Annual Meeting of Shareholders of the Primorsk Shipping Corporation (PRISCO, Nakhodka, Primorsky Krai) was held on May 21, 2004. At the Meeting Annual Report, Financial Statements, Report of the Auditing Commission were approved, members of the Board of Directors and Auditing Commission were elected, profit for the year 2003 was distributed and Auditor of the Company was approved, changes to PRISCO Articles of Association were made. Net profit of PRISCO in 2003 was 51.192 mln. rbl. which is 43% more than it was last reporting year. Total profits in 2003 were 1.093 bln. rbl., expenses – 1.031 bln. rbl. Balance sheet profit increased for 15.3% which is 62.17 mln. rbl. The Board of Directors recommended to the Annual General Meeting of Shareholders to distribute profit for the year 2003 as follows: not to pay dividends, to use profit for development of auxiliary and servicing divisions. General Meeting of Shareholders approved proposal of the Board of Directors. On the basis of the general voting results Meeting of Shareholders elected new Board of Directors of PRISCO consisting of 7 persons: Alexander D. Kirilichev – Chairman of the Board of Directors; Dmitry A. Golomovzy – Financial Director of PRISCO (Singapore) Pte. Ltd.; Yuri P. Kazany – Deputy Director of Personnel Department/Crewing, PRISCO; Yuri A. Kolesnichenko – General Director of Nakhodka – Torgmortrans – Service; Victor V. Malykhin - Head of Maintenance Department of PRISCO; Alexander S. Migunov – Managing Director of PRISCO (Singapore) Pte., Ltd., Eugeny Z. Chizh – Chairman of the Board of Directors of Nakhodka Ship Repair Yard.