Persistence Gold Group Ltd — Board/Management Information 2004

Jul 8, 2004

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SHANGHAI MERCHANTS HOLDINGS LIMITED 上海商貿控股有限公司[*]

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)

ANNOUNCEMENT APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the “Board”) of Shanghai Merchants Holdings Limited (the “Company”) announces the appointment of Mr. Wong Wing Kuen Albert and Mr. Tsui Robert Che Kwong as independent non-executive directors of the Company with effect from 6th July, 2004. The brief biography of Mr. Wong Wing Kuen, Albert and Mr. Tsui Robert Che Kwong are set out below.

Mr. Wong Wing Kuen, Albert, aged 53, is a fellow member of The Institute of Chartered Secretaries and Administrators, a fellow member of The Hong Kong Institute of Company Secretaries, a fellow member of The Taxation Institute of Hong Kong, a member of Hong Kong Securities Institute, an associate member of Association of International Accountants, a fellow member of Society of Registered Financial Planners, an associate member of Hong Kong Institute of Arbitrators, a full member of The Chartered Institute of Arbitrators, an associate member of The Chartered Institute of Bankers in Scotland and a full member of Macau Society of Certified Practising Accountants.

Mr. Tsui Robert Che Kwong, aged 50, is the sole proprietor of Robert C.K. Tsui & Co., a firm of solicitors in Hong Kong. Mr. Tsui has been practicing in the legal field for more than 18 years.

Trading in the shares of the Company has been suspended with effect from 9:30 a.m. on 2nd June, 2003 and will remain suspended until further notice.

As at the date of this announcement, the Board of the Company currently comprises of Mr. Yue Jialin and Mr. Lau Yau Cheung Brent, both of whom are executive directors and Mr. Wong Wing Kuen, Albert and Mr. Tsui Robert Che Kwong both of whom are independent non-executive directors.

By order of the Board Shanghai Merchants Holdings Limited Lau Yau Cheung, Brent Director

Hong Kong, 7th July, 2004

* For identification purpose only

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

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