MEDIA RELEASE

6 May 2004

Temasek Holdings Commences Sale Of Changi International Airport Services Pte Ltd

Singapore, 6 May 2004 - Temasek Holdings wishes to announce the commencement of the sale process for Changi International Airport Services Pte Ltd (“CIAS”), a company held under its wholly-owned subsidiary, Hazeltree Holdings. One of the key objectives of the sale is to identify a value-adding shareholder who is committed to the continual growth and success of CIAS. The sale of its stake in CIAS is also part of Temasek’s continuous review of its investment portfolio.

Said Ms Margaret Lui, Managing Director, Strategic Development – Global Investments: “CIAS is well managed and has built a strong track record of good service and strong client partnerships over the past 26 years. We believe that a strategic investor will be able to help CIAS realise its potential of being a global leader in ground handling, inflight catering and airport related services.”

Deutsche Bank AG has been retained as exclusive financial advisor by Temasek Holdings in connection with the proposed sale of Temasek Holdings’ 78.4% share of the total issued share capital of CIAS. The other shareholders; Air France, KLM, GlobeGround, China Airlines, Garuda, together with Lufthansa; have also agreed to sell the remaining 21.6% stake with Temasek Holdings, subject to final terms and conditions.

CIAS is one of the two established providers of ground handling, cargo handling and catering services at Singapore Changi International Airport. Recognised as a successful and competitive operator, CIAS currently offers competitive services to 27 scheduled airlines and over 40 non-scheduled airlines. CIAS has maintained good profitability since incorporation in spite of the recent volatility of the aviation sector, including the SARS outbreak in Asia. In addition to a loyal customer base, a number of major and new airline customers were added in 2003 and 2004. With its experience of starting Guangzhou Baiyun Airport Ground Handling Co. Ltd in China and Asia Airfreight Terminal in Hong Kong, CIAS is experienced and well poised to seek other expansion opportunities in the region, especially China.

Investors who are interested in pursuing this opportunity can contact the following representatives from Deutsche Bank AG, Singapore, for further information:

About Temasek Holdings (Private) Limited

Temasek Holdings (Private) Limited is an investment holding company based in Singapore. Established in 1974, it holds and manages investments in companies which are involved in a wide range of business activities, from port, shipping and logistics, to banking and financial services, airlines, telecoms and media, power and utilities, and rail. Many of these are leading companies in Singapore, including Singapore Airlines, Singapore Telecoms, Singapore Technologies, Neptune Orient Lines-APL, PSA Corporation, DBS Bank and Singapore Power.

For more information, please visit www.temasekholdings.com.sg.

About Changi International Airport Services Pte Ltd

Changi International Airport Services (CIAS) Group is an integrated ground handling service provider at the Singapore Changi Airport. CIAS provides a comprehensive range of services at the Airport, which includes cargo handling, inflight catering, passenger and baggage handling, ramp handling, flight operations, and security services.
Besides Singapore, CIAS also operates ground handling services at the Guangzhou Baiyun International Airport and cargo handling services at the Hong Kong International Airport.

For more information on CIAS, please visit www.cias.com.sg.

For media enquiries, please contact:

Rachel Lin
Associate Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6766
Mobile: (65) 9666 1855
Email: rachellin@temasek.com.sg

Serene Lee
Associate Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6765
Mobile: (65) 9692 0918
Email: serenelee@temasek.com.sg