Not for distribution in the United States

Temasek announces proposed S$1.0bn offering of
Guaranteed Notes due 2020

Singapore, 8 February 2010 - Temasek Holdings (Private) Limited ("Temasek") today announced that its wholly-owned subsidiary, Temasek Financial (I) Limited (the "Issuer"), intends to offer a S$1.0 billion offering of Guaranteed Notes due 2020 (the "Notes") under the Issuer's US$10.0 billion Guaranteed Global Medium Term Note Program (the "Program").

The Program limit was increased from its initial US$5.0 billion to US$10.0 billion on 3 February 2010 to cater for the possibility of future issues under the Program, as the aggregate amount of its issues of notes under the Program to date is near the initial US$5.0 billion Program limit.

Under the Program, notes issued by the Issuer are fully and unconditionally guaranteed by Temasek. Temasek is rated AAA by Standard & Poor's and Aaa by Moody's Investors Service, and the Notes are rated AAA by Standard & Poor's and Aaa by Moody's Investors Service.

The Issuer intends to provide the net proceeds from the issuance of the Notes to Temasek and its investment holding companies to fund their ordinary course of business.

Approval in-principle has been obtained for the listing and quotation of the Notes on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Approval for the listing and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Issuer, Temasek, the Program or the Notes.

The Notes will be offered outside the United States only to non-U.S. persons under Regulation S of the U.S. Securities Act of 1933, as amended.

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These materials are not an offer of securities for sale in the United States . The securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. No portion of the proposed offering is intended to be registered in the United States , and no public offering is intended to be conducted in the United States .

For media enquiries, please contact:

Mark Lee
Director, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6509
Email: marklee@temasek.com.sg

Jeffrey Fang
Senior Associate, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6857
Email: jeffreyfang@temasek.com.sg