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 February 2, 2015 the Chairman of the Board of Directors made the decision to hold the BOD meeting on February 4, 2015 with the following agenda:

1. Consideration of proposals for the nomination of candidates to stand for election to the board of directors of PJSC "Magnit" at the annual general shareholders meeting of PJSC "Magnit".

2. Consideration of proposals for the nomination of candidates to stand for election as the auditor of PJSC "Magnit" at the annual general shareholders meeting of PJSC "Magnit".

3. Determination of PJSC "Magnit" business priorities.

4. 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.

5. Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital 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 December 31, 2014, Magnit operated 27 distribution centers and over 9,700 stores (8,344 convenience, 287 hypermarkets, and 1,080 drogerie stores) in approximately 2,100 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts for 2014, Magnit had revenues of RUB 764 billion and an EBITDA of RUB 86 billion. 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.