ZO Future Group — Board/Management Information 2004

Dec 29, 2004

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GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓 鋒 國 際 控 股 有 限 公 司[*]

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2309)

ANNOUNCEMENT OF RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board of Directors of Grandtop International Holdings Limited (the “Company”) announces that due to personal reasons, Mr. Poon Kuai Cheong (“Mr. Poon”) resigned as independent non-executive director of the Company with effect from 29 December 2004. Mr. Poon has confirmed that he has no disagreement with the Board and he is not aware of any matter regarding his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board would like to express its gratitude for Mr. Poon’s valuable contributions and wise counsel to the Company and offer its best wishes to him.

The Board is pleased to announce that Mr. Liang Kwong Lim (“Mr. Lim”) has been appointed as an independent non-executive director of the Company with effect from 29 December 2004.

Mr. Lim, aged 62, has approximately 30 years of experience in export and import trade businesses.

Mr. Lim is not connected with any directors, senior management or substantial or controlling shareholders of the Company, and he does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance.

• for identification purpose only

1 GRANDTOP INTERNATIONAL HOLDINGS LIMITED – Announcement

29 December 2004

There is no service contract entered into between the Company and Mr. Lim. Mr Lim has no fixed term of service with the Company but will be subject to retirement by rotation and reelection in accordance with the Articles of Association of the Company. Mr. Lim will be entitled to receive an annual director’s fee of HK$100,000 which is in line with the other independent non-executive directors of the Company.

The Board would like to take this opportunity to welcome Mr. Liang Kwong Lim to join the Board.

By Order of the Board Edmund Siu Company Secretary

Hong Kong, 29 December 2004

As at the date of this announcement, the Board comprises of two executive directors namely Mrs. Tsai Lai Wa, Jenny, Mr. Edmund Siu and three independent non-executive directors namely, Miss Lo Wing Yan, Emmy, Mr. Fu Wing Kwok, Ewing, Mr. Liang Kwong Lim.

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

2

GRANDTOP INTERNATIONAL HOLDINGS LIMITED – Announcement

29 December 2004