Time Watch Investments Announcement Of Associated Companies

TIME WATCH INVESTMENTS LIMITED (Registration No.: 199502355R) Incorporated in the Republic of Singapore

ANNOUNCEMENT ON ASSOCIATED COMPANIES

The Board of Directors of Time Watch Investments Limited (the “Company”) refers to the Company announcement (Announcement No: 00004) released on 20 May 2009 in which the Company announced the acquisition of 13% equity interest by two 51% owned subsidiaries, Semtek Limited (“Semtek”) and Tick Tack AG (“Tick Tack”) in each of the following companies: 1. 2. 3.

Fortune Concept Limited pe.timedesign GmbH Swiss Fashion Time GmbH

The Board wishes to announce that notwithstanding that Semtek and Tick Tack hold less than 20% of the voting power of the said companies, these subsidiaries, by virtue of FRS 28, is treating the said companies as associated companies. These subsidiaries have significant influence by virtue of potential voting rights vested in the call option awarded to them for the period from 19 May 2009 to 30 June 2012 to require the vendors to sell up to 36% additional equity interests in the said companies.

Information on the aforesaid associated companies Fortune Concept Limited (a) Country of Incorporation (b) Principal activities

(c)

Issued and paid-up share capital

pe.timedesign GmbH (“PET”) (a) Country of Incorporation (b) Principal activities

(c)

Issued and paid-up share capital

: :

Hong Kong Distributing and retailing of various international brands of watches and/or related accessories in the Far East and Asia Pacific region

:

HK$1,500,000/-.

: :

Germany Distributing of “A” and “A-AIGNER” brands of watches and/or accessories worldwide (other than the countries of North America, South America and Central America, including the Caribbean, Bermuda, Hawaii and Guam) on an exclusive basis for watches and manual writing utensils and on an non-exclusive basis for costume jewellery and genuine jewellery.

:

€51,129.18.

1

Swiss Fashion Time GmbH (a) Country of Incorporation (b) Principal activities (c) Issued and paid-up share capital

: :

Switzerland Provision of logistics services to PET

:

CHF20,000/-.

Interests of the Directors, Substantial Shareholders and Controlling Shareholders in the Transaction None of the Directors, Substantial Shareholders or Controlling Shareholders has any interest, direct or indirect, in the above transactions or in the associated companies.

BY ORDER OF THE BOARD

Dorothy Ho / Wong Juar Ming Company Secretaries Dated: 13 November 2009

2