Swy may 28th update

BUILDING QUÉBEC’S FIRST DIAMOND MINE Update May 28th 2013

Matt Manson President, CEO & Director

2

Forward-Looking Information

This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this presentation and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law. Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to capital costs, operating costs and other cost metrics set out in the Feasibility Study or the Optimization Study; (v) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the Feasibility Study or the Optimization Study; (vi) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the Feasibility Study or the Optimization Study; (vii) mine expansion potential and expected mine life; (viii) expected time frames for completion of permitting and regulatory approvals and making a production decision; (ix) the expected time frames for delivery of a winter road by the Québec Ministère des Transports, construction of a mining grade road by Stornoway and completion generally of the Route 167 extension and the financial obligations or costs incurred by Stornoway in connection with such road extension; (x) future exploration plans; (xi) future market prices for rough diamonds; and (xii) sources of and anticipated financing requirements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: (i) estimated approval date of the Environmental and Social Impact Assessment; (ii) required capital investment and estimated workforce requirements; (iii) estimates of net present value and internal rates of return; (iv) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (v) the assumption that a production decision will be made, and that decision will be positive; (vi) anticipated timelines for the commencement of mine production; (vii) anticipated timelines related to the delivery of a winter road by the Québec Ministère des Transports, construction of a mining grade road by Stornoway and completion generally of the Route 167 extension and the impact on the development schedule at Renard; (viii) anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; (ix) market prices for rough diamonds and the potential impact on the Renard Project’s value; and (x) future exploration plans and objectives. When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Stornoway or on our behalf, except as required by law.

3

Stornoway Diamond Corporation TSX:SWY

Strong Base Case Economics

World Class Resource Upside

All-Season Access Road Under Construction

Mining Lease and Certificate of Authorization Issued.

Strong Public Support in Québec; IBA in Place

Excellent Diamond Supply & Demand Fundamentals

100% Ownership in Renard, Québec’s First Diamond Mine

One of the World’s Few New Diamond

Projects Under Development

In Project Financing

On Track for Construction Start-up in 2013

4

Yves Perron VP Engineering & Construction

Zara Boldt CFO and VP

Finance

Pat Godin COO & Director

Matt Manson President, CEO

& Director

Michel Blouin Independent/ IQ Designate

Yves Harvey Independent

John LeBoutillier Independent/ IQ Designate

Monique Mercier Independent/ IQ Designate

Peter Nixon Independent

Ebe Scherkus Independent/

Board Chairman Serge Vézina Independent

Executive Officers

Non-Executive Directors

Key Managers

Ghislain Poirier

VP Public Affairs

Brian Glover VP Asset Protection

Martin Boucher VP Sustainable Development

Guy Bourque Chief Mining

Engineer

Helene Robitaille Director, HR

Head Office: Longueuil, Québec

Exploration Office: North Vancouver, BC

Community Offices: Mistissini & Chibougamau Québec

John Armstrong

Senior Geologist

Patrick Houle Manager,

Community Dev.

Stornoway’s Board and Management Team

Robin Hopkins

VP Exploration

5

MAJOR SHAREHOLDINGS*

12 MONTH ANALYST TARGETS Market Capitalization: (based on voting and non-voting shares) C$ 100 million

Total Shares Outstanding: (Basic and Non-voting convertible shares) 163 million

Total Options & Warrants Outstanding: (10m Options $0.60-$2.40 25m warrants $1.20) 35 million

Cash and Short Term Deposits: (as of January 31, 2013) C$ 36 million

Debt: ($100m Standby Facility with IQ undrawn) C$ 46 million

IQ** (common shares) (non-voting convertible shares)

25.0% -------- 35.4%

Agnico-Eagle 10.5% 9.0%

Caisse de dépôt et placement du Québec

8.1% (est)

7.0% (est)

Float 56.4% 48.6%

Fully Diluted

Basic

RBC Des Kilalea, May 21st, 2013

Outperform-Speculative Risk $1.20

BMO Ed Sterck May 7th 2013

Market Perform $1.00

Desjardins John Hughes April 16th, 2013

Speculative Buy $1.70

Laurentian Eric Lemieux May 7th 2013

Buy $2.40

National Bank Paolo Lostritto December 11th, 2012

Outperform-Speculative Risk $2.00

BALANCE SHEET*

Notes: Debt Facility: In December 2010, Stornoway announced a $100 million Credit Support Agreement with a subsidiary of Société générale de financement du Québec, now Investissment Québec, with respect to future project debt financing. The Credit Support Agreement has an annual commitment fee of 175 bps undrawn, and will take the form of a direct project loan ranking pari passu with concurrent senior lenders or, as appropriate, on a stand alone basis on terms no less favourable than prevailing commercially reasonable market terms.

*Based on market close of $0.61 on May 27th 2013

**IQ: Investissement Québec, the Québec government's industrial and financial holding company whose mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region

Stornoway’s Platform for Project Development and Financing

6 6

The Diamond Market

7 Major Diamond Mines and Development Projects Worldwide Few Enough Mines to Fit on One Map

South Africa • Venetia (De Beers)

• Finsch, Premier (Petra Diamonds)

• Lace (DiamondCorp)

Tanzania • Williamson (Petra Diamonds)

Russia • Arkhangelsk District (Alrosa)

• Yakutia District (Alrosa)

• Grib (LUKOIL)

India • Bundar (Rio Tinto)

Australia • Argyle (Rio Tinto)

• Ellendale (Gem Diamonds)

Canada • Ekati (BHPB)

• Diavik (Rio Tinto/Harry Winston)

• Victor, Snap Lake, Gahcho Kue (De Beers)

• Renard (Stornoway)

• Star (Shore Gold/Newmont)

Botswana • Jwaneng, Orapa (De Beers)

• Gope (Gem Diamonds)

• AK6 (Lucara Diamonds)

Angola • Catoca (Alrosa)

Democratic Republic of Congo • Mbuyi-Mayi

Sierra Leone • Koidu, (Steinmetz Group)

Lesotho • Letseng (Gem Diamonds)

• Kao (Namakwa Diamonds)

• Liqhobong (Firestone)

• Mothai (Lucara)

8

Diamond Jewelry Demand is Forecast to Grow Dramatically

Share of World Diamond Jewelry Market, 2005 to 2020

US 49%

Japan 14%

Europe 10%

India (and Asia-

Arabia) 13%

China (and Asia-

Pacific) 10%

Others 4%

2005: $62B US

42%

India (and Asia-Arabia)

18%

China (and Asia-Pacific)

15%

2010: $74B

US 27%

India (and Asia-Arabia)

25%

China (and Asia-Pacific)

32%

2020F: $128B

Source: AllanHochtreiter after De Beers, Tacy Ltd., 1 CAGR estimates after Alrosa October 2011. Nominal Terms

Diamond Jewelry CAGR of 5.6%1

2010-2020

Rough Diamond CAGR of 10%1

2010-2020

9

Future Rough Diamond Supply

0

20

40

60

80

100

120

140

160

180

Pro

duci

ton

/ Sup

ply

Mct

Production and Supply Forecast (Rio Tinto)

Alluvial

Open Cut

U/G

3x increase in U/G carats Higher cost

De Beers Production Forecast Rio Tinto Production Forecast

Almost all rough diamond production forecasts show flat or declining production long term. De Beers see production peaking in 2017, and broad reserve depletion thereafter.

Rough production is not expected to reach 2008 levels in carat terms again.

No large scale diamond mine has been discovered since the discovery of EKATI and Diavik in the early 1990s. The movement to underground mining in Russia, South Africa and Canada will lower overall industry margins.

10 Rough Diamond Pricing Since 2003 Rough and Polished Diamonds Against a Basket of Indicators, 2003-May 2013

Source: LME, IMF, Rough Diamond Price data after WWW International Diamond Consultants Limited Indexed to October 2003. CAGR in Nominal Terms. WWW R.I. to April/13

8% CAGR in Rough Prices

2003-2012

11 Diamond Industry Cost Curve (Source: Published FY2012 Results, Life of Reserve Data and Company Estimates)

Renard Against Current Canadian Mines

Renard Against Current Canadian Mines

12 12

Towards Québec’s First Diamond Mine

13

Lynx

R10

N

R7

R1 Hibou

R4

R9 R2 R3

R65

R8

Kimberlite Bodies with Probable Reserves

Hibou

Lynx

R4

R9 R2 R3

R65

Kimberlite Bodies with Resource Potential

R1 Hibou

Lynx

Legend

Stornoway Properties Hydro-Québec Facility Renard Kimberlites Kimberlitic Dyke Regional Kimberlites

Hydro-Québec Powerlines Route 167 Extension/ Renard Mine Road Road Exploration/ Mining Projects

LEGEND:

0 1 2

Kilometers

60 0 60 120

Kilometers

Renard

LG3 LG2 LG4

Laforge 1

Laforge 2

Brisay

Foxtrot Property

Strateco Eastmain Mine Western Troy

Troilus Mine

Eleonore

Temiscamie

Mistissini

Chibougamau Matagami

Wemindji

Renard Kimberlite Bodies

Kimberlite Bodies with Inferred Resources

14

Key Project Parameters

24 mcarat Indicated Mineral Resource

17 mcarat Inferred Mineral Resource

24-49 mcarat Exploration Upside

Reserve Based Mine Plan (Feasibility Study Nov. 2011, Optimization Jan. 2013)

Mine Life 11 years Mineral Reserve 17.9 mcarats Initial Cap-ex $752m Operating Cost $58/t ($76/carat) Operating Margin 67% Operating Cash Flow $2.7B Average Diamond Price $180/carat Average Diamond Production 1.6 mcarats/yr After Tax NPV (7%; Jan 1 2013) $391m After Tax IRR 16.3% Production Startup December 2015

Long Term Plan (Basis of Mine Permitting)

Includes the mining of the 17mcarat Inferred Resources within the scope of the Feasibility Study mine infrastructure: Extended mine life, increased annual production, increased project valuation

*Key Assumptions: C$1=US$1, Oil US$95/barrel, 2.5% real terms diamond price growth Q311-Q425, 82.9% ore recovery, 23.8% mining and internal dilution, 0cpht dilution grade, January 1 2013 effective date for NPV and IRR calculation.

Notes: Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sieve size cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target (previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard 4 53/44cpht Renard 9

47cpht

Renard 65 29cpht

Renard 2 103/118cpht

Renard 3 106/118cpht 0m

100m

200m

400m

600m

710m

500m

300m

15 Mine Plan A Combined Open Pit and Underground Mine

Renard 4

Renard 2

Renard 3

Renard 65

View looking Northeast

Renard 2 Renard 3

Open Pit Mining (years 1-2).

Underground Mining (years 3-11).

Underground method: Blast Hole Shrinkage, Panel Retreat with waste backfill from pits.

Ramp access 610 meter level.

6,000 tpd plant capacity (2.2Mtonnes/year) expandable to 7,000 tpd (2.5Mtonnes/year).

Pit at Renard 65 (initially) as a borrow-pit and waste water sump, pending resource conversion.

16

Waste Rock

Processed Kimberlite

Containment (PKC)

Overburden

Stockpile R2-R3

Ore Stockpile

R65

Camp

Plant

Road from Chibougamau

General Project Arrangement Small Project Footprint of 3.1km2, Modest Environmental Impact

17 Permitting and Social Acceptability Strong Regulatory and Public Support for Québec’s First Diamond Mine

Social Licence

Permitting

March 2012: Impact and Benefits Agreement (“IBA” or the “Mecheshoo Agreement”) with the Cree Nation of Mistissini and the Grand Council of the Crees (EI).

July 2012: Partnership Agreements Signed with Chibougamau and Chapais.

May 2013: Settlement of future Québec mining tax regime

Oct. 2012: Québec Mining license issued.

Dec. 2012: Québec Certificate of Authorization issued.

May 2013: Federal Canadian “Comprehensive Study Report“ issued, concluding that the Renard Project is “not likely to cause significant adverse environmental effects”. Environmental Assessment Decision expected shortly.

18 Mine Plan Production Schedule and Cash Flow (Mineral Reserves Only)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,00020

13

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Ore

Ton

nage

(t)

Open Pit & Underground Mining

R2 Pit R3 Pit R2 UG R3 UG R4 UG

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Dia

mon

ds (c

arat

s)

Diamond Production

R2 R3 R4

-

100,000

200,000

300,000

400,000

500,000

600,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Rev

enue

(k C

$)

Gross Revenue (Real Terms)

R2 R3 R4

19

The Feasibility: 11 years of mining

Permitting and Long Term Business Plan

The Vision: Deposit still Open

40

60

80

100

120

140

Millions of Tonnes

20

0

Exploration Target High Range

Inferred Resource

Exploration Target Low Range

Probable Reserve

Notes: Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard’s Resource Upside A Project with a Long Resource Tail and Very Long Mine Life Potential

The resource upside at depth at Renard is world class.

Although highly accretive, the project’s Inferred Mineral Resources are not included in the Feasibility Study economic analysis in accordance with NI 43-101.

Renard 4 53/44cpht Renard 9

47cpht

Renard 65 29cpht

Renard 2 103/118cpht

Renard 3 106/118cpht

0m

100m

200m

400m

600m

710m

500m

300m

20 Renard is Continuing to Grow Renard 65 Bulk Sample: Expansion in the Project Reserve

Renard 65 currently contains: • 3.7 mcarats of Inferred Mineral Resources

(12.9mtonnes at 29 carats per hundred tonnes) • 6.8 to 13.7 mcarats of Exploration Target (29.5 to

41.6 mtonnes at 23 to 33 cpht)

Stornoway recently completed a successful 5,000 tonne bulk sample at Renard 65 in July 2012.

Diamond recovery of 963 carats with a March 2013 valuation of US$180/ct (with sensitivities of $203 & $169).

It is expected that these results will allow the successful conversion of Inferred Resources at R65 to Indicated by end Q2 2013 and subsequently, if warranted, a Mineral Reserve.

The additional Reserve could be incorporated into the mine plan in two ways: 1. add 1 year to the LOM and increase the

production rate to 2.5Mt/a or 2. add 3 years to the LOM as a reserve tail at a

production rate of 2.1Mt/a

The cost of developing a 75m deep pit at Renard 65 is already contained within the Feasibility Study.

Renard 2

Renard 3

Renard 9 Renard 4

Renard 65

Three Renard 65 diamonds: 9.78 ct and 6.41 ct diamonds recovered from the 2012 bulk sample and a 4 carat stone discovered in drillcore in 2003

21 Renard’s Diamonds Recent Valuation Conducted by WWW International Diamond Consultants Ltd. March 2013

Renard kimberlite pipes have a diamond population with a coarse size distribution and high proportion of large white gems.

99% by weight gem/near-gem quality. 1% industrial quality boart.

Value Upside in Large Gems • 17 stones recovered to date larger than 5 carats with average price of $3,100/ct. Model prices assumes $1,920

to $2,240 per carat for 5-10ct stones. Potential c.15% revenue upside. • Diamonds larger than 10.8ct (“Specials”) estimated at three to six 50-100ct stones and one to two +100ct

stones every 100,000 carats (two weeks). Not accounted for in the revenue model,

Kimberlite Body

Size of Valuation Sample (carats)

WWW March 2013 Sample

Price (US$/carat)1

WWW March 2013 Base Case Price

Model (US$/carat)1

Sensitivities (Minimum to High)

Renard 2 1,580 $180 $190 $151 to $214

Renard 3 2,753 $173 $151 $141 to $185

Renard 4 2,674 $100 $104 ($150)2 $98 to $168

Renard 65 997 $250 $180 $169 to $203 Notes

1. All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.

2. Should the Renard 4 diamond population prove to have a diamond population with a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of $150 per carat based on March 2013 pricing.

10.15 carat gem quality octahedron

Renard 3 Bulk Sample Stones larger than 2 carats. “Run of Mine”

22

Project Schedule

BFS (Complete)

ESIA (Complete)

Community Hearings (Complete)

Certificates of Authorization

Specific Operating Permits (50)

Detailed Engineering

Project Financing

Road Construction

Site Construction

Commissioning and Ramp-up

Commercial Production

2011

2H 2H 2H 2H 2H 1H 1H 1H 1H

2012 2013 2014 2015

2H 1H

2016

First Vehicle Access

23 The Route 167 Extension and the Renard Mine Road A Canadian Diamond Project with Road Access.

50 km

Renard Project Explor./Mining Projects Stornoway Properties

Albanel-Témiscamie-Otish Par

Segment A: 0-82km Segment B: 82-143km Segment C: 143-195km Segment D: 195-240km

Legend

Renard

WesternTroy

Eastmain Abitex

Strateco

Mistissini

Lac

Mistassini

Lac

Naococane

Lac Hecla

Lac

Albanel

Km 0

Km82

Km240

Km195

Km143

An all-season access road connecting Renard to the Québec Highway network is under construction.

Segments A & B of this road are being constructed by Québec as a 2-lane highway. Segments C & D are being constructed by Stornoway as the single lane “Renard Mine Road”.

To complete this work, Québec has provided Stornoway up to $85m of debt financing, repayable upon commercial production at Renard.

Work is proceeding well. All season access to Renard is on target for Q4 2013.

Segments C & D Stornoway

97km of Mine Road (50km/hr)

Segments A & B Min. of Transport

143km of Regional Highway (70km/hr)

Eastmain Bridge, March 2013

Transportation of Pre-Fabricated Bridge Spans

March 2013

24

Stages of Road Construction

“Slashing” or Tree Clearing Preparation of Road Foundation

Bridges or Culverts on Stream Crossings

Completed Culvert Completed Road, Segment B, September 2012

Grading

25

What to Expect

Significant Development and Financing

Milestones in the next 6 months

Regular Development Milestones • Road/Operating Licenses/Early Works

Renard Resource Update • Due end of Q2

Guidance on Project Financing • Project debt syndicate announced on

September 6th 2012 for a senior facility of up to $475m (BMO, Scotia, NedBank, SocGen, EDC, Caterpillar, IQ)

• Stornoway is currently pursuing the balance of financing based on a combination of equity and the forward sale of diamonds.

Stornoway is Targeting Construction

Mobilization in 2013

26

0%

100%

200%

300%

400%

500%

600%

6-Se

p-95

6-M

ar-9

6

6-Se

p-96

6-M

ar-9

7

6-Se

p-97

6-M

ar-9

8

6-Se

p-98

6-M

ar-9

9

6-Se

p-99

6-M

ar-0

0

6-Se

p-00

6-M

ar-0

1

6-Se

p-01

6-M

ar-0

2

6-Se

p-02

6-M

ar-0

3

6-Se

p-03

6-M

ar-0

4

6-Se

p-04

6-M

ar-0

5

6-Se

p-05

6-M

ar-0

6

6-Se

p-06

6-M

ar-0

7

6-Se

p-07

B

A. 1994-1995 – Discovery of A21, A154S, A154N, A418 pipes

B. July 1995 – Bulk Sample Completed

C. September 1996 – Pre-Feasibility Completed

D. July 1999 – Announces equity financing of $100.0m with Tiffany and Co and Off-Take Deal

E. July 1999 – Feasibility Completed

F. November 1999 – Principal Permits Received

G. December 2000 – Sells minority stake in Snap Lake Project to De Beers for $173.00 mm,

H. November 2001 – Bank financing of $230.0 m

I. January 2003 – First Production

A

C

D E

H

I

Post Financing, De-Risking Phase

Aber Diamond Corporation Stockprice Index Sept. 95 to Sept. 07

Production

G

F

Why Invest in Stornoway? The Lassonde Curve: Value Creation through Project Financing and Development

4x Return 1999-2004

Stornoway’s Objective is to Build Shareholder Value by

Building Renard

SWY December 2008 to January 2013

Discovery/ Resource Growth

Pre-Feas/ Feas Post-Feas

Pre-Financing Low Point

27 27

Appendix 1: NI 43-101 Mineral Reserves and Mineral Resources

28 Renard NI 43-101 Mineral Resource Estimate Announced January 24th, 2011

Notes: Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. Indicated Mineral resources are inclusive of the Mineral Reserve. Totals may not add due to rounding. Grades are estimated at a +1DTC sieve size cut-off.

Kimberlite Grade (cpht)

Tonnes (millions)

Contained Carats (Millions)

Renard 2 103 17.63 18.09 Renard 3 106 1.75 1.85 Renard 4 53 7.25 3.81 Renard 9 -- -- -- Lynx Dyke -- -- -- Hibou Dyke -- -- --

Total Indicated 89 26.63 23.76

Renard 2 118 5.21 6.14 Renard 3 118 0.54 0.64 Renard 4 44 4.76 2.09 Renard 9 47 5.70 2.69 Renard 65 29 12.94 3.72 Lynx Dyke 107 1.80 1.92 Hibou Dyke 144 0.18 0.26

Total Inferred 56 31.12 17.45

29

Notes: The potential quantity and grade of any exploration target (previously referred to as “potential mineral deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The exploration upside for the Renard kimberlite pipes has been determined by projecting reasonable kimberlite volumes from the base of the Inferred Resource to a depth of 700m below surface. In the case of the Lynx and Hibou dykes, the exploration upside was established on the basis of known drill intersections of kimberlite for which insufficient diamond sampling exists to adequately estimate a diamond resource grade.

Kimberlite Grade (cpht)

Tonnes (millions)

Contained Carats (Millions)

Renard 2 103 to 188 4.0 to 4.6 4.1 to 8.6 Renard 3 107 to 168 0.8 to 1.6 0.8 to 2.8 Renard 4 38 to 79 11.1 to 15.3 4.2 to 12.1 Renard 9 45 to 50 3.9 to 6.3 1.7 to 3.2 Renard 65 23 to 33 29.5 to 41.6 6.8 to 13.7 Lynx Dyke 96 to 120 3.1 to 3.2 3.0 to 3.8 Hibou Dyke 104 to 151 2.7 to 2.9 2.9 to 4.3 Total Exploration Upside 55.1 to 75.5 23.5 to 48.5

Renard Exploration Upside Announced January 24th, 2011

30 Renard Resource Upside Inferred Resources and TFFE Not in Reserve Case Mine Plan

0m

100m

200m

400m

600m

710m

500m

300m

Inferred Resource

Exploration Target

Indicated Resource

0.8 to 2.8 mcarats

0.6 mcarats

6.1 mcarats

4.1 to 8.6 mcarats

3.7 mcarats

2.7 mcarats

6.8 to 13.7 mcarats

4.2 to 12.1 mcarats

1.7 to 3.2 mcarats

Notes: Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target (previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard’s Inferred Resources and TFFE represent a potential increase over the current Indicated Resource of 170% to

280%.

Each kimberlite remains open at 770m depth

31

Probable Mineral Reserve Mining Recovery Factors Utilized in the Reserve Calculation

Kimberlite Grade (cpht)

Tonnes (millions)

Contained Carats (Millions)

Internal Dilution

Mining Recovery

Mining Dilution

Renard 2 OP 95 1.31 1.24 0.0% 96.0% 7.1% Renard 2 UG 80 17.03 13.62 7.0% 82.4% 20.2% Renard 3 OP 93 0.72 0.67 0.0% 96.0% 10.5% Renard 3 UG 84 1.00 0.84 21.1% 85.0% 14.0% Renard 4 UG 42 3.72 1.58 1.4% 78.2% 14.0%

Total 75 23.79 17.95 5.9% 82.9% 17.9%

Notes: Reserve categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Totals may not add due to rounding. Grades are estimated at a +1DTC sieve size cut-off.

R2 , 83%

R3, 8%

R4, 9% Revenue

R2 , 77%

R3, 7%

R4, 16% Tonnage

R2 , 83%

R3, 8%

R4, 9% Carats

NI 43-101 Probable Mineral Reserves Restated January 28th 2013

32 32

Appendix 2: Feasibility Studies and Project Sensitivities

33

Chronology of Renard Studies

Feasibility Study Released on November 16th 2011. National Instrument (“NI”) 43-101 Technical Report filed December 29 2011 [insert hyperlink].

11 Year Mine Plan based on 18 million carat Mineral Reserve.

Long Term Business Plan Companion study to the Feasibility Study with an extended mine plan incorporating the project`s 17.5 million carats of Inferred Mineral Resources.

Basis of overall mine design and project permitting.

Not part of the project`s public disclosure, consistent with Canadian reporting standards

Optimization Study

Released on January 28th, 2013. NI 43-101 Technical Report, representing an amended Feasibility Study, to be filed within 45 days.

Refined of Feasibility mine design, including shaft deferral and a modified underground mining sequence.

11 Year Mine Plan based on 17.9 million carat Mineral Reserve.

34

Feasibility Study Contributors

Capital and Operating Cost Estimates, Onsite Infrastructure Design, Construction Strategy, Risk Assessment

Process Plant, Underground Mine Design and Underground Reserve

Open Pit Design, Open Pit Reserve and Financial Analysis

Geotechnical, Processed Kimberlite Containment, Waste Water Management

Environmental, Social and Permitting Considerations

Rock Mechanics, Hydrogeology

NI 43-101 Resource

Human Resources, Operating Plan, Marketing Plan

35 Financial Analysis Project Assumptions, Valuation and Pay-Back

Key Assumptions in the Financial Model1

Mining Parameters

Reserve Carats (M) 17.9 Tonnes Processed (M) 23.8 Recovered Grade (cpht) 75 Average Ore Recovery (%) 82.9% Average Mining Dilution (%) 17.9% Dilution Grade (cpht) 0 Processing Rate (Mtonnes/annum) 2.2 Mine Life (years) 11

Cost Parameters

Initial Cap-ex (C$M)2 $752 LOM Cap-ex (C$M)4 $1,013 Oil Price (US$/barrel)2 $95 LOM Op-ex (C$/tonne)2 $57.63 LOM Op-ex (C$/carat)2 $76.63

Revenue Parameters

Gross Revenue (C$M)2 $4,268 Marketing Costs 2.7% DIAQUEM Royalty 2.0% Cash Operating Margin (C$M)2 $2,693 % Operating Margin 67% Income Tax, Mining Duties and IBA Payments (C$M)1 $625

After Tax Net Cash Flow (C$M) $1,084

Diamond Price

Parameters3

Renard 2 and Renard 3 (US$/carat) $182 Renard 4 (US$/carat) $164 Diamond Price Escalation 2.5% Exchange rate 1C$=1US$

Schedule Parameters

Effective Date for NPV Calculation Jan. 1 2013 Construction Mobilization/Early Works Aug. 1 2013 Plant Commissioning Commences Dec. 1 2015 Commercial Production Declared Jun. 1 2016

Valuation Results5 (C$m)

Pre-Tax After Tax

NPV5% $894 $537

NPV7% (Base Case) $683 $391 NPV9% $514 $274

IRR 20.4% 16.3% Pay-Back (years) 4.69 4.82

Notes

1. Optimization Study, released January 28th 2013.

2. Expressed in October 2012 terms.

3. Expressed in May 2011 terms.

4. Expressed in nominal terms.

5. Expressed in Dde-escalated nominal terms.

36 Diamond Price Assumptions The Diamond Market, January 2010 to March 2013

100

150

200

250

300

350

01/01/10 01/01/11 01/01/12 31/12/12

Ind

ex

to 2

00

9=1

00

WWW Rough Index, CPI Adjusted Renard Model Price Growth

WWW R.I. CPI Adj Base Price

May 2011 Mar 2013

+20%

-10%

+10%

-20%

May 2011 Valuation

utilized in the FS based

on the average of 5

diamantaires c.10%

below the WWW rough

index price

A tracking of the diamond market since the publication of the November 2011 FS indicates rough diamond prices have generally remained within the bounds of sensitivities contained within the FS financial model (May 2011 spot prices and a 2.5% real terms annual price escalator).

37 Financial Analysis Capital Costs

Capital Costs1 (C$m) Site Preparation & General $32.7

Mining $151.2

Mineral processing plant $175.4

Onsite utilities and infrastructures $114.8

Owner’s Cost $94.7

Spares, fills, tools $7.1

EPCM services $47.9

Field indirect costs, vendor representatives $33.9

Construction camp & Catering $24.5

Freight and duties $5.5

Contingency $64.7

Total Initial Capital $752.1 Escalation Allowance on Initial Capital $45.1

Pre-Production Revenue $(25.0)

Deferred & Sustaining Capital2 $175.9

Deferred Capital (Route 167 Extension) $0.0

Renard Mine Road2 $78.0

Salvage Value2 $(13.3)

Total LOM Capital $1,012.9

Site Prep. & General

7% Mining 32%

Plant 37%

Onsite utilities

and infrastruc.

24%

Direct Costs (C$474m)

Owner’s Cost 34%

Spares 3%

EPCM 17%

Field, Vendor

reps 12%

Camp 9%

Freight 2%

Contin. 23%

Indirect Costs (C$278m)

Notes 1. Optimization Study, released January 28th 2013.

2. After Escalation

38 Financial Analysis Operating Costs

Notes: 1. Optimization Study, released January 28th 2013. Costs are

expressed in October 2012 terms. Totals may not add due to rounding.

2. Unit cost per processed tonnes.

Open Pit Unit Costs1 $/tonne

Open Pit 21.22 Processing 15.29 G&A2 and Infrastructure 18.27 Total Open Pit3 54.78

Underground Unit Costs1 $/tonne

Underground 23.64 Processing 15.29 G&A2 and Infrastructure 18.27 Total Underground3 57.20

Life of Mine Operating Costs1,4 (Real Terms)

Total Operating Cost (C$M) 1,352

Diamond Prod. (Mcarats) 17.6

Production Cost3 57.63 C$/ t

76.63 C$/ ct

3. G&A unit costs do not include closure cost 4. “Life of Mine Operating Costs” exclude diamond production prior to Commercial

Production and exclude pre-production operating costs, which are capitalized.

Open Pit, $10m, 1%

UG Mine, $555m,

41%

Plant, $359m,

26%

G&A, $429m,

32%

Operating Cost (C$1,352m)

39 Financial Analysis Carat Production and Revenue

Revenue Parameters1 (Real Terms)

Total Gross Revenue (C$m) $4,268

Marketing Costs (%) 2.7%

DIAQUEM Royalty (%) 2.0%

Cash Operating Margin (C$m) $2,693

% Operating Margin 67%

Taxes and Mining Duties and IBA Payments (C$m) $625

Cumulative After Tax Cash Flow (C$m) $1,084

Production Parameters1 (Mcarats)

Renard 2 Open Pit 1.24

Renard 3 Open Pit 0.67

Total Open Pit 1.91 Renard 2 Underground 13.62

Renard 3 Underground 0.84

Renard 4 Underground 1.58

Total Underground 16.03 Total 17.95

11%

89%

Diamond Production by Mining Method

Open Pit

Underground

83%

8%

9%

Diamond Production by Kimberlite Pipe

Renard 2

Renard 3

Renard 4Notes: 1. Optimization Study, released January 28th 2013.

40 Financial Analysis Project Valuation Sensitivities

80% 90% 100% 110% 120%Operating Cost 19.6% 18.0% 16.3% 14.6% 12.8%Capital Cost 21.2% 18.6% 16.3% 14.4% 12.6%Revenue 9.5% 13.1% 16.3% 19.3% 22.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%After Tax IRR

80% 90% 100% 110% 120%Operating Cost 24.3% 22.3% 20.3% 18.3% 16.1%Capital Cost 26.0% 22.9% 20.3% 18.0% 16.0%Revenue 12.1% 16.4% 20.3% 23.9% 27.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

80% 90% 100% 110% 120%Operating Cost 526,139 460,174 391,480 320,039 245,911Capital Cost 506,817 449,806 391,480 331,668 272,020Revenue 99,135 246,431 391,480 535,409 677,695

0

100

200

300

400

500

600

700

80% 90% 100% 110% 120%Operating Cost 891,143 789,142 683,499 574,143 461,111Capital Cost 845,695 764,629 683,499 601,269 519,031Revenue 231,318 457,408 683,499 909,511 1,135,60

0

200

400

600

800

1,000

1,200Pre-Tax IRR

After Tax NPV

Pre-Tax NPV

41 Financial Analysis Renard Diamond Valuation. Conducted by WWW May 9th to 13th 2011

Conducted by WWW International Diamond Consultants Ltd. May 9th-13th 2011

1The Renard Feasibility Study of November 2011 and the January 2013 Optimization Study, consistent with the NI 43-101 compliant Mineral Resource of January 2011, utilizes a higher diamond price based on an analysis of diamond breakage and poor plant recovery of the Renard 4 valuation sample, which is $164/carat. All samples utilize a +0.85mm (+1 DTC) cutoff.

Kimberlite Body

Valuation Sample (carats)

Achieved Prices for the Valuation Samples WWW Price Modeling

Number of Independent Valuations

Average of Independent Valuations (US$/carat)

WWW Valuation

(US$/carat)

WWW Base Case Model (US$/carat)

WWW "High" Model

(US$/carat)

WWW "Minimum"

Model (US$/carat)

Renard 2 1,580 5 $173 $195 $182 $236 $163

Renard 3 2,753 5 $171 $190 $182 $205 $153

Renard 4 2,674 5 $100 $107 $1121 $185 $105

The November 2011 Feasibility Study employed a diamond valuation exercise conducted under the auspices of WWW International Diamond Consultants in May 2011, with a diamond price escalation of 2.5% between Q3 2011 and Q4 2025. No change has been adopted for the January 2013 Optimization Study.

42 Financial Analysis Renard Diamond Valuation Sensitivities

Kimberlite Body WWW Base Case Model (US$/carat)

WWW "High" Model

(US$/carat)

WWW "Minimum"

Model (US$/carat)

Renard 2 Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $182 $201 $163 Scenario 2 (Alternative): Utilizing an R2 only Size Frequency Model $208 $236 $186

Renard 3 Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $182 $205 $168 Scenario 2 (Alternative): Utilizing an R3 only Size Frequency Model $165 $183 $153

Renard 4 Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $164 $185 $152 Scenario 2 (Alternative): Utilizing an R4 only Size Frequency Model $112 $121 $105

WWW determine “High” and “Minimum” sensitivities on their Base Case diamond price model.

The Feasibility Study and Optimization Study Base Case diamond price of US$182/carat for Renard 2 and 3 and US$164/carat for Renard 4 derives from a value modeling approach that assumes a single diamond size distribution in the three kimberlites.

An alternative interpretation, that each kimberlite’s diamond population is unique and is correctly represented by its diamond sample, yields diamond price models of US$208/carat for Renard 2, US$165/carat for Renard 3 and US$112/carat for Renard 4. This “Alternative” diamond price model is highly accretive to the project’s valuation given the dominance of Renard 2 in the mine plan. The interpretation of similarity in the diamond populations is the more conservative approach.

43 Financial Analysis Renard Diamond Valuation Sensitivities1

Use of the “Alternative” diamond price models are highly accretive to the project’s valuation given the dominance of Renard 2 in the mine plan. The base case assumption of similarity in the diamond size distributions between the Renard kimberlite pipes is the more conservative approach.

A real-terms diamond price growth factor of 2.5% per annum has been applied between Q3 2011 and Q4 2025, consistent with well constrained rough diamond supply and demand forecasts and industry best-practice.

Kimberlite Body Pre-Tax After-Tax

NPV7% (C$m) IRR Pay-Back

(years) NPV7% (C$m) IRR Pay-Back

(years) WWW Minimum Model $399 15.5% 5.50 $209 12.3% 5.60 Feasibility Study Base Case Model $683 20.3% 4.69 $391 16.3% 4.82 Alternative Model $888 23.8% 4.16 $521 19.2% 4.24 WWW High Model $1,292 29.3% 3.51 $775 23.9% 3.61

Diamond Price Escalation (2012-2025) Pre-Tax After-Tax

NPV7% (C$m) IRR Pay-Back

(years) NPV7% (C$m) IRR Pay-Back

(years) 0% per annum $201 11.8% 6.01 $85 9.3% 6.10 2.5% per annum (Base Case) $683 20.3% 4.69 $391 16.3% 4.82 5% per annum $1,295 28.1% 3.77 $774 22.9% 3.85 Notes: 1. Optimization Study, released January 28th 2013.

44 44

Appendix 3: Project Comparables

45 Project Comparables Recent Canadian Diamond Mines Compared as of the Date of each FS

Source: Company Reports and Stornoway Estimates. Excludes resource and diamond price upside from both projects. Excludes diamond price escalators. Assumes similar diamond recovery and mining dilution parameters.

Ekati (1998) BHPB, As Built

Estimates

Diavik (1999) Rio-Tinto, As

Built Estimates

Victor (2008) De Beers, As

Built Estimates

Renard FS Optimization Study (2013)

Resource Parameters Resource (m carats) 161 133 No data 41

Resource (US$) $10B $6.7B No data $7.2B Resource Grade (cpht) 110 360 No data 72

Average Resource Diamond Price $60 $50 No data $175

Resource Mine Life 25 25 No data n/a

Reserve Parameters Reserve (carats) 72 102 6 17.9

Reserve (dollars) $6B $5.5B $2.4B (est) $3.2B Reserve Grade (cpht) 109 400 20 75

Average Reserve Diamond Price $84 $55 $400 $180

Average Reserve Ore Value (US$) $92 $220 $80 $136

Reserve Mine Life 17 19 12 11

Production Parameters Annual Production (mCarats) Up to 3.6 Up to 7 0.5 Up to 2.0

Annual Revenue (US$m) $302 $385 $215 $360

LOM Op-ex (Cdn$/tonne) $100 to $60 $100 No data $58

LOM Op-ex (Cdn$/carat) $92 to $55 $25 No data $76

Canadian-US Dollar c.$0.75 $0.67 c.$1.00 $1.00

Pre-Production Cap-ex (Cdn$) $900m $1.3B $982m $752m

46 Project Comparables Recent Canadian Diamond Development Projects Compared as of the Date of each FS

Gahcho Kué FS (2010) Mountain Province

Star-Orion FS (2011) Shore Gold

Renard FS Optimization Study (2013)

Resource Parameters Resource (m carats) 61 43 41

Resource (US$) $5.1B $11B $7.2B Resource Grade (cpht) 168 12 72

Average Resource Diamond Price $85 (WWW Apr 10)

$65 (DTC Apr 10) $256 (WWW Feb 11) $175 (WWW May 11)

Resource Mine Life n/a n/a n/a

Reserve Parameters Reserve (carats) 49 34 17.9

Reserve (dollars) $3.7B $8.2B $3.2B Reserve Grade (cpht) 157 12 75

Average Reserve Diamond Price $75 $242 $180

Average Reserve Ore Value (US$) $118 $30 $136

Reserve Mine Life 11 20 11

Production Parameters Annual Production (mCarats) 4.5 1.7 Up to 2.0

Annual Revenue (US$m) $338 $411 $360

LOM Op-ex (Cdn$/tonne) $49 $14 $58

LOM Op-ex (Cdn$/carat) $31 $114 $76

Canadian-US Dollar 0.96 0.945 1.00

Pre-Production Cap-ex (Cdn$) $550m

($800m De Beers Dec 11) $1.9B $752m

Source: Company Reports. Excludes resource and diamond price upside from both projects. Excludes diamond price escalators. Assumes similar diamond recovery and mining dilution parameters.

47 47

Appendix 4: Management Biographies

48

PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR

STORNOWAY DIAMOND CORPORATION

49 WELLINGTON STREET EAST, SUITE 300

TORONTO, ONT M5E 1C9

TEL. : (416) 304-1026

www.stornowaydiamonds.com TSX:SWY

Matt Manson, PhD. Matt Manson was appointed President of Stornoway Diamond Corporation in March 2007 following the acquisition of Ashton Mining of Canada and Contact Diamond Corporation, and subsequently President & CEO in January 2009. As President & CEO, Mr. Manson is responsible for the management of the company as a whole, playing a leadership role in all key business units including finance and budgets, exploration, human resources, investor relations and advanced project development including the Renard Diamond Project. Between 1999 and 2005 he was employed by Aber Diamond Corporation (now Harry Winston Diamond Corporation) as VP Marketing and subsequently VP Technical Services & Control, during which time he participated in the US$230m project financing for the Diavik Diamond Project and oversaw Aber's technical and marketing operations during the feasibility, construction and early production phases of Diavik. Between 2005 and 2007 he was employed by Contact Diamond Corporation, formerly Sudbury Contact Mines and a 40% owned subsidiary of Agnico-Eagle Mines Limited, as President & COO and subsequently President & CEO.

Mr. Manson is a graduate of the University of Edinburgh (BSc Geophysics, 1987) and the University of Toronto (MSc Geology 1989 and PhD Geology, 1996), and has over 17 years of experience in diamond exploration, development and production.

Appendix: Management Biographies

49

CHIEF OPERATING OFFICER AND DIRECTOR

Patrick Godin, Eng., Asc. Pat Godin joined Stornoway as Chief Operating Officer in May 2010 and was appointed to the Board of Directors in October 2011. He is responsible for the development of the Renard Diamond Project in north-central Québec, on track to becoming Québec’s first diamond mine. Prior to joining Stornoway Diamond, Mr. Godin acted as Vice President, Project Development for GMining Services, focused on the development of mining projects in the Americas and West Africa, and was responsible for the developed of the Essakane Mine in Burkina Faso under contract to IAMGOLD. He was previously Vice President of Operations for Canadian Royalties, specifically heading the development of their nickel project in Northern Québec. He was also President and General Manager of CBJ-CAIMAN S.A.S., a French subsidiary of Cambior / IAMGOLD, holder of the Camp Caïman gold mining project located in French Guiana. For many years, he was involved in Cambior’s various Canadian properties in Abitibi-Témiscamingue, through progressive management positions in project development and mine management. He holds a bachelor’s degree in mining engineering from Université Laval in Québec. Mr. Godin is a member of the “Ordre des Ingénieurs du Québec”, of the Certified Directors College and of The Canadian Institute of Mining, Metallurgy and Petroleum (CIM). He is the Chairman of the Board of Geomega Resources and a director of Orbit-Garant Drilling.

STORNOWAY DIAMOND CORPORATION

1111 RUE ST. CHARLES O.

LONGUEUIL, QUÉBEC J4K 4G4

TEL. : (450) 616-5555

www.stornowaydiamonds.comTSX:SWY

Appendix: Management Biographies

50

VICE PRESIDENT, FINANCE AND CFO

Zara Boldt, B.A., CGA Zara Boldt was appointed Vice President, Finance with Stornoway in May 2007, after serving as Stornoway’s Controller between 2004 and 2007, and Chief Financial Officer in March 2010. As Vice President Finance and CFO, Ms. Boldt is responsible for the management of the corporate and financial affairs of the corporation, and for the oversight of its regulatory reporting requirements. Ms. Boldt has held positions of progressive responsibility with several mineral exploration companies, in addition to several years of experience with a national investment dealer. Her most recent resource industry roles include CFO for Sherwood Copper Corporation from May 2006 to May 2007 and Controller for the Northair Group of Companies between May 2004 and April 2007. Ms. Boldt is a Certified General Accountant and a graduate of the University of Puget Sound in Tacoma, Washington. She is a director of Troon Ventures Ltd., where she serves as Chair of the Audit Committee.

STORNOWAY DIAMOND CORPORATION

980 W FIRST STREET, #116

NORTH VANCOUVER, BC, V7P 3N4

TEL. : (604) 983-7750

www.stornowaydiamonds.comTSX:SWY

Appendix: Management Biographies