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.

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.

FORWARD-LOOKING STATEMENTS

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.