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. Fortune Concept Limited

2. pe.timedesign GmbH
3. 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 : Hong Kong
(b) Principal activities : Distributing and retailing of various international
brands of watches and/or related accessories in
the Far East and Asia Pacific region
(c) Issued and paid-up share
capital : HK$1,500,000/-.

pe.timedesign GmbH (“PET”)

(a) Country of Incorporation : Germany
(b) Principal activities : 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.
(c) Issued and paid-up share
capital : €51,129.18.

1
Swiss Fashion Time GmbH
(a) Country of Incorporation : Switzerland
(b) Principal activities : Provision of logistics services to PET
(c) Issued and paid-up share
capital : 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