Apology to Temasek Holding (Private) Ltd and members of the Board of Directors of Temasek.

1. On 19 August 2005, we published an article the Article entitled RBS, Merrill and KS Li buy into BOC on our website at www.financeasia.com where we described Temasek Holding Private Ltd Temasek as the Lee family trust.

2. We recognise that the Article meant or was understood to mean that

a the directors of Temasek manage the assets of Temasek, or connive at such management, for the benefit of the Lee family, including Ms Ho Ching, and not in accordance with the laws and duties which govern them and Temasek, and they have therefore acted illegally and in breach of trust and


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