BOD Results

Press-release

Krasnodar

March 27, 2012

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, March 27, 2012: OJSC "Magnit" (the "Company", "Issuer"; MICEX and LSE: MGNT) is pleased to announce the results of the BOD meeting held on March 26, 2012.

Dear Ladies and Gentlemen!

We would like to inform you that the BOD meeting was held on March 26, 2012 (minutes of BOD of OJSC "Magnit" are w/o No. of March 26, 2012).

The meeting agenda:

1. Approval of the related party transaction,

2. Determination of business priorities of OJSC "Magnit",

3. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares owned by the Company,

4. On early termination of appointment of the collegial executive body (Management Board) member of OJSC "Magnit",

5. On election of the collegial executive body (Management Board) member of OJSC "Magnit".

The following BOD members were present: A. Arutyunyan, V. Butenko, A. Shkhachemukov.

S. Galitskiy, K. Pombukhchan, A. Zayonts and A. Makhnev provided their written opinions on the items of the agenda of the BOD meeting of OJSC "Magnit".

The number of the BOD members participated in the meeting, including written opinions of S. Galitskiy, K. Pombukhchan, A. Zayonts and A. Makhnev, amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

On the items 1 of the agenda:

Votes cast is as follows:

A. Arutyunyan - "abstained from voting", V. Butenko - "for", S. Galitskiy - "abstained from voting", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan - "abstained from voting", A. Shkhachemukov - "for".

The decision is made.

On the items 2-5 of the agenda:

Votes cast is as follows:

A. Arutyunyan - "for", V. Butenko - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan - "for", A. Shkhachemukov - "for".

The decision is made.

Content of decisions:

On the item 1 of the agenda:

"To approve the transaction which the company plans to execute in future with JSC "Tander" and which is the related party transaction with the following essentials:

• parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander";

• subject of the transaction: The Lessor shall provide the following to the Lessee at a fee for temporary possession and use:

- real property - store, purpose: non-residential, single-storeyed, total space 530.3 sq. m, registration № 1259, letter A, identification number 47-47-15/004/2012-434, address: 36a Rubezhnaya street, Vyborg, "Vyborgskoe urban settlement" municipal unit, Vyborgskiy district, Leningrad region;

- power receiver: cable line 0.4 kv (relaid) outgoing from a Distribution device 0.4 kv TP-254 (T-2 section)-Input Distribution device of the store - all internal electrical power networks and electrical equipment of the store, energy accounting meter.

• lease fee: 448,400 (four hundred and forty eight thousand four hundred) rubles, incl. VAT;

• leasing period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting period".

On the item 2 of the agenda:

 "To determine business priorities of OJSC "Magnit" by means of approval of the Prospects of financing and operating activities of the Company over the year 2012, the 1st quarter of 2012, the 2nd quarter of 2012".

On the item 3 of the agenda:

 "To recommend that the sole executive body of OJSC "Magnit" which is the only JSC "Tander" shareholder should make the following decision at the exercise of the voting right on the JSC "Tander" shares owned by the Company":

"1. To approve the annual report, annual accounting reports, including profit and loss statements of JSC "Tander" over the year 2011, as well as profit and loss distribution of JSC "Tander" according to 2011 financial year results.

To pay dividends on ordinary registered shares of JSC "Tander" in the amount of 277,200,000 rubles which is 0.02772 ruble per one ordinary registered share by transfer of monetary funds to the settlement account of the corresponding shareholder within 60 days from the day of the decision on dividends payment.

Not to pay remuneration to members of the JSC "Tander" Revision commission.

To forward undistributed net profit to expansion of the Company.

2. To elect

- Roman Efimenko;

- Anzhela Udovichenko;

- Denis Fedotov

to the JSC "Tander" Revision commission.

3. To approve "Faber Leks" Audit Limited Liability Company (Taxpayer Id. Number 2308052975) as the auditor of the joint-stock company "Tander" according to the Russian accounting standards.

4. To approve the service fee of the auditor of "Faber Leks" Audit Limited Liability Company in the amount of not exceeding 5,000,000 (five million) rubles excl. VAT."

On the item 4 of the agenda:

 "To terminate the appointment of Aleksandr Pisarenko, member of the OJSC "Magnit" Management Board, in advance on March 26, 2012."

On the item 5 of the agenda:

 "To elect Lyubov Shaguch as a member of the OJSC "Magnit" Management Board from March 27, 2012".

For further information, please contact:

Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of December 31, 2011 the chain consisted of 5,006 convenience stores, 93 hypermarkets and 210 cosmetics stores (drogerie) in 1,389 locations in the Russian Federation.

Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.

As of December 31, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,906 vehicles.

In accordance with the audited IFRS consolidated financial statements for 2011, the Company recorded consolidated revenue of approximately US$ 11,423 million and consolidated EBITDA of around US$ 939 million.