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Portfolio Value since InceptionTemasek was incorporated as an independently managedcommercial investment company in 1974.Valued at S$354 million, our initial portfolio of 35 investments includedstart-ups such as a hotel, an iron and steel mill, and a bird park.In the 1990s, statutory entities such as SingTel, Singapore Power and PSAwere corporatised and transferred to Temasek. SingTel has since been listed,growing its subscriber base beyond Singapore, while Singapore Powerand PSA have transformed into regional and global players.As at 31 March 2011, our portfolio value was S$193 billion.To date, our biggest single-year increase in portfolio value was S$56 billionfor the year ended 31 March 2010, reversing our steepest one-year declinein March 2009 due to the global financial crisis of 2008/2009.Temasek Portfolio Value(in S$ billion)200150SARS EpidemicGlobal Financial Crisis100Listing of SingTelDotcom CorrectionDotcom Peak9/1150074 1 75 2 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 94 3 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11December 2March 3Financial Year1Incorporation of Temasek on 25 June 1974.2Financial Year 75 began on 25 June 1974 and ended on 31 December 1975.3Financial year-end was changed from 31 December before 1993 to 31 March from 1994 onwards.18 Temasek Review 2011