Not for distribution in the United States

• Offerings of S$300 million 4.0% Guaranteed Notes due 2029& S$300 million 4.2% Guaranteed Notes due 2039
• 20-year & 30-year notes establish points on Singapore-dollar long end yield curve

Singapore

Temasek Financial (I) Limited has completed its maiden offerings of S$300 million 4.0% Guaranteed Notes due 2029 and S$300 million 4.2% Guaranteed Notes due 2039 (the "Notes").

These issuances are part of its 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").

The two Singapore-dollar denominated bonds mark the fourth and fifth bond issuances by Temasek, following issues of US-dollar denominated bonds in October and November 2009. They were issued to Singapore-based institutional investors in response to their enquiries.

Ms Leong Wai Leng, Temasek's Chief Financial Officer, said, "We are pleased with our first ever Singapore-dollar issuances at the long end of our yield curve. The issues were in response to enquiries from Singapore-based institutional investors about long-dated Singapore-dollar bonds. They are also part of our larger plan to issue Singapore-dollar bonds to complement our US-dollar issues as public markers of our credit quality."

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. Moody's rating is underpinned by, among others, Temasek's excellent liquidity position and high quality investment portfolio.

The Lead Manager and Dealer for the issuances was DBS Bank Ltd.

Approval in-principle has been obtained for the listing and quotation of the Notes on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). They are expected to be listed on the SGX-ST on 8 December 2009.

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.

- End -

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 .

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.

For media enquiries, please contact:

Mark Lee
Director, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6509
Email: marklee@temasek.com.sg

Paul Ewing-Chow
Senior Associate, Corporate Affairs
Temasek Holdings (Private) Limited
DID: (65) 6828-6979
Email: paulewingchow@temasek.com.sg