CORPORATES

CREDIT OPINION28 August 2017

Update

RATINGS

Temasek Holdings (Private) LimitedDomicile Singapore

Long Term Rating Aaa

Type LT Issuer Rating - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Vikas Halan 65-6398-8337VP-Sr Credit Officervikas.halan@moodys.com

Diana Beketova 65-6398-3724Associate Analystdiana.beketova@moodys.com

Laura Acres 65-6398-8335MD-Corporate Financelaura.acres@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Temasek Holdings (Private) LimitedUpdate to credit analysis

SummaryThe Aaa rating reflects Temasek Holdings (Private) Limited's (Temasek) strong fundamentalcredit profile as an investment company. This strength is supported by the company'ssteady and recurring dividend income, as well as its large and high-quality investmentportfolio. Temasek's largest investee companies and major dividend contributors have stronginvestment-grade credit profiles.

Furthermore, Temasek maintains low market value-based leverage at the holding companylevel. The company has continued to maintain a net cash position since the fiscal year endedMarch 31, 2008 (fiscal 2008). We expect the company to maintain its net borrowings tomarket value of portfolio below 5% and funds from operations (FFO) interest coverage above15x.

The rating also reflects Temasek's excellent liquidity profile. We expect the company tomaintain its sizeable reserve of cash and liquid securities. This reserve provides strong debtservice coverage to mitigate the risk of any volatility in cash flow and asset value. We furtherexpect Temasek's internal funds (that is, cash, liquid investments, dividend and investmentincome, and divestment proceeds) to cover its (1) 12-month forward committed cashrequirements (principally, interest, current debt repayments and operating overheads), and(2) dividends to the government.

As a government-related issuer, Temasek's ratings also benefit from its 100% ownership bythe Government of Singapore (Aaa stable) through the Minister for Finance (MOF), althoughcurrently, the company's Baseline Credit Assessment, the measure of its standalone creditquality, is also aaa.

Exhibit 1

Temasek’s interest coverage and leverage metrics have been consistently strong

0x

5x

10x

15x

20x

25x

2011 2012 2013 2014 2015 2016 2017

Dividend Income over Interest Expense Net Portfolio Value over Total Debt

Source: adapted from Temasek Review 2015 and 2017

MOODY'S INVESTORS SERVICE CORPORATES

Credit strengths

» Disciplined management and investment strategy

» High-quality investment portfolio

» Strong financial profile

» Excellent liquidity

Credit challenges

» Exposure to volatility in market prices of securities

» Geographic concentration of its portfolio to Singapore and China

Rating outlookThe outlook is stable, reflecting our expectation that (1) Temasek's credit metrics will remain strong, and (2) the company'smanagement will retain its prudent and conservative approach to its investment and funding strategy.

Factors that could lead to an upgradeThe rating is Aaa and cannot be upgraded.

Factors that could lead to a downgradeTemasek has a standalone aaa rating. Should the company's underlying credit fundamentals deteriorate and its fundamental rating bedowngraded, our joint default analysis framework would become relevant to the rating analysis.

Downward rating pressure on Temasek's standalone credit rating could emerge if (1) the company were to make aggressiveinvestments, resulting in a material deterioration in the credit quality of its investment portfolio; (2) the amount and quality of thecompany's cash and near-cash resources were to deteriorate significantly; or (3) there were indications of moral hazard behavior, suchas providing funding support for nonperforming investee companies or channeling financial resources to its government shareholder,that could have an adverse impact on Temasek's financial position.

The possibility of a rating downgrade is remote as long as the Government of Singapore remains the sole shareholder and the Republicof Singapore retains its Aaa rating. In Temasek's Aaa rating, we also incorporate our view that the company benefits from (1) softongoing shareholder support, such as the dividend reinvestment arrangements; and (2) being the government's investment company.

Should the company's underlying credit fundamentals deteriorate and its fundamental rating be downgraded, we would still expectTemasek's Aaa rating to be maintained because of the company's linkages with the government. Based on our view of very highsupport from, and dependence on, the government, Temasek's Aaa rating would only come under pressure if the rating of the Republicof Singapore was downgraded.

ProfileTemasek is an investment company headquartered in Singapore. The company was founded in 1974 to own and commercially managethe investments and assets acquired from the Government of Singapore. The company is an active investor and shareholder that aimsto deliver sustainable value over the long term for its stakeholders.

Temasek's investment portfolio by underlying assets spans over 20 countries and a variety of industries, including (1) Financial Services;(2) Telecommunications, Media & Technology; (3) Transportation & Industrials; (4) Consumer & Real Estate; (5) Life Sciences &Agribusiness; and (6) Energy & Resources. The company's net portfolio value was SGD275 billion ($197 billion) as of 31 March 2017.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Temasek is 100%-owned by the Government of Singapore through the MOF, a body corporate under the Singapore Minister forFinance (Incorporation) Act (Chapter 183). The company is designated a Fifth Schedule company under the Singapore Constitution.Other Fifth Schedule entities include companies such as GIC Pte Ltd (GIC, unrated), and statutory boards such as the MonetaryAuthority of Singapore (unrated), which manage the nation's critical assets.

Detailed credit considerationsDisciplined management and investment strategyTemasek's investment strategy focuses on four investment themes: (1) transforming economies, (2) growing middle incomepopulations, (3) deepening comparative advantages, and (4) emerging champions.

While these themes serve as broad investment guidelines, they also give rise to a very flexible investment approach with regard toinvestment horizons, country of investments, industry concentration and so on. Fundamentally, Temasek adopts a bottom-up approachto its investment decisions.

In our view, Temasek is exposed to uncertainties or event risks associated with its future investments because many of theseinvestments are likely to be opportunity driven. As the company diversifies, it may enter less stable markets or less predictable orunfamiliar industries. Temasek may also form partnerships in which it will not have a majority shareholding. Such actions could weakenthe company's influence over its investee companies and, thus, the long-term predictability of its portfolio.

The company appears mindful of these risks. Each transaction is evaluated based on intrinsic value, long-term prospects and the risk-adjusted cost of capital.

Exhibit 2

S$ total shareholder return and risk-adjusted cost of capital of Temasek (in %)

7

8

8

9

9

9

9

13

7

4

6

13

15

15

0 2 4 6 8 10 12 14

1

3

10

20

30

40

Since Inception (1974)

Pe

rio

d (

in y

ea

rs)

Total Shareholder Return in S$ Terms Risk-adjusted Hurdle Rate

As of 31 March 2017Source: adapted from Temasek Review 2017

To align the interests of management team and the company, management's remuneration includes a range of incentive paymentsbased on the performance of investments over the short, medium and long term.

Oversight is provided by the 14 strong board of directors. The majority of the members of the board of directors are non-executivemembers. Changes at the senior management level are unlikely to affect the company's overall strategy or risk appetite. Temasek'scurrent CEO and CFO have held their positions for over 13 years and 11 years, respectively.

High-quality investment portfolioTemasek's investment portfolio is of strong asset quality. Based on our estimation, the top 10 investee companies and key cash flowcontributors have strong investment-grade credit quality, having contributed around SGD4.7 billion in dividend income in fiscal 2017.

3 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 3

Temasek's top 10 dividend income contributors for fiscal 2017

Company name Sector

Moody's

Ratings

Dividends

Declared

(Millions) [1]

Temasek's

Shareholding [2]

Moody's Estimate of

Temasek's Share of

Dividends (SGD Billions) [3]

Singapore Telecommunications Ltd Telecommunications A1 stable SGD 2,816 52% 1.5

PSA International Pte Ltd Transportation & Industrials Aa1 stable SGD 500 100% 0.5

China Construction Bank Corp Financial Services A1 stable HKD 68,503 4% 0.5

DBS Group Holdings Ltd Financial Services Aa2 stable SGD 1,545 29% 0.5

Singapore Power Limited Transportation & Industrials Aa2 stable SGD 370 100% 0.4

Industrial and Commercial Bank of China Ltd Financial Services A1 stable HKD 83,150 2% 0.3

Singapore Airlines Limited Transportation & Industrials Not Rated SGD 521 56% 0.3

A.S. Watson Holdings Consumer & Real Estate Not Rated HKD 6,316 25% 0.3

Singapore Technologies Engineering Transportation & Industrials Aaa stable SGD 466 51% 0.2

Mapletree Investments Pte Ltd Consumer & Real Estate Not Rated SGD 165 100% 0.2

[1] Refers to dividends declared by the respective companies for the financial years ended March 2017 or December 2016, in accordance with the respective financial year ends of thecompanies; [2] As of 31 March 2017; Rounded off to the nearest whole number [3] Exchange rate used: SGD/HKD - 0.1798; SGD/GBP- 1.7538; Temasek's share calculated based on thenearest whole number for the percentage of shareholding and the actual amount could be significantly different in some cases.Source: adapted from Temasek Review 2017; Moody's estimates

Temasek does not aim for any particular sector mix because investment themes and intrinsic valuations drive the selection. Althoughthere is some sector and geographic concentration, the company's overall portfolio is generally well diversified.

As of 31 March 2017, the top three companies comprised 21% of Temasek's portfolio value, down from 45% in 2004. SingaporeTelecommunications Ltd (Singtel, A1 stable) now accounts for 12% of the total net portfolio value, down from 19% in March 2006. Thenext two largest holdings are DBS Group Holdings (DBS, Aa2 stable) and China Construction Bank (CCB, A1 stable), accounting for 5%and 4%, respectively.

Exhibit 4

The top three companies now account for 21% of Temasek's portfolio as against 31% in 2012 and 45% in 2004

30%

14%

12%

8%

10%

4%

7%

7%

5%

55%

69%

79%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2004

2012

2017

in % of net portfolio value

SingTel Singapore Airlines (2004) / China Construction Bank (2012 & 2017) DBS (2004 & 2017) / Standard Chartered (2012) Rest of portfolio

Source: adapted from Temasek Review 2017; adapted and calculated from Temasek Review 2004 and 2012

Portfolio concentration in terms of top 10 holdings has declined to 44% of the net portfolio value as of March 2017 from 60% as ofMarch 2011, which is credit positive.

4 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 5

Temasek's portfolio distribution by sectors

Financial Services

25%

Telecommunications, Media

& Technology23%Transportation & Industrials

17%

Consumer & Real Estate

17%

Life Sciences & Agribusiness

4%

Energy & Resources

3%

Others

11%

Distribution based on underlying assetsSource: adapted from Temasek Review 2017

Exhibit 6

Temasek's portfolio breakdown by geographyExhibit 7

Temasek's portfolio breakdown by currency

Singapore29%

China25%

Rest of Asia14%

North America12%

Australia & New Zealand8%

Europe8%

Others4%

Distribution based on underlying assetsSource: adapted from Temasek Review 2017

Singapore Dollars60%

US Dollars19%

Hong Kong Dollars12%

Indian Rupees2%

British Pounds Sterling2%

Others5%

Distribution based on currency of denominationSource: adapted from Temasek Review 2017

While Temasek's exposure to growth regions, by underlying assets, is relatively high (around 40%, with exposure to China at 25%), wedraw comfort from the type of investments that Temasek has made to date, generally investments in domestic blue-chip companies,which partly mitigate growth region risk.

Overall, we expect the portfolio composition of Temasek to change only moderately during the rating horizon for a number of reasons:

» The company sees its portfolio evolution as a mid- to long-term process.

» The company is likely to retain its holdings in certain Singaporean companies.

» The company will enter new markets or new industries gradually, with initial investments remaining modest as it builds up its cross-border and new industry expertise.

» A significant portion of the company's investments is likely to remain in mature economies.

» The company will maintain its strong financial discipline and sound professional management of any new investment.

5 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Strong financial profileWe assess Temasek's financial strength based on the combined financial position of Temasek and its wholly owned investment holdingand financing vehicles. The sheer size and breadth of Temasek's portfolio contributes to the company's financial strength and flexibility.Temasek invests in common equity as well as preference shares, convertible bonds and redeemable equity-linked instruments.Therefore, the company's sources of funds include normal dividends, special dividends, interest income, distribution from funds andproceeds from the sale of investments.

The company's dividend income was S$7.0 billion, providing 19x coverage for its interest expense for fiscal 2017. Most of the dividendsare recurring in nature and are from companies that have high investment-grade credit quality.

The dividend income was also sufficient to cover other uses of funds, including the repayment of the company's short-term debt,paying taxes and meeting operating expenses.

The company's dividend, paid to the MOF, is recommended by its board. Temasek's dividend policy balances the sustainabledistribution of profits as dividends to its shareholder, with the retention of profits for reinvestment to generate future returns.

Portfolio disposals and additions typically represent the largest cash flow items, exceeding dividends received in most years. While thequantity and timing of these cash flows are less predictable than those of companies' dividends, Temasek has the ability to monetizeinvestments and does so regularly.

On an aggregate basis, Temasek's net investment over last three years was SGD11 billion, without a material increase in its borrowings.During the same period, Temasek generated internal cash and raised external funding.

Temasek's debts are not guaranteed by the Government of Singapore. Nevertheless, the company is wholly owned by the MOF and isdesignated a Fifth Schedule company under the Singapore Constitution. Temasek is not directed by the government, but through itssheer exposure to Singapore, 60% of its portfolio is denominated in Singapore dollars. As a result of this exposure, we believe that theinterests of both the government and the company are naturally aligned.

In our view, MOF takes a pragmatic view when allocating capital to Temasek. In most years, MOF has generally reinvested its dividends,although sometimes with a timing difference. In fiscal 2014, MOF invested SGD7.8 billion and received a dividend of SGD2.8 billion,while in fiscal 2017, a dividend of SGD2.3 billion was paid and matched with investment by MOF. In our view, Temasek's financialarrangements with its shareholder are both highly accommodating and supportive.

We consider leverage based on estimated market value-based leverage, calculated by dividing the company's net debt by itsestimated market value of portfolio assets (excluding cash). The value of Temasek's portfolio fluctuates over time, primarily reflectingthe movement of the stock markets. The portfolio fell to a recent low value of SGD130 billion in March 2009, but rebounded toSGD186 billion in March 2010 and reached SGD275 billion in March 2017. Despite the volatility, these market values consistently andsubstantially covered the company's outstanding debt.

Temasek reported net cash as of fiscal 2017, maintaining its record since March 2008. Temasek has been making net investments overthe past few years, with the exception of fiscal 2009 and fiscal 2017. Therefore, we expect surplus cash to be applied as and whenmarket opportunities arise, and net cash per se to not be critical to the rating. Because of the strong recurring cash flow, versus totaldebt and interest expenses at the holding company level, the company's financial profile has remained consistent for an Aaa rating.

We expect the company to maintain a conservative financial profile, with net debt to market value of portfolio assets (excluding cash)below 5% and FFO interest coverage above 15x.

Changes in the market value of the portfolio do not have a major impact on the company's reported book equity. Investments withshareholdings over 20% are stated at cost (minus impairment, if applicable) on the company's balance sheet, whereas investmentswith under 20% shareholdings are stated at fair value, with listed securities being marked to market. Since a large proportion ofTemasek's investments comprise shareholdings over 20%, which are stated at cost, and include investments held since the 1980s and1990s, the corresponding book value is significantly below current market value.

6 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Temasek's consolidated credit metrics and relationship with investee companiesTemasek is not viewed as a conglomerate despite its large stakes in several businesses. Hence, the consolidated financial metrics do nothave an impact on Temasek's credit ratings. However, on a consolidated basis, Temasek Group's credit metrics have improved for thefiscal 2017, with reported FFO/net debt improving to 41.3% from 36.7% a year earlier.

Also, on taking a bottom-up view of the portfolio, we note that the bulk of Temasek's investee companies, where rated, have Aa or Acategory ratings.

Temasek does not guarantee the financial obligations of any of its investee companies. Nevertheless, we believe that the companies dobenefit from their association with Temasek in terms of both access to, and cost of, funds. From time to time, Temasek will increase itsequity investment in these companies through measures such as market purchases or underwritten rights offers, which we believe areundertaken on the basis that the incremental investment will add value to the company's position in the longer term.

Liquidity analysisTemasek's liquidity at the holding company level has been consistently excellent. As of the end of fiscal 2017, Temasek reported netcash, with a low amount of short-term debt or committed outflows. As part of its liquidity management, the company holds notonly cash but also a liquid short-term investment portfolio. This portfolio mainly consists of listed equities, and also includes bothgovernment and corporate bonds, as well as other liquid financial instruments. The total of cash and cash equivalents, along with short-term investments, was 5x the amount of debt due over the next 10 years.

Exhibit 8

Temasek's debt maturity profile

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 - 2050

in S

$ b

illio

n

Source: adapted from Temasek Review 2017

The total net market value of the company's investment portfolio (60% in listed and liquid assets) more than covers the company'stotal debt and adds to its already strong financial flexibility. This is in spite of Temasek's large Singapore-incorporated holdings, which,in our view, the company might not want to sell and where immediate market liquidity could limit realization. In addition, Temasekhas available, unutilized standby and bilateral facilities from a number of banks as of 31 March 2017. These facilities could be used tobackstop drawing on the company's $5 billion Euro-commercial paper program, established in February 2011. Around SGD1.2 billionequivalent of Euro-commercial paper was drawn and outstanding as of March 2017.

Rating methodology and Scorecard factorsOur rating methodology for Investment Holding Companies and Conglomerates, published in December 2015, indicates a Aa1 ratingfor Temasek. According to the methodology, Temasek scores a Aa-rating category for its investments strategy, the highest possiblescore on this factor.

Both geographic diversification and investment portfolio transparency factors are in the Aa category. However, Temasek's top threeinvestee companies account for 21% of its total portfolio value, and such asset concentration places Temasek in the A category. On theother hand, the investment holding company's business diversity is in line with the Aaa level, as its investments are spread over morethan 13 sectors.

7 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Temasek's portfolio risk, as measured by market value-based leverage, and the company's liquidity position are consistent with the Aaalevel, due to Temasek's solid net cash position and low leverage. Temasek's debt coverage, defined as FFO plus net interest expensedivided by net interest expense, is also strongly positioned within the Aaa category, with the ratio comfortably exceeding the requiredthreshold of 7x.

Nonetheless, Temasek's assigned rating differs from that indicated by the methodology. The difference reflects the fact that Temasek'sfinancial profile greatly exceeds what is required for a Aaa entity. The other reason for the difference is the strong quality of thecompany's underlying portfolio, which typically has “Aa” or “A” ratings. The company's excellent liquidity and track record furthersupport the Aaa rating.

Exhibit 9

Temasek's methodology scorecard

Investment Holding Companies Industry Grid [1][2]

Moody's 12-18 Month Forward View

As of 8/28/2017 [3]

Factor 1 : Investment Strategy (10%) Score Score

a) Investment Strategy Aa Aa

Factor 2 : Asset Quality (40%)

a) Asset Concentration A A

b) Geographic Diversity Aa Aa

c) Business Diversity Aaa Aaa

d) Investment Portfolio Transparency Aa Aa

Factor 3 : Financial Policy (10%)

a) Financial Policy Aa Aa

Factor 4 : Estimated Market Value-based Leverage (MVL) (20%)

a) Estimated Market Value-Based Leverage Aaa Aaa

Factor 5 : Debt Coverage and Liquidity (20%)

a) (FFO + Interest Expense) / Interest Expense Aaa Aaa

b) Liquidity Aaa Aaa

Rating:

a) Indicated Rating from Grid Aa1 Aa1

b) Actual Rating Assigned Aaa Aaa

Government-Related Issuer Factor

a) Baseline Credit Assessment aaa

b) Government Local Currency Rating Aaa

c) Default Dependence

d) Support

e) Final Rating Outcome Aaa

Current

FY 3/31/2017

[1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2] As of 03/31/2017. [3] This represents Moody'sforward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestituresSource: Moody's Financial Metrics

8 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Ratings

Exhibit 10Category Moody's RatingTEMASEK HOLDINGS (PRIVATE) LIMITED

Outlook StableIssuer Rating Aaa

TEMASEK FINANCIAL (I) LIMITED

Outlook StableBkd Senior Unsecured Aaa

TEMASEK FINANCIAL (II) PRIVATE LIMITED

Outlook StableBkd Commercial Paper P-1

Source: Moody's Investors Service

9 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

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10 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis

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11 28 August 2017 Temasek Holdings (Private) Limited: Update to credit analysis