PegBio Co., Ltd. — Board/Management Information 2004

Sep 24, 2004

(Incorporated in Bermuda with limited liability)

(Stock Code: 1141)

CHANGE IN DIRECTORSHIP

The board of directors (the “Board”) of Xin Corporation Limited (the “Company”) announces that in accordance with the Bye-laws of the Company, Mr. Wu Wing Kit has retired by rotation as an independent non-executive director of the Company at the annual general meeting of the Company held today. For his personal reasons, Mr. Wu has not offered himself for re-election. Mr. Wu has confirmed that he has no disagreement with the Board and there are no matters relating to his retirement that should be brought to the attention of the shareholders of the Company.

The Board would like to express its sincere gratitude to Mr. Wu for his valuable contributions to the Company during his tenure.

The Board is also pleased to announce that Mr. Ko Kwong Woon, Ivan has been appointed as an independent non-executive director of the Company with effect from 24 September 2004.

Mr. Ko, aged 45, holds a Business Degree from the Chinese University of Hong Kong and studied a Master Degree course in Real Estate Development from the University of Hong Kong. Mr. Ko also completed the Real Estate Finance Program at the Wharton School and attended the School of Mortgage Banking in United States. Mr. Ko was a committee member of the Real Estate and Infrastructure Committee, the Real Estate Services Committee and the Financial Services Committee of the Hong Kong General Chamber of Commerce. Mr. Ko has over 12 years of experience in real estate development and real estate finance in both Hong Kong and Mainland China. Mr. Ko is currently a board member of the Hong Kong Policy Research Institute.

Mr. Ko does not have any relationship with any other directors, senior management, substantial shareholders or controlling shareholders of the Company.

As at the date of this announcement, Mr. Ko does not have any interest in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance. In addition, there are no service contracts entered between the Company and Mr. Ko. Mr. Ko has not been appointed for a specific term and will be subject to retirement by notation and re-election at annual general meetings of the Company in accordance with the Bye-laws of the Company. As an independent non-executive director, Mr. Ko will be entitled to receive an annual director’s fee of HK$80,000.00 but not entitled to any bonus payment. Saved as disclosed above, Mr. Ko has not held any directorship in listed public companies in the past three years.

The Board would like to take this opportunity to welcome Mr. Ko for joining the Company.

On behalf of the Board Lo Ming Chi, Charles Chairman

Hong Kong, 24 September 2004

As at the date of this announcement, the Board comprises Messrs. Lo Ming Chi, Charles, Yu Wai Man, Wilson Ng, Ng Wee Keat, Ng Teow Leng and Ng Eng Leng as executive directors and Messrs. Wong Kwok Tai, Lau Pok Lam and Ko Kwong Woon, Ivan as independent non-executive directors.

• For identification only

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