Singapore - Temasek Holdings ("Temasek") is pleased to announce that it has signed a Sale and Purchase Agreement with Downer EDI Limited ("Downer EDI") for the sale of CPG Corporation Pte Ltd ("CPG Corp").

2. The total sale consideration is S$131 million. The five-year Master Agreement signed between the Singapore Government and CPG Corp in 1999 will continue through to 31 March 2004. The Master Agreement provides for CPG Corp to undertake project consultancy services for public works projects of project values above S$20 million.
3. Downer EDI, based in Sydney, is a leading engineering, infrastructure and resource services company with extensive operations throughout Australasia and the Asia Pacific region. Downer EDI has total assets of A$1.8 billion, more than 10,000 employees and an annual turnover of around A$2.5 billion. Downer EDI was selected as the winning bidder from among 6 shortlisted bidders, including a management buyout bid.
4. CPG Corp's total net asset value as at the last financial year end of 31 March 2002 was S$94 million, while its net fee income for the year was about S$181 million.
5. The combination of Downer EDI and CPG Corp is viewed as highly complementary and will result in the formation of a unique firm with a comprehensive service offering and reach across the Asia Pacific region.
6. Mr Jimmy Phoon, Managing Director of Strategic Development (Asia Investments), Temasek said: "We are pleased with this successful sale. We believe that Downer is a strategic shareholder, which will be able to add value and enhance CPG's business and potential as a regional player. On the other hand, CPG's track record in Singapore and the region provides the opportunity for Downer to reach out to the growing opportunities in Asia. This is an excellent win-win partnership for both Downer and CPG given their successes in providing integrated services to diverse industries in the Asia Pacific region. Temasek is pleased that both companies will benefit from the transaction, with Downer strengthening its presence in Singapore and CPG now able to complete its transformation into a fully fledged private sector company and also leverage off Downer's extensive Asia-Pacific network."
7. Managing Director of Downer EDI, Mr Stephen Gillies, said: "There are natural synergies between the companies with a common emphasis on providing total infrastructure solutions to clients and the acquisition will be mutually beneficial. The addition of CPG will reposition Downer in Asia as a service company and significantly expand our existing, well-established operating base in Singapore. CPG is a longstanding and reputable provider of high value-adding engineering services and will enable Downer to provide turnkey end-to-end solutions to its clients."
8.  Mr Khor Poh Hwa, President & CEO of CPG Corp said: "With the combined expertise and market reach of CPG and Downer, we look forward to increased opportunities for CPG in the Asia Pacific region, including entry into new markets."
9. The bid for CPG Corp attracted many interested parties, including both local and international companies. The sale of CPG Corp, Singapore's leading integrated architecture, engineering consultancy and facilities management company, is part of Temasek's plan to divest businesses which no longer require participation by Temasek. The transaction is expected to close on 1 April 2003.
10. JP Morgan acted as financial advisor to Temasek on this divestment.

ABOUT CPG CORPORATION
CPG Corporation (formerly known as PWD Corporation) is one of Asia's leading development professionals. Through its subsidiaries, it provides the complete spectrum of building and infrastructure development and management services. Its customised and innovative solutions extend to master planning and design, architectural and engineering design and consultancy, project management, design and build services, facilities management, diagnostic and quality assurance testing services and IT services for the building and construction industry.

The CPG Corp team comprises approximately 2,000 staff in Singapore, China, India and the Philippines. Founded on a strong tradition of integrity, professionalism, creativity, quality and service excellence, CPG Corp values client partnerships. Another core attribute for CPG Corp's success is its global outlook. It has won numerous awards and accolades both in Singapore and internationally. For more information, visit http://www.cpgcorp.com.sg/

ABOUT DOWNER EDI LIMITED
Downer EDI, based in Sydney, is Australia's second largest listed engineering, infrastructure and resource services company with assets of A$1.8 billion, more than 10,000 employees and an annual turnover of around A$2.5 billion. Downer EDI is an Australian top-150 company which provides comprehensive engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand and Asia. Works Infrastructure services in Australia and New Zealand focus on the maintenance and repair of public and private infrastructure assets, including, roads, rail track, utility services, water supply, wastewater treatment, parks and reserves. For more information, visit http://www.downeredi.com/

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Rachel Lin (Ms)
Associate Director, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: 6828 6766
Fax: 6828 6266
Mobile: 96661855
Email: rachellin@temasek.com.sg