Temasek and GIC are completely separate entities. We each have our own separate boards and management teams. We are an active shareholder in a stable of operating companies in Singapore, and we focus on managing our investments in these companies. We adopt a more long-term view when we make investments. Our mission is to grow these companies to become regional and international businesses.

GIC manages the foreign reserves of Singapore and is a pure financial investor. They invest mainly in the public markets and