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                Time Watch Investments
               Advances to SGX Mainboard
       Trading on Mainboard to commence on Monday, 12 May 2008

Singapore, 9 May 2008 - Time Watch Investments Limited, (“Time Watch”, the
“Company” or the “Group”), one of the leading manufacturers and retailers of
local branded watches in the People’s Republic of China (PRC), is pleased to
announce that the Singapore Exchange Securities Trading Limited (SGX-ST) has
approved the Company’s application to upgrade from the SGX Catalist to the
SGX Mainboard.

The listing and trading of the Company’s shares on the SGX Mainboard will
commence on Monday, 12 May 2008.

Commenting on the move, Mr Michael Tung, CEO & Chairman of the Company,
said: “We are delighted to be making the shift as this marks a significant
milestone in our Company’s achievements. The move to the SGX Mainboard will
further enhance Time Watch’s profile and increase our exposure to a wider
spectrum of investors and institutions, thereby instilling greater investor
confidence and strengthening our competitive edge.”

Due to strong sales of watches for the Group’s proprietary “Tian Wang” and
“Balco” brands in the PRC, the Group reported a 42.2% jump in its 1H FY2008

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net profit to HK$37.5 million. Revenue was stable at HK$438.3 million versus
HK$446.5 million previously, due to a deliberate shift in product mix from the
watch movement trading to the higher value-add manufacturing and sales of
watches under proprietary and OEM brands. The effectiveness of this strategy is
reflected by the 33.8% jump in gross profit to HK$114.3 million, representing a
higher gross margin of 26.1% versus 19.1% previously.

To-date, the Group has opened 700 outlets in 35 cities all over the PRC and
grown its two in-house brands, “Tian Wang” and “Balco”, to be one of the top
brands in the PRC. In addition, over 100 new retail stores are slated to open
throughout PRC within 2008, a 14% increase from the existing outlets. The
Group has also explored new market segments by setting up a new retail shop in
Tshimshatsui, Hong Kong to target tourists from the PRC. The retail shop
currently has a wide range of brands in its portfolio, including, but not limited to,
Tian Wang, Balco, Police, as well as other internationally-renowned brands such
as Enicar, Adidas and Citizen.

With strong performances from existing and new stores, the Group recorded
better sales from its proprietary “Tian Wang” and “Balco” brands, which surged
by 38.1% to HK$108.5 million. This represented a higher 24.8% contribution to
Time Watch’s overall sales versus 17.6% previously.

The Group has also acquired Zijingshan Department Store, with intentions to set
up a flagship store to showcase and market the Group’s products. The Group

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may consider venturing into the general merchandise business industry should
the investment yield positive results.

Going forward, the Group is now in a commanding position to capitalise on
China’s economic surge and domestic demand growth by expanding its already
extensive retail network, strengthening brand awareness of its two in-house
brands, “Tian Wang” and “Balco”, exploring new market segments locally and
regionally, as well as growing its brand portfolio by securing distribution rights of
small to medium-sized international brands for injection into its existing retail
network within the PRC.
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About Time Watch Investments Ltd

Time Watch (“the Group” or the “Company”) is one of the leading manufacturers and retailers of locally-
branded watches in the People’s Republic of China (PRC). Its two in-house brands, “Tian Wang” and
“Balco”, have been well-received by PRC consumers.

 “Tian Wang”, with a market share of 11.1%, is the first largest PRC watch brand by sales volume as
ranked by the Chinese National Commercial Information Centre in February 2008. Adopting a vertically
integrated business model, “Tian Wang” watches are designed, manufactured and assembled in the
Group’s manufacturing operations in Shenzhen, PRC.

The other in-house brand, “Balco” watches are imported into PRC from Switzerland and has been
consistently ranked among the top 20 foreign brands.

Both brands are sold through over 700 retail outlets in more than 35 cities throughout the PRC.

For more information, please refer to the corporate website,

For more information, please contact:
Winnie Mok / Janice Low
Time Watch Investments Limited /
Tel: (65) 6536 6564 Fax: (65) 6536 7243

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