10:57     TOMORROW INT'L<00760>&SWANK INT'L MFG<00663>-J.Ann&Resume-23        

    "Shareholders Agreement"        the shareholders agreement to be          
    entered into between Swank, Probest, TIHL and Profitown in                
    respect of Profitown                                                      
                                                                              
    "Share(s)"      share(s) of HK$0.01 each in the issued share capital      
    of Swank                                                                  
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Supplemental Agreement"        the supplemental agreement in             
    relation to the Sale and Purchase Agreement dated 13 April 2005           
    entered into between the Offeror, Probest, Rich Global, Kingsway          
    Lion, TIHL and SW Kingsway                                                
                                                                              
    "SW Kingsway"   SW Kingsway Capital Holdings Limited, a company           
    incorporated in Bermuda and whose securities are listed on the            
    Main Board of the Stock Exchange                                          
                                                                              
    "Swank" Swank International Manufacturing Company Limited, a              
    company incorporated in Hong Kong whose securities are listed             
    on the Main Board of the Stock Exchange                                   
                                                                              
    "Swank Group"   Swank and its subsidiaries                                
                                                                              
    "Takeovers Code"        the Hong Kong Code on Takeovers and Mergers       
                                                                              
    "Territory"     Italy, Japan and Korea                                    
                                                                              
    "Third Sale Shares"     281,238,000 Shares, representing                  
    approximately 9% of the issued share capital of the Swank as              
    at the date of this announcement                                          
                                                                              
    "TIHL"  Tomorrow International Holdings Limited, a company                
    incorporated in Bermuda and whose securities are listed on the            
    Main Board of the Stock Exchange                                          
                                                                              
    "TIHL Deed"     the deed of indemnity to be executed by Probest and       
    TIHL in favour of the Offeror on Completion pursuant to the Sale          
    and Purchase Agreement as referred to in the sub-section headed           
    "TIHL Deed" above                                                         
                                                                              
    "TIHL Group"    TIHL and its subsidiaries other than the Swank Group      
                                                                              
    "Trading Company"       a company to be established as a wholly-owned     
    subsidiary of the Swank                                                   
                                                                              
    "Vendors"       collectively, Probest, Kingsway Lion and Rich Global      
                                                                              
    "Warrantors"    collectively, TIHL and SW Kingsway                        
                                                                              
    By order of the Board   By order of the Board   By order of the           
    Board                                                                     
    TOMORROW INTERNATIONAL  SWANK INTERNATIONAL     CHINA TIME                
    HOLDINGS LIMITED        MANUFACTURING   INVESTMENT                        
            COMPANY LIMITED HOLDINGS LIMITED                                  
    Yan Tak Wah, Paul       Yan Tak Wah, Paul       Wang An Kang              
    Chairman        Executive Director      Chairman                          
                                                                              
    Hong Kong, 18 April 2005                                                  
                                                                              
    All of the directors of Swank jointly and severally accept full           
    responsibility for the accuracy of the information contained              
    in this announcement (other than that relating to the TIHL Group          
    and the Offeror) and confirm, having made all reasonable                  
    enquiries, that to the best of their knowledge, opinions                  
    expressed in this announcement (other than those relating to              
    the TIHL Group and the Offeror) have been arrived at after due            
    and careful consideration and there are no other facts not                
    contained