ZO Future Group — Board/Management Information 2004

Sep 30, 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)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board of Directors of Grandtop International Holdings Limited (the “Company”) is pleased to announce that Mr. Fu Wing Kwok, Ewing has been appointed as an independent nonexecutive director of the Company with effect from 28 September 2004.

Mr. Fu, aged 34, is the Financial Controller and the Company Secretary of Minglun Group (Hong Kong) Limited which is listed on the Main Board of the Stock Exchange of Hong Kong Limited. Mr. Fu is also responsible for the planning and supervising the implementation of the management information system. He holds a bachelor degree in science with major in accounting from Bemidji State University, USA and is a member of both American Institute of Certified Public Accountants and Hong Kong Institute of Certified Public Accountants. He has over 10 years of experience in auditing and accounting field.

Mr. Fu 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.

There is no service contract entered into between the Company and Mr. Fu. Mr. Fu 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. Fu 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.

1

Grandtop International Holdings Limited – Announcement 28 September 2004

The Board would like to take this opportunity to welcome Mr. Fu Wing Kwok to join the Board.

By Order of the Board Edmund Siu Company Secretary

Hong Kong, 28 September 2004

As at the date of this announcement, the executive directors of the Company are Mrs. Tsai Lai Wa, Jenny, Mr. Edmund Siu and Mr. Sze Edvon Yeung Lung, and the independent non-executive directors are Miss Lo Wing Yan, Emmy, Mr. Poon Kuai Cheong and Mr. Fu Wing Kwok, Ewing.

• For the identification purposes only

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

2

Grandtop International Holdings Limited – Announcement

28 September 2004