OJSC MAGNIT - Execution of Related Party Transaction

Press-release

Krasnodar

September 24, 2014

OJSC "Magnit" Announces the Execution of the Related Party Transaction

Krasnodar, September 24, 2014: OJSC "Magnit", Russia's largest food retailer
(the "Company"; MICEX and LSE: MGNT), announces the execution of the
transaction on September 24, 2014.

Please be informed that on September 24, 2014 OJSC "Magnit" (the Lender) and
JSC "Tander" (the Borrower) executed the related party transaction, according
to which the Lender provides the loan of funds to the Borrower which is to be
repaid by the Borrower within the period determined by the contract. The
repayment of the loan and (or) the interest may be effected by the Borrower in
advance, without written notice to the Lender of the loan repayment, by means
of transfer of the loan to the bank details specified in the contract or
otherwise not contradictory to the Civil Code of the Russian Federation (offset
of mutual claims, assignment of a claim, etc.).

The essentials of the transaction are as follows:

Type of transaction:           related party transaction

Subject of transaction:        loan of funds

Parties and beneficiaries      the Lender - open joint-stock company "Magnit"
under transaction:
                               the Borrower - joint-stock company "Tander"

Maturity:                      loan maturity date - 22. 09.2017

Transaction amount:            10,000,000,000.00 rubles, which amounts to 14.21%
                               of the balance sheet value of assets of the
                               issuer

Interest rate                  11.45% per annum

The assets value of the issuer 70,383,864 thousand rubles
as of the closing date of the
reporting period preceding the
transaction execution and in
respect of which the deadline
for filing the accounting
(financial) report has passed:

The transaction was approved by the annual general shareholders meeting on May
29, 2014 (minutes of the annual general shareholders meeting of OJSC "Magnit" "-
w/"- of May 30, 2014).

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 drogeries) in approximately 2,000 cities
and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H
2014, Magnit had revenues of $9,979 million USD and an EBITDA of $1,045 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.