PRESS RELEASE

NATSTEEL MBO NOT A "DONE DEAL" - TEMASEK REMAINS OPEN TO OTHER BIDS FOR NATSTEEL

       Singapore, 23 September 2002 - With reference to the acceptance by the Board of Directors of NatSteel Ltd of a S$350 million offer by Crown Central Assets Ltd for a management buyout (MBO) of NatSteel, Temasek Holdings wishes to emphasise that the MBO is not a "done deal" as far as Temasek is concerned, and that Temasek remains open to considering any other bids.

2      As an approximate 8% shareholder of NatSteel, Temasek would welcome any offer which maximizes value for shareholders. In that regard, Temasek welcomes the NatSteel Board's stance that shareholders are not precluded from voting on a competing bid in the event of such a bid, whilst it has accepted the MBO offer.

3      Temasek will evaluate the MBO offer and any other offers that may materialize on their commercial merits and value to shareholders. Temasek will take a final decision after all offers and information are made available to shareholders. In respect of the MBO offer, Temasek, as a shareholder, has also sought and received assurances from NatSteel that all relevant information, such as the valuation methodology, the bid process and the alternatives considered, will be included in the shareholders' circular to enable all shareholders to make an informed decision.

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

As stated in NatSteel Ltd’s announcement on 17 August 2002 accepting the revised offer from Crown Central Assets Ltd of S$350 million, subject to shareholders’ approval.