OREANDA-NEWS. OJSC “Magnit”, Russia's largest retailer (the “Company”, the “Issuer”, MICEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.

On October 21, 2013 the Chairman of the Board of Directors made the decision to hold the BOD meeting on October 29, 2013 with the following agenda:

Determination of OJSC “Magnit” business priorities.

Approval of the related party transactions.

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

On serving of the CEO (Chairman of the Management Board) of OJSC “Magnit” on the management body of the other organization.

Magnit is Russia's largest retailer. Founded in 1994 by Sergey Galitskiy, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2013, Magnit operates 19 distribution centers and over 7,600 stores (6,783 convenience, 178 hypermarkets, and 685 cosmetics) in more than 1,760 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2013, Magnit had revenues of USD 8,796 million USD and an EBITDA of USD 890 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is now Europe's 2nd largest retailer.