OJSC MAGNIT - EGM Results

Press-release

Krasnodar

September 25, 2014

OJSC "Magnit" Announces the EGM Results

Krasnodar, September 25, 2014: OJSC "Magnit", Russia's largest food retailer
(the "Company"; MICEX and LSE: MGNT), announces the results of the
Extraordinary General Shareholders Meeting.

Please be informed that the EGM of OJSC "Magnit" was held on September 25, 2014.

Positive decisions were made by the general shareholders meeting on the
following agenda items put to a vote:

- to pay dividends on OJSC "Magnit" shares following the results of the 6
  months of 2014 financial year;

- to ratify the Charter of OJSC "Magnit" in the new edition;

- to ratify the Regulation on the General shareholders meeting of OJSC "Magnit"
  in the new edition;

- to approve major related party transactions;

- to approve related party transactions.

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.