Not for distribution in the United States

Temasek closes benchmark-size offering of S$1.0 billion
3.265% Guaranteed Notes Due 2020

-  Establishes 10-year point on Singapore-dollar yield curve
-  Sixth issuance under the US$10.0 billion Guaranteed Global Medium Term Note Program

Singapore, 19 February 2010 - Temasek Financial (I) Limited has completed its offering of S$1.0 billion 3.265% Guaranteed Notes due 2020 (the "Notes"). The issuance is part of its US$10.0 billion Guaranteed Global Medium Term Note Program (the "Program"). Under the Program, notes issued by Temasek Financial (I) Limited are fully and unconditionally guaranteed by Temasek Holdings (Private) Limited ("Temasek").

The Notes mark the sixth bond issuance by Temasek, which now has three US-dollar and three Singapore-dollar bond issues (including the issue of the Notes) across multiple tenors.

Ms Alyssa Ong , Temasek's Treasury Head, said, "We are pleased with the strong investor demand for T2020, our newly issued benchmark-size 10-year Singapore-dollar issuance. This demand allowed the transaction to be executed in a swift manner. This issue establishes a new 10-year point on our Singapore-dollar yield curve. "

"Temasek's bond program helps to establish public markers of our credit quality, and provides us with the discipline of engaging with an expanded stakeholder base, " Ms Ong added.

The Notes were launched and priced on 8 February 2010 at a spread of 40 bps over 10-year S$ Swap Offer Rates, with an all-in yield of 3.265%. At the close of Asian markets on 18 February 2010, the last quoted bid spread was 31 bps, which translates to a price of 100.13 % on the nominal amount and an all-in yield of 3.25 %.

Compared to Temasek's 10-year US-dollar bond issued on 26 October 2009 ("T2019"), the Notes were priced at about 20 bps tighter than the secondary trading levels of T2019 on 8 February 2010 .

Temasek is rated AAA by Standard & Poor's ("S&P") and Aaa by Moody's Investors Service ("Moody's"). S&P rating reflects, among others, Temasek's very strong liquidity position and strong business profiles of most of Temasek's major investments, with steady and sustainable cash flows. Moody's rating is underpinned by, among others, Temasek's low leverage levels, strong liquidity position and high-quality investment portfolio.

The Joint Lead Managers and Bookrunners for the issuance were DBS Bank Ltd., Standard Chartered Bank, Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited.

The Notes are expected to be listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 22 February 2010. Admission to the Official List of the SGX-ST and quotation of the Notes on the SGX-ST are not to be taken as an indication of the merits of the Issuer, Temasek, the Program or the Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein.

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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

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore . Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as at 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies.

Temasek's investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology.

Total shareholder return for Temasek since its inception in 1974 has been a healthy 16% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.