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Investment HighlightsFor the year ended 31 March 2011, we maintained our disciplineof steady investment and divestment to reshape our portfolio.In all, we made S$13 billion of investments and S$9 billionof divestments.Our portfolio companies provide a solid foundation for our returns andfuture activities. We strengthened our portfolio with over S$4 billionof recapitalisations, including the rights issue of Standard Chartered.We continued to invest in transforming economies with growing middleincome populations in Asia and other growth regions, while remaining opento selective opportunities in the mature economies.We invested over S$3 billion in China Construction Bank and Bank of Chinaduring their respective rights issues. Other investments in China includedS$90 million in Asian Citrus, one of the largest orange growers and tropicalfruit juice suppliers, and an investment in New China Life, a Beijing-basedinsurer. Post March 2011, we invested in Shanghai Pharmaceuticals, one ofthe largest integrated pharmaceutical companies in China.In India, an investment in GMR Energy gave us a S$280 million exposureto the country’s growing power sector. We also invested S$240 million in thecountry’s premier multi-asset class exchange, the National Stock Exchangeof India.Our investments in Vietnam included Hoang Anh Gia Lai, a leading resourcesand real estate conglomerate with operations in Indochina.In 2010, we increased our investment exposure to Latin America.We see mediumterm risks of risinginflation.Other risks includethe debt crises inEurope andthe USA.In partnership with Impulsora Mexicana de Desarrollos Inmobiliarios inMexico, Temasek committed over S$100 million to pursue land bankingopportunities, with our first joint investment in Supra Terra.In Brazil, we invested an initial S$500 million in Odebrecht Oil & Gas,an upstream services provider for the oil industry.In Singapore, we invested over S$100 million in the first container portbusiness trust listed on the Singapore Exchange, Hutchison Port HoldingsTrust. In addition, we invested more than S$200 million in ACR Capital,a pan-Asia reinsurer.38 Temasek Review 2011