PRESS RELEASE

MBO OFFER FOR NATSTEEL - NO IN-PRINCIPLE APPROVAL FROM TEMASEK

Notwithstanding the general principle of divesting stakes in non-core holdings, Temasek Holdings wishes to state that it has not given in-principle approval for the Management Buy-out Offer for its 8.1% stake in NatSteel Limited.

2. Temasek will review the merits of the offer and will divest only if it makes commercial sense.

Issued on: 6 Jun 02

For media enquiries, please contact:

Eva Ho (Ms)
Vice President, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828-6763
Fax: (65) 6828-6263
Mobile: (65) 9617-6234
Email: evaho@temasek.com.sg