Shun Ho Holdings Limited — Board/Management Information 2005

Feb 1, 2005

Graneagle Holdings Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 147)

CHANGE OF DIRECTORS

The board of directors (the “Board”) of Graneagle Holdings Limited (the “Company”) announces that Mr. Wu Kin Kwok, Alan (“Mr. Wu”) has resigned as independent non-executive director and chairman of audit committee of the Company with effect from February 1, 2005 due to his personal reason. Mr. Wu confirmed that there is no disagreement with the Board and that there is no matter that needs to be brought to the attention of the shareholders of the Company in relation to his resignation.

The board is also pleased to announce that Mr. Leung Shu Yin, William (“Mr. Leung”) has been appointed as independent non-executive director and chairman of the audit committee of the Company with effect from February 1, 2005 and Mr. Chau, Jonathan Wai-Yin, (“Mr. Chau”) has been appointed as non-executive director with effect from February 1, 2005.

Mr. Leung, aged 55, graduated from the Department of Accountancy, Hong Kong Polytechnic. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, the Association of Chartered Certified Accountants, the Taxation Institute of Hong Kong and a member of the Hong Kong Securities Institute and the Society of Chinese Accountants and Auditors. Mr. Leung is currently a practicing director of several CPA firms in Hong Kong. He is also presently an Independent Non-Executive Director of Mainland Headwear Holdings Ltd., Lai Sun Garment (International) Ltd., Gold-Face Holdings Ltd. and Lai Sun Development Co Ltd..

Mr. Chau, aged 41, has over 16 years of experience in the fields of finance and investments. He holds an MBA Degree from the John E. Anderson Graduate School of Management at the University of California at Los Angeles. Mr. Chau has worked for various financial institutions and publicly listed companies in the area of mergers, acquisitions, investments and fund raising in the United States and Greater China, and was previously the Head of Mergers and Acquisitions for North East Asia for a European bank. Mr. Chau is currently a director of Infinite Profits Investment Ltd which is providing consultancy services to the Company and one of its subsidiaries. Mr. Chau did not hold any directorship in any publicly listed companies in the past three years.

As at the date of announcement, neither Mr. Leung nor Mr. Chau has been entered into service contracts with the Company and they are not appointed for a specific term. They are all subject to retirement and re-election at the next annual general meeting of the Company and subject to retirement by rotation and re-election in subsequent years pursuant to the Company’s Bye-laws. The directors’ emolument payable to them will be determined by the Board with reference to market terms, their duties and responsibilities within the Company.

Save as disclosed above, Mr. Leung and Mr. Chau do not hold any positions with the Company or its subsidiaries. They are not connected with any directors, senior management or substantial and controlling shareholders of the Company. As at the date of this announcement, save for Mr. Chau’s personal interest in 10,000 shares (less than 0.01%) of the Company, Mr. Leung and Mr. Chau do not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Future Ordinance.

The Board would like to welcome Mr. Leung and Mr. Chau to join the Board and to thank Mr. Wu Kin Kwok, Alan for his valuable contribution to the Company during his services with the Company.

As at the date of this announcement, the Board comprises Mr. Ling Tai Yuk, John, Mr. Kong Ho Pak, Mr. Pang Hon Chung as executive directors, Mr. Ng Tze Kin, David, Mr. Chau, Jonathan Wai-Yin, as non-executive directors, Mr. James Keir, Mr. Lee Tsoh Ching, Jonathan and Mr. Leung Shu Yin, William as independent non-executive directors.

By Order of the Board Graneagle Holdings Limited Ling Tai Yuk, John Chairman

Hong Kong, February 1, 2005

“Please also refer to the published version of this announcement in China Daily.”