10:49     TOMORROW INT'L<00760>&SWANK INT'L MFG<00663>-J.Ann&Resume-4         

    20 January 2005                                                           
                                                                              
    Parties                                                                   
                                                                              
    Purchaser:      the Offeror, a company incorporated in the British        
    Virgin Islands who and whose ultimate beneficial owner, to the            
    best of the knowledge, information and belief of the directors            
    of TIHL, having made all reasonable enquiries, are third parties          
    independent of and not connected with TIHL or Swank or their              
    respective connected persons (as defined in the Listing Rules).           
    The Offeror is a company principally engaged in investment                
    holding.                                                                  
                                                                              
    Vendors:        (a)     Probest, a wholly-owned subsidiary of TIHL and a  
    company principally engaged in investment holding;                        
    (b)     Rich Global, a wholly-owned subsidiary of SW Kingsway and         
    a company principally engaged in investment holding; and                  
    (c)     Kingsway Lion, a wholly-owned subsidiary of SW Kingsway and       
    a company principally engaged in investment holding.                      
                                                                              
    Warrantors:     (a) TIHL, a company incorporated in Bermuda whose         
    securities are listed on the Main Board of the Stock Exchange             
    (in respect of the obligations of Probest); and                           
    (b)     SW Kingsway, a company incorporated in Bermuda whose              
    securities are listed on the Main Board of the Stock Exchange             
    (in respect of the obligations of Rich Global and Kingsway Lion).         
                                                                              
    Sale Shares                                                               
                                                                              
    (a)     the First Sale Shares, being 1,437,396,440 Shares and             
    representing approximately 46% of the existing issued share               
    capital of Swank as at the date of this announcement. Following           
    Completion, Probest will hold 156,202,790 Shares representing             
    approximately 5% of existing issued share capital of Swank as             
    at the date of this announcement and Probest has undertaken not           
    to accept the Offer in respect of such Shares;                            
                                                                              
    (b)     the Second Sale Shares, being 156,283,205 Shares and              
    representing approximately 5% of the existing issued share                
    capital of Swank as at the date of this announcement. Following           
    Completion, Rich Global will hold 156,202,795 Shares                      
    representing approximately 5% of existing issued share capital            
    of Swank as at the date of this announcement and Rich Global              
    has undertaken not to accept the Offer in respect of such Shares;         
                                                                              
    (c)     the Third Sale Shares, being 281,238,000 Shares and               
    representing approximately 9% of the existing issued share                
    capital of Swank as at the date of this announcement. Following           
    Completion, Kingsway Lion will hold no interest in Swank.                 
                                                                              
    Consideration                                                             
                                                                              
    (a)     HK$43,121,893.20 in cash (i.e. equivalent to HK$0.03 per          
    Share) in respect of the First Sale Shares which was determined           
    by Probest and the Offeror after arm's length negotiations with           
    reference to the market price of the First Sale Shares and was            
    agreed between Probest and the Offeror as a matter of commercial          
    decision;                                                                 
                                                                              
    (b)     HK$4,688,496.15 in cash (i.e. equivalent to HK$0.03 per Share)    
    in respect of the Second Sale Shares which was determined by              
    Rich Global and the Offeror after arm's length negotiations with          
    reference to the market price of the Second Sale Shares and was           
    agreed between Rich Global and the Offeror as a matter of                 
    commercial decision; and