GIC continues to deliver on its mission to preserve and enhance the long term international purchasing power of the foreign reserves placed under its management. Over 20 years up to 31 March 2018, the GIC Portfolio's annualised real rate of return was 3.4% per year. This means that GIC has enhanced its portfolio by an average return of 3.4% above the global inflation rate between April 1998 and 2018. GIC accepts no liability whatsoever for your actions or the actions of the third parties in relation to your use or re-distribution of theses slides. Images herein may depict objects or elements that are protected by third-party copyright, trademarks and other intellectual property rights. © GIC 2018. All rights reserved.

1. G I C R E P O R T 2 0 1 7 / 1 8

2. S T E A D Y L O N G - T E R M R E T U R N S
Steady long-term returns on Singapore’s foreign reserves over 20 years
O V E R V I E W

3. CHALLENGING ENVIRONMENT
High asset valuations
Rising uncertainty especially due to tightening monetary
policy and escalating trade frictions
O V E R V I E W
PRUDENT APPROACH
Cautious investment stance
Robust and diversified portfolio
Maintain price discipline
ACTIVE STRATEGIES
Capturing attractive idiosyncratic
opportunities
Ready to take advantage of potential
dislocations

4. P R I M A R Y P E R F O R M A N C E M E T R I C
Assessed by our
long-term
performance on a
total portfolio
basis
Primary metric to
evaluate investment
performance is the
rolling 20-year
real rate of return
of our total portfolio
Seek to
achieve good
absolute real returns
over 20 years,
within the Client’s
risk parameters
To preserve and enhance the long-term international purchasing power
of the reserves placed under our management
G I C ’ S M A N D A T E
STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT4

5. Annualised real rate of return was 3.4% per year
over 20 years ending 31 March 2018
0
1
2
3
4
5
6
7
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year ended 31 March
%
S T E A D Y L O N G - T E R M R E T U R N S
5 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

6. Our annualised 20-year real return is the average time-weighted return of
our total portfolio over that period. It is a rolling return.
High returns at the beginning of the tech bubble period in the late 1990s have
dropped out of the 20-year window, while the post-tech bubble declines remain.
This year’s 20-
year return covers
1999 to 2018
R O L L I N G 2 0 - Y E A R R E T U R N
S T E A D Y L O N G - T E R M R E T U R N S
6 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

7. Nominal Annualised Return and Volatility of the GIC Portfolio (in USD, for periods ending 31 March 2018)
T H E G I C P O R T F O L I O
20-Year
10-Year
5-Year
Time Period
5.9%
4.6%
6.6%
9.0%
10.1%
6.3%
Nominal Return Volatility
S T E A D Y L O N G - T E R M R E T U R N S
7 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

8. I N V E S T M E N T R E T U R N S A R E I N H E R E N T L Y
C Y C L I C A L A N D V O L A T I L E , E V E N O V E R 2 0 Y E A R S
S T E A D Y L O N G - T E R M R E T U R N S
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
1900
1902
1904
1906
1909
1911
1913
1915
1918
1920
1922
1924
1927
1929
1931
1933
1936
1938
1940
1942
1945
1947
1949
1951
1954
1956
1958
1960
1963
1965
1967
1969
1972
1974
1976
1978
1981
1983
1985
1987
1990
1992
1994
1996
1999
2001
2003
2005
2008
2010
2012
2014
2017
Rolling 20-Year Real Return of a US 65% stocks/35% bonds portfolio from 1900 to 2018
Average
20-year
return from
1900 to
2018
5.1%
8 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

9. Investing in a mix of growth and defensive assets
A S S E T M I X
Developed Market Equities
Emerging Market Equities
Nominal Cash & Bonds
Inflation-linked Bonds
Real Estate
Private Equity
ASSET MIX
23
17
37
5
7
11
27
17
35
5
7
9
31 MAR 2018 (%) 31 MAR 2017 (%)
S T E A D Y L O N G - T E R M R E T U R N S
9 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

10. S T E A D Y L O N G - T E R M R E T U R N S
B R O A D G E O G R A P H I C A L D I V E R S I F I C A T I O N
Geographical Distribution of the GIC Portfolio as at 31 March 2018
10 STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT

11. GIC’s
long-term
performance
reflects three
main factors
DYN A MI C S OF T H E
GLOBA L EC ON OMY
P ER F OR MA N C E
OF A SSET
C LA S S ES
P ER F OR MA N C E OF
S KI LL- BA S ED
STR A TEGI ES
Challenging
Environment
Prudent
Approach
Active
Strategies

12. The combination of low expected returns and high downside risks
explains GIC’s continued cautious stance.
O U T L O O K
Increased
volatility
Escalating
frictions in
international
trade and
investment
arrangements
Underlying
market
vulnerabilities
Fundamental
recovery, and
stretched
valuations
across a broad
range of markets
Increased risk
of monetary
policy
tightening
T H E C H A L L E N G I N G E N V I R O N M E N T
STEADY RETURNS PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENT12

13. P O L I C Y
P O RT FOLI O
P R U D E N T A P P R O A C H
Constructed to capture different sources of risk premium and diversify risks,
to remain resilient across a broad range of conditions
Real Estate
9 - 13%
Developed Market Equities
20 - 30%
Emerging Market Equities
15 – 20%
Nominal Bonds & Cash
25 - 30%
Inflation-linked Bonds
4 – 6%
Private Equity
11 - 15%
M A I N T A I N I N G A D I V E R S I F I E D P O R T F O L I O
PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENTSTEADY RETURNS13

14. A C T I V E S T R A T E G I E S
Maintain strong
price discipline
Working hard to capture
attractive idiosyncratic
opportunities
Drawing on our long-term
perspective, organizational
capabilities &
global network
Remain ready to take
advantage of potential
dislocations
Real Estate Tech-related Companies Renewables
Scion
Student
Communities
Edgecore
Internet
Real
Estate
NOVA Rental
Apartment
Platform
C A P T U R I N G A T T R A C T I V E O P P O R T U N I T I E S
PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENTSTEADY RETURNS14

15. F E A T U R E A R T I C L E
Investing in Technology Companies

16. K E Y T R E N D S I N T E C H N O L O G Y
O - D - E T O T E C H N O L O G Y
• Incumbents are
challenged by
disruptors from
outside traditional
verticals
• Looking beyond
traditional categories
is key
Reshaping of
industries
• Disruptors are compelling
incumbents to also
enhance consumer
choices and experiences
• Start-ups provide
innovation capacity to
large companies
Disruptor-incumbent
interactions
• Locking in customers
through rich digital
platforms;
hyper-customised
experiences
• Network effect
provides an ‘investor
surplus’
New business
‘ecosystems’
• EMs, notably China and
India, are seeing their
own innovation wave
• Leapfrogging – a key
trend to participate in
Innovation in
emerging markets
PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENTSTEADY RETURNS16

17. OFFENCE
O - D - E T O T E C H N O L O G Y
G I C ’ S H O L I S T I C A P P R O A C H T O T E C H N O L O G Y
Our O-D-E Framework
DEFENCE
ENTERPRISE
EXCELLENCE
Investing in the winners
of tech disruption
Protecting existing
investments
as they face disruption
Leveraging technology
for GIC’s investment
and organizational
processes
PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENTSTEADY RETURNS17

18. O - D - E T O T E C H N O L O G Y
We leverage our core strengths to invest in technology.
• Stay invested for
the long term,
including post-IPO
• Enables us to
grow together
with the company
Long-Term
Orientation
• Flexibility in the
development stage,
capital structure,
investment size, sub-
section, geography and
duration of our
investments
Flexible Investment
Mandate
• Enables us to spot
leads and lags
across regions, and
capture unique
opportunities
• Strong presence in
key innovation hubs
such as Silicon
Valley & Beijing
Global
Presence
• Seek to be a long-
term partner to our
investee companies
• Share connections
and insights with our
investee companies
and external fund
managers
Committed
Partner
G I C ’ S H O L I S T I C A P P R O A C H T O T E C H N O L O G Y
PRUDENT APPROACH ACTIVE STRATEGIES O-D-E TO TECHCHALLENGING ENVIRONMENTSTEADY RETURNS18

19. www.gic.com.sg