A regular meeting of the Severalmaz Supervisory Board was held in Moscow today, the Severalmaz press-service reports.

The agenda was mostly focused around the preparations for the Annual General Meeting of the company’s shareholders. The Board approved the independent auditor’s report and the report by the company’s auditing commission. The board also approved the Severalmaz 2003 financials (including its P & L statement) and its 2003 unaudited report.

Special attention was given to Severalmaz’s participation in the social development programs of Primorsky District for the period until May 2005.

Together with ALROSA Co. Ltd., its major shareholder, Severalmaz is involved in a number of socially- and community oriented programs in the Arkhangelsk region. It was pointed out last week at the meeting between the president of ALROSA Vladimir Kalitin and the new Arkhangelsk governor Nikolay Kisselyov. Last year the residents of the remote Zimny Byereg community received several vehicles and other necessary equipment worth 1 m rubles as part of Severalmaz sponsorship program.

The Board approved the Severalmaz sponsorship aid of 1.58 m rubles to be channelled to the Primorsky District social development programs under the terms and conditions of the existent agreement. The money will be spent on the development of the areas around the Lomonosov deposit.

The Severalmaz Annual General Meeting of shareholders is scheduled on 28 May, 2004  in Arkhangelsk.