NEWS RELEASE

TEMASEK FACILITATES NOL SHARE PLACEMENT

       Singapore, 10 November 2003 - To facilitate NOL's share placement being undertaken today, Temasek Holdings has agreed to act as scrip lender, lending NOL 236 million ordinary shares of S$1.00 each, which represent around 20 per cent of the issued and paid up share capital of the company.

       Temasek is not subscribing to the share placement, but remains committed, as the single largest shareholder, to supporting the long-term growth of NOL.

For media enquiries, please contact:

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