Temasek in $5 Billion Investment in Merrill Lynch

January 9, 2008

Cleary Gottlieb is representing Temasek in its $5 billion investment in Merrill Lynch. Temasek will invest $4.4 billion in Merrill Lynch common stock and has the option to purchase an additional $600 million of Merrill Lynch common stock by March 28, 2008. Its ownership position will at all times represent less than 10 percent of Merrill Lynch’s outstanding common stock.

Temasek is an investment holding company owned by the Singapore government. In May 2007, the firm advised Temasek and its wholly owned subsidiary, Singapore Technologies Semiconductors, in their $2 billion tender offer for the remaining 64.4% interest of publicly-traded STATS ChipPAC (not owned by STS).