10:54     TOMORROW INT'L<00760>&SWANK INT'L MFG<00663>-J.Ann&Resume-15        

    SW Kingsway and its                                                       
      concert parties       593,724,000     19      156,202,795     5         
    Offeror and its concert parties -       -       1,874,917,645   60        
    Cheung Wah Hing,                                                          
      a Swank director      358,400 0.01    358,400 0.01                      
    Public shareholders     937,181,104     29.99   937,181,104     29.99     
                                                                              
    Total   3,124,862,734   100     3,124,862,734   100                       
                                                                              
    Other than by entering into the Sale and Purchase Agreement and           
    the on-market sale of an aggregate of 2,500,000 Shares by a               
    company controlled by Mr. Ko Kam Chuen, Stanley, an independent           
    non-executive director of SW Kingsway who had no knowledge of,            
    and did not participate in any part of, this transaction, on              
    5 January 2005 (1,700,000 shares sold) and 6 January 2005                 
    (800,000 shares sold) at a sale price of HK$0.061 per Share,              
    neither TIHL nor SW Kingsway nor any of their respective concert          
    parties has dealt in any Shares or any other securities                   
    convertible into Shares, including warrants, options, or                  
    subscription rights, during the six months prior to the date              
    of this announcement.                                                     
                                                                              
    5.      INFORMATION ON THE OFFEROR                                        
                                                                              
    The Offeror is a private investment company incorporated in the           
    British Virgin Islands with limited liability on 1 July 2004,             
    and is wholly and beneficially owned by Mr. Wang. The directors           
    of the Offeror are Mr. Wang, Mr. Zhao Jun(*) and Mr. Li Wei               
    (*). The Offeror, Mr. Wang, Mr. Zhao Jun and Mr. Li Wei, 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).                                                                   
                                                                              
    Since its incorporation on 1 July 2004, the Offeror has not               
    carried on any business other than entering into the Sale and             
    Purchase Agreement and the transactions contemplated                      
    thereunder.                                                               
                                                                              
    Set out below is the biography and background of each of Mr.              
    Wang, Mr. Zhao Jun and Mr. Li Wei:                                        
                                                                              
    Mr. Wang An Kang, aged 41. Mr. Wang has been engaged in the               
    phosphorus industry through the import and export of the Products         
    since 1990. In 1999, he restructured several state-owned                  
    enterprises on the verge of bankruptcy into Yunnan Phosphorous            
    Group Co., Ltd. ("Yunphos") and is currently the controlling              
    shareholder holding over 51% equity interest in Yunphos. The              
    remaining two shareholders of Yunphos are two of its directors.           
    Over the last 13 years, Yunphos (including its predecessors)              
    has evolved into a vertically integrated company engaged in the           
    development, manufacturing, import and export of the Products.            
    With Mr. Wang's continuous efforts in exploring the                       
    international market, Yunphos has built strong relationships              
    with numerous long-term international customers in Europe,                
    America, Australia, Japan and South East Asia. He is currently            
    the vice chairman of the Federation of Industry & Commerce of             
    Yunnan Province, the vice chairman of the Yunnan Overseas                 
    Association and the vice chairman of the Chamber of Commerce              
    for Import and Export of Yunnan Province. Mr. Wang is a PRC               
    citizen.                                                                  
                                                                              
    Mr. Zhao Jun, aged 42. Mr. Zhao joined the chemical department            
    of Kunming Import & Export Corporation, the predecessor of                
    Yunphos, as the deputy general manager in 1993 and has gained             
    extensive experience in international trade as a senior                   
    executive of Yunphos. Under the supervision and guidance of Mr.           
    Zhao, the operations of