10:48     TOMORROW INT'L<00760>&SWANK INT'L MFG<00663>-J.Ann&Resume-1         

    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.                                                             
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    Tomorrow International  Swank International Manufacturing                 
            China Time Investment                                             
    Holdings Limited        Company Limited Holdings Limited                  
    (incorporated in Bermuda with limited liability)                          
            (incorporated in Hong Kong with limited liability)                
            (incorporated in the British Virgin Islands                       
    (Stock code: 760)       (Stock code: 663)       with limited liability)   
                                                                              
                                                                              
    Major Transaction       Special Deal and                                  
    Connected Transactions                                                    
                                                                              
    Possible Continuing Connected Transaction                                 
                                                                              
    Possible Mandatory Cash Offer                                             
    to be made by                                                             
                                                                              
    DBS Asia Capital Limited                                                  
                                                                              
    on behalf of China Time Investment Holdings Limited                       
    to acquire all the issued shares of                                       
    Swank International Manufacturing Company Limited                         
    (other than those already owned or agreed to be acquired by               
    China Time Investment Holdings Limited                                    
    or parties acting in concert with it)                                     
                                                                              
    Financial Adviser to China Time Investment Holdings Limited               
                                                                              
    DBS Asia Capital Limited                                                  
                                                                              
    Financial Adviser to Tomorrow International Holdings Limited              
                                                                              
    Deloitte & Touche Corporate Finance Ltd.                                  
                                                                              
    Independent Financial Adviser to the Independent Board Committee          
    and the Independent Shareholders of Swank                                 
                                                                              
    Barits Securities (Hong Kong) Limited                                     
                                                                              
    The Possible Offer                                                        
                                                                              
    On 20 January 2005, the Offeror entered into the Sale and Purchase        
    Agreement (as amended by the Supplemental Agreement) with                 
    Probest, Rich Global, Kingsway Lion, TIHL and SW Kingsway,                
    pursuant to which the Offeror conditionally agreed to acquire             
    from Probest, Rich Global and Kingsway Lion 1,437,396,440,                
    156,283,205 and 281,238,000 Shares respectively, representing             
    approximately 46%, 5% and 9% of the existing issued share capital         
    of Swank as at the date of this announcement for HK$43,121,893.20,        
    HK$4,688,496.15 and HK$8,437,140 respectively (i.e. equivalent            
    to HK$0.03 per Share). The purchase price for the relevant Sale           
    Shares was determined by each of Probest, Rich Global and                 
    Kingsway Lion and the Offeror after arm's length negotiations.            
    Completion is conditional upon the fulfillment or waiver of               
    certain conditions.                                                       
                                                                              
    Upon Completion, the Offeror will be obliged under Rule 26 of             
    the Takeovers Code to make a mandatory cash offer to acquire              
    all the issued Shares (other than those already