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RAJESH EXPORTS LIMITED

All that glitters is…… Gold

March 2008

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Important Notice This document contains selected information regarding Rajesh Exports Limited (the “Company”). It

does not purport to be comprehensive or to contain all of the information that a prospective investor may desire in investigating the Company or the securities; hence each prospective investor should conduct its own independent due diligence in connection with any transaction involving the securities and seek the advice of its own professional advisors. The information contained in this document has not been independently verified. Neither the Company nor any of its affiliates, advisers, officers, representatives or agents make or will make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and any and all legal liability or responsibility is expressly disclaimed based on or relating to: (i) information contained in, or errors in or omissions from this document, or (ii) the recipient’s use of this presentation, or (iii) any other written or oral communications transmitted to the recipient or its affiliates, advisers, officers, representatives or agents in the course of its evaluation of the Company or its securities. Accordingly, no information contained in this document or any written or oral communication transmitted or made available to a recipient of this document: (i) is, or shall be relied upon, as a promise or representation, whether as to the past or future performance; or (ii) will form the basis of any contract.

This presentation includes statements which may constitute forward-looking statements. Although the Company believes that the expectations contained in such forward–looking statements are conservative and reasonable, they involve many subjective assumptions and are subject to risks and uncertainties which could cause actual results to differ materially. Such statements are not guarantees of future performance. Accordingly, the Company and its respective affiliates, advisers, officers, representatives or agents give no (and will not give any) assurances, and no representation or warranties can be or will be made, as to the accuracy or attainability of such projections, estimates or other forward-looking statements.

This document is neither an offering memorandum nor an offer or an invitation for the sale or purchase of any securities of the Company or a recommendation in relation to the foregoing. It is not intended to form, and should not be treated as, the basis of any investment decision.

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411 Company Overview

15 22 Jewellery Market

1833 Growth Strategy

Con

tent

sC

onte

nts

44 Recent Developments 31

55 A Quick Recap 35

Contents Page No.

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COMPANY OVERVIEW

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Snapshot

Established in 1989.Head quartered at Bangalore-India. Manufacturer, wholesaler and retailer of gold jewellery

Business

World’s largest gold jewellery manufacturerWorld’s lowest cost producer of gold jewelleryWorld’s largest catalogue of jewellery designs

Key Highlights

12% of gem and jewellery export from India25% of gold jewellery export from India 2% of world gold trade

Market share

STRONG DOMINANCE IN GOLD JEWELLERY TRADE

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Manufacturing Process

Gold bullion and alloy heated to

1000o C

Molten gold poured into cast to produce rods

Further processed as

(A) Machine Chains

(B) Manual Process

(C) Casting Process

Wires drawn from gold ingots

Wires then drawn using

diamond dyes

Wires wound on spools and mounted

Non-soldered chain is woven

Soldering of chain

Chain without loops

Gold chains of various sizes

Quality check and delivery

(A) Machine Chains (for standard gold chains of various designs)

Production commencement…..

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Manufacturing Process

Metal master & rubber mould

making

Wax injection & spurring

Investment casting

Burn out of wax

Liquid gold injection

De-sprucing & initial polishing

Setting & final polishing

Quality check and delivery

(C) Casted Jewellery (for plain and diamond jewellery)

(B) Manual Process (for hand-made jewelry)

Wire drawing and stamping

Dye cuttingDesign

fabricationDesign pieces

with loose ends

Soldering and polishing

Quality check

and delivery

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Saga of Rapid Growth

1989

Year of Establishment

1995

IPO of 2m shares @ 400% to face value of INR 10

1996

India’s largest jewellery

manufacturer (6 tpa)

2003

World’s largest jewellery

manufacturing facility (250 tpa)

2006

Revenues exceed

US$ 1 billion

• 24K Retail and Bangalore Infra

ventures launched•JV with Muthoot Pappachan Group

1960-1989

Promoters engaged in

gold jewellery retailing

2007

1.White labelled jewellery

2. Diamond studded jewellery

2007-2012

3. Retailing: Shubh,

Laabh & Oyzterbay

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Consistent ProfitabilityREVENUE AND EBITDA (US $ MLN)

1049

1354

1702

21.628.0

52.9

0200400600800

10001200140016001800

FY05 FY06 FY07

US

$ M

ILL

NS

0

10

20

30

40

50

60

Revenue

EBIDTA

EPS & BVPS 2005-07

0.30.45

0.670.98

1.56

2.17

0

0.5

1

1.5

2

2.5

FY05 FY06 FY07

EPS &BVPS

US

D EPS

BVS

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Summarized Profitability Statement(In US$ million)

Particulars 2004-05 2005-06 2006-07

Total Income 1048.59 1353.54 1702.06

Total Expenditure 1027.07 1326.02 1649.16

EBITDA 21.58 27.96 52.89

Interest 10.62 10.29 26.80

Depreciation 0.33 0.35 0.36

Profit before Tax 10.63 17.33 25.73

Taxation --- 0.89 0.73

Profit after Tax 10.63 16.43 25.00

Earnings per Share (US$) 0.30 0.44 0.67

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I, II & III QUARTER 2007-08 SUMMARISED PROFIT STATEMENT

Particulars 30th June 2007

(In US $ million)

30th Sept 2007(In US $ million)

31st Dec 2007(In US $ million)

Total income 501.30 511.05 516.80

Total Expenditure 477.41 487.00 490.62

EBITDA 23.88 24.04 26.18

Interest 13.39 9.48 9.80

Depreciation 0.09 0.09 0.09

Profit before Tax 10.40 14.47 16.28

Taxation -- 0.91 0.97

Profit after Tax 10.40 13.56 15.31

Earnings per share (US$) (Annualised)

1.12 1.46 1.65

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Achievements & Awards

• Ranked No. 1 Investor Friendly Company in a National Survey by Business Today

• The only “Premier Trading House” in Jewellery Sector in India

• “Overall Excellence in the category of Gold Exports” by the “Gem & Jewellery Export Promotion Council” for 13 consecutive year

• Karnataka State Government Best Exporter Award for past 9 years

• Awarded Gold Trophy for exports by Federation of Imports & Exports

• Accorded ‘Nominated Agency‘ status to import gold for domestic consumption.

• Ranked No. 1 in the Gems & Jewellery sector in India by Dun & Bradstreet

• Ranked as the ‘Second Fastest Growing Company’ in the Large Scale Sector.

• Accorded as the “Jeweller of the Year” Award by Jewellers Association, Bangalore

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Rajesh Exports ranked as No. 1 Investor Friendly Company in National Survey by Business Today

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Rajesh Exports ranked as India’s second fastest growing company

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Management Team

Rajesh MehtaExecutive Chairman

• Experience of over 20 years in the jewellery industry• Pioneer in organising jewellery trade in India• Director, Handloom & Handicrafts Exports Promotion Corp

President, Jewellery Exporters Association of Karnataka

Prashant MehtaManaging Director

• Experience of over 22 years in jewellery manufacturing• Expert on global best practices in jewellery manufacturing and

technology.

Vipin SharmaCEO (Shubh)

• Experience of over 12 years in brand building & jewellery retailing• Part of the Oyzterbay promoter-group

Kirit TurakhiaCEO (Laabh)

• Experience of over 20 years in retailing

M A PrakashCEO (Banglore Infra)

• Experience of 7 years in real estate and construction

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JEWELLERY MARKET

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World Market

Current global gems and jewellery industry: US$ 85 billion

(Gold demand is growing at 8-10% p.a. CAGR)

Global gold market: 3,300 tonnes

Major producers: South Africa, USA and Australia (45% of total output)

Major consumers: India, USA (2/3 of India), China (1/3 of India)

10-year average annual demand for gold (tonnes)

(1996-2005)

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Indian Market India is world’s largest consumer of gold:

At 850 tonnes p.a. Valued at US$ 18 billion Growing at 10% pa

Indian gold demand is firmly embedded in cultural and religious traditions (Stridhan)

Indian gold demand (tonnes) and price

(1991-2005)

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GROWTH STRATEGY

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Mission 2007-2012

Growth Trajectory:

Phase I (1960-1989) Retailers with global vision, handicapped by supply constraints

Phase II (1989-1994) India’s first organised jewellery manufacturer

Phase III (1995-2002) India’s largest (6 tpa) plant with world-class R&D

Phase IV (2003-2006) World’s largest (250 tpa) plant; turnover > US$ 1.5 billion

Phase V (2007-2012) Leverage economies of scale and expand margins by evolving into fully integrated jewellery company

Resources:Infrastructure World’s largest and world’s bestManagement Managed world’s largest gold jewellery businessTechnology 65-person strong R&D, proprietary alloys and processes … 29,000 designs

Growth Engines:Growth Engine #1 White-labelled jewellery (Margin: 15%)Growth Engine #2 Diamond studded jewellery (Margin: 25%)Growth Engine #3 Retailing (Margin: 10%)

Target: To increase net margin from 1½% to 10% in next 5 years

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Growth Engine #1

White-labelled jewellery

Margin 15%

Global market size: US$ 30-35 billion

Target share: 2%

Status:

1,300 exclusive designs developed

Prototypes approved by large chain-stores

across the world, White labelled jewellery sales

commenced from Q1 /2007/08.

Jewellery Outsourcee to the world…

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Growth Engine #2

Diamond studded jewellery

Margin 25%

Global market size: US$ 5 billion

Target share: 5%

USP: Honest pricing, Global Designs and Finish

Launched Harmony, Eternal, Solitaire, I-teen,

Filigree, Southern, Ghazal, Aishwarya and

Sushmita brands of Diamond Jewellery in the

domestic and International markets

700 exclusive designs have been launched

Adding sparkle to diamonds…the honest way

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Growth Engine #3

Retailing

Retailing in India

(to be followed by global rollout)

Margin 10%;

Indian Market size: US$ 18 billion;

Target share: 4%

Shubh – for mass market,

to replace traditional jewellers

Laabh – for up-market and elite clientele

Oyzterbay – for the fashion conscious

...with dream team

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Jewellery Retail – India

96% is in unorganised sector (globally 70% is unorganised)

Very highly fragmented (no pan-India stores)

Over 400,000 small retailers and 850,000 goldsmiths

Branded gold jewellery is a very recent phenomenon

Branded jewellery accounts for only 4% of total jewellery market, but growing at 30-40% pa and is slated to constitute 10% of total jewellery market by 2009

Quality, consistency and variety of designs hold the key to retailing success

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Retail Venture USP

Punch Mantra (the five doctrines)

• 22K GuaranteeBacked by life-time buyback guarantee

• Largest RangeBacked by proprietary library of 29,000 active designs

• TechnologyProprietary technology to ensure standardization, consistency, color, Tarnish free etc.

• Competitive PricingPowered by economies of scale, lowest manufacturing costs, lowest finance cost, technology resulting in lower use of gold for same design

• ServicePan-India network of retail showrooms providing life-time free repair service at any store

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24K Retail

• For sharper focus:

All retailing ventures put under 100% subsidiary:

24K Retail Limited

• Team (ex-Oyzterbay, ex-Titan)

Pioneers in creating branded retail jewellery in India

with over 50 man-years of experience

• Team that created ‘super brands’ – Titan, Tanishq,

Oyzterbay – are now part of the team at Rajesh Exports

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Shubh

Shubh means ‘auspicious’

VFM platform (Value for Money)

For mass market

To replace mainstream urban and rural jewellery stores

Consolidation play

MOU signed to acquire circa 100 existing jewelry retail stores,

many under no-purchase notice,

to be re-launched under “Shubh” branded retail stores.

First Phase Launch in Karnataka has already started with 8 stores launched

5,000 exclusive designs available at Shubh stores

To expand to 450 stores over next 3 years

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Laabh

Laabh means ‘profit’

Exquisite jewellery for up-market clientele

Signature range of 3,000 individual jewellery designs

Contemporary and modern designs in wide spectrum of

plain gold jewelry, diamond jewelry, gold coins and solitaires

To target a major share of the upcoming branded retailing

Mainly urban centric in tier I cities

30 Laabh stores have been launched in 23 cities across India

To expand to 150 stores in next 3 years

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Oyzterbay

Oyzterbay – Jewellery for the Living

‘International Lifestyle’ platform – I own it!

Targeted at youth and rapidly growing upwardly mobile economic

strata

To offer jewellery, watches, and accessories

1,200 exclusive pieces of jewellery designed for

the Oyzterbay Collections

To launch 30 stores in malls and shop in shops during Q1 of 2008-09

To expand to 150 stores in next 3 years

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Profile transformation

Revenue 2007-08

59.26

39.51

19.75

1856.79

Bulk

Retail

Pvt Label

Diamond

Revenue 2009-10

549.73

167.31119.51

1553.58

Bulk

Retail

Pvt Label

Diamond

15% of additional turnover every year (2007-12) to come from the three Growth Engines

Revenue Mix (2007-2010)

Revenue 2008-09

1738.27

282.47

86.91

65.19

Bulk

Retail

Pvt Label

Diamond

Description Revenue Profit Rev.share

Bulk 1738.27 29.55 80Retail 282.47 19.77 13Pvt Label 86.91 13.04 4Diamond 65.19 14.34 3Total 2172.84 76.70 100

2008-09Description Revenue Profit Rev.share

Bulk 1553.58 29.52 65Retail 549.73 43.98 23Pvt Label 167.31 25.10 7Diamond 119.51 29.88 5Total 2390.13 128.48 100

2009-10 2007-08Description Revenue Profit Rev.share

Bulk 1856.79 31.57 94Retail 59.26 3.56 3Pvt Label 39.51 5.93 2Diamond 19.75 3.95 1Total 1975.31 45.01 100

(USD in million)

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15% of additional turnover every year (2007-12) to come from the three Growth Engines

Profile transformation

Revenue Mix (2010-2012)

Revenue 2010-11

1314.57

920.20

236.62

157.75

Bulk

Retail

Pvt Label

Diamond

Revenue 2011-12

1012.15

1359.17

289.19

231.35

Bulk

Retail

Pvt Label

Diamond

Description Revenue Profit Rev.share

Bulk 1314.57 26.29 40.00Retail 920.20 82.82 30Pvt Label 236.62 35.49 20Diamond 157.75 39.44 10Total 2629.14 184.04 100

2010-11Description Revenue Profit Rev.share

Bulk 1012.15 21.26 35Retail 1359.17 135.92 47Pvt Label 289.19 43.38 10Diamond 231.35 57.84 8Total 2891.85 258.39 100

2011-12

(USD in million)

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RECENT DEVELOPMENTS

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Corporate Structure

RAJESH EXPORTS LIMITEDManufacturers, Exporters and Wholesalers

BANGALORE INFRA24K RETAIL

PARENT COMPANY

SUBSIDIARIES

STORE BRANDS

Manufacture of Gold and

Diamond Jewellery, Bulk

Exports, Wholesale, White

Label Branded Exports and

Diamond Jewellery Exports.

OYZTERBAY SHUBH LAABH

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Bangalore Infra

To monetise land-bank owned by REL of 170,458.16 sq. ft of prime

commercial space and 137 acres of land outside the city municipal

zone

Acquisition cost: US$ 25 million

Estimated market value: US$ 200 million

Post-development value: US$ 350 million

Land bank, primarily in Bangalore – foremost technology growth

engine of India

Exponential appreciation in land bank value, due to low historic

value

To be managed by highly experienced industry professionals

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A Quick Recap

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Key Points …

USP: 22K Guarantee, Range, Technology, Pricing, Service24K Retail – Laabh, Shubh, and Oyzterbay

RetailRetail

Bangalore Infra to monetize land bankReal EstateReal Estate

Zero gold price risk, price-hedging, technologyOperational Operational ExcellenceExcellence

Lowest cost manufacturer of gold jewellery – Most advanced technology. Stable existing volume business.

Gold processingGold processing

Retailers achieving economies of scale in manufacturing onto margin expansiontrajectory to emerge as fully integrated company

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Market Snapshot

Market Price per share (as on 30 July, 2007)

US$ 3.00

Shares Outstanding 250.61 million

Market Capitalisation US$ 751.83 million

Bank Balances*(as at 31 March 2006)

US$ 1441.16 million

Total Debt**(as at 31 March 2006)

US$ 224.34 million

Avg monthly Volume(BSE & NSE combine)

2,50,00,000 shares

NSE Code RAJESHEXPO

Reuters Code REXP.BO

Bloomberg Code RJEX@IN

Shareholding Pattern

FIIs/ Banks/ MF

13.47%

Indian P romoters

61.47%

Private Corporate

Bodies7.41%

Others3.64%

Indian Public14.01%

* Excluding US$ 500 million of term deposits set-off against Letter of Credit outstanding** Includes Loan against deposit of US$ 241m, Secured Debt: US$ 53m, Unsecured Debt: US$ 7m

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Thank You!

(Registered Office)No. 4, Batavia Chambers,

Kumara Krupa Road, Kumara Park (East),

Bangalore – 560001, INDIA.Tel: + 91 (80) 2226 6735Fax: +91 (80) 2228 5218

Email: cmd@rajeshindia.com

Rajesh Mehta(Executive Chairman)

Please visit us at www.rajeshindia.com

(Corporate Office)No.1 Brunton Road, Bangalore-560001

INDIA.Tel: +91 (80) 40239999Fax: +91 (80) 41138790

Email: general@rajeshindia.com

Rajesh Exports Limited