OJSC MAGNIT - BoD Meeting Results

Press-release

Krasnodar

April 18, 2014

OJSC "Magnit" Announces the Results of the BOD Meeting

Krasnodar, April 18, 2014: 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 decisionsand 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.

For further information, please contact:

Timothy Post                            Director, Investor Relations

                                        Email: [e-mail]

                                        Office: [phone] x 17600

                                        Mobile: [phone]

                                        Direct Line: [phone]

Dina Svishcheva                         Deputy Director, Investor Relations

                                        Email: [e-mail]

                                        Office: [phone] x 15101

                                        Mobile: [phone]

                                        Direct Line: [phone]

Company description:

Magnit is Russia's largest food retailer. Founded in 1994, the company is
headquartered in the southern Russian city of Krasnodar. As of March 31, 2014,
Magnit operated 23 distribution centers and over 8,200 stores (7,341
convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905 cities and
towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial statements for 2013,
Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 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.