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Financing FrameworkWe issue Temasek Bonds as public markers of our credit quality.The publication of our annual Temasek Review, our credit ratings byinternational agencies and the issuance of Temasek Bonds anchor ourinstitutional framework for financial discipline over the long term.Since 2004, our credit has been rated AAA by Standard & Poor’s RatingsServices (S&P) and Aaa by Moody’s Investors Service (Moody’s).Our US$10 billion Global Guaranteed Medium Term Note (MTN)Programme was established in 2005 with a maiden US$1.75 billion10-year Temasek Bond.In July 2010, we issued our first ever 12-year and 30-year Pound SterlingTemasek Bonds. This was followed in August 2010 by the pioneering 40-yearSingapore Dollar Temasek Bond, which extended our debt maturity curveto 2050.All in, we have 11 outstanding Temasek Bonds in Singapore dollars,US dollars and British pounds sterling, totalling about S$10 billion 1(US$8 billion 1 ), with a weighted average maturity of about 16 years.To address the short end of our debt maturity curve, we established ourUS$5 billion Euro-commercial Paper (ECP) Programme in February 2011 tocomplement the longer dated Temasek Bonds under our MTN Programme.Our MTN Programme and all outstanding Temasek Bonds have beenassigned long term ratings of AAA/Aaa by S&P and Moody’s respectively.Our ECP Programme has been assigned the highest short term ratings ofA-1+ by S&P and P-1 by Moody’s.Together, these debt issuance programmes are the major building blocks ofour financing framework. While we ended the year with a net cash position,these programmes enhanced our capital efficiency and increased ourfunding flexibility.Temasek Credit RatingsStandard & Poor’sRatings ServicesMoody’sInvestors ServiceCorporate Credit Rating AAA AaaMTN Programme AAA AaaTemasek Bonds AAA AaaECP Programme A-1+ P-11Exchange rates as at 31 March 2011.30 Temasek Review 2011