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Investor Presentation 2020 Temasek Investor Presentation 2020 Information as at 25 January 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 2018 to 2020 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). Previously, Temasek’s consolidated financial statements were prepared in accordance with Singapore Financial Reporting Standards (“FRS”) and were restated in accordance with IFRS. 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 Equities Investor Temasek Over 800 Staff; Offices in 11 Cities United Singapore China India Vietnam United States Brazil Mexico Kingdom Top 10 Investments (37% of S$306b Portfolio) Listed / Unlisted / Listed / Unlisted / Unlisted / 52% stake 100% stake 29% stake 100% stake 100% stake Listed / Unlisted / Unlisted / Listed / Listed / 3% stake 25% stake 100% stake <1% stake 2% stake (as at 31 Mar 20) 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 More Longer Rising Sustainable Smarter Sharing Connected Lifespans Affluence Living Systems Economy World 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 Guided by Investment Themes Temasek Tapping the potential of transforming economies Transforming through investments in sectors Economies such as financial services, infrastructure and logistics Growing Leveraging growing consumer demands through Middle Income investments in sectors such as telecommunications, Populations media & technology and consumer & real estate Deepening Seeking out economies, businesses and companies Comparative with distinctive intellectual property Advantages and other competitive advantages Investing in companies with a strong home base, Emerging as well as companies at inflection points, Champions with the potential to be regional or global champions 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 Identifying and Capitalising on Trends Temasek Longer Lifespans Rising Affluence Sustainable Living Markets and industries are Combination of rising affluence and Increasingly eco-conscious solutions developing to meet growing needs technology is redefining consumption will create up to US$12 trillion1 as we live longer patterns and attitudes in emerging markets of business opportunities by 2030 Smarter Systems More Connected World Sharing Economy Artificial intelligence and Digital connectivity and solutions Peer-to-peer networks promoting more robotics are enabling are redefining how we communicate efficient use of resources and greater groundbreaking capabilities and interact around the world convenience for businesses and consumers 1 Source: Business and Sustainable Development Commission, Better Business, Better World, January 2017. 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 Bottom-up Intrinsic Value Investor Temasek 1 2 3 Targets Expected returns Fundamental risk-adjusted cost incorporating our understanding of of capital factoring view of intrinsic companies in country and values sector risks 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 Embracing Sustainability Across our Three Roles Temasek As a generational investor committed to delivering sustainable value over the long term, Sustainability is at the core of everything we do Investor Institution Steward ▪ Incorporate ESG considerations ▪ Build a resilient organisation by ▪ Establish partnerships and into investment decision-making developing people, capabilities seed endowments to build and processes around resilience in communities ▪ Encourage portfolio companies sustainability to adopt practices that and good governance ▪ Support sharing of best safeguard and enhance long- practices and trends around term sustainability sustainability and governance ▪ Invest in companies addressing sustainability challenges Temasek is an active contributor to global and national action related to sustainability… Green Finance Working Group 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 Temasek’s Sustainability Goals Temasek Temasek as a Company Temasek Portfolio Targets In 2020: Achieve carbon neutrality By 2030: Reduce net carbon emissions to half the 2010 level By 2050: Deliver net zero carbon emissions Establish baseline and implementation tools Develop pathways to decarbonisation ▪ Measure and track carbon footprint ▪ Engage portfolio companies on carbon reduction plans ▪ Incorporate climate risks analysis, including an internal carbon price, ▪ Invest in low-carbon transition in investment decision process technologies and businesses ▪ Deploy capital in nature-based solutions 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. 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
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