Aber Diamond Corporation (Aber) is a specialist diamond company with assets in the mining and retail segments of the diamond industry. The Company supplies rough diamonds to the global market from production received from its 40% ownership interest in the Diavik Diamond Mine (the Diavik Mine) located at Lac de Gras in Canada's Northwest Territories. Aber also holds a 52.83% interest in Harry Winston, Inc. (Harry Winston) the jewelry and watch retailer. The Company operates in the two business segments: mining and retail. The Company's significant asset is a 40% ownership interest in the Diavik group of mineral claims. The Diavik Joint Venture is an unincorporated joint arrangement between Diavik Diamond Mines Inc. (DDMI 60%) and Aber Diamond Mines Ltd. (40%), where Aber owns an undivided 40% interest in the assets, liabilities and expenses. DDMI is the operator of the Diavik Mine. DDMI is a wholly owned subsidiary of Rio Tinto plc of London, England, and Aber Diamond Mines Ltd. is a wholly owned subsidiary of Aber Diamond Corporation of Toronto, Canada. Aber receives 40% of the diamond production from the Diavik Mine. Mining Aber markets its share of production from the Diavik Mine through two sales channels: directly to Tiffany & Co. and to the international diamond market through wholly owned subsidiaries operating in Antwerp, Belgium and Mumbai, India. The Company's clients are based in the diamond cutting and manufacturing centers of India, Israel, the United States and Belgium. Mining segment sales to third parties, including Tiffany & Co., accounted for 62% of Aber's consolidated revenues for the fiscal year ended January 31, 2006 (fiscal 2005). In the year ended January 31, 2005, mining segment sales to third parties, including Tiffany & Co., accounted for 66% of consolidated revenues. The Diavik Mine has three ore bodies in the mine plan: A154S, A154N and A418. Production is primarily from open pit mining of the A154S ore body with additional production coming from the A154N ore body. Retail Since April 2004, the Company has participated in the retail sector of the diamond industry through its 52.83% interest in Harry Winston, as at April 24, 2006. Harry Winston sells its line of diamond focused jewelry and timepieces through, at year end, five salons located in the United States, two in the European Union, and four in the Far East. Harry Winston timepieces are also sold through a network of independent distributors. Sales of jewelry and timepieces to third parties by Harry Winston accounted for 38% of Aber's consolidated revenues in fiscal 2005. Harry Winston timepieces are designed and manufactured by Harry Winston Ultimate Timepiece S.A. (HWUT) in Geneva, Switzerland. HWUT manufactures most of its own cases and precious metal bracelets and purchases dials through its jointly owned company, Cadraniers de Geneve (44%). Movements are purchased from Swiss movement suppliers. Design, assembly of components, polishing and quality control are all completed in HWUT's Swiss workshops.

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