Not for distribution in the United States

Temasek announces pricing of
S$1.0 billion 3.265% Guaranteed Notes due 2020

Singapore, 8 February 2010 - Temasek Holdings (Private) Limited ("Temasek") today announced that it has priced S$ 1.0 billion of 3.265 % Guaranteed Notes due 202 0 (the "Notes") to be issued by its wholly-owned subsidiary, Temasek Financial (I) Limited (the "Issuer"), under the Issuer's US$10.0 billion Guaranteed Global Medium Term Note Program (the "Program"). The Notes will be fully and unconditionally guaranteed by Temasek.

The Notes were priced at a spread of 40 bps over corresponding 10-year S$ Swap Offer Rates. The issue price was at par, with a yield of 3.265%.

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.

The offering is scheduled to close on 19 February 2010 .

The Notes were 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