On June 20, 2003 the annual Meeting of shareholders was held at LOMO PLC. 545 shareholders and their representatives, controlling by 79of voting shares in sum took part at the work of the Meeting.

   LOMO has following results for the last year: sales income amounts to 1.275,5 million rubles (in 2001 it was 949,2 million rubles). Sales income from sales is 230,2 million rubles (in 2001 it was 21,3 million rubles). Net income from sales amounts to 2 million rubles (retained loss in 2001 was 0,2 million rubles).

   In general it's possible to call financial and economic situation at LOMO as stable. In 2003 it's planned to increase the volume of sales up to 48,7 million dollars (in 2002 it was about 33,5 million dollars).  The most great growth of sales is waited from defence production.

   Annual report of PLC, balance sheet, profit and loss statement, paying of dividends for preferred shares were confirmed practically anonymously. New membership of the Board of Directors and the Auditing Commission were elected, the Auditor for 2003 year was confirmed. The sum of benefits and compensations of expenses to members of the Board of Directors was confirmed, and also deals, in which there is an interest were approved.

   In the framework of the course (admitted by the Board of Directors) for following principles of the Corporate Code Policy, recommended by the Federal Commission of Securities of the Russian Federation, also new edition of the Regulations about the General Meeting of shareholders was confirmed.

   11 people were elected to the Board of Directors:

- Alexander Aronov, the first deputy of general director of LOMO PLC;

- Alexander Bychkov, general director of "IK RUSS-INVEST" PLC;

- Maxim Godionenko, general director of "POCT" PVT;

- Oleg Dyachenko, general director of "Corporation of technologies and investments K" PVT;

- Arkady Kobitsky, general director of LOMO PLC;

- Azat Kurmanaev, the Chairman of the Executive Board of "Uralo-Syberian Bank" PLC;

- Nikolay Markov, the chief of the department "New programs and conceptions" LTD;

- Alexander Polukeev, general director of "Industrial group "Ladoga" PVT;

- Alexander Savelyev, the Chairman of the Executive Board of "Bank St. Petersburg" PLC;

- Alexey Spiridonov, temporary not working;

- Alexander Hasanov, the main manager director of "Uralo-Syberian Bank" PLC.

   In comparison with the last year the membership of the Board of Directors is the same.

   The Meeting decided not to charge dividends for ordinary shares. But it was confirmed to charge dividends for preferred shares . five copecks for one share (in 2001 there wasn't dividends charging, but in 2000 the rate of the dividends for one preferred share amounted to three copecks). According to the recommendations of the Board of Directors almost the all net income was directed for the paying of dividends (one million 860 thousands rubles).