On January 17, 2011 President of ALROSA Fyodor Andreev held a regular management meeting with his staff. The agenda included the discussion of the Company’s results of the Company in 2010 and its development strategy in 2011.

In 2010 ALROSA sold a total of over USD 3.483 billion worth of rough and polished diamonds. Based on the world diamond market outlook for 2011, ALROSA plans to sell USD 3.5 billion this year.

The key objectives for the Company in 2011 have been set out as follows:

• full-scale implementation of the underground mine construction program in order to enable the already in operation underground mines of Mir and Aikhal to reach design capacity;
• approving the Company’s development strategy for the period until 2018, adjusted for the implementation of the Timir iron ore project and major development guidelines up to 2030 providing for introducing into industrial production mines with a lower diamond grade;
• finalizing work to comply with the resolution of the shareholders of ALROSA on its conversion into an open joint-stock company.

President of ALROSA Fyodor Andreev introduced to the management the new appointee for Chief Accountant of ALROSA Elena Leonidovna Timonina who takes over this position effective from January 17, 2011.

For your reference:

Elena L. Timonina

Elena Timonina received her higher education from the economic department of the M. V. Lomonosov Moscow State University (graduation year 1983), where she qualified as an economist.

She has held various positions with JSFC Sistema, Arthur Andersen International B.V., Ernst & Young (CIS) B.V.

Member of the Institute of Professional Accountants of Russia (IPAR) from 1998, member of the Audit Chamber of Russia from 2010.