MEDIA RELEASE

15 Sep 2005


TEMASEK LAUNCHES US$1.75 BILLION 4.5% 10 YEAR GUARANTEED NOTES

Singapore, 15 September 2005 – Temasek Financial (I) Limited has launched the issue of US$1.75 billion 4.5% of guaranteed notes due 2015. This issuance is part of a US$5.0 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”). Temasek is rated AAA by Standard & Poor‘s and Aaa by Moody’s Investor Services.

The notes were marketed globally. The Joint Arrangers for the Program and the Joint Bookrunners for the issue are Deutsche Bank, Goldman Sachs and Morgan Stanley. In addition, DBS Bank, Deutsche Bank, Goldman Sachs and Morgan Stanley acted as Joint Lead Managers for the issue, which was also co-managed by Bank of America Securities, Calyon, Citigroup, HSBC, Société Générale Asia and Standard Chartered Bank.

For media enquiries, please contact:

Eva Ho (Ms)
Director, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828-6763
Mobile: (65) 96176-234
Email: evaho@temasek.com.sg

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. 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.