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From Our Chairman continuedBuilding our Stakeholder BaseWe steadily expanded our stakeholder base over the years as part of ourcommitment to foster good governance and long term institutional discipline.In 2004, our 30 th anniversary year, we initiated the publication of our annualTemasek Review to share our key financial highlights, as well as our overallinvestment performance. Credit ratings by Standard & Poor’s and Moody’sin 2004 were the prelude to our maiden 10-year Temasek Bond in 2005.This was followed by a series of Temasek Bonds over the last two yearsto build out our long end debt maturity curve.In all, we have issued S$10 billion 1 of Temasek Bonds in Singapore dollars,US dollars and British pounds sterling. Our groundbreaking 40-yearSingapore Dollar Temasek Bond in late 2010 extended our debt maturityto 2050. This gave us an average debt maturity of about 16 years.Our Bond Programme and the Temasek Bonds are all triple-A rated.In February 2011, we established a US$5 billion Euro-commercial Paper (ECP)Programme to cover the short end of our debt maturity curve. Together,the ECP and Bond Programmes form the major building blocks of ourfinancing framework.The annual Temasek Review, our credit ratings and Temasek Bonds are notjust public markers of our credit quality. They also anchor our institutionalframework for financial discipline over the longer term, and help us expandour stakeholder base.S$13bInvestmentsS$9bDivestmentsContributing to our CommunitiesWe launched two philanthropic foundations last August with S$165 millionof endowment commitments. The Temasek International Foundationpromotes international scholarship and fellowship, while the TemasekEducation Foundation focuses on nurturing talent in Singapore. We havesince added a further S$35 million to support two Singapore orchestrasand music education.Overall community commitment has exceeded S$1 billion since Temasek’sinception in 1974.1Exchange rates as at 31 March 2011.10 Temasek Review 2011