1.2012 8 2 NAIMatt Manson

2. 2 1995 (i)(ii) (iii) (iv)(v) (vi)(vii)(viii) (ix) Stornoway Stornoway(i) (ii) (iii)(iv) (v)(vi) (vii) 167Renard(viii)(ix) Renard(x)Stornoway www.sedar.comStornowayStornoway 3. 4 Ekati (BHPB) Diavik ( /Harry Winston) Victor, Snap Lake, Gahcho Kue (De Beers) Arkhangelsk District (Alrosa) Renard (Stornoway) Yakutia District (Alrosa) Star (Shore Gold/Newmont) Grib (LUKOIL) Bundar ( Argyle ( ) Koidu, (Steinmetz Group) Ellendale (Gem Diamonds) Mbuyi-Mayi Williamson (Petra Diamonds) Catoca (Alrosa) Letseng (Gem Diamonds) Jwaneng, Orapa (De Beers) Venetia (De Beers) Kao (Namakwa Diamonds) Gope (Gem Diamonds) Finsch, Premier (Petra Diamonds) Liqhobong (Firestone) AK6 (Lucara Diamonds) Lace (DiamondCorp) Mothai (Lucara) 4. 52011 1/8 160 140 120 1002008802009201060201140200 Diamond Pt-PdNi Al Au CuUSGS, LME, Kimberly Process 5. 6Stornoway 2011201127.2%22.7%ZimbabweHW2.5%Zimbabwe 1.9% 7.1%HWGem2.1%1.8% PetraGem De Beers De Beers 0.2% 24.4% 1.4%34.7%Petra 4.9% 1.1%BHPB 9.1%5.1% BHPBAlrosa Alrosa2.0%26.9% 25.2%SWY 2010 SWYKimberly Process 6. 7De Beers AlrosaSWY78% (mCarats) ( $)$27761,800 1,0009501,600 900850800 $7311,400 7507001,200 6506001,000 550500Mcts 800450400$360 $335 $US 600350300250 400 `200 $182 $155150 $137 $121 $120 200100 50$34 00 :. De Beers100%: Stornoway, FY2011 . 7. 8Alrosa 2010 202023%RBC15-17% 2008 20 90EKATI Diavik AK6 (LUC)Renard (SWY) Star-Orion (SGF)Koidu (Steinmetz)Gahcho Kue (MPV, DeG lo b a l R o u g h D ia m o n d Zimbabwe P r o d u c tio n ( M M c t)200Beers)180160140120Ct MM10080604020 0 2011E2012E2013E2014E2015E2016E2018E2019E2007A2008A 2009A 2010A 2017E2006AA n g o la A u s t r a li a Botsw anaC anada D RC N a m ib ia R u s s iaS o u t h A f r ic aZim b a b w e O therRBC Capital Markets 8. 9Alrosa 2011 102010 202080,000CAGR 10-20 136,959 60,000 26,112+9.8%101,845 $billionsAlrosa Global Insight2011 10 40,00076,047 16,769 11,175+10.4% 5.6% 2020 10,2606,7565,756+2.9% 20,000 4,1685,0971,280 20204,322 22,087+4.3%17,770 10.4%408 2010 0 14,527151 2010 2015F2020F United StatesJapanIndia ChinaWorld Global insightsAlrosa 2011 1050 CAGR 73.8 97.4127.8 120 10-204540.828.2%40 1003526.0+12.5% $billions8024.5%30 21.5%$billions 25.4 15.120.5256012.5+11.0%8.0 10.020407.2 8.8 15.1+2.4%157.92044.535.7 +4.7%1028.25020102015F2020F0 20102015F2020F United States Japan IndiaChina % of India to China World Alrosa 201110 Global insightsAlrosa 201110 9. 102003-2012 4WWW International Diamond Consultants Limited 2003 10 LME IMF 10. 11 De Beers, 2000-2011$82000$7De BeersSales (Billion USD)$6$5$4$3$2 De Beers 2009-$1$- 2010 29% 2010- 2011 29% 2000200120022003 20042005 20062007 20082009 20102011 Source: Company Reports, 2000-2011$16$14Debt (Billion USD)$12$10 $8 $6 $4 $2 $- 2000 200120022003 20042005 20062007 20082009 20102011Source: RBC Capital Markets 11. 12 Stornoway Production and Demand in Rough Terms (Q1 2012 values) WWW2011 2014$60bn2011Production $50bnDemand2025 7.5% $40bnWWW$30bn $20bn $10bn De Beers Alrosa2020 10%$0bn 2003 20052007 2009 2011 20132015 2017 20192021 20232025source:WWW Forecasts Ltd WWW 2011 2WWW Stornoway 2025Renard2.5%0%De Beers 2011 11 12. Stornoway Renard 13. 14Stornoway?Renard 100%RenardStornoway 14. 15Stornoway StornowayMatt MansonPat GodinZara BoldtMichel Blouin John LeBoutillier Monique MercierTony Walsh/ Yves Harvey // Peter NixonEbe Scherkus Serge VzinaIQ DesignateIQ Designate IQ DesignateJohnGhislainYves Peron Robin Dave SkeltonBrian Glover Martin Boucher Guy Bourque HelenePatrick HouleArmstrong PoirierHopkins Robitaille 15. 16 8 2011 11 2011 12 2012 2 2012 3(Mecheshoo ) 2012 3-550/50/ $4,000 2012 5$2,840 2012 2012 5 2012 7ChibougamauChapais 16. 17Renard 0 12 Kilometers N60 060120 Kilometers Laforge 2Laforge 1 R10 BrisayLG4LG2 R7 LG3 Foxtrot PropertyHibou R1Eleonore WemindjiRenardR65Western TroyEastmain MineR4StratecoR8R9 R3Troilus Mine R2 Temiscamie LynxMistissini Matagami ChibougamauLegendLEGEND: Stornoway HydroQubec HydroQubec Renard167 / 17. 18Renard NI 43-101 20111 2420111116 Renard 6529cphtRenard 3 /Renard 2 106/118cpht 103/118cpht 1,800Renard 453/44cpht Renard 9 47cpht 1,700 2,400-4,900 +1DTCCIM 18. 193.1(PKC)R65R2-R3167 19. 20Renard 2 & 3 ( 1-2 ) Renard 65Renard 23&4( 3-11 )REBOP6,000 /220 /Renard 65Renard 3 Renard 4 Renard 2Renard 3Renard 2 20. 212011 1116 7% 6.7218.7% 3.76 14.9% 11210170 180 /278.0268%54.71/ 70.27/1 1,800(2,310 78/) 1,750(3,110 56/) 1=190 / 20112025 2.5%83.5%19.4%0/ 2012 1 1 1CIM 21. 22 Renard 65Stornoway 700Renard 3LTBP Renard 2600-700610 Renard 65290 370NI 43-101Renard 4 Renard 2Renard 9 22. 5001,0001,5002,0002,5005001,0001,500 2,000 2,5002013 20132014 20142015 20152016 20162017 2017( 2018 (20182019 20192020 20202021 2021 )2022 2022)2023 20232024 20242025 20252026 2026 R2R3R4R2 Pit R3 PitR2 UG R3 UG R4 UG 1,000 1,5002,0002,500 500 100.0200.0300.0 400.0500.0600.02013 20132014 20142015 20152016 2016 2017 (20172018 2018(2019 20192020 2020)2021 20212022 20222023 20232024 2024 )2025 2025 20262026R2 R3R4 R2R3R423 23. 24Renard 652012 7 23 StornowayRenard 655,0002012R65 R65 7 Renard 65 1,000 Renard 65 10 / 5,000 Stornoway Renard 65 7,000 /260/ A4 Renard 65 24. 25Renard WWW International Diamond Consultants Ltd.2011 58 13 Renard Lynx Hibou/99%1% 3 6 50-100 1 2100 100,00015%-38%Renard 32 20115 ( /( ) () ( ) )1Renard 2 1,580 15.46, 8.80, 8.42$163 to $236Renard 3 2,753 10.15, 7.78, 6.36 $182 $153 to $205Renard 4 2,674 5.92, 5.74, 3.99 $1122 $105 to $185Lynx 535 21.53, 5.36, 5.34 $119$99 to $144Hibou772 3.14, 3.07, 2.72$118$88 to $1361 2011 5 9 13 WWW International Diamond Consultants Limited2Renard20111NI 43-101 2011 11$164/ Renard 4 +0.85mm +1 DTC 25. 262011 2012 2013 2014 2015 () ()COMEX CEAA (50) 26. 27 16770 /2 167Caniapiscau $3.32StornowayStornoway 2015 10/$4,400 Laforge 2BrisayLaforge 12012 1LG4 Renard2013LG2 LG3MirageRenard Laforge-1165161 Eleonore Renard(Goldcorp)McLeod Lake$1.74(Western Troy) Eastmain$9/ Eastmain 1(Eastmain) 167Matoush (268 ) (Strateco) Stornoway TroilusTemiscamie (Inmet) Mistissini 600 60120KilometersChibougamau Scale: 1:3,000,000 27. 28Stornoway Investissement Qubec IQ25%34%25% IQ $1512 167 Stornoway167 Jean Charest StornowayMatt Manson 81Chibougamau167 Charest4 Renard 65 28. 29Stornoway * 1.19(RBC : -1.61Des Kilalea, $2.05( 2012 5 11:3,100ParadigmDavid Davidson $3.152011 11 174,700(2012 4 30 5 4 )BMOEd Sterck$1.00: 2012 6 72,000IQ$1 )Desjardins* Brian Christie $1.702012 5 8 ()25.0%LaurentianIQ**33.7% ()-------- Eric Lemieux $2.752012 7 5Agnico-Eagle 10.6% 8.9%National BankCaisse de dpt et placement du-9.0% 7.5% Eldon Brown$2.00Qubec2012 5 43.1% 2.4%Float52.3%47.5% 201012 Stornoway Socit gnrale de financement du QubecInvestissment Qubec $1 175* 2012 7 12 $0.74**IQInvestissement Qubec 29. 30Aber Diamond Corporation, 1995-20071999 7 30. 31Renard: 6-12 $2,840 EPCM 2012Renard 65 2013 InvestissementQubec $1 25% .- 31. !