Persistence Gold Group Ltd — Delisting Announcement 2004

Mar 31, 2004

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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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)

ANNOUNCEMENT

The hearing of the petition to wind-up Win Victory has been further adjourned to 31 May 2004.

The Company has been informed by the Stock Exchange that the Company has proceeded to the second stage of the delisting procedures as set out under the Listing Rules on 25 March 2004.

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

Further announcement(s) regarding any significant developments on the above matters will be made as and when appropriate.

Reference is made to the announcements of Shanghai Merchants Holdings Limited (Receivers and Managers appointed) (the “Company”, together with its subsidiaries, the “Group”) dated 19 November 2003, 8 December 2003, 13 January 2004 and 4 March 2004 respectively (the “Announcements”). Unless the context requires otherwise, capitalised terms used herein shall have the same meanings as defined in the Announcements.

LEGAL PROCEEDINGS AGAINST WIN VICTORY

Following the Company’s announcement dated 4 March 2004, the hearing of the petition to wind-up Win Victory was held on 24 March 2004 and was further adjourned to 29 March 2004 before the Honourable Madam Justice Kwan. On 29 March 2004, the Honourable Judge gave directions for the filing of evidence and the hearing of the petition was further adjourned to 31 May 2004.

DELISTING OF THE COMPANY

The Company has been informed by the Stock Exchange that the Company has proceeded to the second stage of the delisting procedures as set out under the Listing Rules on 25 March 2004.

Pursuant to the delisting procedures, the Company is required to submit to the Stock Exchange a viable resumption proposal within a six month period commencing from 25 March 2004. At the end of the six month period, the Stock Exchange will determine whether it is appropriate to proceed to the third stage of the delisting procedures.

CONTINUED SUSPENSION OF TRADING

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

FURTHER ANNOUNCEMENTS

Further announcement(s) regarding any significant developments on the above matters will be made by the Company as and when appropriate.

BOARD OF DIRECTORS

The board of directors of the Company currently comprise Ms Mo Yuk Ping and Ms Gong Bei Ying. Please note, however, 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, 31 March 2004

* for identification purpose

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