BoD Results

OJSC MAGNIT - BoD Results

PR Newswire

London, April 23

OJSC "Magnit" Announces the Results of the BOD Meeting

Krasnodar, April 23, 2013: OJSC "Magnit", Russia's largest retailer (the"Company", "Issuer"; MICEX and LSE: MGNT), is pleased to announce the resultsof the BOD meeting held on April 23, 2013.

Please be informed that on April 23, 2013 the BOD meeting was held (minutes ofthe BOD meeting of OJSC "Magnit" are w/o No. of April 23, 2013).

The meeting agenda:

1. Determination of OJSC "Magnit" business priorities.

The following BOD members were present: A. Arutyunyan, V. Butenko, S.Galitskiy, K. Pombukhchan and A. Shkhachemukov.

A. Zayonts and A. Makhnev provided their written opinions on the items of theagenda of the BOD meeting of OJSC "Magnit".

The number of the BOD members participated in the meeting, including writtenopinions of A. Zayonts and A. Makhnev, amounts to not less than half of thenumber of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

Content of the decisionsand voting results:

Item 1 on the agenda:

"To determine OJSC "Magnit" business priorities by means of ratification of thePlans of financial and economic activity of the Company for the year 2013, thefirst quarter of 2013, the second quarter of 2013".

Votes were cast as follows:

A. Arutyunyan - "for", V. Butenko - "for", S. Galitskiy - "for", A. Zayonts -"for", A. Makhnev - "for", K. Pombukhchan - "for", A. Shkhachemukov - "for".

The decision was made.

For further information, please contact:

Headquartered in the southern Russian city of Krasnodar, Magnit (LSE and MICEX:MGNT, S&P: "BB") is the holding company for a group of entities that operate inthe retail trade under the "Magnit" brand. The chain of "Magnit" stores is thelargest food retail network in Russia. As of March 31, 2013 the chain consistedof 6,209 convenience stores, 132 hypermarkets, 21 "Magnit Family" stores and713 cosmetics stores (drogerie) in 1,647 cities and towns throughout theRussian Federation.

Approximately two-thirds of the Magnit's stores are located in cities with apopulation of less than 500,000 inhabitants. Most of its stores are located inthe Southern, North-Caucasian, Central and Volga regions. The Company alsooperates stores in the North-Western, Urals and Siberian regions.

As of March 31, 2013 Magnit operated an in-house logistics system consisting of18 distribution centers, employing automated stock replenishment systems and afleet of 4,448 vehicles.

In accordance with the audited IFRS consolidated financial statements for 2012,Magnit recorded consolidated revenues of approximately $14,430 million USD anda consolidated EBITDA of $1,524 million USD.