Singapore

Temasek Holdings (Private) Limited (“Temasek”) has signed a Share Purchase Agreement today with Lion Power Holdings Pte Limited (“Lion Power”) for the 100% sale of Temasek’s wholly-owned Senoko Power Limited (“Senoko Power”) for the cash consideration of S$3,650 million. In addition, Lion Power will assume S$323 million of net debt of Senoko Power as at 31 March 2008. The transaction is expected to be completed by 12 September 2008.

Lion Power is a special purpose vehicle owned by a consortium comprising Marubeni Corporation, GDF SUEZ S.A, The Kansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc. and Japan Bank for International Cooperation.

The sale of Senoko Power brings to close the competitive and rigorous bidding process which began two months ago in July 2008. Senoko Power is the second of Temasek’s three power generation companies (“genco”) to be sold under its plan announced in July 2007 to divest all of its wholly-owned power generation companies in Singapore by end 2009.

Ms Gwendel Tung, Director, Investment, Temasek said, “We are pleased with the successful outcome of the Senoko Power divestment. The Lion Power consortium partners are all established industry players with strong track records in power investments globally. Lion Power’s proposal was the most attractive in terms of price and commercial terms among a field of highly reputable investors. We appreciate the strong investor interest, which is also a reflection of the high quality of the business and the confidence in the Singapore market. With the accelerated timeline and expeditious completion of this transaction, we are well-positioned to conclude our genco divestment plan on schedule.”

Mr Wong Kim Yin, Managing Director, Investment, Temasek added, “Senoko Power has come a long way since its inception. It went through several rounds of restructuring prior to this sale process. Over the course of these events, the board, management, staff and union leaders of Senoko Power demonstrated the highest level of dedication and commitment. We thank them for their contributions to the Singapore electricity industry. We are particularly grateful for the steadfast support we received from the leaders and members of the Union of Power and Gas Employees - they clearly understood that a forward-looking and sustainable framework of a competitive energy market for Singapore is in the long term interest of their members and the larger economy.”

Mr Nachiappan RKS, General Secretary of Union of Power and Gas Employees (“UPAGE”) commented, “Senoko Power is the second genco to be put up for sale. As with the earlier sale, the union has worked closely with Temasek and the genco's management to ensure that our workers' concerns and interests are well understood and taken care of under the terms of the sale. Senoko Power and UPAGE enjoy a good working relationship and we look forward to continuing close partnership with the new owners.”

Commenting on the acquisition, Mr Chihiro Shikama, Executive Officer of Marubeni Corporation said, "This sizeable investment is a significant vote of confidence in the Singapore economy and energy sector. The Lion Power consortium, which jointly operates and has interests in a global power generation capacity of approximately 138 GW, looks forward to playing a significant role in the provision of reliable, competitively priced electricity in Singapore. We strongly support Senoko Power's environmental leadership and have committed significant additional investment to construct new, more efficient gas fired units. We look forward to working alongside Senoko Power's capable management team and employees and supporting the long term development of the Singapore energy market."

- ends -

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia-centric investment firm headquartered in Singapore . Supported by affiliates and offices around the world, it owns a diversified S$185 billion (US$134 billion) portfolio of blue-chip companies and investments as at 31 March 2008, concentrated principally in Singapore , Asia and the OECD economies.

Temasek's investment strategies centre on four themes - Transforming Economies, Growing Middle Class, Deepening Comparative Advantages and Emerging Champions. Its portfolio of companies covers nine major sectors: financial services; telecommunications and media; transportation and logistics; real estate; infrastructure, industrial and engineering; energy and resources; technology; life sciences; and consumer and lifestyle.

Total shareholder return for Temasek since its inception in 1974 has been more than 18% compounded annually in Singapore dollars. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively since 2005.

For further information on Temasek, please visit www.temasek.com.sg .

About Lion Power

Lion Power is a special purpose vehicle owned by a consortium comprising Marubeni Corporation, GDF SUEZ S.A, The Kansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc. and Japan Bank for International Cooperation.

About Senoko Power

Senoko Power is the largest power generation company in Singapore , providing over 30% of the nation's electricity needs. Senoko Power has a combined installed capacity of 3,300 megawatts (MW) comprising 1,945 MW of combined cycle plants ("CCPs"), 1,250 MW of thermal plants and 105 MW of fast-start gas turbines. Senoko Power owns and operates Senoko Power Station and Pasir Panjang Gas Turbine Station.

Senoko Power also offers retail energy services through its wholly owned subsidiary, Senoko Energy Supply Pte. Ltd. For the financial year ended 31 March 2008, Senoko Power recorded revenues of S$2,495 million, an EBITDA of S$245 million and a net income of S$130 million. As at 31 March 2008, Senoko Power had net debt of S$323 million.

About Union of Power and Gas Employees (UPAGE)

Formed in 1995, UPAGE represents the interests of more than 3,500 employees in the power and gas industry, including the Singapore Power Group and the power generation companies. An affiliate of the National Trades Union Congress, UPAGE has been consulted and involved in discussions on the restructuring and liberalization of the power industry since 1995, when the power and gas operations of the Public Utilities Board were corporatised.

For more information, please contact:

Mark Lee
Director, Corporate Affairs
Tel: (65) 6828 6509
E-mail: marklee@temasek.com.sg

Ivan Tan
Weber Shandwick (for Temasek Holdings)
Tel: (65) 6825 8027
E-mail: itan@webershandwick.com

Akira Suda
Vice President, Marubeni
Tel: (852) 2106 5654
E-mail: asuda@marubenipower.com

Nachiappan R K Sinniah
General Secretary
Union of Power and Gas Employees ("UPAGE")
Tel: (65) 6284 8769
E-mail: s.nachi@upage.org.sg