A regular meeting of the ALROSA Supervisory Board was held in Moscowon 15 December.

The Board approved the dismissal of Mr. German Kuznetsov, former vice president, and the appointment of Yuri Ionov, ALROSA newly appointed vice president, as its new member.

ALROSA’s Supervisory Board decided on transferring its entire stake in Severalmaz Joint-Stock Company in trust to the SOLEKS Investment Co., a subsidiary of Investment Group ALROSA (IGA).

The issue of the company’s dividend policy was postponed until January 2004.

The agenda of the Supervisory Board for 2004 was approved.

The Chairman of the Board Alexei Kudrin, Russia’s Vice Premier, and Vice-Chairman of the Board Vyacheslav Shtyrov, President of Sakha (Yakutia), praised the productive efforts of the company’s personnel in 2003 and wished all the diamond miners every success in 2004.