Singapore

Temasek Holdings (Private) Limited ("Temasek") today announced that it has priced S$500 million 3.785 % Guaranteed Notes due 2025 (the "15-Year Notes") and S$500 million 4.0475 % Guaranteed Notes due 203 5 (the "25-Year 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 15-Year Notes and the 25-Year Notes will be fully and unconditionally guaranteed by Temasek.

The 15-Year Notes were priced at a spread of 50 bps over 15-year S$ Swap Offer Rates. The issue price was at par , with a yield of 3.785 %. The 25-Year Notes were priced at a spread of 65 bps over interpolated 20-year and 30-year S$ Swap Offer Rates. The issue price was at par , with a yield of 4.0475 %.

Temasek is rated AAA by Standard & Poor's and Aaa by Moody's Investors Service, and the 15-Year Notes and the 25-Year 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 offering of the 15-Year Notes and the 25-Year Notes to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 5 March 2010 .

The 15-Year Notes and the 25-Year Notes are expected to be listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 8 March 2010. Admission to the Official List of the SGX-ST and quotation of the 15-Year Notes and the 25-Year Notes on the SGX-ST are not to be taken as an indication of the merits of the Issuer, Temasek, the Program, the 15-Year Notes or the 25-Year Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein.

The 15-Year Notes and the 25-Year 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