Annual Shareholders Meeting

11 February 2003
The Annual Shareholders Meeting will be held at 25 of April.

Board of Directors of FESCO on its regular meeting, which took place at the beginning of February in Moscow, has taken decision to hold the Annual shareholders of FESCO Meeting at 25 of April 2003. Board of Directors of FESCO approved agenda of the meeting and a following list of candidates to the members of the Board of Directors:

1. V. Ruksha, Chairman, Roskomflot
2. Alexander N. Zhiglitsky, Manager, Regulation of Seaports Operations Department, representative of Russian Federation
3. P. Phillippov, Vice-Director of Mintrans Department of Russian Federation
4. K. Makhov, Adviser of Minister of the Privity of Russian Federation
5. N. Loginova, Vice Director, Moscow Federal Property Agency
6. I. Ivanov, Senior Vice-Governor, Primorsky Region
7. Pavel I. Gorupai, Chairman, FESCO Board of Directors
8. Yevgeny N. Ambrosov, President and CEO, FESCO
9. Alexander N. Myrynyuk, Senior Vice President, FESCO
10. Siman V. Povareonkin, President, Industrial Investors Ltd.
11. A. Nikolaev, Director, Industrial Investors Ltd.
12. Michel G. Vinchel, President, JSC Investment Company Prospect
13. Igor A. Lojevsky, Director, Deutsche Bank (London)
14. M. Romanofsky, Chairman, Union of Russian Shipowners.

According to Articles of Charter Party of FESCO, Board of Directors consists of nine members.

Press-centre of FESCO.