Management Changes at the Singapore Mint

February 9, 2006

• Ms Chong Phit Lian to step down as President and CEO on March 15, 2006
• Mr Michael Ng, appointed as CEO designate with immediate effect, assumes post of President and CEO on March 16, 2006

SembCorp Industries would like to announce that Ms Chong Phit Lian has resigned as President and CEO of the Singapore Mint and Singapore Precision Industries (SPI), wholly-owned subsidiaries of SembCorp Industries. Her resignation will be effective on March 15, 2006. Ms Chong will be succeeded by Mr Michael Ng, the current Senior Vice President of Sales & Marketing at SembCorp Utilities’ Singapore operations (SCU Singapore) and General Manager of SembCorp Power. Mr Ng is also a director on the board of the Singapore Mint and SPI. He will assume his new positions with effect from March 16, 2006.

Said Mr Tang Kin Fei, Group President and CEO of SembCorp Industries, “In her long and dedicated career with us, Phit Lian has left her mark on many of the Group’s businesses. In particular, the Singapore Mint has been transformed into a leading innovative player in the international numismatic industry. She has also effectively diversified its business to ensure its longterm viability. On behalf of the Management of SembCorp Industries, I would like to offer my sincere thanks to Phit Lian and wish her all the best for the future.”

Ms Chong, who will stay on as a director on the boards of the Singapore Mint and SPI, said, “It has been my great fortune and privilege to have played meaningful roles in a wide spectrum of the Group’s businesses. Although it has been a difficult decision for me to leave, I am confident that with Michael, the Singapore Mint and SPI will be in capable hands.”

On Mr Ng’s appointment, Mr Tang commented, “Michael’s able management skills and proven track record in the Group make him a good choice to take over as President and CEO of the Singapore Mint and SPI. In particular, his experience in sales and marketing will serve him well at Singapore Mint, which is increasingly offering its minting services to regional customers, as well as promoting its corporate gifts and collectible items both here and overseas.”

Mr Ng’s career in the present SembCorp Group began in 1997 as Senior Vice President at ST Energy, the predecessor of SembCorp Energy, which subsequently became part of SembCorp Utilities. He eventually rose to become General Manager of SembCorp Power, the marketing arm of SembCorp Utilities’ co-generation power business. In January 2006, Mr Ng was concurrently appointed the Senior Vice President of Sales & Marketing at SCU Singapore. Prior to joining the SembCorp Group, Mr Ng’s career included being the Director of Marketing at ST Aerospace as well as General Manager at Haw Par Brothers International.

Said Mr Ng, “I am pleased to be given this opportunity to take over the helm as President and CEO of the Singapore Mint and SPI. The Singapore Mint is a household name, known for its quality of service and partnership with the community. I am excited to lead the Singapore Mint into the next stage of its development.”

Mr Ng holds a Bachelor of Mechanical Engineering (Honours) from the University of Singapore, as well as an Advanced Diploma in Marketing from the Marketing Institute of Singapore.