Temasek Holdings Issuer Summary

Report date: 2026-07-12
Issuer: Temasek Holdings (Private) Limited
Relevant bond issuers: Temasek Financial (I) Limited / Temasek Financial (IV) Private Limited
Bond structure reference: Temasek Holdings guarantees notes issued under the US$25bn Guaranteed Global Medium Term Note Programme and the S$5bn Guaranteed Medium Term Note Programme. Those guarantees are not Singapore Government guarantees.

1. Business Snapshot and Recent Developments

Temasek Holdings (Private) Limited ("Temasek") is a Singapore-based global investment company wholly owned by Singapore's Minister for Finance. It owns its portfolio assets and makes investment decisions on commercial principles. It is therefore neither Singapore sovereign debt nor a manager of Singapore's foreign reserves, CPF savings or other government assets; those distinctions are material for creditors. Temasek's bonds are ultimately supported by the investment company's portfolio value, available liquidity, dividend and divestment capacity, conservative debt policy and access to funding markets. Government ownership, Fifth Schedule status and the importance of its Singapore portfolio are additional institutional strengths, but do not create a direct legal claim on the Singapore Government.

The 8 July 2026 release of Temasek Review 2026 provides the first comprehensive public update for the financial year ended 31 March 2026 (FY2026). The disclosed net portfolio value (NPV) was S$518bn on a mark-to-market (MTM) basis, S$49bn higher than the restated FY2025 value of S$469bn. One-year total shareholder return (TSR) was 10.5% in Singapore-dollar terms and 14.8% in US-dollar terms. The increase was driven largely by listed Singapore-based Temasek Portfolio Companies (TPCs) and realised gains from divestments. Management also disclosed that conflict-related developments in the Middle East caused a 2% NPV drawdown in the final month of FY2026 and that Singapore-dollar appreciation reduced one-year return by about two percentage points. This is useful evidence both of the portfolio's return capacity and of the market, foreign-exchange and geopolitical sensitivity inherent in an equity-heavy investment-company credit.

The FY2026 reporting change is important. Temasek has completed its transition to MTM valuation for unlisted investments. Approximately 75% of the portfolio was already valued on an MTM basis; bringing the remaining 25% to market added S$32bn relative to the prior book-value method at 31 March 2026. Temasek restated portfolio figures from FY2016 onward on the new basis. The restated historical NPV series is therefore appropriate for trend discussion within this report, but it is not directly comparable to the S$434bn official FY2025 NPV shown in the previous 18 May 2026 report, which used the earlier reporting basis. The higher disclosed FY2026 NPV reflects both asset performance and the reporting-basis transition; creditors should not interpret the full change mechanically as cash-generating value creation.

Portfolio management has been organised since 1 April 2026 through three wholly owned entities: Temasek Singapore (TSG), Temasek Global Investments (TGI), and Temasek Partnership Solutions (TPS), supported by Temasek International as institutional enabler. The three portfolio segments represented 43%, 38% and 19% of FY2026 portfolio value, respectively. The disclosed purpose is to sharpen differentiated strategies while continuing to operate collectively as OneTemasek. No debt-transfer event or change to the disclosed parent guarantee has been identified in the public materials reviewed for this report. The detailed legal, funding and liquidity allocation across TSG, TGI and TPS has not been confirmed and remains a monitoring item.

The central credit question is not whether Temasek can avoid annual market volatility. Rather, it is whether debt remains modest enough, and liquidity broad enough, to withstand a period of lower portfolio values, slower asset sales and weaker distributions without creating refinancing pressure. FY2026 disclosures continue to point to wide headroom: total debt of S$25.5bn equalled about 5% of NPV and 19% of liquid assets; cash and short-term investments, labelled the liquidity balance, were S$49.9bn; and debt due in the next five years was S$10bn, or 8% of liquid assets. The increase in debt from S$20.7bn in FY2025 included an increase in ECP outstanding to S$2.5bn from S$0.4bn, so the debt and short-term-funding mix warrants monitoring even though the disclosed liquidity buffer remains substantial.

2. Industry Position and Franchise Strength

Temasek should not be analysed as a conventional operating company, bank or fund manager. It is a long-horizon investment holding company with control or significant positions in Singapore-based companies, public and private global investments, and partnerships, funds and asset-management businesses. Its franchise is a combination of a large permanent capital base, institutional continuity, investment capability, access to private and public opportunities, and long-established multi-currency market access. Creditors benefit when this franchise produces recurring dividends, selective divestments and the ability to refinance well before maturities; they are exposed when market stress, valuation uncertainty or strategic constraints reduce the convertibility of portfolio value into cash.

The Singapore franchise is particularly important. TPCs represented 43% of portfolio value at FY2026, with 10-year Singapore-dollar internal rate of return (IRR) of 8.1%. The portfolio's three largest single-name holdings were DBS Group Holdings (9% of portfolio value), Singapore Telecommunications (8%), and PSA International (5%). These holdings combine financial services, telecommunications and logistics exposure with companies that are significant to Singapore's economy. They support quality, dividends and capital-market confidence. At the same time, their economic and strategic importance means they should not all be treated as freely saleable short-term liquidity. A prudent creditor analysis therefore gives greater weight to disclosed liquid assets and the liquidity balance than to the full economic value of core holdings.

Global Direct Investments (GDIs), at 38% of portfolio value, offer geographic diversification and access to global public and private growth assets. Their 10-year Singapore-dollar IRR was 7.6%. These assets drove part of the FY2026 gain, but the disclosed final-month NPV drawdown also illustrates their sensitivity to geopolitical and market events. Partnerships, Funds and Asset Management Companies (PFAs), at 19%, broaden the opportunity set and generated a 10-year IRR of 7.7%. They also introduce more indirect exposure to private markets, fund distributions and asset-management execution. Temasek disclosed a strategic review of asset-management companies through Seviora, which should be read as an effort to strengthen discipline and value creation, not as evidence that all underlying assets are readily monetisable.

The portfolio's liquidity profile is balanced rather than wholly liquid. At 31 March 2026, Temasek reported 50% in liquid and listed assets and 50% in unlisted assets and funds. It also stated that about 25% of portfolio value was in listed assets where it owned at least 20%, representing almost half of listed portfolio value. This distinction matters: a listed block can have a quoted value but may not be saleable at the assumed price or volume, while an unlisted position requires a different valuation and monetisation assessment. The S$136.3bn liquid-assets metric is the more conservative disclosed measure, comprising mainly cash and cash equivalents and listed assets with stakes below 20%.

Temasek has set out investment priorities in artificial intelligence, core-plus infrastructure and private credit. AI-related exposure was 6% of portfolio value, with an aim of up to 15% by 2031; core-plus infrastructure was 1%, with an aim of 5%; and private credit was 2%, with an aim of 5%. The expansion could diversify future income and capture long-term themes, but it may also raise the share of assets where valuation, underwriting performance, liquidity and downside recovery are less externally observable than in listed holdings. The disclosed intentions are strategic aspirations, not binding debt-funded commitments. The appropriate monitoring question is whether any evolution toward private assets is accompanied by preserved low leverage, adequate cash liquidity and disclosure sufficient for creditors to assess asset coverage.

3. Segment Assessment

TPCs are the anchor of the portfolio. They include major Singapore-linked businesses whose scale, operating franchises and domestic relevance support Temasek's long-term value and distribution capacity. The 43% allocation and 8.1% ten-year IRR show that this is not a passive residual portfolio. For creditors, however, the quality of the companies cannot be translated one-for-one into immediate parent liquidity. Portfolio companies have their own minority shareholders, creditors, regulatory obligations, capex needs and board decisions. Dividends and disposals are potential sources of Temasek cash, but are neither pledged directly to Temasek bondholders nor contractually fixed at a particular level.

GDIs are the principal channel for global diversification, including public and private equity, and they give Temasek access to sectors and geographies outside Singapore. The FY2026 disclosure attributes NPV growth partly to realised gains from key divestments, demonstrating the ability to recycle capital. However, it also states that Middle East events reversed a significant part of earlier gains in the GDI portfolio during the last month of the financial year. That episode reinforces the need to analyse GDI value through a cycle: a portfolio with strong long-term IRR can still have short-term mark-to-market losses, currency translation effects and uneven exit conditions.

PFAs add partnerships, funds and asset-management capabilities. Their 7.7% ten-year IRR and 19% portfolio share indicate a material but not dominant contribution. Temasek's private-credit platform, Aranda Principal Strategies, exceeded S$13bn and generated more than S$1bn in annual recurring income according to the FY2026 release. This could enhance recurring income diversification, but the report does not disclose a full stand-alone credit, loss, maturity or funding profile for the platform. It should therefore be treated as a contributor to portfolio diversification and income, not as a separately verified source of bond repayment.

Source and period: Temasek Review 2026, Performance & Portfolio, as at 31 March 2026. The portfolio weights, IRRs and liquidity split are issuer disclosures; the credit implications and limitations are analyst interpretation.

4. Financial Profile and Analysis

The most relevant financial measures for Temasek creditors are investment-company-basis NPV, liquid assets, cash and short-term investments, debt, recurring income and the maturity profile. Temasek Group consolidated statutory accounts are useful context but include operating subsidiaries, associates and joint ventures. They should not be used as a substitute for the investment-company credit profile, because consolidated revenue, operating profit and debt may not represent cash immediately available at Temasek Holdings or its investment holding companies. Temasek's annual credit profile is expressly designed around leverage, interest coverage and debt-service coverage; this report gives it primary weight.

The restated series below uses the FY2026 Review's MTM-based figures for FY2022-FY2026. Temasek states that periods from FY2016 have been restated to value unlisted investments on an MTM basis. This improves within-series comparability, but the series is not comparable with the old FY2025 official-NPV series that valued part of unlisted assets at book value. Calculated ratios are this report's arithmetic using disclosed values and are not company-defined covenants.

Sources: Temasek Review 2026, Performance & Portfolio / Credit Profile. NPV figures are restated to MTM basis; all ratios labelled “calculated” are arithmetic by the analyst.

FY2026 capital deployment was S$51bn of investments and S$31bn of divestments, leaving net investment of S$20bn. This is a larger net deployment than FY2025 and coincided with an increase in total debt. The relationship is not necessarily adverse: a long-term investor needs to deploy capital during volatile markets, and Temasek retains substantial liquidity. Yet creditors should test the interaction over time. If net deployment, private-asset growth and ECP borrowing rise simultaneously while the liquidity balance and divestment proceeds decline, the present asset-coverage strength would become less robust even before total debt reached a high level relative to NPV.

Interest expense was S$0.5bn, about 4% of FY2026 dividend income and about 1% of the company-defined recurring-income measure, which includes divestments, dividend income, income from investments and interest income. The low burden is a significant strength. However, divestments should not be treated as recurring cash income in the same sense as dividends because volume and execution prices can decline in stressed markets. The more conservative conclusion is that dividend income alone was more than twenty times interest expense in FY2026, while the liquidity balance and liquid assets add a separate repayment buffer.

Management disclosed that liquidity was more than sufficient to cover debt maturing within five years by 13 times. Debt due within five years was S$10bn, equal to 8% of liquid assets. The liquidity statement, rather than NPV alone, is particularly important because debt service is due in cash and not in theoretical portfolio value. Temasek also states that it avoids disproportionate repayment concentrations and that the longest-dated bond matures in 2071. The full annual maturity schedule and the precise parent-level allocation of cash were not disclosed in the Review and are not assumed here.

5. Structural Considerations for Bondholders

The bond structure is clear at a high level. Temasek Financial (I) Limited issues notes under the US$25bn Guaranteed Global Medium Term Note Programme, and Temasek Financial (IV) Private Limited issues notes under the S$5bn Guaranteed Medium Term Note Programme. Temasek Holdings guarantees those programmes. This is a stronger and more direct link for noteholders than ownership of a portfolio company, because the parent guarantor is the entity whose investment-company credit profile is analysed. It does not make a Temasek note a direct obligation of Singapore's Minister for Finance or the Singapore Government.

Structural subordination remains relevant. Portfolio-company assets, operating cash flows and borrowing capacity generally sit below Temasek in the corporate structure and may be subject to the claims of their own creditors. Temasek's ability to obtain dividends, distributions or disposal proceeds depends on ownership rights, business performance, regulatory limits, minority interests, financing arrangements and the timing of markets. The quality of DBS, Singtel, PSA and other holdings is a powerful indirect support to Temasek's asset value and market access, but it is not a contractual guarantee of Temasek debt.

Temasek's official bonds page confirms S$22.8bn of Temasek Bonds outstanding at 31 March 2026, with a weighted average maturity of more than 15 years, and S$2.5bn of ECP outstanding with a weighted average maturity above one month. This mix provides funding flexibility but makes it important to distinguish long-term bond refinancing from short-term ECP rollover risk. The present liquidity balance of S$49.9bn greatly exceeds ECP outstanding, reducing immediate rollover dependence. Still, ECP utilisation rose sharply from FY2025; investors should track whether it is used as a temporary working-capital instrument or becomes a growing structural source of funding.

Sources and scope: Temasek, Temasek Bonds, accessed 12 July 2026; Temasek Financial (I) Limited Offering Circular dated 21 July 2025; and Temasek Review 2026 for FY2026 debt amounts. Issuer/guarantor and programme facts are from those sources; bondholder implications are analyst interpretation. Security-specific documentation is not covered by this table.

6. Capital Structure, Liquidity and Funding

At FY2026, total debt was S$25.5bn, consisting of S$22.8bn Temasek Bonds and S$2.5bn ECP in equivalent Singapore-dollar value; small differences reflect rounding and other debt items. Temasek says the weighted average maturity of its bonds was over 15 years and of ECP above one month. The bonds therefore provide durable funding, while ECP permits short-term flexibility. The S$4.8bn increase in total debt from FY2025 is meaningful in absolute terms but modest relative to the S$49bn NPV increase and the S$136.3bn liquid asset base.

The liquidity balance fell by S$7.9bn from FY2025 to S$49.9bn. A decline in cash and short-term investments during a year of S$20bn net investment is not unexpected, and the remaining balance exceeded total debt by approximately S$24.4bn. The more demanding question is whether liquidity would remain adequate if divestment markets became constrained and NPV fell. Based on disclosed metrics, even debt due in five years was only S$10bn, and liquid assets were more than thirteen times that amount. This supports the view that Temasek has material time to respond to stress. It does not eliminate risk: liquid assets may decline in a market correction, and concentrated listed holdings are not interchangeable with cash.

Temasek states that its Board sets an overall debt limit after considering portfolio value, shareholder funds, forecast cash flow and credit profile. The numerical limit is not disclosed. Investors should therefore focus on observed behaviour and ratings-agency constraints rather than assume a contractual external leverage covenant. The observed FY2022-FY2026 debt/NPV ratio remained around 4%-5%, well below 10%, while the FY2026 official credit profile states total debt was 5% of NPV. The conservative financing record is a core credit strength, but the upward movement in ECP and the lower liquidity-balance/debt ratio mean that unchanged headroom should be verified at each annual disclosure.

7. Rating Agency View

Temasek's current official credit-rating reports page, checked for this report, displays Moody's Aaa/Stable and S&P AAA/Stable, with September 2025 updates as the detailed reports hosted by Temasek. The official bond page similarly states that Temasek and its bond programmes are rated Aaa/AAA by Moody's and S&P, respectively. Ratings are opinions subject to change and are not recommendations to buy, sell or hold a note; they nevertheless provide an external framework for the interaction of stand-alone strength and government-related support.

Moody's September 2025 report assessed Temasek's baseline credit assessment at aaa, indicating that the rating was not reliant on uplift from government ownership. It highlighted low leverage, a net-cash position in the prior period, liquidity and expected strong interest coverage. S&P's September 2025 report assessed Temasek's stand-alone credit profile at aaa and described exceptional liquidity, while also incorporating an extremely high likelihood of extraordinary government support. These two assessments support a nuanced conclusion: the institutional relationship with Singapore adds resilience and rating headroom, but the core investment-company financial profile must remain strong for the current rating level to be sustainable.

The FY2026 Review was published after the detailed agency reports and should not be represented as independently rated information. The annual results are consistent with continued low leverage and ample liquidity, but the increase in debt, ECP and net investment should be considered in the next agency updates. Important monitoring points remain portfolio quality, the amount of liquid and sub-20% listed assets, debt coverage, liquidity, Singapore sovereign credit quality and evidence of continuing government commitment. No unconfirmed 2026 agency action is assumed in this report.

8. Credit Positioning

Temasek is best positioned as a highly defensive government-related investment holding company, not as direct Singapore sovereign debt and not as a typical private-equity or leveraged holding company. Relative to Singapore Government Securities, its notes carry incremental exposure to portfolio valuation, asset monetisation, structural subordination and the absence of a government guarantee. These risks are offset to a significant extent by low leverage, a very large disclosed liquid asset base, long-term funding, a high-quality portfolio and the institutional relationship with Singapore.

Temasek's debt burden is low relative to its own disclosed NPV and liquid assets. Its calculated FY2026 debt/NPV ratio of 4.9%, liquidity balance above total debt, and disclosed 13x coverage of debt due in five years support resilience against refinancing pressure. Relative to a policy bank or utility quasi-sovereign, Temasek has less direct policy revenue and more market-value risk, but it is not funding a large loan book or regulated-asset capex programme with high leverage. Its principal risk is an adverse combination of lower asset values, lower distributions, weak exit markets and higher funding needs.

No live bond prices, yields, option-adjusted spreads, CDS levels or same-maturity peer curves were reviewed. The report therefore does not describe Temasek notes as rich, cheap, attractive or unattractive. For a security-specific decision, an investor should separately compare the applicable guaranteed note with Singapore Government Securities, AAA/Aaa quasi-sovereigns and high-grade government-related issuers at comparable maturity, currency, guarantee and liquidity.

9. Key Credit Strengths and Constraints

Temasek's principal strength is the combination of a S$518bn MTM NPV, S$136.3bn liquid assets, S$49.9bn liquidity balance and only S$25.5bn total debt. The relationship between debt and immediately accessible assets is more relevant than NPV alone; the latter may fall during a market correction, whereas cash and short-term investments provide direct debt-service capacity. Dividend income of S$11.5bn and interest expense of S$0.5bn provide a second line of cash-flow protection. Long maturities and a disclosed lack of near-term concentration further reduce the risk that an investment-company valuation shock becomes an immediate refinancing problem.

The main constraints are equally clear. Half the portfolio is unlisted assets and funds, and a further part of listed assets consists of large blocks whose sale may not be practical at prevailing quoted prices. NPV remains exposed to equities, private-market valuations, foreign exchange and geopolitical shocks. The increasing strategic emphasis on AI, infrastructure and private credit can strengthen long-term diversification but may increase the share of hard-to-value or less liquid assets. Finally, Temasek's government linkage is very strong but must be separated from an explicit sovereign guarantee.

10. Downside Scenarios and Monitoring Triggers

The most credible downside is a combination rather than a single loss. A severe and prolonged global market decline could reduce NPV and liquid-asset values; a private-market revaluation or restricted exit environment could delay monetisation; weaker earnings at key portfolio companies could reduce dividends; and continued high net investment could absorb liquidity. If these occurred while ECP or long-term debt increased, the present wide coverage ratios would narrow. The FY2026 final-month 2% NPV drawdown illustrates that the portfolio can experience shocks even when the full-year result is positive.

The FY2026 base case does not suggest imminent pressure: leverage remains low, liquid assets are large and maturities are long. The likelihood of a rapid fundamental credit deterioration appears low because large liquidity and low leverage provide time to absorb shocks. The direction could change more quickly if a market decline and a marked liquidity drawdown coincided with a shift toward more opaque assets or materially higher debt. The most useful recurring disclosure checks are NPV on a consistent valuation basis, liquid assets and liquidity balance, ECP outstanding, debt due within five years, dividends, divestments, portfolio liquidity mix, rating actions and the implications of the TSG/TGI/TPS structure.

11. Credit View and Monitoring Focus

Temasek's current credit strength is consistent with the highest issuer-displayed rating categories, supported by FY2026 MTM NPV of S$518bn, total debt of S$25.5bn, liquid assets of S$136.3bn, a S$49.9bn liquidity balance and issuer-displayed Aaa/AAA stable ratings. The direction is broadly stable rather than unequivocally improving: the portfolio and dividend income strengthened, but debt and ECP increased while the liquidity balance declined as Temasek made S$20bn of net investments. The likelihood of a rapid deterioration is low under the disclosed capital structure, because low leverage relative to Temasek's own asset base, substantial liquid assets and long maturities provide considerable time to respond; it would rise if market losses, private-asset revaluations, weaker distributions and higher funding needs occurred together.

The first line of defence for bondholders is Temasek's own investment-company financial profile. Total debt was about 5% of NPV, and liquid assets were more than five times debt. Cash and short-term investments alone exceeded total debt, while interest expense was modest compared with dividend income. These measures are more persuasive than the size of the portfolio alone because they address the path from asset ownership to cash debt service. The disclosed 13x coverage of debt due within five years further supports refinancing resilience.

The second line of defence is portfolio quality and institutional standing. Core Singapore companies, global diversified assets and established capital-market access provide franchise strength. Singapore ownership, Fifth Schedule status and the high likelihood of support identified by S&P add resilience. Neither should be conflated with a sovereign guarantee. Temasek noteholders hold obligations of Temasek Financial entities backed by Temasek Holdings' guarantee, not direct claims on Singapore or on the cash flows of DBS, Singtel, PSA or other portfolio companies.

The key constraint is liquidity quality rather than headline asset value. Half the portfolio is unlisted assets and funds, and some listed exposure is held in large strategic blocks. The move to full MTM reporting is more transparent and produces a more representative value measure, but it also makes the portfolio's volatility clearer. Management's planned expansion in private credit, AI and infrastructure could support long-term returns; it should be monitored for the pace of deployment, valuation transparency, debt use and effects on the liquid-asset buffer.

For bond investors, Temasek therefore remains a highly defensive government-related investment holding company credit, but not a substitute for Singapore Government Securities. A bond-specific investment decision should separately confirm the relevant issuer and guarantee, maturity, currency, ranking, documentation and contemporaneous market spread. The credit view would strengthen if future annual disclosures preserve low leverage, strong cash liquidity and conservative ECP use while the new operating structure maintains clear governance. It would weaken if liquid-asset coverage fell materially, debt rose faster than portfolio value, dividends and divestments weakened, private-asset risk increased without offsetting liquidity, or the assessed relationship with Singapore changed.

12. Short Summary & Conclusion

Temasek Holdings remains a highly defensive government-related investment holding company credit, supported by FY2026 MTM NPV of S$518bn, liquid assets of S$136.3bn and total debt of S$25.5bn. Its low leverage, long-dated funding, substantial liquidity and Aaa/AAA ratings remain key strengths, although increased ECP, lower cash liquidity year on year and the value / monetisation risk of unlisted and strategic assets warrant monitoring. Temasek Bonds are guaranteed by Temasek Holdings, not by the Singapore Government.

13. Sources

Primary issuer sources

• Temasek Review 2026, Performance & Portfolio, including portfolio performance, liquidity, credit profile and risk disclosures; accessed 2026-07-12. https://www.temasekreview.com.sg/performance-and-portfolio.html
• Temasek, Temasek's Net Portfolio Value Grows to S$518 billion, up S$49 billion from Last Year, 8 July 2026. https://www.temasek.com.sg/en/news-and-resources/news-room/news/2026/temasek-net-portfolio-value-grows-to-518b-up-49b-from-last-year
• Temasek Review 2026, full version; accessed 2026-07-12. https://www.temasekreview.com.sg/downloads/Temasek-Review-2026-full-version.pdf
• Temasek, Temasek Bonds; accessed 2026-07-12. https://www.temasek.com.sg/en/our-financials/temasek-bonds
• Temasek, Credit Rating Reports; accessed 2026-07-12. https://www.temasek.com.sg/en/our-financials/library/credit-rating-reports
• Temasek, Corporate Governance and FAQs; accessed 2026-07-12. https://www.temasek.com.sg/en/about-us/corporate-governance ; https://www.temasek.com.sg/en/about-us/faqs
• Temasek Financial (I) Limited, Offering Circular dated 21 July 2025. https://www.temasek.com.sg/content/dam/temasek-corporate/our-financials/temasek-bonds/offering-circulars/Temasek-Financial-%28I%29-Limited-Offering-Circular-dated-21-July-2025.pdf

Rating agency materials

• Moody's Ratings, Temasek Holdings (Private) Limited: Update to credit analysis, 11 September 2025. https://www.temasek.com.sg/content/dam/temasek-corporate/our-financials/investor-library/credit-rating-report/Moody%27s%20Ratings%20Update%20%28Sep%2725%29.pdf
• S&P Global Ratings, Temasek Holdings (Private) Limited, 8 September 2025. https://www.temasek.com.sg/content/dam/temasek-corporate/our-financials/investor-library/credit-rating-report/SnP%20Rating%20Report_Temasek%20%289%20Sep%202025%29.PDF

14. Unverified / Pending

• Live bond prices, yields, spreads, OAS, CDS and same-maturity relative-value comparisons were not reviewed; the report gives no buy, sell or hold recommendation.
• Full pricing supplements and covenant packages for every outstanding note were not reviewed. Confirm security-specific terms before investing.
• The FY2026 Review does not provide a complete annual maturity table or full parent-only audited cash-flow statements.
• No rating action after the September 2025 detailed Moody's and S&P reports is inferred. The issuer's current ratings page was checked for displayed ratings.
• The legal, funding and disclosure implications of the TSG/TGI/TPS operating structure should be monitored as implementation develops.