On March 14, 2005 Alrosa Finance S.A., a subsidiary of the Russian diamond producer Alrosa Company Limited, established a US$300 million euro-commercial paper (‘ECP’) program. The program allows for issuance of notes with a maturity of up to 364 days. The proceeds of the notes will be used to provide short-term funding to ALROSA.

Shortly before the launch of the program the issue received the short-term B rating from Standard & Poor’s international rating agency.

UBS Limited acted as the sole arranger of the program.