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From Our ChairmanThe world economy stabilised in 2010. This recovery from theglobal financial crisis of 2008/2009 was due to the unprecedentedand massive response by various governments.Asia rebounded swiftly. The USA and Eurozone – about half of theglobal economy – continued to contend with their rising debt burdens.The monetary stimulus from the USA and elsewhere flowed into theglobal markets and seeded inflation risks for the medium term.Geopolitical events and a spate of natural disasters – including the Marchearthquake in Japan – continued to test the resilience of the economicrecovery. Political upheaval has troubled the Middle East. Isolated localor regional events assumed a wider prominence as the world becamemore connected.Against this backdrop, Temasek continued its steady investment pace,closing the financial year with a net cash position in anticipation ofopportunities ahead.As at 31 March 2011, our portfolio value was S$193 billion, an increaseof S$7 billion from S$186 billion a year earlier.S$193bPortfolio valueS$13bGroup net profitAsia accounted for 77% of our underlying portfolio exposure. This includedSingapore at 32%. Latin America and the non-Asia growth regions were agrowing 3% of our portfolio exposure, while North America & Europe plusAustralia & New Zealand were a steady 20%.Group net profit was S$13 billion, up 176% or S$8 billion from a year earlier.Higher contributions came from both Temasek investment activities and theimproved profits from our portfolio companies.One-year Total Shareholder Return (TSR) by market value was 4.60%.Five-year and 10-year compounded TSRs were 7% and 9% respectively,while 20-year TSR remained robust at 15%.8 Temasek Review 2011