Temasek Review 2008 - Statement by Directors

Our directors have issued a statement dated 16 July 2008 on the Group Financial Highlights and consolidated financial information of Temasek Holdings (Private) Limited in the Temasek Review 2008, which is reproduced as follows:

"Statement by Directors

Our auditors, KPMG, have expressed an unqualified opinion on the audited statutory consolidated financial statements of Temasek Holdings (Private) Limited (the Company) and its subsidiary companies (the Group) for the financial year ended 31 March 2008. Our auditors for the prior years, PricewaterhouseCoopers, have expressed an unqualified opinion on the audited statutory consolidated financial statements
of the Group for the financial years ended 31 March 2004, 2005, 2006
and 2007.

The Group Financial Highlights and consolidated financial information set out on pages 28 to 33 are the responsibility of the directors of the Company.

These Group Financial Highlights and consolidated financial information were prepared and presented by the Company based primarily on the audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2004, 2005, 2006, 2007 and 2008.

On behalf of the directors

S DHANABALAN
Chairman
16 July 2008

KWA CHONG SENG
Deputy Chairman
16 July 2008"