| Temasek Review 2011

We are the auditors of Temasek Holdings (Private) Limited (“Temasek”). We have audited the statutory consolidated financial statements of Temasek and its subsidiary companies (the “Group”) for the financial years ended 31 March 2008, 2009, 2010 and 2011 and have issued unqualified audit reports¹. The audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2004, 2005, 2006 and 2007 were audited by PricewaterhouseCoopers LLP² whose auditors’ reports³ were also unqualified.

Under the Singapore Companies Act, Chapter 50, Temasek is an exempt private company and is not required to publish its audited statutory consolidated financial statements.

Management is responsible for the preparation and presentation of the Group Financial Summary for the financial years ended 31 March 2004 to 2011. The Group Financial Summary consists of the Group Financial Highlights, Group Income Statements, Group Balance Sheets and Group Cash Flow Statements as at and for the financial years ended 31 March 2004 to 2011 and Group Statements of Changes in Equity for the financial years ended 31 March 2010 and 2011 prepared and presented based on the audited statutory consolidated financial statements. The Group Financial Summary does not contain all the disclosures required by Singapore Financial Reporting Standards applied in the preparation of the audited statutory consolidated financial statements of the Group. Reading the Group Financial Summary, therefore, is not a substitute for reading the audited statutory consolidated financial statements of the Group.

Our responsibility is to express an opinion on the Group Financial Summary based on our procedures, which were conducted in accordance with Singapore Standard on Auditing (SSA) 810 – Engagements to Report on Summary Financial Statements.

In our opinion, the Group Financial Summary is summarised and presented consistently, in all material respects, with the audited statutory consolidated financial statements of the Group.

KPMG LLP
Public Accountants and Certified Public Accountants
Singapore

29 June 2011

1. 1Dated 16 July 2008, 15 July 2009, 1 July 2010 and 29 June 2011 respectively.
2. 2PricewaterhouseCoopers LLP was converted from a partnership to a limited liability partnership on 1 January 2009.
3. 3 Dated 24 June 2004, 15 July 2005, 13 July 2006 and 5 July 2007 respectively.