Result of AGM

Press-release

Krasnodar

July 10, 2008

OJSC "Magnit" announces AGM resuts

Krasnodar, July 10, 2008: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) announces the results of the annual general shareholders' meeting.

Type of the general meeting (annual, extraordinary) - annual general shareholders' meeting.

Form of the general meeting - joint presence of shareholders to discuss the agenda items and make decisions on the voting issues with preliminary submission (delivery) of voting bulletins prior to the conduction of the general shareholders' meeting.

Date and place of the general meeting:

Date of the annual general shareholders' meeting: June 25, 2008.

Place of the annual general shareholders' meeting: conference room, 3rd floor, 15/2 Solnechnaya st., Krasnodar, Russia.

Postal address at which the completed voting bulletins were delivered: 15/2 Solnechnaya st., Krasnodar, Russia, 350072.

Quorum of the general meeting:

Number of votes of participants included in the list of persons entitled to participate in the general meeting:

Issue № 1: «Ratification of annual report, annual accounts including profit and loss statements (profit and loss accounts) of OJSC "Magnit" as well as OJSC "Magnit" profit and loss allocation according to the financial year results" - 83,245,660 votes;

Issue № 2 «Election of the board of directors of OJSC «Magnit»» - 582,719,620 votes;

Issue № 3 «Election of the audit commission of OJSC «Magnit»» - 16,082,655 votes;

Issue № 4 «Ratification of the auditor of OJSC «Magnit»» - 83,245,660 votes;

Issue № 5 «Ratification of the auditor of the OJSC «Magnit»» in accordance with the international financial reporting standards» - 83,245,660 votes;

Issue № 6 «Election of the counting commission of OJSC «Magnit»» - 83,245,660 votes.

Number of votes of participants included in the list of persons entitled to participate in the general meeting and not interested in the Company's exercise of a transaction:

Item № 7.1 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.2 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.3 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.4 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.5 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.6 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.7 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.8 «Approval of party-related transactions» - 80,246,560 votes;

Issue № 7.9 «Approval of party-related transactions» - 80,246,560 votes.

Number of votes of shareholders participated in the general meeting and entitled to vote on the agenda items with specification whether there was a quorum for each item:

Issue № 1 «Ratification of annual report, annual accounts including profit and loss statements (profit and loss accounts) of OJSC "Magnit" as well as OJSC "Magnit" profit and loss allocation according to the financial year results" - 52,536,904 votes, quorum is present;

Issue № 2 «Election of the board of directors of OJSC «Magnit»» - 367,758,328 votes, quorum is present;

Issue № 3 «Election of the audit commission of OJSC «Magnit»» - 8,073,493 votes, quorum is present;

Issue № 4 «Ratification of the auditor of OJSC «Magnit»» - 52,536,904 votes, quorum is present;

Issue № 5 «Ratification of the auditor of OJSC «Magnit»» in accordance with the international financial reporting standards» - 52,536,904 votes, quorum is present;

Issue № 6 «Election of the counting commission of OJSC «Magnit»» - 52,536,904 votes, quorum is present;

Issue № 7.1 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.2 «Approval of party-related transactions» - 49,537,804 votes, quorum is present; 

Issue № 7.3 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.4 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.5 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.6 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.7 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.8 «Approval of party-related transactions» - 49,537,804 votes, quorum is present;

Issue № 7.9 «Approval of party-related transactions» - 49,537,804 votes, quorum is present.

Quorum is present to make the decisions on all agenda items of the annual general shareholders' meeting of OJSC «Magnit».

Voting issues and voting results.

Issue № 1: «Ratification of annual report, annual accounts including profit and loss statements (profit and loss accounts) of OJSC "Magnit" as well as OJSC "Magnit" profit and loss allocation according to the financial year results".

Votes cast is as follows:

«for» - 49,895,255 votes which amounts to 94.97% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 282,988 votes which amounts to 0.54% of the total votes of the shareholders participated in the general meeting and entitled to 

vote on this issue.

Issue № 2: «Election of the board of directors of OJSC "Magnit".

Votes cast is as follows:

«for» - 364,455 280 votes which amounts to 99.10% of the total votes of the shareholders participated in the general meeting and entitled to vote 

on this issue;

«against» - none; 

«abstained» - 3,303,048 votes which amounts to 0.90% of the total votes of the shareholders participated in the general meeting and entitled to 

vote on this .

Voting cast «for» election of the corresponding nominee is as follows:

Arutyunyan Andrey - 49,706,379 votes;

Pierre Bruno Charles Bouchut - 49,706,379 votes;

Westman Johan Mattias - 66,217,006 votes;

Galitskiy Sergey - 49,706,379 votes;

Gordeychuk Vladimir - 49,706,379 voting;

Pombukhchan Khachatur - 49,706,379 votes;

Chenikov Dmitry - 49,706,379 votes.

Issue № 3: «Election of the audit commission of OJSC "Magnit"».

Votes cast is as follows:

- Butenko Valeriy:

«for» - 5,394,445 votes which amounts to 66.82% of the total votes of the shareholders participated in the general meeting and entitled to vote;

«against» - none; 

«abstained» - 282,988 votes which amounts to 3.50% of the total votes of the shareholders participated in the general meeting and entitled to vote on 

this issue;

- Udovichenko Anzhela:

«for» - 5,394,445 votes which amounts to 66.82% of the total votes of the shareholders participated in the general meeting and entitled to vote 

on this issue;

«against» - none; 

«abstained» - 282,988 votes which amounts to 3.50% of the total votes of the shareholders participated in the general meeting and entitled to vote on 

this issue;

- Fedotov Denis:

«for» - 5,394,445 votes which amounts to 66.82% of the total votes of the shareholders participated in the general meeting and entitled to vote

«against» - none; 

«abstained» - 282,988 votes which amounts to 3.50% of the total votes of the shareholders participated in the general meeting and entitled to vote on 

this issue.

Issue № 4: «Ratification of the auditor of OJSC "Magnit"».

Votes cast is as follows:

«for» - 49,857,856 votes which amounts to 94.90% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 282,988 votes which amounts to 0.54% of the total votes of the shareholders participated in the general meeting and entitled to vote on 

this issue.

Issue № 5: «Ratification of the auditor of OJSC "Magnit" in accordance with the international financial reporting standards».

Votes cast is as follows:

«for» - 49,857,856 votes which amounts to 94.90% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 282,988 votes which amount to 0.54% of the total votes of the shareholders participated in the general meeting and entitled to vote on

Issue № 6: «Election of the counting commission of OJSC "Magnit"».

Votes cast is as follows:

«for» - 49,857,856 votes which amounts to 94.90% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 282,988 votes which amounts to 0.54% of the total votes of the shareholders participated in the general meeting and entitled to vote 

on this issue.

Issue № 7.1: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,163,065 votes which amounts to 61.265% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337, 340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.2: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,163,065 votes which amounts to 61.265% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337, 340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.3: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49, 200, 464 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337, 340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.4: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,200,464 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337, 340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.5: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,199,235 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337,340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.6: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,200,464 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337,340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.7: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,199,235 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337,340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.8: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,200,464 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337,340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Issue № 7.9: «Approval of related-party transactions».

Votes cast is as follows:

«for» - 49,198,991 votes which amounts to 61.31% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue;

«against» - none; 

«abstained» - 337,340 votes which amounts to 0.42% of the total votes of the shareholders participated in the general meeting and entitled to vote on this issue. 

Decisions made by the general meeting.

Decision on the issue № 1:

«Ratify 2007 annual report, annual accounts including 2007 profit and loss statements (profit and loss accounts) of OJSC "Magnit".

Ratify the following allocation of profit of OJSC "Magnit" according to 2007 financial year results:

not to pay dividends on ordinary nominal shares of OJSC 'Magnit';

to pay the remuneration to the members of the Board of Directors of the Company in the following amount: 

to pay the remuneration for the participation in the activity of the Board of Directors in the amount defined by "Provisions on the board of directors of OJSC "Magnit"",

not to pay the year-end remuneration;

not to pay remuneration to the members of the Audit Commission;

to invest the remainder of non-allocated net profit in the production development of the Company».

Decision on the issue № 2:

 «Elect into the board of directors of OJSC " Magnit"»:

Arutyunyan Andrey;

Pierre Bruno Charles Bouchut;

Westman Johan Mattias;

Galitskiy Sergey;

Gordeychuk Vladimir;

Pombukhchan Khachatur;

Chenikov Dmitry». 

Decision on the issue № 3:

«Elect into the Audit Commission of OJSC "Magnit":

Butenko Valeriy;

Udovichenko Anzhela;

Fedotov Denis».

Decision on the issue № 4:

«Ratify LLC "Faber Lex" (Tax Payer Id. Number - 2308052975) as the auditor of open joint-stock company "Magnit" for RAS».

Decision on the issue № 5:

«Ratify CJSC "Deloitte & Touche CIS "(ZAO "Deloitte & Touche CIS") as the auditor of open joint-stock company "Magnit" in accordance with the international financial reporting standards , legal address: building 2, 4/7 Vozdvizhenka str., Moscow, 125009, Russia».

Decision on the issue № 6:

«Assign the functions of the counting commission to the register - open joint-stock company "United Registering Company (OJSC «URC»)», located at: 15A Kalanchevskaya str., Moscow, 107078, acting under the license of the professional participants of securities market for register-keeping (License: 10-000-1-00314, issued by FFMS of Russia of March 30, 2004 , validation term: indefinite-term), which keeps the register of the owners of the OJSC "Magnit" nominal securities».

Decision on the issue № 7.1:

«Approve the transaction № DZA/W/00001/08/00 of April 21, 2008, which the Company has already exercised and which is a related-party transaction, with the following essentials:

parties of transaction: lender - OJSC «Magnit», borrower - CJSC «Tander»;

subject of transaction: loan of monetary assets;

price of transaction: 3,000,000,000 rubles;

due term of obligations under transaction: April 22, 2013 (pay-back period of the loan amount and the interest by the borrower);

content of transaction, including civil rights and

obligations, at the identification, change or termination of which the effected transaction is directed: the Lender undertakes to provide the monetary assets to the Borrower, while the latter undertakes to repay the loan within the terms defined in the loan agreement. The interest rate on the loan funds provided by the Lender to the Borrower amounts to 3.5% per annum, which is charged starting the next day following the loan provision. The Parties defined the repayment term of the loan funds and interests, which is April 22, 2013. Repayment of the loan funds and (or) interests may be exercised pre-term without written notification to the Lender about the repayment by means of transfer of the loan amount according to the bank details set in the agreement or by other means complying with the Russian Civil Code (offsetting of counter-claims, assignment of a claim, etc.).»

Decision on the issue № 7.2:

«Approve the transaction № DZA/W/00005/08/00 of April 29, 2008, which the Company has already exercised and which is a related-party transaction, with the following essentials:

parties of transaction : lender - OJSC «Magnit», borrower - CJSC «Tander»;

subject of transaction: loan of monetary assets;

price of transaction: 3,000,000,000 rubles;

due term of obligations under transaction: March 29, 2013 (pay-back period of the loan amount and the interest by the borrower);

content of transaction, including civil rights and obligations, at the identification, change or termination of which the effected transaction is directed at: the Lender undertakes to provide the monetary assets to the Borrower, while the latter undertakes to repay the loan within the terms defined in the loan agreement.

The interest rate on the loan funds provided by the Lender to the Borrower amounts 

3,4% per annum, which is charged starting the next day following the loan provision. The Parties defined the repayment term of the loan funds and interests, which is March 29, 2013 .

Repayment of the loan funds and (or) interests may be exercised pre-term without written notification to the Lender about the repayment by means of transfer of the loan amount according to the bank details set in the agreement or by other means complying with the Russian Civil Code (offsetting of counter-claims, assignment of a claims, etc.).»

Decision on the issue № 7.3:

«Approve the loan agreement of May 4, 2008 № DZA/W/00006/08/00 which the Company has already exercised and which is a related-party transaction, with the following essentials:

parties of transaction: lender - OJSC «Magnit», borrower - CJSC «Tander»;

subject of transaction: loan of monetary assets;

price of transaction: 2,000,000,000 rubles;

term of fulfillment of obligations: May 03 2014 (term of returning by the borrower the amount of loan and interest);

content of transaction, including civil rights and

obligations, at the identification, change or termination of which the effected transaction is directed at: the Lender undertakes to provide the monetary assets to the Borrower, while the latter undertakes to repay the loan within the terms defined in the loan agreement. The interest rate on the loan funds provided by the Lender to the Borrower amounts 3,6% per annum, which is charged starting the next day following the loan provision. The Parties defined the repayment term of the loan funds and interests, which is May 3, 2014 . Repayment of the loan funds and (or) interests may be exercised pre-term without written notification to the Lender about the repayment by means of transfer of the loan amount according to the bank details set in the agreement or by other means complying with the Russian Civil Code (offsetting of counter-claims, assignment of a claims, etc.).»  

Decision on the issue № 7.4:

«Approve the execution of the loan agreement (agreements) which the Company plans to effect in future and which 

is the related-party transaction(s) with the following essentials:

parties of transaction(s): lender - OJSC «Magnit», borrower - CJSC «Tander»;

subject of transaction(s) : loan of monetary assets;

limit of transaction(s): to 3,000,000,000 rubles;

limiting minimum and maximum interest rate on the loan: from 3.4% to 4% per annum;

limiting term of the obligations under transaction(s): until July 30, 2014 (pay-back period of the loan amount and interest by the borrower).»

Decision on the issue № 7.5:

«Approve the conclusion of the guarantee agreement which the Company plans to effect in future and which is a related-party transaction with the following essentials:

parties of transaction: creditor -LLC «Cargobull Finance», guarantor - OJSC "Magnit";

beneficiary: CJSC "Tander" (hereafter - the Lessee);

subject of transaction: provision of security in the form of a guarantee according to which the 

Guarantor undertakes responsibility to the Creditor jointly with the Lessee in the amount equal 

to the amount of the Lessee's obligations according to the Leasing Agreement № 63-2/2007 of «22» February 2008 executed between the Creditor and the Lessee (hereafter - the Leasing Agreement) including leasing payments, fees, penalties to the outstanding amount, reimbursement of the Creditors' costs and expenses related to the execution and provision of execution of the Leasing Agreement should the Lessee fail to exercise any obligations set to it in the Leasing Agreement. Subject of leasing - 68 MAN trucks TGA 26.350 6x2-2 BL with Schmitz MKO body - 7.7 FP 25 -2 and 68 Schmitz trailers ZKO 18/L - 8.1 FP 25 -2.;

price of transaction: the amount of obligations of the Lessee under the Leasing Agreement which implies the following:

- Leasing payments consisting of:

Purchase price of the subject of leasing calculated as follows:

Price of the MAN truck TGA 26.350 6x2-2 BL with Schmitz MKO body - 7.7 FP 25 - 104,268 euro each incl. VAT,

Price of the Schmitz trailer ZKO 18/L - 8.1 FP 25 -2 - 43,587 euro each incl. VAT,

Number of MAN trucks TGA 26.350 6x2-2 BL with Schmitz MKO trailer - 7.7 FP 25 - 68 trucks;

Number of Schmitz trailers ZKO 18/L - 8.1 FP 25 -2 - 68 trailers,

Monthly income of the Creditor - margin calculated on the basis of the following formula (including VAT):

∑ of the principal loan * (monthly rate of MosPrime Rate +2,8%)/12*1.18;

Reimbursement of the Creditor's expenses related to the property tax payment in accordance with the rate set by law;

- fee in the amount of 50,270.70 Euro incl. VAT (18%);

- penalty in the amount of 0.1% charged from the outstanding amount according to the Leasing Agreement per day;

- reimbursement of costs and expenses incurred by the Creditor in connection with the exercise and provision of exercise of the Leasing Agreement subject to terms and conditions of the Leasing Agreement.

At that the responsibility of the Guarantor may be extended (not more than by 100% of the total amount of outstanding leasing payment to be paid by the Lessee according to the Leasing Agreementот specified above and calculated at the moment of failure to exercise or undue exercise of the Obligations) in the results of re-calculation of the Creditor's expenses according to the Leasing Agreement on the following basis:

- payment by the Creditor of the insurance rates within the insurance of the subject of leasing;

- change of the tax law in the part of property tax payment as well as introduction of taxes and duties and other obligatory payments to be made by the owner of the subject of leasing according to law;

- provision of additional services to the Lessee within the framework of the Leasing Agreement upon the written enquiry of the Lessee;

- occurrence of expenses incurred by the Creditor in connection with the Lessee's failure to exercise obligations under the Leasing».

Decision on the issue № 7.6:

« Approve the conclusion of the guarantee agreement which the Company plans to effect in future and which is a related-party transaction with the following essentials:

parties of transaction: creditor - LLC «Cargobull Finance», guarantor - OJSC «Magnit»;

beneficiary: CJSC «Tander» (hereafter - the Lessee);

subject of transaction: provision of security in the form of a guarantee according to which 

the Guarantor undertakes responsibility to the Creditor jointly with the Lessee in

 the amount equal to the amount of the Lessee's obligations according to the Leasing

 Agreement № 63-2/2007 of «22» February 2008 executed between the Creditor and the Lessee (hereafter - the Leasing Agreement) including leasing payments, fees, penalties to the outstanding amount, reimbursement of the Creditors' costs and expenses related to the execution and provision of execution of the Leasing Agreement should the Lessee fail to exercise any obligations set to it in the Leasing. Subject of leasing - 100 Renault Premium D cars 380/26 S 6x2 with Schmitz MKO body - 7.7 FP 25 -2 and 100 Schmitz trailers ZKO 18/L - 8.1 FP 25 -2.

Limit (amount) of transaction: amount of obligations of the Lessee under the Lease Agreement between the Creditor and the Lessee which implies the following obligations:

- leasing payments consisting of:

Purchase price of the subject of leasing (which includes in particular the amount of pre-payment of 10% of the price of the subject of leasing) in the amount of 14,720,000 incl. VAT (18%);

monthly income of the Creditor - margin calculated on the basis of the following formula (including VAT):

∑ of principal loan * (monthly rate of MosPrime Rate +Х%)/12*1.18, where Х accounts for not more than 3;

Reimbursement of the Creditor's expenses related to the property tax payment in accordance with the rate set by law;

- fee in the amount of 0.50% the purchase price of the subject of leasing incl. VAT (18%),

- penalty in the amount of 0.1% charged from the outstanding amount according to the Leasing Agreement per day;

reimbursement of costs and expenses incurred by the Creditor in connection with the exercise and provision of exercise of the Leasing Agreement subject to terms and conditions of the Leasing Agreement.

At that the responsibility of the Guarantor may be extended (not more than by 100% of the total amount of outstanding leasing payment to be paid by the Lessee according to the Leasing Agreementот specified above and calculated at the moment of failure to exercise or undue exercise of the Obligations) in the results of re-calculation of the Creditor's expenses according to the Leasing Agreement on the following basis:

- payment by the Creditor of the insurance rates within the insurance of the subject of leasing;

- change of the tax law in the part of property tax payment as well as introduction of taxes and duties and other obligatory payments to be made by the owner of the subject of leasing according to law;

- provision of additional services to the Lessee within the framework of the Leasing Agreement upon the written enquiry of the Lessee;

- occurrence of expenses incurred by the Creditor in connection with the Lessee's failure to exercise obligations under the Leasing Agreement».

Decision on the issue № 7.7:

«Approve the conclusion of the guarantee agreement which the Company plans to effect in future and is a related-party transaction with the following essentials:

parties of the transaction: creditor - LLC «Cargobull Finance», guarantor - OJSC «Magnit»;

beneficiary: CJSC "Tander" (hereafter - lessee);

subject of the transaction: provision of security in the form of a guarantee according to which the Guarantor undertakes responsibility to the Creditor jointly with the Lessee in the amount equal to the amount of the Lessee's obligations according to the Leasing Agreement including leasing payments, fees, penalties to the outstanding amount, reimbursement of the Creditors' costs and expenses related to the execution and provision of execution of the Leasing Agreement should the Lessee fail to exercise any obligations set to it in the Leasing 

Agreement. Subject of leasing - 173 Man trucks TGA 26.350 6x2-2 BL with Schmitz MKO body - 7.7 FP 25 -2 and 173 Schmitz trailers ZKO 18/L - 8.1 FP 25 -2.

Limit (amount) of transaction: amount of obligations of the Lessee according to the Leasing Agreement between the Creditor and the Lessee which implies the following:

- Leasing payments consisting of:

Purchase price of the subject of leasing (which includes in particular the amount of pre-payment of 10% of the price of the subject of leasing) in the amount of 25,578,915 euro incl. VAT (18%);

Monthly Creditor's income - margin calculated on the basis of the following formula (including VAT):

∑ of principal loan * (monthly rate of MosPrime Rate +Х%)/12*1,18, where Х amounts to not less than 3;

Reimbursement of the Creditor's expenses related to the property tax payment in accordance with the rate set by law;

- fee in the amount of 0.25% of the purchase price of the subject of leasing incl. VAT (18%),

- penalty in the amount of 0.1% charged from the outstanding amount according to the Leasing Agreement per day;

- reimbursement of costs and expenses incurred by the Creditor in connection with the exercise and provision of exercise of the Leasing Agreement subject to terms and conditions of the Leasing Agreement.

At that the responsibility of the Guarantor may be extended (not more than by 100% of the total amount of outstanding leasing payment to be paid by the Lessee according to the Leasing Agreementот specified above and calculated at the moment of failure to exercise or undue exercise of the Obligations) in the results of re-calculation of the Creditor's expenses according to the Leasing Agreement on the following basis:

- payment by the Creditor of the insurance rates within the insurance of the subject of leasing;

- change of the tax law in the part of property tax payment as well as introduction of taxes and duties and other obligatory payments to be made by the owner of the subject of leasing according to law;

- provision of additional services to the Lessee within the framework of the Leasing Agreement upon the written enquiry of the Lessee;

- occurrence of expenses incurred by the Creditor in connection with the Lessee's failure to exercise obligations under the Leasing Agreement».

Decision on the issue № 7.8:

«Approve the conclusion of the guarantee agreement which the Company plans to effect in future and is a related-party transaction with the following essentials:

Parties of transaction: creditor - LLC «Cargobull Finance», guarantor - OJSC «Magnit»;

beneficiary: CJSC «Tander» (hereafter - the Lessee);

subject of transaction: provision of security in the form of a guarantee according to which the Guarantor undertakes responsibility to the Creditor jointly with the Lessee in the amount equal to the amount of the Lessee's obligations according to the Leasing Agreement including leasing payments, fees, penalties to the outstanding amount, reimbursement of the Creditors' costs and expenses related to the execution and provision of execution of the Leasing Agreement should the Lessee fail to exercise any obligations set to it in the Leasing Agreement. Subject of leasing - 20 MAN cars TGM 15.280 4x2 BL with a body and an InterpipeVan two-axle trailer.

Limit (amount) of transaction: amount of obligations of the Lessee under the Leasing Agreement between the Creditor and the Lessee which implies the following obligations:

- leasing payments consisting of:

Purchase price of the subject of leasing (which includes in particular the amount of pre-payment of 10% of the price of the subject of leasing) in the amount of 2,599,000 euro incl. VAT (18%);

monthly income of the Creditor - margin calculated on the basis of the following formula (including VAT):

∑ of principal amount of loan * (monthly rate of MosPrime Rate +Х%)/12*1.18, where Х accounts for not more than 3;

Reimbursement of the Creditor's expenses related to the property tax payment in accordance with the rate set by law;

- fee in the amount of 0.25% of the purchase price of the subject of leasing incl. VAT (18%),

- penalty in the amount of 0.1% charged from the outstanding amount according to the Leasing Agreement per day;

- reimbursement of costs and expenses incurred by the Creditor in connection with the exercise and provision of exercise of the Leasing Agreement subject to terms and conditions of the Leasing Agreement.

At that the responsibility of the Guarantor may be extended (not more than by 100% of the total amount of outstanding leasing payment to be paid by the Lessee according to the Leasing Agreementот specified above and calculated at the moment of failure to exercise or undue exercise of the Obligations) in the results of re-calculation of the Creditor's expenses according to the Leasing Agreement on the following basis:

- payment by the Creditor of the insurance rates within the insurance of the subject of leasing;

- change of the tax law in the part of property tax payment as well as introduction of taxes and duties and other obligatory payments to be made by the owner of the subject of leasing according to law;

- provision of additional services to the Lessee within the framework of the Leasing Agreement upon the written enquiry of the Lessee;

- occurrence of expenses incurred by the Creditor in connection with the Lessee's failure to exercise obligations under the Leasing Agreement».

Decision on the issue № 7.9:

« Approve the conclusion of the guarantee agreement which the Company plans to effect in future and is a related-party transaction with the following essentials:

parties of transaction: creditor - CJSC «Commercial joint-stock bank "Banque Societe Generale Vostok"» (represented by the branch of CJSC «BSGV» in Krasnodar), guarantor - OJSC «Magnit»;

beneficiary: CJSC «Tander» (hereafter - the Borrower);

subject of transaction: provision of security in the form of a guarantee according to which the Guarantor undertakes responsibility to the Creditor jointly and unconditionally for the Borrower's full exercise of obligations under the Agreement of the reopened credit line № 080318/0249018 exercised between the Borrower and the Creditor in Krasnodar on March 18, 2008 on the following terms and conditions:

- credit in the amount of 1,000,000,000 (One billion) rubles is granted by the creditor to the Borrower in the form of the reopened credit line for the renewal of operating assents;

- the creditor grants the Borrower with the monetary funds in the form of Individual Credits in the amount of, subject to conditions and procedure of the Credit Contract, Credit agreements and Notices of coordination of the interest rate, and the Borrower undertakes to return to the Creditor Individual credits granted to it, pay Interest and exercise other obligations under the Credit agreement in full;

- interest is charged to the granted amount of credit on the basis of 1 (One) or 2 (Two) or 3 (Three) monthly rates of MOSPRIME increased by 1.9 % (One point nine) of interest. The MosPrime rate - rate of the provided ruble credits (deposits) for the term corresponding to the Interest period which is announced at the "REUTER" screen, page MOSPRIME page at 13.00 Moscow time per one Bank Day until the Relevant date of Issue of the Individual Credit and/or for one Bank Day until the end of the relevant Interest period;

- the credit is due on March 18, 2009 ;

- in case of delay in payment of the Individual Credit and/or Interest as well other amounts paid under the Agreement, the Borrower pays to the Creditor the penalty for the whole term of delay in the amount of the double rate of refinancing the Bank of Russia valid through the relevant period per each day of payment delay.

Limit (amount) of transaction: the Guarantor is responsible to the Creditor jointly and unconditionally should the Borrower fail to exercise or unduly exercises its obligations under the Credit Contract at the same extent as the Borrower including the payment of the principal amount of loan under the Individual Credit, interests and penalties, reimbursement of any expenses including but not limited to expenses of the Creditor related to the levy of execution and realization of the pledged property to secure the obligations of the Borrower under the Credit Agreement, as well as reimbursement of losses of the Creditor including loss of profit caused by non-exercise or undue exercise of obligations by the Borrower under Credit Agreement».

Execution date of the minutes of the general meeting -  July 9, 2008 

Oleg Goncharov

Director, Investor Relations

e-mail: [email protected] 

tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100

Mob.: +7 (903) 411-40 -35

Direct line for investors only: +7 (861) 277-45-62

Dina Chistyak

Manager, Investor Relations

e-mail: [email protected]

tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101

Mob.: +7-961-511-02-02

Direct line for investors only: +7 (861) 277-45-62