TEMASEK HOLDINGS COMPLETES OFFERING OF SINGTEL SHARES

MEDIA RELEASE

21 Mar 2006

TEMASEK HOLDINGS COMPLETES OFFERING OF SINGTEL SHARES

Singapore, 21 March 2006 – Temasek Holdings (“Temasek”) has completed its placement of 770 million ordinary shares of SingTel at S$2.66 per share, raising total proceeds of S$2 billion. Temasek's shareholding in SingTel is 56.3% after the placement.

This placement will increase the free float of SingTel to 43.7%. The improved liquidity and broadened institutional investor base are expected to benefit all SingTel shareholders.

For media enquiries, please contact:

Serene Lee
Associate Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6765
Mobile: (65) 9692 0918
Email: serenelee@temasek.com.sg

This announcement is not, and is not intended to be, an offer of securities for sale in the United States or in any other jurisdiction. The securities mentioned in this announcement 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. Neither Temasek nor SingTel intends to register any portion of the placement in the United States or to conduct a public offering of the SingTel shares in the United States.