Disclaimer

2. Disclaimer This powerpoint contains identifying important factors that could cause actual results to differ from the projected results. All statements, other than statements of historical fact, including statements regarding industry prospects and future results of operations or financial position, made in this powerpoint are forward looking. Words such as “may,” “believes,” “will,” “expects,” “project,” “estimate,” and “intend” “anticipate.” “plan,” “continue,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to: our future performance, our expansion efforts, demand for our products; the state of economic conditions and our markets; currency and exchange rate fluctuations; and our ability to meet our liquidity requirements. These forward-looking statements are based on assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe to be appropriate in particular circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of known and unknown risks and uncertainties and other factors, any or all of which could cause actual results, performance or achievements to differ materially from our expectations, whether expressed or implied by such forward-looking statements (which may relate to, among other things, the Company’s sales, costs and expenses, income, inventory performance, and receivables). Primarily engaged in the processing and trading of pearls and pearl jewelry products, and in real estate investment, our ability to achieve our objectives and expectations are derived at least in part from assumptions regarding economic conditions, consumer tastes, and developments in our competitive environment. The following assumptions, among others, could materially affect the likelihood that we will achieve our objectives and expectations communicated through these forward-looking statements: (i) that low or negative growth in the economies or the financial markets of our customers, particularly in the United States and in Europe, will not occur and reduce discretionary spending on goods that might be perceived as “luxuries”; (ii) that the Hong Kong dollar will remain pegged to the U.S. dollar at US$1 to HK$7.8; (iii) that customer’s choice of pearls vis-à-vis other precious stones and metals will not change adversely; (iv) that we will continue to obtain a stable supply of pearls in the quantities, of the quality and on terms we require; (v) that there will not be a substantial adverse change in the exchange relationship between the Renminbi and the Hong Kong dollar or U.S. dollar; (vi) that there will not be a substantial increase in the tax burdens of our subsidiaries operating in the PRC; (vii) that there will not be a substantial change in climate and environmental conditions at the source regions of pearls that could have a material adverse effect on the supply and pricing of pearls; and (viii) that there will not be a substantial adverse change in the real estate market conditions in the PRC and in Hong Kong. The following discussion of our results of operation, and liquidity and capital resources should be read in conjunction with the financial statements and the notes thereto included elsewhere in this powerpoint and this powerpoint, which contains a further description of risks and uncertainties related to forward-looking statements, as well as other aspects of our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this powerpoint. We will not publicly release any revisions to these forward-looking statements after the date hereof. Readers are urged, however, to review the factors set forth in periodic reports that we file from time to time with the Securities and Exchange Commission.

3. Introduction of Presenters Mr. Martin Pak Chief Financial Officer Mr. Henry Wong Deputy Financial Officer Ms. Jessica Chan Compliance Officer

4. Agenda • Company Overview • Core Business & Development • Competitive Strengths • Growth Strategies • China Pearls and Jewelry City Project • (“CP&J Project”) Development • 6. Financial Highlights

6. 1. Company Overview • Listed on AMEX (AMEX : MHJ) • Subsidiary called Man Sang International Limited – first pearl business listed company in Hong Kong (HKEx Stock Code : 938)

7. Company Overview • Diversified business consisting of purchasing, assembling, merchandising and wholesale distribution of pearls and jewelry products • Owns and operates pearl and jewelry trading platform • Has over 1,000 employees, majority being PRC employees • One of the world’s largest pearl merchants • One of the world’s largest purchasers & processors of saltwater pearls

8. Company Overview Man Hing Industrial City

9. Company Overview • Since 1993 , our Company owns and operates Man Hing Industrial City, Shenzhen, PRC • 27 blocks of buildings with a total 75,530 m2 • On April 12, 2007, our Company further acquired 6% equity interest in China Pearls and Jewellery City Holdings Limited (“CP&J City”). Immediately after the acquisition, our Company owned a total 55% equity interest. • On April 18, 2008, Grand Opening of CP&J Project In conjunction with two major pearl trade event (China International Pearl Festival & Xishi Cultured Festival)

10. Key Development Milestones Key Development Milestones Man Sang founded in early 80’s Man Sang Industrial City established in Shenzhen MSHI listed on OTC Bulletin Board with ticker “MSHI.OB” Man Sang Int’l Ltd (stock code 938), subsidiary of MSHI listed on HKEX MSHI listed on AMEX under the symbol “MHJ” Investment Project at Zhuji 1997 1980’s 1990’s 1996 2005 2006 …2008 10

12. 2. Core Business Development Pearls One of the World’s largest Pearl processors and merchants Assembled Pearls and Non-pearl Jewelry Vertically integrated China Pearls and Jewelry City in Zhuji, Zhejiang – The World’s Largest Pearl & Jewelry Trading Platform

13. A. Pearls at Glance • Usually referred to as “Cultured Pearl” • “Irritant” (nucleus or tissue) is implanted into an oyster • Oyster produces nacre around the irritant • Cultured Pearl is created when ready for harvesting • Growing duration vary from 5 months to 5 years • 3rd commonly used material for jewelry

14. Different Types of Cultured Pearls

15. Pearl Processing Flow Bleaching Drilling Man Sang Techniques Waxing Polishing Grading

16. B. China Pearls and Jewelery City Project ( “CP&J Project”), CP&J City Project : • A major project at both municipal and provincial levels • Strongly supported by the local Government of Zhuji • Jointly invested by our Company and six PRC major pearl and jewelry players • Located in strategic location of Yangtze River Delta, PRC • In 2005, over 90% of USD1.00 billion worth of China freshwater pearls were nurtured, processed or traded in Zhuji. Over 65% of the freshwater pearls or pearls products were for PRC local sales and 35% were for export.

17. C. Some of our Customers America’s Collectibles Network More than 600 customers worldwide, with some of them having over 10 years of history with us

19. 3. Competitive Strengths • Excellent reputation with over 25 years of proven experience Well-experienced management team Stable and long-term relationships with suppliers and customers Well-established & long history of diversified customers • First pearl company in China to obtain “ISO 9001” Quality System Standard Certification • Sound financial position for continuous growth • Comprehensive range of pearls and as well as assembled pearl and jewelry products • Advanced pearl processing and jewelry assembling techniques • Bulk purchasing power and lower processing costs • Offering “one-stop solution” to all customers

20. Annual Processing Capacity • Approximately 29,000 kg of freshwater pearls • Approximately 10,000 kg of saltwater pearls • Approximately 1,500,000 pieces of finished jewelry products Based on our annual processing capacity, we are one of the leaders in the industry.

22. Vertical expansion of customer segment from pearls to assembled pearls and jewelry product Creation of our own product brand – Dear Pearls & MS Collection. Enhancement on the scope of marketing & distribution services offer “one stop solution” to customers Creating solutions & reducing costs Committed to innovation 4. Growth Strategies

24. CP&J Project – World’s Largest Pearls & Jewelry Trading Platform

25. CP&J Project – Location

26. CP&J Project – Overview • Five major areas with planned site area of approximately 1.2 million m2: • Raw Material, Products and Tool Market-Place Area • Exhibition Area • Manufacturing and Processing Area • Business Services Area • Supporting Facilities Area • On April 12, 2007, our Company further acquired 6% equity interest in • China Pearls and Jewellery City Holdings Limited (“CP&J City”). • Immediately after the acquisition, our Company owned a total 55% • equity interest. • On April 18, 2008,Grand Opening of CP&J Project • - In conjunction with two major pearl trade event • (China International Pearl Festival & Xishi Cultured Festival)

27. CP&J City – Photos of Grand Opening of Phase I Market Centre 27

28. CP&J Project - Key Milestones Development Progress of CP&J City 18-Jan-06 China Pearls and Jewellery City Holdings Ltd founded (Hong Kong) 23-Mar-06 China Pearls and Jewellery Int’l City Co. Ltd. established (PRC) Jul 06 Acquired land-use rights from Zhuji Govt Oct 06 Formalities of 283 acreage land use right completed Dec 06 Construction of Phase I of CP&J City commenced April 18 2008 Grand Opening of CP&J City 2006 2007 2008 2008 28 Aug 07 Shops and booths in Market Centre under phase I offered for sales & lease Apr-May 07 170 acreage of industrial land-use right obtained Jun-Jul 07 63acreage of commercial/ residential land-use right obtained Commencement of the construction of stage 2 of Phase I CP&J Project including: i. manufacturing and processing areas, ii. residential areas III. multi-complex buildings

29. CP&J Project – Business Strategy

30. CP&J Project – Areas of Phase I Phase I 750 acres

31. CP&J Project – Development Summary of Phase I CP&J Project’s area under Phase 1 (Executing): Approximate 260,000 m2 (390 acres) Phase 1 (Planning): Approximate 240,000 m2 (360 acres) Remark: The information above as at today’s estimation

32. CP&J Project – Floor plan of Market Centre under Phase I 32

33. CP&J Project – Sales Progress of Market Centre under Phase I Sales summary for Market Centre 33

34. CP&J City Project – Leasing Progress of Market centre under Phase I Leasing summary for Market Centre 34

35. CP&J Project – Development Progress of Manufacturing and Processing areas, Residential areas, Multi-complex buildings under Phase I 35

36. CP&J Project – Photos of Stage 2’s development under Phase I Residential areas Manufacturing and processing areas Multi-complex Buildings 36

38. 6. Financial Performance Net Sales for Pearls and Real Estate Segments Net Sales of the year ended 2007/08 increased by $30.5 million or 59% from $51.6 million in 2007 to $80.1 million in 2008 while compared to the last corresponding period.

39. 6. Financial Performance (continued) Operating Income for Pearls and Real Estate Segment

40. 6.Financial Performance (continued) Net Income after Minority Interest and income tax expense * Includes a gain on sale of a real estate investment amounting to US$4.4m The translations of HK$ into US$ have been made at the exchange rate of HK$7.80 for US$1 for reference purpose

41. 6. Financial Performance (continued) Gross Margin Analysis by Segment M= Million *Note: CP&J City is consolidated in our group’s financial statement for first time 41

42. Saltwater Pearls Freshwater Pearls Assembled Jewelry Product Financial Performance (continued) Net Sales by Product for Pearls and Jewelry 2003/04 (12 months) 2004/05 (12 months) 6.3% 8.5% 37.5% 56.2% 45.8% 45.7% 2005/06 (12 months) 2006/07 (12 months) 2007/08 (12 months) 46.8% 52.3% 57% 43.0% 40.9% 38.4% 6.7% 10.2% 4.6%

43. Financial Performance (continued) Net Sales by Region for Pearls and Jewelry • Diversified customer base from around the world • Comprehensive range of pearls and other jewelry offers one-stop trading

44. Highlights Overall performance for the year ended March 31, 2008 while compared with the same period in 2007 • Gross Profit Margin is continuously enhancing • Net sales increased by US$30.5 million or 59% • Gross profit increased by US$21.6 million or 150% • Gross profit margin increased by 16% from 28% to 44% • Net income after minority interest has been raised by US$1.5 million to US$5.1 million after the sales of CP&J project • Steady growth on Return On Capital for Shareholders • Return on capitalemployed (net income/capital employed) increased from 8.7% to 9.6%.

45. Thank You