NEWS RELEASE

TEMASEK SIGNS MEMORANDUM OF UNDERSTANDING WITH GOVERNMENT PENSION FUND OF THAILAND

       Singapore, 6 September 03 - Temasek Holdings is signing a Memorandum of Understanding (MOU) today with the Government Pension Fund of Thailand (GPF) to jointly explore investment opportunities. Areas of interest include restructured assets and privatisation of companies in Thailand; and promising areas of businesses both in and outside Thailand and Singapore.

       This MOU was initiated by the Deputy Prime Minister of Thailand H.E Dr Somkid Jatusripitak during his visit to Singapore last week. Details of the implementation will be worked out between representatives of Temasek and GPF at a later date.

       This MOU strengthens the relationship between the Temasek Group and GPF. It also provides a good platform for both parties to initiate more investment activities within ASEAN and beyond. Temasek Holdings is privileged to be invited by Thailand to participate in this initiative, and looks forward to cooperating to create value in a significant way.