JD Logistics, Inc. — Board/Management Information 2005

Jun 29, 2005

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(Stock Code: 1172)

ANNOUNCEMENT OF CHANGES OF DIRECTORS

The Board regrets to announce that Mr. Chan Sheung Chiu, the Chairman of the Board, passed away on 27th June, 2005. Mr. Chan had made invaluable contribution to the growth and development of the Group. The Board and staff of the Group convey sincere condolences to his family. He will be greatly missed.

The Board also announces that Mr. Ko Sheung Chi is appointed as a director of the Company and the Chairman of the Board with effect from 28th June, 2005.

The Board of directors (“Board”) regrets to announce that Mr. Chan Sheung Chiu, the Chairman of the Board, passed away on 27th June, 2005 and accordingly ceased to be a director of the Company. Mr. Chan had made invaluable contribution to the growth and development of the Company and its subsidiaries (the “Group”). The Board and staff of the Group convey sincere condolences to his family. He will be greatly missed.

The Board also announces that Mr. Ko Sheung Chi is appointed as a director of the Company and the Chairman of the Board with effect from 28th June, 2005.

Mr. Ko Sheung Chi, aged 49, has over 25 years of experience in general management. He has a bachelor degree in science and a master degree in business administration and is an associate member of the Hong Kong Institute of Certified Public Accountants. Mr. Ko is the managing director of Chuang’s Consortium International Limited (“CCIL”), a company listed on The Stock Exchange of Hong Kong Limited (“Stock Exchange”). CCIL holds 60.1% shares in Chuang’s China Investments Limited, a company listed on the Stock Exchange, which in turn holds 44.55% shares in the Company.

There is neither any service contract being executed between the Company and Mr. Ko nor any specified length or proposed length of service with the Company in respect of the aforesaid appointment. Pursuant to the Articles of Association of the Company, Mr. Ko will hold office until the annual general meeting of the Company to be held in 2006 (“AGM”) and will be eligible for re-election at the meeting and thereafter he will be subject to rotation requirements and re-election as other directors of the Company at least once every 3 years pursuant to Appendix 14 of the Rules Governing the Listing of Securities on the Stock Exchange and the Articles of Association of the Company. Mr. Ko will be entitled to a director’s fee of HK$20,000 per annum subject to adjustment as appropriate to be determined by the Board upon approval by the shareholders at the AGM.

Except mentioned above, Mr. Ko has no relationships with any directors, senior management or substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Ko does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance.

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As at the date of this announcement, Mr. Ko Sheung Chi, Mr. Kwong Tin Lap, Mr. Kwok Chi Fai, Ms. Li Mee Sum, Ann, Mr. Tang Chow Ming, Paul and Mr. Wong Chi Sing are executive directors, Mr. Lee Sai Wai and Mr. Dominic Lai are non-executive directors, Mr. Shek Lai Him, Abraham, Dr. Li Sau Hung, Eddy and Mr. Yau Chi Ming are independent non-executive directors of the Company.

By Order of the Board of Midas International Holdings Limited Kwong Tin Lap Managing Director

Hong Kong, 28th June, 2005

• For identification purpose only

“Please also refer to the published version of this announcement in The Standard.”

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