The following issues were on the agenda of the annual meeting:
1. Approving the annual report of the Company.
2. Approving annual financial statements including profit and loss statements (profit and loss accounts) of FESCO.
3. Distributing profit in accordance with the results of business year 2003.
4. The amount, terms and form of paying dividends in accordance with the performance in 2003.
5. Electing the Company?¦s Board of Directors.
6. Electing the Company?¦s audit commission.
7. Electing the Company?¦s auditor for 2004.

The annual report, annual financial statements including profit and loss statements of FESCO were approved by a majority of votes for 2003.

Summarizing the results of operating activity for 2003, FESCO profit reached 433.3 mln. rubles and it was spread in the following way by a decision of Annual General Meeting:
?? 411.7 mln. rubles were sent to Production Development Fund,
?? 21.6 mln. rubles were sent to the Company`s Reserve Fund,
In accordance with results of the Company`s activity for business year 2003, it was decided not to charge dividends by a majority of votes.

Out of 23 candidates for voting, 9 persons were elected to be members of the Board of Directors including:

Evgeniy N. Ambrosov?V FESCO President;
Nikolay N. Evstratenko. ?V Head Deputy of Representative office ?§Minakaza Trading Limited??;
Alexandr V. Kraynikov ?V Personnel Director of ?§Industrial Investors LLC??;
Maxim V. Likhachev ?V Head of ?§PromInvestors Asset Management Corp.?? Moscow
Konstantin A. Makhov - Counsel of Property Minister of Russian Federation;
Siman V. Povaryonkin - President of ?§Industrial Investors LLC??;
Kirill Yu. Rubinskiy - Senior Vice President of ?§Industrial Investors LLC??;
Vyacheslav V. Ruksha ?V Head of Federal Agency of Sea and River water transport, Russian Federation Transport Ministry
Vladimir V. Chayka ?V Vice President of ?§Industrial Investors LLC??.

The following persons were elected as members of audit commission:

Sergey A. Murzin ?V Manager of Real Estate Division, FESCO Corporate Infrastructure Department;
Anatoliy S. Puryasov ?V Director of Economic & Planning Department;
Alexey V. Radchenko ?V main specialist of transport complex coordinating division, transport department of Primorskiy Kray Administration;
Strikun G. Raisa ?V Chief Accountant of Maritime Administration of Sea Port Vladivostok;
Maxim L. Chervyakov ?V Manager of Taxation division, FESCO Accounting Department.

The following companies were approved to be the Company`s auditors for 2004: ?§Moore Stephens CIS LLC??, ?§Price Waterhause Koopers JSC??, audit company ?§KPMG Revikonsult??, Deloite & Tush LLC.