Holding of BOD Meeting

OJSC MAGNIT - Holding of BOD Meeting

PR Newswire

London, December 21

OJSC "Magnit" announces the holding of the BOD

Krasnodar, December 21, 2012: OJSC «Magnit» (the "Company"; MICEX and LSE:MGNT) is pleased to announce the holding of the board of directors meeting.

On December 21, 2012 the Chairman of the board of directors made the decisionto hold the BOD meeting on December 28, 2012 with the following agenda:

1. Approval of the additional agreement to the contract with the sole

executive body of OJSC "Magnit".

2. 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.

3. Approval of the related party transaction.

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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 September 30, 2012 the chainconsisted of 5,523 convenience stores, 105 hypermarkets, 11 "Magnit Family"stores and 480 cosmetics stores (drogerie) in 1,504 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 September 30, 2012 Magnit operated an in-house logistics systemconsisting of 17 distribution centers, employing automated stock replenishmentsystems and a fleet of 4,082 vehicles.

In accordance with the reviewed IFRS consolidated financial statements for 1H2012, the Magnit recorded consolidated revenues of approximately $6.7 billionUSD and a consolidated EBITDA of $671 million USD.