ST.

Ms Cher graduated from the National University of Singapore in 1982 with a degree in Accountancy and is a member of the Institute of Certified Public Accountants of Singapore.

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Singapore
Ivan Tan
Weber Shandwick
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Email: itan@webershandwick.com