Temasek Holdings (Pte) Ltd.

Temasek Holdings (Pte) Ltd.

April 10, 2007 15:08 ET

Early Warning Announcement-Temasek Holdings Acquires 21,551,912 Common Shares of Sino-Forest Corporation

HONG KONG, CHINA--(CCNMatthews - April 10, 2007) - Temasek Holdings (Pte) Ltd. ("Temasek") announces that on 10 April 2007, Temasek, through its indirect wholly-owned subsidiaries, Aranda Investments Pte. Ltd. and Ellington Investments Pte. Ltd. (the "Subsidiaries"), acquired indirect beneficial ownership of 21,551,912 common shares of Sino-Forest Corporation ("Sino-Forest"), representing approximately 15.52% of the outstanding common shares of Sino-Forest. Prior to the acquisition, Temasek did not hold any common shares of Sino-Forest.

The common shares were issued in a private placement transaction previously announced by Sino-Forest on 23 March 2007, at a purchase price of C$9.15 per common share for aggregate gross proceeds of US$170 million, pursuant to a subscription agreement (the "Subscription Agreement") dated 23 March 2007 between Sino-Forest, the Subsidiaries and certain other parties. For the purposes of the transaction, conversion to Canadian currency was made on the basis of US$1.00 being equal to C$1.16.

The common shares were acquired in the ordinary course of business for investment purposes. Neither Temasek nor the Subsidiaries has made any determination with respect to future ownership of, or control over, any additional common shares of Sino-Forest. Temasek and the Subsidiaries may in the future acquire additional common shares of Sino-Forest in the market or through private or other transactions, sell all or some portion of the shares of Sino-Forest they control or own, or enter into derivative or other transactions with respect to such shares, subject to the Subscription Agreement.

A copy of the early warning report prepared in connection with the matters disclosed herein is available at or by contacting Temasek as indicated below.

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment firm headquartered in Singapore. Supported by affiliates and offices around Asia, it manages a diversified S$129 billion (US$80 billion) portfolio, concentrated principally in Singapore, Asia and the OECD economies.

The Temasek portfolio spans various industries including telecommunications & media, financial services, real estate, transportation & logistics, energy & resources, infrastructure, engineering & technology as well as bioscience & healthcare. Temasek's total shareholder return since inception in 1974 has been 18% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively. For further information on Temasek please visit

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