BUILDING QUÉBEC’S FIRST DIAMOND MINEPDAC March 4th 2014

Matt MansonPresident, CEO & Director

Orin BaranowskyDirector of Investor Relations

2

Forward-Looking Information

This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and “forward-looking statements” within themeaning 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 theseforward-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 anyperiod; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery,internal dilution, mining dilution and other mining parameters set out in the Feasibility Study or Optimization Study; (v) assumptions relating to grossrevenues, operating cash flow and other revenue metrics set out in the Feasibility Study or Optimization Study; (vi) mine expansion potential and expectedmine life; (vii) expected time frames for completion of permitting and regulatory approvals and making a production decision; (viii) future exploration plans;(ix) future market prices for rough diamonds; and (x) sources of and anticipated financing requirements. Any statements that express or involvediscussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but notalways, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” orvariations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative ofany 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 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 suchstatements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environmentin which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals. Certainimportant 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) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return;(iii) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (iv) the assumption that a production decision will bemade, and that decision will be positive; (v) anticipated timelines for the commencement of mine production; (vi) market prices for rough diamonds and thepotential impact on the Renard Project’s value; and (vii) future exploration plans and objectives. Additional risks are described in Stornoway's most recentlyfiled Annual Information Form, annual and interim MD&As, and other disclosure documents available under the Company’s profile at: www.sedar.com.

When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider the foregoingfactors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, thatmay be made from time to time by Stornoway or on our behalf, except as required by law.

Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard DiamondProject, the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, and the press release dated July 23rd 2013 inrespect of the July 2013 Mineral Resource estimate for further details and assumptions relating to the project. These technical reports and this pressrelease list the names of the Qualified Persons in respect of these studies.

3

Stornoway Diamond Corporation TSX:SWY

Strong Base Case Economics; World Class Upside

All-Season Access Road Opened Ahead of Schedule and Under Budget

Mining Lease and Certificates 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

Ready to Build

Focussed on Final Project Financing

4

MAJOR SHAREHOLDINGS*

12 MONTH ANALYST TARGETSMarket Capitalization:(based on voting and non-voting shares) C$ 163 million

Total Shares Outstanding: (Basic and Non-voting convertible shares) 175 million

Total Options & Warrants Outstanding:(9m Options $0.40-$2.40; 25m warrants $1.20) 33 million

Consolidated Cash: (as of January 31, 2014) C$ 21 million

Consolidated Debt: ($100m Standby Facility with IQ undrawn) C$ 66 million

IQ** (common shares)(non-voting convertible shares) 23.2% 33.0%

Agnico-Eagle 9.7% 8.4%

Caisse de dépôt et placement du Québec

7.5% (est)

6.5% (est)

Float 59.7% 52.0%

Fully Diluted

Basic

BMO Ed Sterck Market Perform na

Desjardins John Hughes Speculative Buy $1.70

Dundee Laurence Curtis Speculative Buy na

Laurentian Eric Lemieux Buy $1.70

Paradigm David Davidson Buy $2.00

RBC Des Kilalea, Outperform-

Speculative Risk $1.20

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 InvestissmentQuébec, 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 $0.93 on March 4rd 2014 and includes the issue of flow through shares which closed December 3rd 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

55

Towards Québec’s First Diamond Mine

6

Lynx

R10

N

R7

R1Hibou

R4

R9R2

R3

R65

R8

Kimberlite Bodies with Probable Reserves

Hibou

Lynx

R4

R9R2

R3

R65

Kimberlite Bodies with Resource Potential

R1Hibou

Lynx

Legend

Stornoway PropertiesHydro-Québec FacilityRenard KimberlitesKimberlitic DykeRegional Kimberlites

Hydro-Québec PowerlinesRoute 167 Extension/ Renard Mine RoadRoadExploration/ Mining Projects

LEGEND:

0 1 2

Kilometers

60 0 60 120

Kilometers

Renard

LG3LG2LG4

Laforge 1

Laforge 2

Brisay

Foxtrot Property

StratecoEastmain MineWestern Troy

Troilus Mine

Eleonore

Temiscamie

Mistissini

ChibougamauMatagami

Wemindji

Renard Kimberlite Bodies

Kimberlite Bodies with Inferred Resources

7

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

The Renard Diamond ProjectA Large, High Value Diamond Resource with a Very Long Mine Life Potential

0m

100m

200m

400m

600m

700m

500m

300m

Renard 6529/24cpht Renard 3

103/112cpht

Renard 2104/119cphtRenard 9

53cpht

Renard 460/50cpht

27 mcarat Indicated Mineral Resource

17 mcarat Inferred Mineral Resource

26-48 mcarat Exploration Target

Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sievesize cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards onMineral Resources and Reserves". Mineral resources that are not mineral reserves do not havedemonstrated 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 iffurther exploration will result in the target being delineated as a mineral resource.

Reserve Based Mine PlanJan 2013 Feasibility Study Optimization

0m

100m

200m

400m

600m

700m

500m

300m

Notes

1. 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.

2. Expressed in May 2011 terms.3. Expressed in October 2012 terms, as adjusted in October 2013 LNG FS.4. Actual.5. Excludes capitalized preproduction costs.6. Expressed in de-escalated nominal terms.

Reserve Based Mine Plan1

(Jan 2013 FS Optimization using Parity Dollar and May 2011 Diamond Pricing)

Mining ParametersMine Life 11 yearsMineral Reserve 17.9 mcaratsAve. Diamond Price2 $180/caratProduction Rate 2.2 mtonnes/yrAve. Diamond Production 1.6 mcarats/yrGross Revenue (C$M) $4,268Initial Capital CostsInitial Cap-ex3 $754mEscalation Allowance $45mRenard Mine Road4 $70mOperating ParametersOperating Cost3,5 $58/t ($76/carat)Operating Margin 67%Operating Cash Flow $2.7BValuation Parameters6

After Tax NPV (7%; Jan 1 2013) $391mAfter Tax IRR 16.3%Payback 4.8 years

Renard 65Renard 2 Renard 3

Renard 4

9Resource Based Mine PlanLong Term Plan: Foundation of Permitting and ESIA

0m

100m

200m

400m

600m

700m

500m

300m

Renard 65Renard 2 Renard 3

Renard 4

Renard 9

27 mcarat Indicated Mineral Resource

17 mcarat Inferred Mineral Resource

26-48 mcarat Exploration Target

Resource Based Mine Plan(Basis of December 2012 ESIA and Mine Permitting)

Represents the mine plan contained within the Renard December 2012 ESIA and operating authorizations. Not part of Stornoway’s public disclosure consistent with NI 43-101.

Increased project valuation and mine life.

Includes the mining of up to 17mcarat Inferred Resources within the scope of the Feasibility Study mine infrastructure.

Includes the mining of up to 2.3mcarat Indicated Resources within a Renard 65 open pit for increased annual processing capacity from 2.2mtonnes/yr to 2.5mtonnes/yr.

Additional sustaining capital only, principally on underground mine. Incremental capital for deepening of production ramp from 600m to 700m depth.

Does not include non-resource exploration upside. All pipes open at depth.

Reserve and Resource categories are compliant with the "CIM Definition Standards onMineral Resources and Reserves". Mineral resources that are not mineral reserves donot have demonstrated economic viability. The potential quantity and grade of anyExploration Target is conceptual in nature, and it is uncertain if further exploration willresult in the target being delineated as a mineral resource.

10

What has Changed Since the January 2013 Optimization Study?

0m

100m

200m

400m

600m

700m

500m

300m

Renard 65Renard 2 Renard 3

Renard 4

Renard 9

27 mcarat Indicated Mineral Resource

17 mcarat Inferred Mineral Resource

26-48 mcarat Exploration TargetReserve and Resource categories are compliant with the "CIM Definition Standards onMineral Resources and Reserves". Mineral resources that are not mineral reserves donot have demonstrated economic viability. The potential quantity and grade of anyExploration Target is conceptual in nature, and it is uncertain if further exploration willresult in the target being delineated as a mineral resource.

14% Increase in Indicated Resources

July 2013: Additional 2.3Mcarats at Renard 65 (7.9 Mtonnes at 29cpht), open pittable to 150m depth.

7% Reduction in Op-ex with LNG Option

October 2013: Annual op-ex reduction of up to $10m using LNG for power generation, with incremental cap-ex increase of just $2.6m.

10% Improvement in C$:US$ ExchangeCurrent US$0.90 rate boosts operating margin and increases NAV compared to parity dollar assumption used in Jan 2013 FS Optimization.

Increase in Average Diamond Prices

March 2013: Revised estimates of US$190/ct for Renard 2; US$180/ct for Renard 65, and an estimated +5% additional market movement since.

New Québec Tax Regime Absorbed

May 2013: New Québec system of mining taxation and royalties: Long term clarity on tax environment.

11Mine 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

12Stornoway will be a Significant Diamond ProducerCurrent and Future Diamond Producers

Source: Kimberly process and Company Reports

1 De Beers (Anglo/Botswana) $6,404m

2 Alrosa (Russia) $4,801m

3 Dominion Diamond (TSX: DDC) $940m

4 Rio Tinto (ASE: RIO) $783m

5 Petra (note 1; L: PDL) $432m

6 Stornoway (note 2; TSX: SWY) $306m7 Mountain Province (note 3; TSX: MPV) $273m

8 Gem (L: GEMD) $218m

9 Lucara (note 4; TSX: LUC) $155m

10 Others $2,588m

Total $16,900m

DeBeers38%

Alrosa28% BHPB/

Dominion6%

RioTinto5%

Petra2%

SWY2%

MPV2%GEM

1%LUC1%

Others15%

2013 World Diamond Production Data/ Forecast Future Production

Notes:

1. Petra 12 month results for period ending December 31, 2013

2. Renard estimated at FS average annual diamond production of 1.7 million carats, and WWW April 2011 weighted diamond price of $180/ct, un-escalated

3. Gahcho Kue estimated at 50% of FS average annual production of 4.5 million carats, and WWW April 2011 weighted diamond price of $121/ct, un-escalated

4. Karowe estimated as mid-range per Lucara FY2014 Operating Guidance.

13

490 m asl

-275 m asl

0 m

790 m

Indicated Resource

Legend

Inferred Resource

Inferred Resource of R2 CRB

Low TFFE

High TFFE

Ongoing Resource Expansion$10m Drill Program for 2014 Announced on Jan 22nd 2014

Renard 2 Renard 3 Renard 4 Renard 65 Renard 9

1. Conversion of Renard 65 Inferred Resources to Indicated to 150m depth (July 2013: Completed)

2. Addition of Renard 2 Country Rock Breccia to both Indicated and Inferred Resources (July 2013: Completed)

3. 6.2 Mcarats in 5.23 Mtonnes (at 119 cpht) in Renard 2 Inferred Resources between 610m and 700m depth: 4.2 to 7.3 McaratsTFFE between 700m and 770m depth. Open below 770m. (2014 Drill Program)

12

3

14Renard’s High Value DiamondsLarge Diamond Potential Not Included in Base Case Diamond Valuation Models

The Renard kimberlite pipes have similar, but marginally different diamond populations exhibiting coarse size distributions and with high proportions of large white gems.

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

Value Upside in Large Gems: 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.

The January 2013 FS Optimization utilized an average diamond valuation of US$180/ct based on May 2011 prices.

KimberliteBody

Size ofValuation 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 $171 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 $203Notes

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.

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

15

100

150

200

250

300

350

01/01/10 01/01/11 01/01/12 31/12/12 01/01/14

Inde

x to

200

9=10

0

WWW Rough Index, CPI Adjusted Renard Model Price Growth

WWW R.I.CPI Adj Base Price

May 2011 Mar 2013

+20%

-10%

+10%

-20%

Rough Diamond Price MovementsThe Diamond Market, January 2010 to March 2014

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).

May 2011 Valuation utilized in the FS based

on the average of 5 diamantaires c.10%

below the WWW rough index price

16

Waste Rock

Processed Kimberlite Containment (PKC)

OverburdenStockpile

R2-R3

Ore Stockpile

R65

Camp

Plant

Road from Chibougamau

General Project ArrangementSmall Project Footprint of 3.1km2, Modest Environmental Impact

17

Project Execution

Accommodation Complex

Process and Power Plants

Access Infrastructure Pre-Financed and Already Constructed

Renard Mine Road open to traffic since August 30th

2013. Aerodrome open since November 5th 2013.

Favourable Cost and Labour Environment

Limited amount of recent mine construction activity in Quebec means competitive cost environment and good contractor/labour availability.

Owner’s Team and EPCM Contract in PlaceMontreal based owner’s team in place for planning, engineering, environment, stakeholder relations and cost management. Stornway will also enter into an EPCM agreement with SNC-Lavalin & AMEC.

LNG Power Option Completed for Reduced Operating Cost Risk

LNG power option utilizes all-season access road and existing commercial LNG distribution network in Quebec.

18Permitting and Social AcceptabilityStrong 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 Mistissiniand 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.

July 2013: Positive Federal Environmental Assessment decision issued.

All Community Agreements and Regulatory Authorizations Required to Proceed to

Construction are in Place.

19The Route 167 Extension and the Renard Mine Road The Only Canadian Diamond Mine with an All-Season Access Road

50 km

Renard ProjectExplor./Mining Projects

Stornoway Properties

Albanel-Témiscamie-Otish Par

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

Legend

Renard

WesternTroy

EastmainAbitex

Strateco

Mistissini

Lac Mistassini

Lac Naococane

Lac Hecla

Lac Albanel

Km 0

Km82

Km240

Km195

Km143

Construction of an all-season access road connecting Renard to the Québec highway system began in Feb. 2012.

Road segments A & B (143 km) constructed by Québec as a 2-lane highway. Segments C & D (97 km) constructed by Stornoway as the single lane “Renard Mine Road”.

All 4 segments were connected and opened for mine construction traffic on August 30th 2013, 2 months ahead of schedule and approximately 10% below budget.

To complete this work, Québec provided Stornoway $77m of debt financing, repayable upon commercial production at Renard.

Stornoway has been able to apply $7m of debt savings to complete the civil works for the Renard Aerodrome.

Segments C & DStornoway

97km of Mine Road (50km/hr)

Segments A & BMin. of Transport

143km of Regional Highway (70km/hr)

Eastmain Bridge, March 2013

Transportation of Pre-Fabricated Temporary Bridge

Spans March 2013

20

Views of the RoadKM 210 KM 237

KM 155

21Renard Mine AerodromeCivil Works Completed Early Utilizing Savings Under the Renard Mine Road Credit Facility

Tree Cutting Area

RunwayCenterline

First Landing: November 5th

22Site ProgressOctober 2013

R65 Borrow Pit

Tree Clearing

Bulk SampleDMS Plant

Construction Camp

Renard Mine Road

R65

R2R9

R4

23Project ScheduleJanuary 2013 Optimization Study

BFS (Complete)

ESIA (Complete)

Community Hearings (Complete)

Reg. Authorizations (Complete)

Specific Operating Permits (50)

Detailed Engineering

Project Financing

Road Construction

Site Construction

Commissioning and Ramp-up

Commercial Production

2011

2H 2H 2H 2H2H 1H 1H 1H1H

2012 2013 2014 2015

2H1H

2016

First Vehicle Access

The timely completion of mine project financing is the principal driver on the schedule of project construction and start up

24

Québec’s First Diamond Mine – Ready to Build

Project Green-lighted: Authorizations Issued

Community Agreements in Place

Stornoway Operating Team in Place

Access Road Opened 2 Months Ahead of Schedule and Under Budget

LNG Power Plant Results in Meaningful Cost Savings

Resource Continuing to Grow

Favourable Cost Environment for Project Construction

Stornoway is Focused on Completing Project Financing for Construction in 2014

and 2015, with first Production in 2016

2525

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

26

Probable Mineral Reserve Mining Recovery Factors Utilized in the Reserve Calculation

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

InternalDilution

Mining Recovery

MiningDilution

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 ReservesJanuary 28th 2013

27

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.

Renard NI 43-101 Mineral ResourcesJuly 23rd 2013. Changes to Previous January 2011 Mineral Resource in Italics

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Renard 2 – Total 100 (n/a) 18.58 (n/a 18.66 (n/a)

Renard 2 104 (+1.2%) 17.71 (-0.4%) 18.38 (+1.6%)

Renard 2 CRB-2a 32 (n/a) 0.87 (n/a) 0.28 (n/a)

Renard 3 103 (-2.2%) 1.76 (+0.5%) 1.82 (-1.7%)

Renard 4 60 (+13.1%) 7.25 -- 4.31 (+13.0%)

Renard 65 29 (n/a) 7.87 (na) 2.30 (n/a)

Total Indicated 76.4 (-14.3%) 35.45 (33.1%) 27.09 (+14.0%)

Renard 2 – Total 64 (n/a) 11.77 (n/a) 7.47 (n/a)

Renard 2 119 (+1.2%) 5.23 (+0.4%) 6.23 (+1.6%)

Renard 2 CRB 19 (n/a) 6.54 (n/a) 1.24 (n/a)

Renard 3 112 (-4.5%) 0.54 (+0.2%) 0.61 (-4.2%)

Renard 4 50 (+13.7%) 4.75 (-0.1%) 2.37 (+13.7%)

Renard 9 53 (+13.2%) 5.70 (+0.1%) 3.04 (+13.2%)

Renard 65 24 (-16.8%) 4.93 (-61.9%) 1.18 (-68.3%)

Lynx Dyke 107 -- 1.80 -- 1.92 --

Hibou Dyke 144 -- 0.18 -- 0.26 --

Total Inferred 56.8 (+1.2%) 29.67 (-4.6%) 16.85 (-3.5%)

28

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.

Target for Further ExplorationJuly 23rd 2013. Changes to Previous January 2011 Estimates in Italics

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Renard 2 104 to 158 4.0 to 4.6 4.2 to 7.3Renard 3 105 to 168 0.8 to 1.7 0.8 to 2.8Renard 4 50 to 77 11.1 to 15.4 5.6 to 11.8Renard 9 52 to 68 3.9 to 6.3 2.0 to 4.3Renard 65 25 to 33 29.0 to 40.9 7.3 to 13.5Lynx Dyke 96 to 120 3.1 to 3.2 3.0 to 3.8Hibou Dyke 104 to 151 2.7 to 2.9 2.9 to 4.3Total ExplorationUpside

54.6 (-0.8%) to 74.9

(-0.8%)25.7

(+9.1%) to 47.8(-1.4%)

2929

Appendix 2: Feasibility Study and Feasibility Optimization

30

Chronology of Renard Studies

Feasibility Study

Released on November 16th 2011. NI 43-101 Technical Report filed December 29 2011.

11 Year Mine Plan based on 18 Mcarat Mineral Reserve derived from January 2011 NI 43-101 Resource.

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 filed March 2013.

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.

Resource Update

Released July 2013. NI 43-101 Resource update with 14% increase in Indicated Resource contained carats

LNG Feasibility Study

Released October 2013. Modified project Cap-ex and Op-ex for LNG powered gensets

31Optimization Study Financial Analysis Project Assumptions, Valuation and Pay-Back

Key Assumptions in the Financial Model1

MiningParameters

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

Cost Parameters

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

Revenue Parameters

Gross Revenue (C$M)2 $4,268Marketing Costs 2.7%DIAQUEM Royalty 2.0%Cash Operating Margin (C$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) $182Renard 4 (US$/carat) $164Diamond Price Escalation 2.5%Exchange rate 1C$=1US$

Schedule Parameters

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

Valuation Results5 (C$m)

Pre-Tax After Tax

NPV5% $894 $537

NPV7% (Base Case) $683 $391NPV9% $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.

32Optimization Study 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%Mining32%

Plant37%

Onsite utilities

and infrastruc.

24%

Direct Costs (C$474m)

Owner’s Cost34%

Spares3%

EPCM17%

Field, Vendor

reps12%

Camp9%

Freight2%

Contin.23%

Indirect Costs (C$278m)

Notes1. Optimization Study, released January 28th 2013. 2. After Escalation

33Optimization Study 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 21.22Processing 15.29G&A2 and Infrastructure 18.27

Total Open Pit3 54.78

Underground Unit Costs1 $/tonne

Underground 23.64Processing 15.29G&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 Cost357.63 C$/ t76.63 C$/ ct

3. G&A unit costs do not include closure cost4. “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)

34Optimization Study Financial AnalysisCarat 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 1.91Renard 2 Underground 13.62

Renard 3 Underground 0.84

Renard 4 Underground 1.58

Total Underground 16.03Total 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.

35Optimization Study Financial AnalysisProject 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

36Liquefied Natural Gas Power Plant Feasibility Study Released October 2013

With a view to project optimization, Stornoway has been investigating more cost efficient alternatives for on-site power supply than traditional diesel fuelled gen-sets.

A Hydro-Québec powerline has been ruled out in the short term due to high cap-ex cost.

On October 21st Stornoway announced it will proceed with an LNG fuelled gen-set option, made possible by the ability to receive regular cryogenic LNG shipments on the Renard Mine Road.

The Renard LNG plant will comprise seven 2.1MW rated gas gen-sets, providing sufficient power generation capacity for the project’s normal operating specification of 9.5MW.

37Liquefied Natural Gas Power PlantFeasibility Study Released October 2013

An LNG fuelled powerplant for Renard offers many advantages over diesel:• Greatly reduced annual operating costs of $8m to $10m per year, for a small incremental capital cost

of $2.6m.• Up to 43% less greenhouse gas emissions.• Long term, stable supply market utilizing existing commercial distribution network within Quebec.• Elimination of on-site propane, as LNG will be used for building and underground mine heating.

Diesel will continue to be used for the mobile mining fleet and construction activities

Cost Improvements with LNGJan 2013

Optimization Study with Diesel

Jan 2013 Optimization Study

with LNGUnit Power Cost (C$/kWh) 1 $0.299 $0.188 (-37%)Unit Operating Cost (C$/tonne) 1,2 $57.63 $53.84 (-7%)Initial Capital Cost (C$m) 1 $752.1 $754.0 (+0.3%)Life of Mine Capital Cost (C$m) 1,3 $1,013 $1,010 (-0.3%)

Annual Diesel Consumption (million litres) 27.5 5.9 (-79%)Annual LNG Consumption (thousand m3/annum) n/a 41.7Annual Propane Consumption (thousand m3/annum) 3.5 n/a

Notes

1. January 2013 Optimization Study costs expressed in October 2012 terms.

2. Excludes capitalized preproduction costs.

3. Includes all initial, sustaining and deferred capital, contingencies and escalation

Key Assumptions

Based on the 11 year reserve-based mine life (17.9 mcarats) contained within the January 2013 Optimization Study, with a normal operating load of 9.49MW, C$1=US$1, Oil US$95/barrel

3838

Appendix 3: Project Comparables

39Diamond Industry Cost Curve Source: Published FY2012 Results, FS Life of Reserve Data and Company Estimates

World Diamond Project ComparablesCost/Revenue

40Project ComparablesRecent 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 ParametersResource (m carats) 161 133 No data 41Resource (US$) $10B $6.7B No data $7.2BResource Grade (cpht) 110 360 No data 72Average Resource Diamond Price $60 $50 No data $175Resource Mine Life 25 25 No data n/a

Reserve ParametersReserve (carats) 72 102 6 17.9Reserve (dollars) $6B $5.5B $2.4B (est) $3.2BReserve Grade (cpht) 109 400 20 75Average Reserve Diamond Price $84 $55 $400 $180 Average Reserve Ore Value (US$) $92 $220 $80 $136Reserve Mine Life 17 19 12 11

Production ParametersAnnual Production (mCarats) Up to 3.6 Up to 7 0.5 1.7Annual Revenue (US$m) $302 $385 $215 $306LOM Op-ex (Cdn$/tonne) $100 to $60 $100 No data $58LOM Op-ex (Cdn$/carat) $92 to $55 $25 No data $76Canadian-US Dollar c.$0.75 $0.67 c.$1.00 $1.00

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

41Project ComparablesRecent Canadian Diamond Development Projects Compared as of the Date of each FS

Gahcho Kué FS (2010) De Beers/Moun. Prov.

Star-Orion FS (2011) Shore Gold

Renard FS Optimization Study (2013)

Resource ParametersResource (m carats) 61 43 41Resource (US$) $5.1B $11B $7.2BResource 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 ParametersReserve (carats) 49 34 17.9Reserve (dollars) $3.7B $8.2B $3.2BReserve Grade (cpht) 157 12 75Average Reserve Diamond Price $75 $242 $180 Average Reserve Ore Value (US$) $118 $30 $136Reserve Mine Life 11 20 11

Production ParametersAnnual Production (mCarats) 4.5 1.7 1.7Annual Revenue (US$m) $338 $411 $306LOM Op-ex (Cdn$/tonne) $49 $14 $58LOM Op-ex (Cdn$/carat) $31 $114 $76Canadian-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.

4242

Appendix 4: The Diamond Market

43Major Diamond Mines and Development Projects WorldwideFew 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)

• Karowe (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)

44The Rough Diamond Business in Context1/8th the Size of the Copper Business

Source: USGS, LME, Kimberly Process

45The Diamond PipelineAn Industry with Many Intermediaries

Source: TacyD.I.B.April 2013

Production Cost

Production Value

Mine Sales to Industry

Rough Sales to Cutting Centers

Value of Polished Produced

Value of Diamonds in

Retail Jewelery

Sales

Retail Sales of Diamond

Jewelery

Estimated Average Margins

after Costs (%)

Polishing: -10 to 15%

Jewelery Manufac: -10

to 10%

Jewelery Retail: 20 to

50%

Mine Production Rough Trading and Diamond Polishing Diamond Jewelery

Value in US$B terms of each

stage of the diamond pipeline

Rough Mining: 0 to 50% Rough Dealing: 0 to 10%

$6.0B $13.37B $15.5B $15.2B $17.6B $21.9B

$72.1B

46

Future Rough Diamond Supply

0

20

40

60

80

100

120

140

160

180

Pro

du

cito

n /

Su

pp

ly M

ct

Alluvial

Open Cut

U/G

3x increase in U/G caratsHigher 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.

4747Rough Diamond Supply and Demand ForecastsAn Example: Bain September 2013

Rough Diamond Demand

Supply and DemandRough Diamond Supply

Since 2012, Bain & Co in partnership with the Antwerp World Diamonds Center have published an annual review of the diamonds sector.

The September 2013 edition forecasts a rough diamond supply CAGR of 2% and a rough diamond demand CAGR of 5.1%.

48

$109$121 $117

$182 $190

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011 2012 2013

Inde

x O

ctob

er 2

003

= 10

0

Commodity Index Data

WWW R.I. Polished Prices Index GoldIMF CPI IMF IPI IMF CPI NonFuelIMF Coal(Aust) IMF Metal IMF CuS&P TSX Comp Index

S&P

TSX

Com

posi

te In

dex

Wee

kly

Clo

sing

S&P

TSX

Com

posi

te In

dex

Wee

kly

Clo

sing

S&P

TSX

Com

posi

te In

dex

Wee

kly

Clo

sing

S&P

TSX

Com

posi

te In

dex

Wee

kly

Clo

sing

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

8% CAGR in Rough Prices

2003-2012

4949

Appendix 5: Management Biographies

50

Hume KyleIndependent

Zara BoldtCFO and VP

Finance

Pat GodinCOO & Director

Matt Manson President, CEO

& Director

Michel BlouinIndependent/ IQ Designate

Yves Harvey Independent

John LeBoutillierIndependent/ IQ Designate

Monique MercierIndependent/ IQ Designate

Peter NixonIndependent

Ebe ScherkusIndependent/

Board Chairman

Executive Officers

Non-Executive Directors

Key Managers

Head Office: Longueuil, Québec

Exploration Office: North Vancouver, BC

Community Offices: Mistissini & Chibougamau Québec

Stornoway’s Board and Management Team

Serge VézinaIndependent

Orin Baranowsky

Director, IR

Jean-Charles Dumont

Corporate Controller

Yves PerronVP Engineering & Construction

Ghislain Poirier

VP Public Affairs

Brian Glover VP Asset Protection

Martin BoucherVP Sustainable Development

Guy BourqueChief Mining

Engineer

Helene RobitailleDirector, HR

Robin Hopkins

VP Exploration

Mario Courchesne

Construct. Manager

Freddie Mianscum

IBA Implem. Officer

51

PRESIDENT, CHIEF EXECUTIVEOFFICER 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 Corporationin March 2007 following the acquisition of Ashton Mining of Canada andContact Diamond Corporation, and subsequently President & CEO inJanuary 2009.

As President & CEO, Mr. Manson is responsible for the management of thecompany as a whole, playing a leadership role in all key business unitsincluding finance and budgets, exploration, human resources, investorrelations and advanced project development including the RenardDiamond Project.

Between 1999 and 2005 he was employed by Aber Diamond Corporation(now Harry Winston Diamond Corporation) as VP Marketing andsubsequently VP Technical Services & Control, during which time heparticipated in the US$230m project financing for the Diavik DiamondProject and oversaw Aber's technical and marketing operations during thefeasibility, construction and early production phases of Diavik. Between2005 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

52

CHIEF OPERATING OFFICERAND DIRECTOR

Patrick Godin, Eng., Asc.

Pat Godin joined Stornoway as Chief Operating Officer in May 2010 andwas appointed to the Board of Directors in October 2011. He isresponsible 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 ofmining projects in the Americas and West Africa, and was responsible forthe developed of the Essakane Mine in Burkina Faso under contract toIAMGOLD.

He was previously Vice President of Operations for Canadian Royalties,specifically heading the development of their nickel project in NorthernQuébec. He was also President and General Manager of CBJ-CAIMANS.A.S., a French subsidiary of Cambior / IAMGOLD, holder of the CampCaïman gold mining project located in French Guiana. For many years, hewas involved in Cambior’s various Canadian properties in Abitibi-Témiscamingue, through progressive management positions in projectdevelopment and mine management.

He holds a bachelor’s degree in mining engineering from Université Lavalin Québec. Mr. Godin is a member of the “Ordre des Ingénieurs duQuébec”, of the Certified Directors College and of The Canadian Instituteof Mining, Metallurgy and Petroleum (CIM). He is the Chairman of theBoard 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

53

VICE PRESIDENT, FINANCE ANDCFO

Zara Boldt, B.A., CGA

Zara Boldt was appointed Vice President, Finance with Stornoway in May2007, after serving as Stornoway’s Controller between 2004 and 2007, andChief Financial Officer in March 2010.

As Vice President Finance and CFO, Ms. Boldt is responsible for themanagement of the corporate and financial affairs of the corporation, andfor the oversight of its regulatory reporting requirements.

Ms. Boldt has held positions of progressive responsibility with severalmineral exploration companies, in addition to several years of experiencewith a national investment dealer. Her most recent resource industry rolesinclude CFO for Sherwood Copper Corporation from May 2006 to May 2007and Controller for the Northair Group of Companies between May 2004and April 2007.

Ms. Boldt is a Certified General Accountant and a graduate of theUniversity of Puget Sound in Tacoma, Washington. She is a director ofTroon 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

54

Stornoway Diamond Corporation TSX:SWY

Head Office:1111 Rue St. Charles Ouest,

Longueuil, Québec J4K 4G4

Tel: +1 (450) 616-5555

IR Contact:

Orin Baranowsky, CFA, Director IR

obaranowsky@stornowaydiamonds.com

Tel: +1 (416) 304-1026 x103

www.stornowaydiamonds.com

Info@stornowaydiamonds.com