Persistence Gold Group Ltd — Board/Management Information 2004

Apr 29, 2004

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

(Receivers and Managers appointed)

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)

RESIGNATION OF SECRETARY OF THE COMPANY

The Receivers wish to announce that Ms. Ma Sau Kuen, Gloria has resigned as the secretary of Shanghai Merchants Holdings Limited (the “Company”) with effect from 26 April 2004.

On 26 April 2004, Profit Harbour Investments Limited announced that Ms. Mo Yuk Ping and Ms. Gong Bei Ying, Angela were removed as directors of the Company. Mr. Yue Jialin and Mr. Brent Lau Yau Cheung were appointed directors of the Company. Please note that pursuant to the order of the High Court dated 17 June 2003 appointing the Receivers as joint and several receivers and managers of the Company, the powers of all directors of the Company have ceased.

For and on behalf of Shanghai Merchants Holdings Limited (Receivers and Managers Appointed) Alan Chung Wah Tang and Alison Wong Lee Fung Ying Joint and Several Receivers & Managers

Hong Kong SAR, 28 April 2004

* for identification purpose

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