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PR Newswire
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OJSC MAGNIT - Magnit Unaudited 1Q 2014 Financial Results

Press-release

Krasnodar

April 22, 2014

OJSC "Magnit" Announces Unaudited 1Q 2014 Results

Krasnodar, April 22, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company"; MICEX and LSE: MGNT) announces its unaudited 1Q 2014 financial
results prepared in accordance with IFRS.

During 1Q 2014 the Company added (net) 163 stores (141 convenience stores, 4
hypermarkets, 4 "Magnit Family" stores and 14 cosmetics stores) and increased
its selling space by 16.68% in comparison to 1Q 2013 from 2,629.88 thousand sq.
m. to 3,068.61 thousand sq. m. The total store base as of March 31, 2013
reached 8,256 stores (7,341 convenience stores, 165 hypermarkets, 50 "Magnit
Family" stores and 700 cosmetics stores).

Revenue in rubles increased by 24.95% YoY from 131,239.91 million RUR in 1Q
2013 to 163,990.13 million RUR in 1Q 2014. The top line growth was due to an
increase in selling space as well as to a 7.49% increase in like-for-like sales
(incl. VAT). Revenue growth in dollar terms amounted to 8.71%: from US$
4,315.09 million to US$ 4,690.91 million.

Gross margin grew from 26.72% in 1Q 2013 to 27.24% in 1Q 2014. Gross profit in
rubles increased by 27.36% from 35,070.35 million RUR (US$ 1,153.09 million) to
44,665.95 million RUR (US$ 1,277.66 million).

EBITDA increased by 21.82% from 12,214.09 million RUR (US$ 401.59 million) in
1Q 2013 to 14,879.50 million RUR (US$ 425.63 million) in 1Q 2014. EBITDA margin
in 1Q 2014 amounted to 9.07%.

1Q 2014 net income increased by 13.52% and amounted to 6,988.23 million RUR
(US$ 199.90 million) vs. 6,156.16 million RUR (US$ 202.41 million) in 1Q 2013.
Net income margin for 1Q 2014 was 4.26%.

Sergey Galitskiy, the Company's CEO, provided the following comments on the
published results:

"In the middle of 1Q 2014 the Company started active price investments in the
new regions of our geographical coverage: Moscow, Saint-Petersburg, Urals and
Western Siberia. The Company's EBITDA margin in the first quarter is in line
with our FY 2014 guidance".

1Q 2014 Key Operational Results:

                                           1Q 2014         1Q 2013    Growth Rate

Number of opened stores, NET                    163          191         n/a

              convenience stores                141          163         n/a

                    hypermarkets                  4            6         n/a

                   magnit family                  4            1         n/a

                cosmetics stores                 14           21         n/a

Total number of stores                        8,256        7,075         n/a

              convenience stores              7,341        6,209         n/a

                    hypermarkets                165          132         n/a

                   magnit family                 50           21         n/a

                cosmetics stores                700          713         n/a

Selling space, eop, th. sq. m.             3,068.61     2,629.88      16.68%

              convenience stores           2,349.71     2,030.20      15.74%

                    hypermarkets             493.53       407.46      21.12%

                   magnit family              58.08        25.81     125.06%

                cosmetics stores             167.29       166.41       0.53%

Selling space growth, th. sq.m.               57.24        80.62         n/a

              convenience stores              37.51        52.74         n/a

                    hypermarkets              10.66        19.85         n/a

                   magnit family               4.82         1.45         n/a

                cosmetics stores               4.25         6.58         n/a

Number of customers, million                 662.66       563.01      17.70%

              convenience stores             582.77       505.46      15.30%

                    hypermarkets              53.07        42.13      25.98%

                   magnit family              11.53         5.58     106.65%

                cosmetics stores              15.29         9.85      55.23%

LFL Results

Formats                                 1Q 2014 - 1Q 2013

                      # of Stores     Average Ticket     Traffic       Sales

Convenience Stores       5,851             5.32%          0.61%        5.96%

Hypermarkets              128              4.34%          4.62%        9.17%

Magnit Family             21               5.27%          9.93%       15.73%

Cosmetics Stores          571              1.97%          50.54%      53.50%

Total                    6,571             5.60%          1.79%        7.49%

1Q 2014 Key Financial Results

                                   1Q 2014          1Q 2013         Growth Rate

Net sales, mn RUR                163,990.13       131,239.91             24.95%

        convenience stores       126,020.31       104,145.23             21.00%

              hypermarkets        29,589.83        22,670.89             30.52%

             magnit family         4,453.55         1,935.79            130.06%

          cosmetics stores         3,888.13         2,465.97             57.67%

                 wholesale            38.30            22.04             73.77%

Net sales, mn US$                  4,690.91         4,315.09              8.71%

        convenience stores         3,604.79         3,424.23              5.27%

              hypermarkets           846.41           745.40             13.55%

             magnit family           127.39            63.65            100.15%

          cosmetics stores           111.22            81.08             37.17%

                 wholesale             1.10             0.72             51.18%

Gross profit, mn RUR              44,665.95        35,070.35             27.36%

Gross profit, mn US$               1,277.66         1,153.09             10.80%

Gross margin,%                       27.24%           26.72%             n/a

EBITDAR, mn RUR                   19,330.73        15,541.62             24.38%

EBITDAR, mn US$                      552.95           511.00              8.21%

EBITDAR margin, %                    11.79%           11.84%                n/a

EBITDA, mn RUR                    14,879.50        12,214.09             21.82%

EBITDA, mn US$                       425.63           401.59              5.98%

EBITDA margin, %                      9.07%            9.31%               n/a

EBIT, mn RUR                      10,726.22         8,969.84             19.58%

EBIT, mn US$                         306.82           294.92              4.03%

EBIT margin, %                        6.54%            6.83%                n/a

Net income, mn RUR                 6,988.23         6,156.16             13.52%

Net income, mn US$                   199.90           202.41            (1.24%)

Net income margin, %                  4.26%            4.69%            n/a

Note: net revenue in US$ terms is calculated using the daily exchange rate.

For further information, please contact:

Timothy Post                            Director, Investor Relations
                                        Email: post@gw.tander.ru
                                        Office: +7-861-277-4554 x 17600
                                        Mobile: +7-961-511-7678
                                        Direct Line: +7-861-277-4562

Dina Svishcheva                         Deputy Director, Investor Relations
                                        Email: Chistyak@gw.tander.ru
                                        Office: +7-861-277-45-54 x 15101
                                        Mobile: +7-961-511-0202
                                        Direct Line: +7-861-277-4562

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.

Based on management accounts

Based on the average exchange rate for 1Q 2014 - 34.9591 RUR per 1 US$, for 1Q
2013 - 30.4142 RUR per 1 US$.

LFL calculation base includes stores (all formats), which have been opened 12
months prior to the last month of the reporting period. i.e. by March 1, 2013.
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© 2014 PR Newswire
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