10:57     TOMORROW INT'L<00760>&SWANK INT'L MFG<00663>-J.Ann&Resume-22        

    "Offer" the possible mandatory unconditional cash offer to be             
    made by DBS Asia, on behalf of the Offeror, on the terms and              
    subject to the conditions referred to in this announcement and            
    to be set out in the Offer Document to acquire all the issued             
    Shares at approximately HK$0.03 per Share (other than those               
    already owned or agreed to be acquired by the Offeror and parties         
    acting in concert with it) that will be made following and subject        
    to Completion                                                             
                                                                              
    "Offer Document"        the document to be issued by or on behalf of      
    the Offeror to the shareholders of Swank in accordance with the           
    Takeovers Code containing, among other things, details of the             
    Offer and the related acceptance and transfer forms                       
                                                                              
    "Offeror"       China Time Investment Holdings Limited, a company         
    incorporated in the British Virgin Islands with limited                   
    liability                                                                 
                                                                              
    "Option Agreement"      the option agreement dated 16 December 2003       
    entered into between Fortune Dynamic, TIHL and Rich Global                
    whereby Fortune Dynamic agreed to grant to Rich Global an option          
    to purchase 50% of the entire issued shares of Probest at the             
    time of exercise of such option                                           
                                                                              
    "PRC"   People's Republic of China                                        
                                                                              
    "Probest"       Probest Holdings Inc., a company incorporated in the      
    British Virgin Islands and a wholly-owned subsidiary of TIHL              
                                                                              
    "Products"      chemical products including phosphorus and related        
    products                                                                  
                                                                              
    "Profitown"     Profitown Investment Corporation, a company               
    incorporated in the British Virgin Islands and held as to 70%             
    by Swank and as to 30% by Probest                                         
                                                                              
    "Profitown/Swank Loan"  the shareholder's loans and any other             
    monies (including interest) due and owing by Profitown to Swank           
    on completion of the Sale and Purchase Agreement, which amounted          
    to the principal sum of approximately HK$112,167,732 as at the            
    date hereof                                                               
                                                                              
    "Profitown Group"       Profitown and its subsidiaries                    
                                                                              
    "Promissory Note"       the promissory note to be issued by Profitown     
    in favour of Probest pursuant to the Loan Restructuring Agreement         
                                                                              
    "Remaining Debt"        the balance of the Debt in such principal sum     
    as is equivalent to the Profitown/Swank Loan                              
                                                                              
    "Rich Global"   Rich Global Investments Limited, a company                
    incorporated in the British Virgin Islands and a wholly-owned             
    subsidiary of SW Kingsway                                                 
                                                                              
    "Sale and Purchase Agreement"   the conditional agreement for             
    the sale and purchase of the Sale Shares dated 20 January 2005            
    entered into between the Offeror, Probest, Rich Global, Kingsway          
    Lion, TIHL and SW Kingsway                                                
                                                                              
    "Sale Shares"   the First Sale Shares, the Second Sale Shares             
    and the Third Sale Shares                                                 
                                                                              
    "Second Sale Shares"    156,283,205 Shares, representing                  
    approximately 5% of the issued share capital of Swank as at the           
    date of this announcement                                                 
                                                                              
    "SFC"   the Securities and Futures Commission of Hong Kong