What factors have contributed to Temasek's performance over time?

Temasek's Total Shareholder Return since inception (1974) was 14% p.a. in SGD terms. This TSR since inception would have benefited from the transfer of Government companies such as SingTel to Temasek, their transformation, and the subsequent listing of these assets.

Such factors aside, Temasek's portfolio has also reflected two major themes:

(a) Performance of Temaseks newer vintage investments (made after 31 March 2002):

- Since 2002, it became an active investor in Asia and other markets as part of its strategy to reshape its portfolio for the longer term.

- Its investments in external markets have provided a boost to Temaseks long-term returns. This portfolio of newer vintage Temasek investments has delivered an annualised return of 15% to Temasek in SGD terms from 1 April 2002 to 31 March 2014.

(b) Performance of its older vintage investments (held as at 31 March 2002):

The older vintage portfolio of Temasek companies benefited from, as well as contributed to, Singapores transformation and growth in the earlier years. Companies like SingTel and PSA have contributed to a competitive and efficient infrastructure for the Singapore economy. Through Temaseks stewardship and management of these assets, the Government has been able to unlock and grow their value.

The transfer of Government companies such as SingTel to Temasek and the subsequent listing of these assets had contributed to Temaseks total shareholder returns by market value.

For the period after 1 April 2002, the performance of this portfolio of earlier Temasek assets did not have any boost from IPO listings. These assets have continued to perform well relative to the markets, showing annualised returns of 11% in SGD terms from 1 April 2002 to 31 March 2014.

Over the same period, the MSCI Singapore Index showed annualised returns of 7% in SGD terms (inclusive of reinvestment of dividends)

CAG has not been transferred to Temasek. CAG was corporatized in 2009 and has remained directly owned by the Government.

Temasek's consolidated financial statements are audited by leading international audit firms. In addition, Temaseks financial performance is scrutinised by bond rating agencies, which have given it a AAA credit rating.