| Temasek Review 2011

The Internal Audit (IA) unit reports to the Board Audit Committee.

IA conducts periodic reviews of our key control processes for all offices and undertakes special reviews requested by the Board or senior management. Our main objective is to ensure internal controls are well designed and effective across geographies, and that control awareness and compliance are high amongst our staff.

IA is consulted on internal control matters prior to the implementation of major new systems or operating process changes, so that control recommendations are factored into the development of new systems or design of new processes.