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2021 Investor Presentation Temasek Investor Presentation 2021 Information as at 13 July 2021 Investor Disclaimer 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. Temasek’s consolidated financial information as at and for the financial years ended 31 March 2019 to 2021 included in this presentation have been prepared in accordance with both International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and Singapore Financial Reporting Standards (International). 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. The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 2 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of 100% Singov Owned Investment Company; Temasek 100% Commercially Operated Temasek: History & Parentage • Established in 1974 Purpose • Separate Singapore Government’s (“Singov”) policy making role from management of commercial assets • Incorporated under Singapore Companies Act Set-up & • Professional management team guided by Temasek Board Mandate • Own and manage assets on commercial basis • Deliver sustainable value over the long term • Singov not involved in investment or business decisions Interactions • Singov does not guarantee Temasek’s debt with Singov • Temasek declares dividends annually to shareholder One of three Singov investment entities Temasek GIC Monetary Authority of Singapore Investment Company Sovereign Wealth Fund Central Bank The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 3 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Predominantly an Equities Investor Temasek Over 800 Staff; Offices in Nine Countries Singapore United Belgium Brazil China India Mexico United States Vietnam (HQ) Kingdom Top 10 Investments (34% of S$381b Net Portfolio as at 31 March 2021) Listed / Listed / Unlisted / Unlisted / Listed / 29% stake 51% stake 100% stake 100% stake 55% stake TJ Holdings (III) Pte. Ltd.1 Unlisted / Unlisted / Unlisted / Listed / Unlisted / 100% stake 100% stake 25% stake 3% stake 100% stake (as at 31 Mar 21) 1 TJ Holdings (III) Pte. Ltd wholly owns CLA Real Estate Holdings Pte. Ltd. (CLA), which in turn holds 52% of CapitaLand Limited (CapitaLand) as a subsidiary following CLA’s acquisition of CapitaLand during the year ended 31 March 2020. The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 4 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Temasek’s Investment Approach Temasek Structural Trends Future Digitisation Sustainable Living Longer Lifespans of Consumption Transforming Economies Growing Middle Income Populations Guide where investment teams seek targets Deepening that are expected to deliver sustainable returns Themes Investment Investment Comparative Advantages Emerging Champions Actual investments are made bottom-up based on intrinsic value Predominantly equities Concentrated positions Long term horizon The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 5 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Trends Guiding our Investments Temasek Digitisation Sustainable Living Future of Consumption Longer Lifespans Digital technologies are Eco-conscious solutions are Consumption patterns and Markets and industries are changing end-user business benefitting from sustainability spend categories are shifting, developing to meet evolving models and leading a sweeping tailwinds, driven by consumer & driven by growing affluence in needs to support quality of impact across sectors industrial demand and emerging markets and global longer lives regulatory changes demographic forces The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 6 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Bottom-up Intrinsic Value Investor Temasek 1 2 3 Expected returns Fundamental Target a spread incorporating our understanding of over risk-adjusted view of intrinsic companies cost of capital1 values Risk-adjusted cost of capital used to compare the relative attractiveness among investment opportunities 1 Risk-adjusted cost of capital is derived using a Capital Asset Pricing Model, which factors in associated country and sector risks. Any illiquidity or early stage risks are also taken into account in the risk-adjusted cost of capital. The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 7 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Embracing Sustainability Across our Three Roles Temasek As we invest to deliver sustainable value over the long term, Sustainability is at the core of everything we do Investor Institution Steward ▪ Integrate ESG and climate ▪ Reduce carbon emissions and ▪ Foster partnerships and considerations into overall environmental impact; seed endowments to uplift lives investment decision making, maintain carbon neutrality and build resilience including an internal carbon price ▪ Develop our people, capabilities ▪ Build sustainable ecosystem ▪ Identify opportunities to invest in and processes around across our portfolio with companies addressing global sustainability, good governance and partners from business, sustainability challenges a sense of purpose government and civil society ▪ Encourage portfolio companies to adopt practices that safeguard and enhance long term sustainability The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 8 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Investing for Impact and Returns Temasek Pathways to Sustainability Portfolio Investing in Climate-aligned Opportunities 2030 Target: Halve net carbon emissions from 2010 levels Enabling Carbon Negative Solutions 2050 Ambition: Net zero emissions Encouraging Decarbonisation Efforts in Businesses The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 9 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Overview of Our Governance Model Temasek Temasek’s Governance Model as an Engaged Shareholder Hold boards and management Do not direct business decisions or accountable for activities operations of portfolio companies of portfolio companies Do not guarantee obligations of Support formation of high calibre, experienced portfolio companies and diverse boards Protect our interests by Advocate that boards be exercising shareholder rights independent of management Expect portfolio companies to have a policy of complying with applicable laws and regulations The copyright in this material is owned by Temasek unless otherwise indicated. This material may not be modified, reproduced, 10 distributed, republished or transmitted in whole or in part in any manner or by any means without prior permission of Temasek. Net Portfolio Value of S$381b (US$283b) Performance as at 31 March 2021 381 348 273 14% Total Shareholder Return since Inception 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 From the financial year ended 31 March 2006, applicable accounting standards have required sub-20% investments to be marked
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