Disclaimer

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DisclaimerDisclaimer

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.

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Introduction of PresentersIntroduction of Presenters

Ms. Jessica ChanMs. Jessica ChanCompliance Officer

Mr. Martin PakMr. Martin Pak Chief Financial Officer

Mr. Henry WongMr. Henry WongDeputy Financial Officer

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AgendaAgenda

1.1. Company Overview Company Overview

2.2. Core Business & DevelopmentCore Business & Development

3.3. Competitive StrengthsCompetitive Strengths

4.4. Growth StrategiesGrowth Strategies

5.5. China Pearls and Jewelry City ProjectChina Pearls and Jewelry City Project

(“CP&J Project”) Development(“CP&J Project”) Development

6. Financial Highlights6. Financial Highlights

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Listed on AMEX (AMEX : MHJ)

Subsidiary called Man Sang International Limited – first pearl business listed company in Hong Kong (HKEx Stock Code : 938)

1. Company Overview1. Company Overview

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Company OverviewCompany 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

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Man Hing Industrial CityMan Hing Industrial City

Company OverviewCompany Overview

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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)

Company OverviewCompany Overview

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Key Development MilestonesKey Development Milestones

1997 …2008

Investment Project at

Zhuji

Man Sang Industrial

City established in Shenzhen

Man Sang Int’l Ltd (stock code 938),

subsidiary of MSHI listed on HKEX

MSHI listed on OTC Bulletin

Board with ticker

“MSHI.OB”

Man Sang founded in early 80’s

2005 200619961990’s

MSHI listed on AMEX under the symbol “MHJ”

1980’s

Key Development Milestones Key Development Milestones

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2. Core Business Development2. Core Business Development

PearlsPearlsOne of the World’s largest Pearl processors and merchants

Assembled Pearls and Non-pearl JewelryAssembled Pearls and Non-pearl JewelryVertically integrated

China Pearls and Jewelry City in Zhuji, ZhejiangChina Pearls and Jewelry City in Zhuji, Zhejiang – – The World’s Largest Pearl & Jewelry Trading Platform

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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

A. Pearls at GlanceA. Pearls at Glance

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Different Types of Cultured PearlsDifferent Types of Cultured Pearls

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Pearl Processing FlowPearl Processing Flow

GradingGrading

DrillingDrilling

WaxingWaxing

PolishingPolishing

BleachingBleaching

Man Sang Techniques

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B. China Pearls and Jewelery City Project ( “CP&J Project”), 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.

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C. Some of our CustomersC. 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

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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

3. Competitive Strengths

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Annual Processing CapacityAnnual 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.

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4. Growth Strategies4. Growth Strategies

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

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

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CP&J Project – LocationCP&J Project – Location

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Five major areas with planned site area of approximately 1.2 million m2:

CP&J Project – OverviewCP&J Project – Overview

1. Raw Material, Products and Tool Market-Place Area 2. Exhibition Area3. Manufacturing and Processing Area4. Business Services Area5. 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)

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

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CP&J Project - Key MilestonesCP&J Project - Key Milestones

April 18 2008

Grand Opening of CP&J City

18-Jan-06

China Pearls and Jewellery City Holdings Ltd founded(Hong Kong)

Jul 06

Acquired land-use rights from Zhuji

Govt

Dec 06

Construction of Phase I of

CP&J City commenced

Oct 06

Formalities of 283 acreage

land use right completed

Jun-Jul 07

63 acreage of commercial/ residential

land-use right obtained

Apr-May 07

170 acreage of industrial land-

use right obtained

23-Mar-06

China Pearls and Jewellery Int’l City Co.

Ltd. established

(PRC)

2006 2007 2008

Development Progress of CP&J City

28 Aug 07

Shops and booths in

Market Centre under phase I

offered for sales & lease

2008

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

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CP&J Project – Business Strategy CP&J Project – Business Strategy

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CP&J Project – Areas of Phase ICP&J Project – Areas of Phase I

Phase I750 acres

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　 Market Centre

Manufacturing and Processing areas

Residential areas Multi-complex

buildings

Construction Area (m2) 160,000 41,000 33,000 26,000

Sales / Leasable GFA (m2)

130,286 41,000 33,000 26,000

Proposed Selling Price (in the range of RMB/m2)

15,000 to25,000

3,000 to 5,000

4,000 to7,000

4,000 to 7,000

Proposed Monthly Effective Rental Rate (in the range of RMB/m2)

150 to230

25 to40

30 to 50

30 to50

Quantities(units/blocks/floors)

2,380 units 4 Blocks 21 Floors 12 Floors

Estimated DevelopmentCost (RMB/m2)

4,700 2,000 3,000 3,000

Estimated CompletionDate

Completed onMarch 2008

The end of 2008 to the mid of 2009

The end of 2008 to the mid of 2009

The end of 2008 to the mid of 2009

ExpectedSales/Leasing Date

Launched

The end of 2008 to the mid of 2009

The end of 2008 to the mid of 2009

The end of 2008 to the mid of 2009

CP&J Project – CP&J Project – Development Summary of Phase IDevelopment 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

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CP&J Project – CP&J Project –

Floor plan of Market Centre under Phase IFloor plan of Market Centre under Phase I

CP&J Project – CP&J Project – Sales Progress of Market Centre under Phase ISales Progress of Market Centre under Phase I

Sales summary for Market Centre

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As at March 31 2008

　 　 Sold units 　

　Total

saleablearea (m2)

No. of units

Area (m2)

Percentage of sold unitsto total units

　 (A) 　 (B) (B)/(A)

3-storyshop

16,851 23 3,893 23%

2-storyshop

34,510 186 12,386 36%

TotalTotal 51,36151,361 209209 16,27916,279 32%32%

Leasing summary for Market Centre

CP&J City Project – CP&J City Project – Leasing Progress of Market centre under Phase ILeasing Progress of Market centre under Phase I

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As at March 31, 2008

　 　 Leased units 　

　 Total Leasable area (m2)

No. of units

Area (m2)

Occupancy Ratio

　 (X) 　 (Y) (Y)/(X)

3-storyshop

16,851 25 3,998 24%

2-storyshop

34,510 32 2,135 6%

Booth 27,565 406 9,389 34%

TotalTotal 78,92678,926 463463 15,52215,522 20%20%

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

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Planned Planned construction area construction area

(m(m22))

ProgressProgress EstimatedEstimated

Completion DateCompletion Date

4 Blocks of Manufacturing and Processing areas 41,00041,000

2 blocks of 2 blocks of superstructure superstructure

completedcompletedThe end of 2008 to The end of 2008 to

the mid of 2009the mid of 2009

Residential Areas

33,00033,000 StartedStarted The end of 2008 to The end of 2008 to the mid of 2009the mid of 2009

Multi-complex Buildings 26,00026,000 10 stories 10 stories

completed completed The end of 2008 to The end of 2008 to

the mid of 2009the mid of 2009

Total 100,000

Multi-complex BuildingsManufacturing and processing areas

Residential areas

CP&J Project – CP&J Project – Photos of Stage 2’s development under Phase IPhotos of Stage 2’s development under Phase I

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Net Sales for Pearls and Real Estate Segments

49.0

0.4

52.9

0.6

48.5

0.8

51.1

0.5

52.0

29.2

0

10

20

30

40

50

60

70

80

90

US$ Million

2003/04 2004/05 2005/06 2006/07 2007/08

PearlsSegment

Real EstateSegment

6. Financial Performance6. Financial Performance

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.

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-0.40.3

-0.8

4.5

-0.44.5

-0.23.7

15.9

5.1

-1

4

9

14

19

US$ Million

2003/04 2004/05 2005/06 2006/07 2007/08

Pearls Segment

Real EstateSegment

6. Financial Performance (continued)6. Financial Performance (continued)

Operating Income for Pearls and Real Estate Segment

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6.Financial Performance (continued)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

$0.4 $3.5*$2.3

$3.6

5.1

0

1

2

3

4

5

6

7

US$Million

2003/04 2004/05 2005/06 2006/07 2007/08

Annual

6. Financial Performance (continued)6. Financial Performance (continued)

Gross Margin Analysis by Segment

Pearl Operation

2008 2007 Increases %

Net sales US$52.0M US$51.1M 0.9 2

Gross Profit US$15.2M US$14.4M 0.8 6

Gross Profit Margin 29.3% 28.3% 1%

Real Estate

2008*Note

2007

Net Sales US$29.3M -

Gross Profit US$20.8M -

Gross Profit Margin 71.0% -

M= Million

*Note: CP&J City is consolidated in our group’s financial statement for first time41

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2007/082007/08(12 months)(12 months)

38.4%

4.6%

57%

Saltwater Pearls

Freshwater Pearls

Assembled Jewelry Product

56.2%37.5%

6.3%

2003/042003/04(12 months)(12 months)

45.8%

45.7%

8.5%

2004/052004/05(12 months)(12 months)

2005/062005/06(12 months)(12 months)

43.0%

10.2%

46.8%

2006/072006/07(12 months(12 months))

40.9%

6.7%

52.3%

Net Sales by Product for Pearls and Jewelry

Financial Performance (continued)Financial Performance (continued)

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2004/05(12 Months)

2005/06(12 Months)

2006/07 (12 Months)

2007/08(12 months)

% % % %

Hong Kong 10.9 10.2 7.5 6.6

Europe 20.5 20.4 38.9 41.6

North America 35.2 28.9 28.7 25.7

Other Asian Countries 29.8 35.3 19.9 19.5

Others 3.6 5.2 5.0 6.6

Total 100.0 100.0 100.0 100.0

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

Financial Performance (continued)Financial Performance (continued)

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Gross Profit Margin is continuously enhancing

HighlightsHighlights

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%

Overall performance for the year ended March 31, 2008 while compared with the same period in 2007

Return on capital employed (net income/capital employed) increased from 8.7% to 9.6%.

Steady growth on Return On Capital for Shareholders

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

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Thank YouThank You