Temasek Through Fernvale, Commits USD 75 million Alongside KHC in Kingdom Zephyr’s PAIP II that will have Total Capital Commitments of Over USD 492 million

Eng. Ahmed Halawani: “The success of Kingdom Zephyr through its investment funds has made it Tamasek’s first choice for its investment in Africa”

Kingdom Holding Company (KHC), Chaired by HRH Prince Alwaleed bin Talal announced that Fernvale Investments (Mauritius) Pte Ltd, a wholly owned indirect subsidiary of Temasek Holdings (Private) Limited, is making a capital commitment of US $75 million to Pan-African Investment Partners II Limited (the second Kingdom Zephyr fund, known as PAIP II).

Prince Alwaleed commented: “We are proud to have this partnership with Temasek on the African continent. We believe this will pave the way for more transactions to come with such an institution that shares our global vision.”

Eng. Ahmed Reda Halawani, Executive Director for Private Equity commented: “The success of Kingdom Zephyr through its investment funds has made it Tamasek’s first choice for its investment in Africa. Temasek and Kingdom Holding Company’s partnership in PAIP II further demonstrates and solidifies our dominance in the Private Equity field in the African continent. We are building the right investment conduit between Africa and East Asia.”

With Fernvale's commitment, PAIP II will have total capital commitments of over US $492 million.  PAIP II's investor base includes Kingdom Holding Company, African Development Bank, International Finance Corporation, European Investment Bank, and Netherlands Development Finance Company.

PAIP II makes private investments in growing businesses throughout Africa. Since its inception in 2008, PAIP II has invested approximately US $100 million in three investments:  Thunnus Overseas Group, a seafood canning and processing business based in Cote d'Ivoire and Madagascar; Mixta, S.A., a builder of affordable housing, operating in five North African countries; and Buildworks, a South Africa based company listed on the AltX division of the Johannesburg Stock Exchange, that provides heavy building materials and constructs electrical power substations and transmission lines throughout Africa.

Founded in 1980, Kingdom Holding Company is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007.  KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. KHC’s portfolio has its main interest in landmark hotel properties and hotel management companies, real estate development in Jeddah and Riyadh, financial services, technology and media.

Kingdom Zephyr Africa Management Company (“Kingdom Zephyr” or KZAM) is one of the leading pan-African private equity firms. Kingdom Zephyr manages the investments of PAIP II and PAIP I from offices in Accra, Ghana; Johannesburg; London; and New York. KZAM is a joint venture, of which KHC owns 75%, between KHC and Zephyr Management, L.P., the New York-based asset management firm.  Its main mandate is to focus on investment opportunities in the region and pan-African businesses.  PAIP II’s predecessor fund, PAIP I, has invested more than US$100 million in private equity opportunities in sectors such as telecommunications, insurance, banking, consumer finance, and homebuilding. The PAIP investment program focuses on investing in multi-country enterprises with a healthy capacity for growth and an ability to compete domestically and regionally.

Notes to editors

Kingdom Zephyr's previous investments include:  Zain (formerly Celtel; pan-African cellular telecoms), CNIA Assurance S.A. (Moroccan insurance), Letshego Holdings Limited (pan-African consumer micro-finance), Ecobank Transnational (pan-African bank), UBA (pan-African retail bank).

About Kingdom Holding Company

Kingdom Holding Company is one of the world’s largest and most diversified private investment companies with holdings in a large number of Saudi Arabian, Middle Eastern and international companies including Citigroup, News Corp., Four Seasons, Fairmont, Apple, Time Warner, George V Hotel, New York Plaza and The Savoy.  Kingdom Holding is one of the world's leading hotel investors, with a portfolio of hotels and majority interests in international hotel management companies. It is based in Saudi Arabia and headed by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud.

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as at 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies.

Temasek's investment themes centre on Transforming Economies, Growing Middle Class, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications and media; transportation and logistics; real estate; infrastructure, industrial and engineering; energy and resources; life sciences, consumer and lifestyle; and technology.

Total shareholder return for Temasek since its inception in 1974 has been a healthy 16% 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 www.temasek.com.sg

About Kingdom Zephyr

Kingdom Zephyr was created in 2004 under the leadership of Kingdom Holding, the investment holding company controlled by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, a prominent philanthropist and investor in Africa, and Zephyr Management, L.P., a New York investment firm. Both Zephyr and Kingdom Holding have been investing in African private equity since the mid-1990s.

With the first fund fully committed, PAIP II makes $20-60 million investments in growing, well-managed African businesses, preferably with multi-country presence or focus. The investments are sourced and executed from offices in Accra, Johannesburg and London, with support from New York.

About Zephyr Management, L.P

Zephyr Management, L.P. is a global private equity and marketable securities firm.  Founded in 1994, the firm specializes in the creation and management of highly focused and value added investment funds.  Since its founding, Zephyr has sponsored twenty-one investment funds across the developed and developing world, representing approximately $1.7 billion in capital commitments (including assets attributable to Zephyr’s joint venture funds).  These funds are managed by Zephyr and its affiliates from their offices in New York, London, Bangalore, Johannesburg, and Accra.