OREANDA-NEWS. December 28, 2012. OJSC "Magnit" (the “Company”; MICEX and LSE: MGNT) is pleased to announce the holding of the board of directors meeting.

The Chairman of the board of directors made the decision to hold the BOD meeting on December 28, 2012 with the following agenda:

Approval of the additional agreement to the contract with the sole executive body of OJSC “Magnit”.

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.

Approval of the related party transaction.

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 retail trade under the “Magnit” brand. The chain of “Magnit” stores is one of the leading food retail networks in Russia. As of September 30, 2012 the chain consisted of 5,523 convenience stores, 105 hypermarkets, 11 “Magnit Family” stores and 480 cosmetics stores (drogerie) in 1,504 cities and towns throughout the Russian Federation.

Approximately two-thirds of the Magnit’s stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.

As of September 30, 2012 Magnit operated an in-house logistics system consisting of 17 distribution centers, employing automated stock replenishment systems and a fleet of 4,082 vehicles.