OREANDA-NEWS. OJSC Magnit, Russia's largest food retailer (the Company, Issuer; MICEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on April 17, 2014.

Please be informed that on April 17, 2014 the BOD meeting was held (minutes of the BOD meeting of OJSC Magnit are w/o No. of April 17, 2014).

The meeting agenda:

1. Approval of the list of candidates to be elected to the Board of Directors of the Company at the AGM of OJSC Magnit.

2. Approval of the form and the text of the voting ballot on the third agenda item to be considered at the AGM of OJSC Magnit Election of the Board of directors of OJSC Magnit.

3. Approval of the related party transaction.

4. Determination of the position of the OJSC Magnit representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.

The following BOD members were present: A. Arutyunyan, S. Galitskiy, V. Butenko, K. Pombukhchan and A. Shkhachemukov.

A. Zayonts and A. Makhnev provided their written opinions on the items of the agenda of the BOD meeting of OJSC Magnit.

The number of the BOD members participated in the meeting, including written opinions of A. Zayonts and A. Makhnev amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present. Content of the decisions and voting results:

Item 1 on the agenda:

Due to the self-initiated withdrawal of one of the candidates from the upcoming election to the Board of OJSC Magnit directors, and in view of the requirements for the independence of the Directors of the Board specified by the Listing rules of JSC MICEX Stock Exchange and effective from June 2, 2014, to approve the following list of candidates to be elected to the Board of directors of OJSC Magnit at the AGM of

OJSC Magnit:

Andrey Arutyunyan;

Sergey Galitskiy;

Alexander Zayonts;

Alexey Makhnev;

Khachatur Pombukhchan;

Alexey Pshenichniy;

Aslan Shkhachemukov.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for. The decision was made.

Item 2 on the agenda:

To approve the form and the text of the voting ballot on the third agenda item to be considered at the AGM of OJSC Magnit Election of the Board of directors of OJSC Magnit.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for. The decision was made.

Item 3 on the agenda:

To approve the conclusion of the additional agreement to the real estate lease agreement GK/926/12 of February 6, 2012, which the Company executed with JSC Tander and which is the related party transaction based on the following terms and conditions of the lease agreement including changes introduced by the additional agreement:

Parties of the transaction: Lessor - OJSC Magnit, Lessee - JSC Tander.

Subject of the transaction: the Lessor shall provide the following real property to the Lessee for a fee for temporary possession and use: non-residential premises, with the total space of 278.8 sq. m, 1st floor, address (address): 29, Sedina street, Ivanovskaya village, Krasnoarmeyskiy district, Krasnodar region, Russia.

Lease fee: 95,990 (ninety five thousand nine hundred and ninety) rubles including 18% VAT - 14,642 (fourteen thousand six hundred and forty two) rubles 54 kopecks per month.

Lease period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related amounts to less than 2% of the book value of assets of the Company determined on the basis of the accounting statements for the latest accounting period.

Votes were cast as follows:

A. Arutyunyan - did not participate in voting, V. Butenko - for, S. Galitskiy - did not participate in voting, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - did not participate in voting, A. Shkhachemukov - for. The decision was made.

Item 4 on the agenda:

To recommend the sole executive body of OJSC Magnit, which is the shareholder of LLC Retail Import to make the following decision at the exercise of the voting right on shares in the charter capital of LLC Retail Import owned by the Company:

To approve the bank guarantee agreement, which the Company plans to execute in future with Open joint-stock company Sberbank of Russia (hereinafter - the Agreement) and which is the major transaction with the following essentials:

1. The guarantor (OJSC Sberbank of Russia) shall undertake the obligation to provide the guarantees of the Principal (LLC Retail Import) of the Beneficiary's performance (customs authorities) on the use of excise stamps in accordance with their designated purpose in the form annexed to the Agreement according to the Federal law 311-FZ On Customs Regulation in the Russian Federation of November 27.

2. Throughout the term of the Agreement the total amount of the concurrent Guarantees (hereinafter - the Limit) shall not exceed 300,000,000 (three hundred million) rubles.

3. The validity period of the Limit shall not exceed 36 (thirty six) months.

4. The Principal shall pay the fee per each Guarantee. The fee shall not exceed 2 (two) percent per annum. The Principal shall pay the Guarantor the fee for the enforced diversion of the funds by the Guarantor towards obligations of the Principal to the Beneficiary in the amount of 10 (ten) percent per annum of the payment effected for the corresponding Guarantee.

5. The agreement shall come into effect from the date on which it is signed by the Parties and remain in effect until all obligations under the Agreement are performed by the Parties in full.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for. The decision was made.