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DISCLAIMER

This report has been prepared by the De Beers Group (De Beers) and

comprises the written materials concerning De Beers and the wider

diamond industry. All references to ‘De Beers’ in this report refer to the

De Beers Group, unless otherwise stated.

This report has been compiled by De Beers and/or its affiliates from sources

believed to be reliable, but no representation or warranty, express or implied,

is made as to its accuracy, completeness or correctness. All opinions and

estimates contained in this report are judgements as of the date of this

report, are subject to change without notice and are provided in good faith

but without legal responsibility.

This report should not be construed as business advice and the insights are

not to be used as the basis for investment or business decisions of any kind

without your own research and validation.

This report is for information purposes only. The information contained in

this report may be based on internal data, or data sourced from, or provided

by, third parties or publicly available sources. As such, it may include the

disclosures and/or views of those third parties, which may not necessarily

correspond to the views held by De Beers.

De Beers does not offer any representation or warranty as to the accuracy

or completeness of this report and no reliance should be placed on the

information disclosed for any purpose. Nothing in this report should be

interpreted to mean that De Beers or the diamond industry (as the case may

be) will necessarily perform in accordance with the analysis or data contained

in this report. All written or oral forward-looking statements attributable

to De Beers or persons acting on its behalf are qualified in their entirety by

these cautionary statements.

To the full extent permitted by law, neither De Beers nor any of its affiliates,

nor any other person, accepts any liability whatsoever for any direct or

consequential loss arising from any use of this report or the information

contained herein.

This report includes forward-looking statements. All statements other than

statements of historical facts included in this report, including, without

limitation, those regarding De Beers’ future expectations and/or future

expectations in respect of the diamond industry, are forward-looking

statements. By their nature, such forward-looking statements involve known

and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of diamond markets, or industry

results, to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions

made by De Beers in respect of the present and future business strategies

and the wider environment of the diamond industry. Important factors that

could cause actual results, performance or achievements to differ materially

from those in the forward-looking statements include, among others,

levels of actual production during any period, levels of global demand and

commodity market prices, mineral resource exploration and development

capabilities, recovery rates and other operational capabilities, the availability

of mining and processing equipment, the ability to produce and transport

products profitably, the impact of foreign currency exchange rates on

market prices and operating costs, the availability of sufficient credit, the

effects of inflation, political uncertainty and economic conditions in relevant

areas of the world, the actions of competitors, activities by governmental

authorities such as changes in taxation or safety, health, environmental or

other types of regulation in the countries relevant to the diamond industry,

conflicts over land and resource ownership rights and other such risk factors.

Forward-looking statements should, therefore, be construed in light of such

risk factors and undue reliance should not be placed on forward-looking

statements. These forward-looking statements speak only as of the date of

this report. De Beers expressly disclaims any obligation or undertaking to

release publicly any updates or revisions to any forward-looking statement

contained herein to reflect any change in De Beers’ expectations with regard

thereto or any change in the events, conditions or circumstances on which

any such statement is based.

Forward-looking statements