Annual Report and Accounts 2011

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Independent Auditor's Report
To the shareholders of Petra Diamonds Limited

We have audited the financial statements of Petra Diamonds Limited ("Petra") for the year ended 30 June 2011 which comprise the Consolidated Income Statement and Consolidated Statement of Other Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Financial Position, the Consolidated Statement of Cashflows and the related notes. The financial reporting framework that has been applied in their preparation is the Bermuda Companies Act 1981 and International Financial Reporting Standards as adopted by the European Union ("IFRS").

Our report has been prepared pursuant to the requirements of the Bermuda Companies Act 1981 and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of the Bermuda Companies Act 1981 or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Directors' responsibility for the financial statements

As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation and fair presentation of the financial statements in accordance with the Bermuda Companies Act 1981 and IFRS, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to audit and express an opinion on these financial statements in accordance with the Bermudan Companies Act 1981 and International Standards on Auditing (as issued by the International Federation of Accountants). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the entity's preparation of financial statements that give a true and fair view in order to design repetition audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion on financial statements

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group and its financial performance and cashflows for the year then ended in accordance with IFRS and have been prepared in accordance with the Bermuda Companies Act 1981.

Report on other legal and regulatory requirements

We read the other information contained in annual report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. The other information comprises the three other main sections of Petra's 2011 Annual Report: the Overview, the Business Review and the Corporate Governance section. Our responsibilities do not extend to any other information.


Chartered Accountants


United Kingdom

28 November 2011

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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