There has been a lot of speculation in the media on Temasek's investment in Shin Corp. We would like to clarify our investment philosophy.

As an investment house anchored in Asia, we are convinced that it makes sense for us to re-invest in Asia to grow together.

Amidst a thriving Asia, we came to invest in Thailand because we believe that Thailand has good long-term potential for sustainable growth. The investment view remains unchanged.

We are also keen to support strong, well managed companies in Asia, particularly potential champions which can grow beyond their home markets. Shin Corp is one such well regarded company with good regional potential. It has dedicated and capable management and staff. This is one key criterion for our investment decision.

In March 2006, almost all of the remaining shares were tendered to the Consortium at the close of the General Tender Offer for Shin Corp. This was far beyond expectations. The Consortium has said that it would like to keep Shin Corp listed on the Stock Exchange of Thailand. This means that we would like to reduce our shareholding in Shin Corp at the appropriate time and in an appropriate manner to maintain an orderly market. This intention has not changed. Indeed, we believe it is good for listed companies to have a healthy float of retail public and strong institutional shareholders.

As a responsible investor, we also respect the views and are sensitive to the feelings of the Thai people. We want Shin Corp to remain a Thai company that Thailand and Thais will continue to be proud of. We are happy that Shin Corp continues to be managed by competent and professional Thai people.

We are committed to Thailand, and are prepared to invest and play a more active role in the Thai economy.

Yours sincerely,

Jimmy Phoon

Senior Managing Director, Investments

Temasek Holdings (Private) Limited.