Holding of BOD

OJSC MAGNIT - Holding of BOD

PR Newswire

London, April 15

OJSC "Magnit" Announces the Holding of the BOD Meeting

Krasnodar, April 15, 2013: OJSC «Magnit» (the "Company"; MICEX and LSE: MGNT)is pleased to announce the holding of the board of directors meeting.

On April 15, 2013 the Chairman of the board of directors made the decision tohold the BOD meeting on April 23, 2013 with the following agenda:

1. Determination of OJSC "Magnit" business priorities.

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Headquartered in the southern Russia 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.