ZO Future Group — Board/Management Information 2005

Mar 23, 2005

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**GRANDTOP INTERNATIONAL HOLDINGS LIMITED ���������� ***

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2309)

APPOINTMENT OF EXECUTIVE DIRECTOR

The board of directors (the “Board”) of Grandtop International Holdings Limited (the “Company”) refers to the announcement dated 1 February 2005 regarding, amongst other things, the appointment of Ms. Mao Yue (“Ms. Mao”) as Executive Director of the Company with effect from 1 February 2005. The Board further announces the followings:

• Ms. Mao is mainly responsible for the marketing and procurement of apparel sourcing services of the Company and its subsidiaries;

• The emolument of Ms. Mao is HK$120,000 per year plus an additional discretionary bonus based on her performance, which measures mainly in 1% to 2% of the total amount of revenue directly procured by her throughout the relevant financial year;

• Except for being the Executive Director of the Company, Ms. Mao does not hold any positions in the Company and its subsidiaries, and does not hold any directorships in other listed companies in the past three years prior joining the Company as Executive Director on 1 February 2005;

• There is no management contract and qualification entered into between Ms. Mao and the Company and any of its subsidiaries; and

– The Board and Ms. Mao are not aware of any other matters that need to be brought to the attention of holders of securities of the Company in relation to the appointment as Executive Director of the Company.

1

GRANDTOP INTERNATIONAL HOLDINGS LIMITED – Announcement

23 March, 2005

As at the date of this announcement, the Board is comprised of Mrs. Tsai Lai Wa Jenny, Mr. Edmund Siu and Ms. Mao Yue as Executive Directors; Mr. Liang Kwong Lim, Miss Lo Wing Yan Emmy and Mr. Fu Wing Kwok Ewing as Independent Non-Executive Directors.

By Order of the Board Grandtop International Holdings Limited Edmund Siu

Company Secretary

Hong Kong, 23rd March, 2005

• For identification purposes only

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

2

GRANDTOP INTERNATIONAL HOLDINGS LIMITED – Announcement

23 March, 2005