Holding of BOD

OJSC MAGNIT - Holding of BOD

PR Newswire

London, March 20

OJSC "Magnit" Announces the Holding of the BOD

Krasnodar, March 20, 2013: OJSC «Magnit» (the "Company"; MICEX and LSE: MGNT)is pleased to announce the holding of the board of directors meeting.

On March 20, 2013 the Chairman of the board of directors made the decision tohold the BOD meeting on March 25, 2013 with the following agenda:

1. Preliminary approval of OJSC "Magnit" annual report.

2. Approval of recommendations to the general shareholders' meeting on

distribution of profit, including the dividend amount on shares of OJSC

"Magnit" and the procedure of its payment, and losses of the Company

following 2012 financial year results.

3. Approval of the list of candidates to be elected to the Revision Commission

of the Company at the annual general shareholders' meeting of OJSC

"Magnit".

4. Approval of the list of candidates to be elected to the Board of Directors

of the Company at the annual general shareholders' meeting of OJSC

"Magnit".

5. Calling of the annual general shareholders' meeting of OJSC "Magnit".

6. Adoption of the agenda of the annual general shareholders' meeting of OJSC

"Magnit".

7. Approval of the form of holding of the annual general shareholders' meeting

of OJSC "Magnit".

8. Determination of the date, time and venue of the annual general

shareholders' meeting of OJSC "Magnit".

9. Determination of the date of the list of shareholders entitled to

participate in the annual general shareholders' meeting of OJSC "Magnit".

10. Approval of the form and the text of the voting ballots on the items to be

considered at the annual shareholders' meeting of OJSC "Magnit".

11. Notification of shareholders of the holding of the annual general

shareholders' meeting of OJSC "Magnit".

12. Provision of the opportunity to shareholders to review the materials

related to the holding of the annual general shareholders' meeting of OJSC

"Magnit".

13. Determination of the amount of remuneration for the auditor's services.

14. Determination of the recommended price for major related party transaction

to be approved by the annual shareholders' meeting of OJSC "Magnit".

15. Determination of the recommended price for related party transactions to be

approved by the annual shareholders' meeting of OJSC "Magnit".

16. Determination of the position of the OJSC "Magnit" representative at the

exercise of the voting right on the Retail Import LLC shares owned by the

Company.

17. Determination of the position of the OJSC "Magnit" representative at the

exercise of the voting right on the LLC "Alkotrading" shares owned by the

Company.

18. Determination of the position of the OJSC "Magnit" representative at the

exercise of the voting right on the LLC "Tandem" shares owned by the

Company.

19. Determination of the position of the OJSC "Magnit" representative at the

exercise of the voting right on the JSC "Tander" shares owned by the

Company.

20. Approval of the related party transactions.

The expected date of the list of shareholders entitled to participate in thegeneral shareholders' meeting: April 5, 2013.

The list of shareholders entitled to receive dividends shall be made as of thedate of the list of shareholders entitled to participate in the generalshareholders' meeting, where the decision to pay (declare) the dividends on theOJSC "Magnit" shares shall be made.

The period following the results of which the decision to pay (declare)dividends on the issuer's shares shall be made at the general shareholders'meeting: 2012 financial year.

Types of the issuer's shares on which the decision to pay (declare) dividendsshall be made: ordinary registered shares.

For further information, please contact:

Headquartered in the southern Russia city of Krasnodar, Magnit (LSE and MICEX:MGNT) is the holding company for a group of entities that operate in the retailtrade under the "Magnit" brand. The chain of "Magnit" stores is one of theleading food retail networks in Russia. As of December 31, 2012 the chainconsisted of 6,046 convenience stores, 126 hypermarkets, 20 "Magnit Family"stores and 692 cosmetics stores (drogerie) in 1,605 cities and towns throughoutthe Russian 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 December 31, 2012 Magnit operated an in-house logistics system consistingof 18 distribution centers, employing automated stock replenishment systems anda fleet of 4,401 vehicles.

In accordance with the unaudited IFRS management accounts for 2012, Magnitrecorded consolidated revenues of approximately $14,430 million USD and aconsolidated EBITDA of $1,524 million USD.