Offering of Temasek Bonds comprising:

• US$750 million 2-year at 3.75% fixed rate; and
• US$750 million 2-year Floating Rate Notes at SOFR + 38 bps.

Singapore, 14 August 2025, 3.00 a.m. – Temasek Financial (I) Limited (“TFin-I”) has priced US$750 million 3.75% Guaranteed Notes due 2027 and US$750 million Guaranteed Floating Rate Notes due 2027 (the “T2027-USD Temasek Bond” and “T2027FRN-USD Temasek Bond”, respectively, and collectively, the “T2027-USD and T2027FRN-USD Temasek Bonds”).

Unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (“Temasek”), the T2027-USD and T2027FRN-USD Temasek Bonds will be issued under TFin-I’s US$25 billion Guaranteed Global Medium Term Note Programme (the “Programme”).

The 2-year T2027-USD Temasek Bond was priced at a spread of 15 bps over the 2-year benchmark US Treasuries. Investors will be paid every six months, at a coupon rate of 3.75% per annum. The T2027-USD Temasek Bond was issued at 99.826% to give a yield to maturity of 3.841% per annum.

The 2-year T2027FRN-USD Temasek Bond was priced at a spread of 38 bps over SOFR. Investors in the T2027FRN-USD Temasek Bonds will be paid quarterly interest payments.

Temasek has been assigned an overall corporate credit rating of “Aaa” by Moody’s Investors Service, Inc. (“Moody’s”) and “AAA” by S&P Global Ratings, a division of S&P Global, Inc. (“S&P”), and the T2027-USD and T2027FRN-USD Temasek Bonds are each likewise rated “Aaa” by Moody’s and “AAA” by S&P.

TFin-I intends to provide the net proceeds from the issuance of the T2027-USD and T2027FRN-USD Temasek Bonds to Temasek and its investment holding companies to fund their ordinary course of business.

The offering is scheduled to close on 20 August 2025.

The T2027-USD and T2027FRN-USD Temasek Bonds are expected to be listed on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 21 August 2025. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and listing and quotation of the T2027-USD and T2027FRN-USD Temasek Bonds on the SGX-ST are not to be taken as an indication of the merits of TFin-I, Temasek, their respective subsidiary companies (if any), their respective associated companies (if any), the Programme, or the T2027-USD and T2027FRN-USD Temasek Bonds.

The T2027-USD and T2027FRN-USD Temasek Bonds were offered in the United States only to qualified institutional buyers that are also qualified purchasers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. persons under Regulation S of the Securities Act.

The Joint Lead Managers and Bookrunners were BofA Securities, Citigroup, Morgan Stanley, and Société Générale.

– End –

References to “US$” and “USD” are to U.S. dollars, the lawful currency of the United States.

This release is 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. 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.

In the European Economic Area (the “EEA”), this announcement is only directed at persons who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).

In the United Kingdom (“UK”), this announcement is only directed at “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018, as amended, who are also persons (i) that have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (ii) falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order or (iii) to whom this announcement may otherwise be directed without contravention of Section 21 of the Financial Services and Markets Act 2000, as amended (all such persons together being referred to as “relevant persons”). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.