OJSC MAGNIT - Magnit Updates FY 2014 Guidance

Press Release

Krasnodar

July 23, 2014

OJSC "Magnit" Updates Guidance for 2014

Krasnodar, July 23, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company"; MICEX and LSE: MGNT), updates guidance for 2014.

Based on the analysis of sales of the first six months and first half of July
this year the management of the Company updates guidance for 2014:

                                       2014 (previous)               2014 (new)

Sales growth in RUR:                            22-24%                   26-29%

EBITDA margin:                            10.2 - 10.7%             10.6 - 10.9%

CAPEX, US$ bn                                  1.7-1.8                unchanged

Number of store openings, net

- convenience stores                             1,100                unchanged

- hypermarkets and "Magnit                          80                unchanged
  Family"

- cosmetics stores                           300 - 350                unchanged


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 June 30, 2014,
Magnit operated 24 distribution centers and over 8,600 stores (7,614
convenience, 226 hypermarkets, and 778 cosmetics) in approximately 2,000 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.