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Singapore

Temasek Holdings ("Temasek") today announced the signing of a Share Purchase Agreement with SinoSing Power Pte Ltd ("SinoSing"), a wholly-owned subsidiary of China Huaneng Group ("China Huaneng"), a leading power company based in the People's Republic of China, for the 100% sale of Temasek's wholly-owned Tuas Power Ltd ("Tuas Power") for a cash consideration of S$4.235 billion. The transaction is expected to be completed by 24 March 2008.

The sale of Tuas Power, one of the three major power generation companies in Singapore, marks the completion of a competitive and rigorous bidding process which began in October last year when Temasek announced its plan to divest Tuas Power. This is also the first of Temasek's three power generation companies to be sold under its long-stated plan to divest all of its wholly-owned power generation companies in Singapore.

Apart from working closely with the regulators and government authorities over the years to ensure an orderly transition to a stable and competitive power generation market in Singapore, Temasek has also kept in close touch with the board, management and union leaders of Tuas Power during this sale process.

Mr Wong Kim Yin, Managing Director, Investments, Temasek said, "We are pleased to announce the successful conclusion of the Tuas Power divestment process. China Huaneng is an established player with a strong track record in the power business. Its proposal through SinoSing was the most attractive. It emerged as the winner based on clear considerations of price and acceptable commercial terms. We have no doubt that the future growth and development of Tuas Power as an anchor power provider in Singapore will benefit from the experience and resources that China Huaneng brings."

Paying tribute to the board, management and staff of Tuas Power, Mr Wong added, "I would also like to put on record our thanks to the board, management and staff of Tuas Power, and especially to the leaders and members of the Union Of Power And Gas Employees for their support and advice through the years of restructuring and also through this first sale process. They have ensured that Singaporeans continue to enjoy high quality electricity supply through their professionalism, dedication and commitment. I am confident that they will find a supportive and constructive long term shareholder in China Huaneng."

Mr Nachiappan RKS, General Secretary of Union of Power and Gas Employees ("UPAGE") said, "It's been a long journey since the days when Singapore Power was first corporatised. There have been many changes, and sometimes things can be difficult. We understand and appreciate the need to provide electricity competitively and reliably for Singapore, and we are glad we have had Temasek as an understanding shareholder, working with us to prepare for this sale. We look forward to working with the new shareholder in the same spirit of a long-term tripartite partnership."

Commenting on the acquisition, Mr Huang Long, Vice President of China Huaneng, said, "This transaction represents a major step for China Huaneng in its goal to diversify its assets across geographies and technologies. We are excited to have reached agreement on this transaction with Temasek, a well regarded company and look forward to strengthening the cooperation between our two companies in the future. Tuas Power is an important addition to our portfolio, and we are excited to begin working with the management and employees of this company, and to continuing the supply of reliable, environmentally-friendly and competitively priced energy to the people of Singapore."

About Temasek Holdings

Incorporated in 1974, Temasek Holdings is an Asia investment firm headquartered in Singapore. Supported by affiliates and offices around Asia, it manages a diversified S$164 billion (US$108 billion) portfolio, concentrated principally in Singapore, Asia and the OECD economies.
Temasek today holds and manages a diversified portfolio of companies, covering nine major sectors: financial services; telecommunications and media; transportation and logistics; real estate; infrastructure, industrial and engineering; energy and resources; technology; life sciences; and consumer and lifestyle.

Temasek's total shareholder return since inception in 1974 has been more than 18% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.

For further information on Temasek please visit www.temasekholdings.com.sg.

About China Huaneng Group

Based in Beijing, China Huaneng is the largest power generation company in China, with installed generation capacity of over 71,000 MW. China Huaneng also owns a 50% stake in the Australian power generation joint-venture company, OzGen. Total assets for the Group exceed RMB 325 billion (~US$45 billion).

China Huaneng is also the controlling shareholder of Huaneng Power International, Inc., which is listed on the New York, Hong Kong, and Shanghai stock exchanges.

About Tuas Power

Tuas Power is one of the three major players in Singapore's electricity industry. Established in 1995, Tuas Power owns businesses in electricity generation, trading and retail services as well as the development and provision of multi-utilities and its related services.

Tuas Power has generation assets with a licensed capacity totaling 2,670 MW comprising 1,200 MW of oil-fired steam plants and 1,470 MW of gas-fired combined cycle plants. Tuas Power also offers retail energy services through its wholly owned subsidiary, Tuas Power Supply Pte. Ltd. Tuas Power has a generation market share of over 25% of the Singapore market. For the financial year ended 31 March 2007, Tuas Power recorded revenue of S$2,267 million and EBITDA of S$331 million. As at 31 December 2007, Tuas Power had net debt of S$71 million.

About Union of Power and Gas Employees (UPAGE)

Formed in 1995, UPAGE represents the interests of more than 3,500 employees in the power and gas industry, including the Singapore Power Group and the power generation companies. An affiliate of the National Trades Union Congress, UPAGE has been consulted and involved in discussions on the restructuring and liberalization of the power industry since 1995, when the power and gas operations of the Public Utilities Board were corporatised.

For more information, please contact:

Mark Lee
Director, Corporate Affairs
Tel: (65) 6828 6509
E-mail: marklee@temasek.com.sg

Ivan Tan
Senior Vice President
Weber Shandwick (for Temasek Holdings)
Tel: (65) 6825 8027
E-mail: itan@webershandwick.com

Che Danjun (Ms)
Deputy Chief, Media Department
China Huaneng Group
Tel: (86) 10 6229 1624
Mobile: (86) 158 2111 9363
E-mail: dj_che@chng.com.cn

Nachiappan R K Sinniah
General Secretary
Union of Power and Gas Employees ("UPAGE")
Tel: (65) 6284 8769
E-mail: s.nachi@upage.org.sg