PRESS RELEASE

BEIJING ENTERPRISES AND TEMASEK HOLDINGS TO JOINTLY INVEST IN CHINA'S TECHNOLOGY SECTOR

Beijing Enterprises Holdings Ltd, an investment arm of the Beijing Municipal Government and Temasek Holdings (Pte) Ltd, an investment arm of the Singapore Government have agreed to jointly explore opportunities for investment in profitable high-growth technology projects in Beijing and other parts of China.

2 They have identified technology, e-commerce, infrastructure and life sciences as sectors with potential for growth and have agreed to earmark an initial amount of US$25 million each for such investments.

3 Beijing Enterprises, represented by its Chairman, Mr Hu Zhao Guang and Temasek Holdings, represented by its President, Mr Quek Poh Huat, exchanged letters of intent on 28 January 2000 in Beijing. The event was witnessed by Mr Liu Qi, Mayor of Beijing and Mr Kwa Chong Seng, Deputy Chairman of Temasek Holdings. Other officials of the Beijing Municipal Government were also present.

4 Mr Hu Zhao Guang, Chairman of Beijing Enterprises said: "This collaboration with Temasek Holdings will further strengthen the already strong ties between the two groups."

5 Mr Quek Poh Huat, President of Temasek Holdings said: "Temasek has a number of collaborations with other conglomerate groups in China. This collaboration demonstrates Temasek's continuing interest and commitment to strengthen investment linkages with companies in China."

6 Beijing Enterprises is a Hongkong-listed investment holding company controlled by the Beijing Municipal Government, set up with the main objective of channelling capital, technologies and management expertise from international markets to contribute towards the economic development of Beijing. Temasek Holdings holds and manages investments of the Singapore Government.

Issued on: 28 January 2000

For media enquiries, please contact:Eva Ho (Ms)
Manager, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: 65-6828-6763
Fax: 65-6828-6263
e-mail:evaho@temasek.com.sg