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

On November 14, 2014 the Chairman of the Board of Directors made the decision to hold the BOD meeting on November 17, 2014 with the following agenda:

Determination of the recommended price for major related party transactions to be approved by the EGM of PJSC "Magnit".

Determination of the form and the text of the voting ballots on the items to be considered at the EGM of PJSC "Magnit".

Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares owned by the Company.

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891 convenience, 243 hypermarkets, and 886 drogerie stores) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2014, Magnit had revenues of USD 9,979 million AUD nd an EBITDA of USD 1,045 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 one of the largest retailers in Europe.