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The Future Fund (ex Telstra) produced a return of 1.54% ($652 million) for the period 1 July 2007 to 30 June 2008

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Portfolio Update at 6/30/2008

Following completion of the audit process for 2007-08, the Future Fund Board of Guardians has issued a portfolio update for the year.

The Future Fund (ex Telstra) produced a return of 1.54% ($652 million) for the period 1 July 2007 to 30 June 2008. The Chair of the Board of Guardians, Mr David Murray AO, said: “The positive result in the current investment environment reflects our decision to slow the purchase of equities in the first half of the year due to concerns about pricing. This allowed us to benefit from a substantial cash component in the portfolio. Our focus moved to taking advantage of changed credit conditions, while developing our capabilities in private markets, including property, private equity and infrastructure. This is part of our program of building our long term target portfolio.”

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Temasek Invests in Shaver Company Harry’s

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Harry’s, the subscription shaving company that is taking on companies such as Gillette, which is owned by the multi-national corporation Procter & Gamble, has raised US$ 112 million in a new round of financing.

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New CEO at Dubai Holding

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In early February, Dubai Holding LLC, an entity that once oversaw an aggressive Dubai International L.L.C. buyout player, hired a new chief executive officer. Dubai Holding hired Amit Kaushal as CEO, who replaces Edris Alrafi.

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Central Bank of Iran Reacts to Falling Rial

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Iran’s rial continues to be in a downward spiral, as the country grapples with high unemployment, high levels of non-performing loans, rising inflation and challenges with drawing in substantial foreign investment. Besides Russia, Italy and France, Iran has had a difficult time luring large foreign direct investment deals. For a number of countries in the Middle East, the value of domestic currency to the U.S. dollar is an important indicator of economic stability and strength. Iranian police recently arrested a number of currency dealers in the black market, while closing down a number of exchange offices. The rapid devaluation of the rial and the rise of the U.S. dollar in the country forces cash to remain in the currency market versus being put to productive uses such as capital expenditures. The devaulation of the rial has driven people to speculate and Tehran is trying to prevent that.

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