Further to the announcement issued by the Company on 17 November 2020, the Practice Statement Letter distributed on the same date to holders of the Group's US$650,000,000 7.25 per cent. senior secured second lien notes due 1 May 2022 (which is available on the Scheme Website at www.lucid-is.com/petradiamonds) and to the announcement issued by the Company on 2 December 2020 giving notice of the Scheme Convening Hearing, the Court has granted Petra Diamonds US$ Treasury plc (the 'Scheme Company') permission to convene a meeting of the Scheme Creditors (the 'Scheme Meeting') for the purposes of considering, and if thought fit, approving a scheme of arrangement proposed to be made between the Company and the Scheme Creditors in connection with the Restructuring.

Accordingly, notice is hereby given that the Scheme Meeting will take place virtually via Zoom on 8 January 2021, at 11:00 am (London time), or such other time as the Scheme Company may decide and notify to Scheme Creditors.

All Scheme Creditors are requested to attend the Scheme Meeting via Zoom either in person, by a duly authorised representative if a corporation, or by proxy.

The Scheme, the Explanatory Statement and the Account Holder Letters are available to download from the Scheme Website at www.lucid-is.com/petradiamonds/.

Capitalised terms used but not defined in this announcement have the meaning given to them in the Practice Statement Letter.

Contact:

Tel: +44 20 7494 8203

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 243 million carats, which supports the potential for long-life operations.

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.

Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. The Company's US$650 million loan notes due in 2022, currently subject to restructuring, are listed on the Global Exchange market of the Irish Stock Exchange.

Important Notice

This announcement contains statements about Petra that are or may be forward looking statements. All statements other than statements of historical facts included in this announcement may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words 'targets', 'goals', 'should', 'would', 'could', 'continue', 'plans', 'believes', 'expects', 'aims', 'intends', 'will', 'may', 'anticipates', 'estimates', 'hopes', 'projects' or words or terms of similar substance or the negative thereof, are forward looking statements.

Such forward looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. Petra disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law or regulation.

N.M. Rothschild & Sons Limited ('Rothschild & Co'), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Petra and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Petra for providing the protections offered to clients of Rothschild & Co nor for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.

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