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OJSC MAGNIT - Magnit September/9M 2014 Results

Press-release

Krasnodar

October 9, 2014

OJSC "Magnit" Announces 34.37% Retail Sales Growth in Rubles for
September 2014[1]

Krasnodar, October 9, 2014: OJSC "Magnit", Russia's largest food
retailer (the "Company"; MICEX and LSE: MGNT) announces 34.37% retail sales
growth in rubles for September 2014.

During September 2014 the Company opened (net) 121 stores. The
total store base reached 9,020 stores (7,891 convenience stores, 175
hypermarkets, 68 "Magnit Family" stores and 886 cosmetics stores).

Preliminary consolidated unaudited net retail revenue (excl. VAT)
in 9M 2014 increased by 30.03% in ruble terms (compared to 9M 2013) and stood
at 542,288.27 million rubles.

According to Rosstat food inflation in September 2014 amounted to
1.0% compared to 0.0% in September 2013, in 9M2014 - 8.4% compared to 4.4% in
9M2013.

September 2014 Key Operating and Financial Highlights:

                                                        September 2014        September 2013              Growth Rate
Number of opened stores, NET                                       121                    91                      n/a
                              convenience stores                    79                    95                      n/a
                                    hypermarkets                     3                     1                      n/a
                                   magnit family                     6                     0                      n/a
                                cosmetics stores                    33                   (5)                      n/a

Total number of stores                                           9,020                 7,646                      n/a
                              convenience stores                 7,891                 6,783                      n/a
                                    hypermarkets                   175                   148                      n/a
                                   magnit family                    68                    30                      n/a
                                cosmetics stores                   886                   685                      n/a

Selling space growth, th. sq.m.                                  48.88                 26.47                      n/a
                              convenience stores                 25.05                 26.57                      n/a
                                    hypermarkets                  9.75                  1.51                      n/a
                                   magnit family                  7.12                     0                      n/a
                                cosmetics stores                  6.97                (1.62)                      n/a

Selling space, eop, th. sq. m.                                3,327.00              2,841.39                   17.09%
                              convenience stores              2,519.71              2,195.74                   14.75%
                                    hypermarkets                521.98                448.45                   16.40%
                                   magnit family                 78.83                 35.44                  122.47%
                                cosmetics stores                206.48                161.77                   27.63%

Number of customers, million                                    245.11                199.69                   22.74%
                              convenience stores                213.55                176.82                   20.77%
                                    hypermarkets                 19.01                 15.92                   19.42%
                                   magnit family                  5.25                  2.60                  102.24%
                                cosmetics stores                  7.30                  4.36                   67.43%

Net retail sales, million RUR                                62,106.39             46,221.74                   34.37%
                              convenience stores             47,440.04             35,739.81                   32.74%
                                    hypermarkets             10,743.74              8,510.24                   26.24%
                                   magnit family              2,125.71                905.51                  134.75%
                                cosmetics stores              1,796.90              1,066.18                   68.54%

Net retail sales, million US$[2]                              1,639.70              1,416.35                   15.77%
                              convenience stores              1,252.49              1,095.16                   14.37%
                                    hypermarkets                283.65                260.78                    8.77%
                                   magnit family                 56.12                 27.75                  102.26%
                                cosmetics stores                 47.44                 32.67                   45.21%


3Q and 9M 2014 Key Operating and Financial Highlights:

                                        3Q 2014       3Q 2013     Growth Rate      9М 2014     9М 2013     Growth Rate
Number of opened stores, NET                402           230             n/a          927         762             n/a
               convenience stores           277           231             n/a          691         737             n/a
                     hypermarkets             6            10             n/a           14          22             n/a
                    magnit family            11             4             n/a           22          10             n/a
                 cosmetics stores           108          (15)             n/a          200         (7)             n/a

Total number of stores                    9,020         7,646             n/a        9,020       7,646             n/a
               convenience stores         7,891         6,783             n/a        7,891       6,783             n/a
                     hypermarkets           175           148             n/a          175         148             n/a
                    magnit family            68            30             n/a           68          30             n/a
                 cosmetics stores           886           685             n/a          886         685             n/a

Selling space growth, th. sq.m.          137.79         93.30             n/a       315.62      292.14             n/a
               convenience stores         86.05         66.36             n/a       207.51      218.28             n/a
                     hypermarkets         17.44         25.36             n/a        39.10       60.83             n/a
                    magnit family         11.80          4.25             n/a        25.57       11.08             n/a
                 cosmetics stores         22.49        (2.67)             n/a        43.44        1.95             n/a

Selling space, eop, th. sq. m.         3,327.00      2,841.39          17.09%     3,327.00    2,841.39          17.09%
               convenience stores      2,519.71      2,195.74          14.75%     2,519.71    2,195.74          14.75%
                     hypermarkets        521.98        448.45          16.40%       521.98      448.45          16.40%
                    magnit family         78.83         35.44         122.47%        78.83       35.44         122.47%
                 cosmetics stores        206.48        161.77          27.63%       206.48      161.77          27.63%

Number of customers, million             758.35        625.49          21.24%     2,158.82    1,808.12          19.40%
               convenience stores        661.02        554.95          19.11%     1,890.94    1,614.69          17.11%
                     hypermarkets         60.13         49.68          21.05%       173.08      139.61          23.98%
                    magnit family         15.85          7.95          99.45%        41.26       20.03         105.95%
                 cosmetics stores         21.35         12.92          65.24%        53.54       33.80          58.42%

Net retail sales, million RUR        193,384.54    144,260.91          34.05%   542,288.27  417,061.48          30.03%
               convenience stores    147,390.87    111,743.27          31.90%   414,372.92  327,004.60          26.72%
                     hypermarkets     34,341.49     26,636.85          28.92%    98,349.79   74,994.86          31.14%
                    magnit family      6,428.94      2,779.21         131.32%    16,510.65    6,982.67         136.45%
                 cosmetics stores      5,223.24      3,101.58          68.41%    13,054.92    8,079.35          61.58%

Net retail sales, million US$[3]       5,343.46      4,398.51          21.48%    15,324.16   13,191.05          16.17%
               convenience stores      4,072.59      3,407.05          19.53%    11,709.49   10,342.68          13.22%
                     hypermarkets        948.90        812.16          16.84%     2,779.20    2,371.98          17.17%
                    magnit family        177.64         84.74         109.63%       466.56      220.85         111.26%
                 cosmetics stores        144.32         94.57          52.62%       368.91      255.54          44.37%
LFL results

Formats                                                        3Q 2014 - 3Q 2013[4]
                                     # of Stores               Average Ticket            Traffic           Sales
Convenience Stores                      6,179                      10.86%                 5.74%           17.21%
Hypermarkets                             147                       7.63%                  6.38%           14.49%
Magnit Family                             29                       9.12%                  9.90%           19.93%
Cosmetics Stores                         591                       3.44%                 35.59%           40.25%
Total                                   6,946                      10.13%                 6.43%           17.21%

Formats                                                         9M 2014 - 9M 20134
                                     # of Stores               Average Ticket            Traffic           Sales
Convenience Stores                      5,814                      8.56%                  3.42%           12.27%
Hypermarkets                             146                       6.78%                  5.80%           12.97%
Magnit Family                             29                       8.14%                  9.94%           18.88%
Cosmetics Stores                         529                       3.40%                 41.22%           46.03%
Total                                   6,518                      8.42%                  4.33%           13.12%

For further information, please contact:

Timothy Post                                     Director, Investor Relations

                                                 Email: post@magnit.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@magnit.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
September 30, 2014, Magnit operated 25 distribution centers and over 9,020
stores (7,891 convenience, 243 hypermarkets, and 886 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.

---------------------------------

[1] According to management accounts

[2] Based on the average exchange rate for September 2014 - 37.8766
RUB per 1 USD, September 2013 - 32.6344 RUB per 1 USD

[3] Based on the average exchange rate for 3Q 2014 - 36.1909 RUB
per 1 USD, 3Q 2013 - 32.7977 RUB per 1 USD, 9M 2014 - 35.3878 RUB per 1 USD,
9M 2013 - 31.6170 RUB per 1 USD

[4] 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
September 1, 2013.
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