On 11^th February, 2005 the Supervisory Board of ALROSA Co. Ltd. held its regular meeting chaired by Alexey Kudrin, RF Finance Minister.

The Board approved production and economic targets for 2005:

Consolidated targets for ALROSA Co. Ltd. and OAO ALROSA-Nyurba for 2005:

The 2005 objectives include among others:

·        Re-structuring of exploration divisions with a view to improving efficiency in search of new diamond deposits;

·        Commencement of construction work at the Udachny underground mine site;

·        Intensification of construction work at the Mir, Internatzionalny and Aikhal underground mines;

·        Resumption of open pit operations at the underpit reserves of the Internatzionalnaya open mine;

·        Bringing to design capacity of Dredge 203 and a mobile plant for processing of diamondiferous sands at the Istok alluvial deposit;

·        Commissioning of the second unit at the Svetlynskaya hydroelectric power station;

·        Reduction of the Company’s unconsolidated debt below USD 1 billion.

·        Housing, utilities and communal services reform under the relevant company guidelines.

             The Board amended «Regulation on the procedure to select an auditor organization for mandatory annual audit of ALROSA Co. Ltd. having no less than 25% state interest in its authorized capital», approved by the ALROSA Co. Ltd. Supervisory Board on 21^st March, 2003 (Minutes ?119).

            The Board also appointed the Tender Commission for the selection of the Company's auditor. The Tender Commission will be chaired by Ernst Beryozkin, ALROSA First Vice-President and Supervisory Board member.