09:37     CLP HOLDINGS<00002> - Announcement (3)                              

    DEFINITIONS                                                               
                                                                              
    Unless the context otherwise requires, terms used in this announcement    
    shall have the following meanings:                                        
                                                                              
    "A$"  Australian Dollars                                                  
                                                                              
    "Acquisition"   the acquisition by CLP Energy of the EB from Singapore    
    Power through the acquisition of all the issued shares of SPI E&G and     
    SPI Pipelines                                                             
                                                                              
    "AusPower"  AusPower Holdings Pty Limited, the immediate holding          
    company of Yallourn Energy                                                
                                                                              
    "CLP Energy"  CLP Power Australia Energy Holdings Pty Limited, a          
    wholly-owned subsidiary of CLP Power Asia                                 
                                                                              
    "CLP Group"  the Company and its subsidiaries                             
                                                                              
    "CLP Power Asia"  CLP Power Asia Limited, a wholly-owned subsidiary of    
    the Company                                                               
                                                                              
    "Company"  CLP Holdings Limited, a company incorporated in Hong Kong      
    with limited liability and whose shares are listed on the Stock           
    Exchange (Stock code: 002)                                                
                                                                              
    "Consideration"  the consideration for the Acquisition under the Share    
    Sale Agreement                                                            
                                                                              
    "Directors"  the directors of the Company                                 
                                                                              
    "EB"  the merchant energy business in Australia presently owned, prior    
    to the Acquisition, by Singapore Power through its wholly-owned           
    subsidiaries, SPI E&G and SPI Pipelines                                   
                                                                              
    "EBITDA"  earnings before interest, tax, depreciation and amortisation    
                                                                              
    "HK$"  Hong Kong Dollars                                                  
                                                                              
    "Listing Rules"  Rules Governing the Listing of Securities on the Stock   
    Exchange                                                                  
                                                                              
    "MW"  Megawatts (one million watts)                                       
                                                                              
    "SEAGas"   owner of a 685 kilometre natural gas transmission pipeline     
    between Victoria and South Australia, and 33% owned by SPI Pipelines      
                                                                              
    "SEAGas Adjustment"  the reduction in the Consideration if the shares     
    in SPI Pipelines are excluded from the Acquisition as a result of the     
    exercise of pre-emption rights                                            
                                                                              
    "Share Sale Agreement"  the share sale agreement in relation to the       
    Acquisition signed by the Company, CLP Energy and the Vendor on 7 March   
    2005                                                                      
                                                                              
    "Singapore Power"  Singapore Power Limited                                
                                                                              
    "SPI Australia Group"  SPI Australia Group, a wholly-owned subsidiary     
    of Singapore Power                                                        
                                                                              
    "SPI E&G"  SPI Electricity & Gas Australia Pty Limited, a company         
    incorporated under the laws of Victoria and a wholly-owned subsidiary     
    of Singapore Power prior to the Acquisition                               
                                                                              
    "SPI Pipelines"  holding companies which hold Singapore Power's           
    interest in the SEAGas pipeline                                           
                                                                              
    "Stock Exchange"  The Stock Exchange of Hong Kong Limited                 
                                                                              
    "Vendor"  SPI Electricity & Gas Australia Holdings Pty Limited, a         
    company incorporated under the laws of Victoria and a wholly-owned        
    subsidiary of Singapore Power                                             
                                                                              
    "Yallourn Energy"  Yallourn Energy Pty Limited, the operator of a 1,480   
    MW coal-fired power station at Yallourn, Victoria                         
                                                                              
    In this announcement, figures in A$ are translated to HK$ at the          
    exchange rate of A$1.00 = HK$6.10 for illustration purposes only.         
                                                                              
     By Order of the Board                                                    
     Peter W. Greenwood                                                       
     Director & Company Secretary                                             
                                                                              
    Hong Kong, 8 March 2005                                                   
                                                                              
    Trading in the nil paid Rights in the warrants of CITIC 21CN              
    Company Limited (stock code: 2963) will cease after the close of          
    business today (09/03/2005) (FORCE MAJEURE WARNING: These rights are      
    conditional).