OJSC MAGNIT - Holding of BoD Meeting

Press-release

Krasnodar

July 25, 2014

OJSC "Magnit" Announces the Holding of the BOD Meeting

Krasnodar, July 25, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company", the "Issuer", MICEX and LSE: MGNT), is pleased to announce the
holding of the Board of Directors meeting.

On July 25, 2014 the Chairman of the Board of Directors made the decision to
hold the BOD meeting on
July 31, 2014 with the following agenda:

 1. Approval of recommendations to the general shareholders meeting of the
    Company on the dividend amount on OJSC "Magnit" shares following the 6
    months of 2014 financial year results, the procedure of its payment and the
    date as of which the shareholders entitled to receive dividends are
    determined.

 2. Calling of the extraordinary general shareholders meeting ("the EGM") of
    OJSC "Magnit".

 3. Approval of the agenda of the EGM of OJSC "Magnit".

 4. Approval of the form of holding of the EGM of OJSC "Magnit".

 5. Determination of the date, time and venue of the EGM of OJSC "Magnit" and
    the postal address to send the filled voting ballots.

 6. Determination of the date of the list of shareholders entitled to
    participate in the EGM of OJSC "Magnit".

 7. Approval of the form and the text of the voting ballots on the items to be
    considered at the EGM of OJSC "Magnit".

 8. Approval of the procedure of notification of shareholders of the holding of
    the EGM of OJSC "Magnit".

 9. Approval of the list of information (materials) provided to shareholders to
    prepare to the holding of the EGM of OJSC "Magnit", and the procedure of
    its provision.

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

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

12. Approval of the related party transactions.

The estimated date of the list of shareholders entitled to participate in the
EGM: August 12, 2014.

The list of shareholders entitled to receive dividends shall be determined by
the EGM, where the decision to pay (declare) the dividends on the OJSC "Magnit"
shares shall be made.

The period following the results of which the decision to pay (declare)
dividends on the issuer's shares shall be made at the EGM: 6 months of 2014
financial year.

Types of the issuer's shares on which the decision to pay (declare) dividends
shall be made at the EGM: ordinary registered shares.

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.