Information as at 1 August 2018

Temasek Investor

Presentation

This presentation is current only as at its date and the availability or use of this presentation subsequent to its date shall not create any implication that there has been no change in our affairs since the date of this presentation or that the information, statements or opinions contained herein is current as at any time subsequent to its date.

This presentation is not and does not constitute or form part of, and is not made in connection with, any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of any entity, and neither this presentation nor anything contained in it shall form the basis of, or be relied upon in connection with, any contract or investment decision.

This presentation includes forward-looking statements / projections, which are based on current expectations and forecasts about future events. Such statements / projections involve known / unknown risks, uncertainties and other factors, which could cause actual results to differ materially from historical results or those anticipated. Such factors include, among others, the condition of, and changes in, the local, regional or global economy. We can give no assurance that our expectations will be attained.

The information contained in this document is intended for information purpose only. We accept no liability or responsibility whatsoever with respect to the use of this presentation or its contents.

2The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Disclaimer

InvestorPresentation

One of three Singov investment entities

Purpose

Set-up &Mandate

Interactionswith Singov

• Established in 1974

• Separate Singapore Government’s (“Singov”) policy making rolefrom management of commercial assets

• Incorporated under Singapore Companies Act

• Professional management team guided by Temasek Board

• Own and manage assets on commercial basis

• Deliver sustainable value over the long term

• Singov not involved in investment or business decisions

• Singov does not guarantee Temasek’s debt

• Temasek declares dividends annually to shareholder

3The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

100% Singov Owned Investment Company; 100% Commercially Operated

Temasek: History & Parentage

Temasek GIC Monetary Authority of Singapore

Investment Company Sovereign Wealth Fund Central Bank

Overview ofTemasek

730 Staff; Offices in 11 Cities

Singapore China India Vietnam Brazil MexicoUnited

KingdomUnited States

Top 10 Investments (41% of S$308b Portfolio)

Listed / 4% stakeListed / 29% stake

Listed / 1% stake

Unlisted / 100% stake

Unlisted / 100% stake

Unlisted / 100% stake

Listed / 2% stakeUnlisted / 25% stake

(as at 31 Mar 18)

Listed / 52% stake

4The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Listed / 56% stake

Predominantly Equities Investor

Overview ofTemasek

5The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Temasek’s Investment Approach

Overview ofTemasek

Deepening Comparative Advantages

Companies with distinctive intellectual property

and other competitive advantages

Transforming

Economies

Growing

Middle Income

Populations

Companies that meet needs of

growing middle income populations,

e.g. telecommunications, media & technology,

and consumer & real estate

Emerging Champions

Companies with strong home base, or at inflexion points,

with potential to be regional or global champions

6The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Guided by Investment Themes

Companies that are proxies to transforming economies like

China, India, South East Asia and Latin America,

e.g. financial services, infrastructure & logistics

Overview ofTemasek

Smarter Systems

Artificial intelligence and robotics are enabling groundbreaking capabilities

More Connected World

Digital connectivity and solutions are redefining how we communicate and interact around the world

Sharing EconomyPeer-to-peer networks are promoting more efficient use of resources and greater convenience for businesses and consumers

Longer Lifespans

Markets and industries are developing to meet growing needs as we live longer

Sustainable Living

Increasingly eco-conscious solutions will create up to US$12 trillion1 of business opportunities by 2030

Rising Affluence

The combination of rising affluence and technology is redefining consumption patterns and attitudes in emerging markets

7The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Better, Smarter & More Connected World

Overview ofTemasekIdentifying and Capitalising

on Cross Sectoral Trends

1 Source: Business and Sustainable Development Commission, Better Business, Better World, January 2017.

8The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Bottom-up Intrinsic Value Investor

Overview ofTemasek

Delivering Sustainable Risk-adjusted Returns Over The Long Term

Fundamental

understanding

of companies

1

Expected

returns

incorporating

our view of

intrinsic values

2Target’s

risk-adjusted

cost of capital

factoring in

country and

sector risks

3

9The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Relating to Our Portfolio Companies

Temasek’s Governance Model

as an Engaged Shareholder

Overview ofTemasek

Support formation of high calibre,

experienced and diverse boards

Protect our interests by

exercising shareholder rights

Do not guarantee obligations of

portfolio companies

Advocate that boards be

independent of management

Expect portfolio companies to comply with

obligations under laws and regulations

Do not direct business decisions or

operations of portfolio companies

Hold boards and management

accountable for activities

of portfolio companies

1 Incorporation of Temasek on 25 June 1974.2 Financial year 75 began on 25 June 1974 and ended on 31 December 1975.3 Financial year-end was changed from 31 December before 1993 to 31 March from 1994 onwards.4 For the financial year ended 31 March 2006, the accounting standards require sub-20% investments to be marked to market.

(as at 31 Mar)

10The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Portfolio

Portfolio of S$308b (US$235b) as at 31 Mar 2018

1 2

3

3

3

308

273

228

Net Portfolio Value Shareholder equity Shareholder equity excluding mark to market movement4

Portfolio by underlying assets (%)

Singapore China Rest of Asia North America Europe

Australia & New Zealand Africa, Central Asia & the Middle East Latin America

27

2615

13

9

72 1

By

Geography

Top 3 Countries %

Singapore 27

China 26

The US 13

Mature economies: 60%Comprises Singapore, Japan & Korea, North America, Europe, Australia & New Zealand.

Growth regions: 40%Comprises Asia (excluding Singapore, Japan & Korea), Latin America, Africa, Central Asia & the Middle East.

(as at 31 Mar 18)

11The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Asia Weighted Portfolio at 68%

Portfolio

26

21

16

16

6

38

4

By Sector

Multi-sector Funds

Others (including Credit)

Financial Services

Life Sciences &Agribusiness

Transportation & Industrials

Consumer &Real Estate

Telecommunications,Media & Technology

Energy & Resources

12The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

(as at 31 Mar 18)

Many Quality Companies within each Sector

Portfolio

Portfolio by underlying assets (%)

53

24

12

2 27

36

1015

39By

Liquidity

Liquid & sub-20% listed assets1

Listed large blocs (≥20% and <50% share)

Listed large blocs (≥50% share)

Unlisted assets

By

Currency of

Denomination

Singapore dollars

US dollars

Hong Kong dollars

Korean won

Indian rupees

Others (as at 31 Mar 18)

13

1 Mainly cash and cash equivalents, and sub-20% listed assets

The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

Liquid Portfolio, Mostly Denominated in Singapore Dollars

Portfolio

Portfolio (%)

7

(30)

43

5 1

9

2

19

(9)

13 12 10 6 6 9

10

13 9

9 6

45

17 13 16 15 1514

6

76

6 7

08 09 10 11 12 13 14 15 16 17 18

One-year 10-year 20-year

15

13

7

5

12

Since Inception (1974)

30

20

10

1

14The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

1 Total Shareholder Return (as at 31 Mar 18)

TSR1 in S$ (%)Period (in years)

Robust Long Term Returns to Shareholder

Performance

15% compounded annualised S$ return to shareholder since inception

Rolling S$ TSR1 (%)

GlobalFinancial Crisis

Invested

S$29b

Divested

S$16b

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Active Investor with S$13b Net Investment

Performance

Brazil

• Credit quality

• Long term financial discipline

• Expanded stakeholder base

Public Marker Function Indicator

Temasek Review Performance

scoreboard

Portfolio strategy and

performance

Credit Profile Snapshot of

credit quality

Credit ratios and

key financial parameters

Temasek Bonds Singing canaries

in coal mines

Real time market signals

of changes in

Temasek’s credit

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Public Markers for Institutional Discipline

PublicMarkers

Key Temasek Credit Ratios1 (for years ended 31 Mar)

• Rated AAA/Aaa by S&P and Moody’s respectively since inaugural ratings in 2004

17

Net Portfolio Value over Total Debt (x)

Dividend Income overInterest Expense (x)

Liquidity Balance2 overTotal Debt due in next 10 Years (x)

The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

1 Covers Temasek Holdings (Private) Limited and its wholly owned Investment Holding Companies2 Cash and cash equivalents, and short term investments

Credit Ratings by S&P and Moody’s

18 19

24

16 17 18

1921

24

16 17 18

35 4

16 17 18

Credit Profile – Snapshot of Credit Quality

PublicMarkers

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Investments and Associated Costs

Dividendsto Shareholder

Taxes CommunityInitiatives

Sources and Uses of Funds

PublicMarkers

Temasek Bonds:

• US$20b Guaranteed Global Medium Term Note (MTN)

Programme, rated AAA/Aaa

• 14 AAA/Aaa Temasek Bonds, totalling S$11.4b (US$8.7b)1

• Weighted average maturity of over 11 years

• 1 Aug 2018: Issued 10-year US$1.35b bond at 3.625%

Temasek ECP:

• US$5b Euro-commercial Paper (ECP)

Programme, rated A-1+/P-1

• S$1.4b (US$1.1b)1 ECP outstanding

• Weighted average maturity of about

two months

19The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced,distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek.

S$12.8b (US$9.8b) Debt Outstanding under MTN & ECP Programmes

(1Exchange rates and all figures as at 31 Mar 18)

PublicMarkers

Thank You

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