BOD Results

Press-release

Krasnodar

July 13, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, July 13, 2011: OJSC «Magnit» (the "Company", "Issuer"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the BOD meeting held on July 13, 2011.

Dear Ladies and Gentlemen!

We would like to inform you that today the BOD meeting was held (minutes are w/№ of July 13, 2011).

The meeting agenda:

1. Election of the Chairman of the board of directors of OJSC "Magnit",

2. Election of the Deputy Chairman of the board of directors of OJSC "Magnit",

3. Election of the Secretary of the board of directors of OJSC "Magnit",

4. Election of the members of the audit committee of the board of directors of OJSC "Magnit",

5. Election of the Chairman of the audit committee of the board of directors of OJSC "Magnit",

6. Election of the members of the human resources and compensation committee of the board of directors of OJSC "Magnit",

7. Election of the Chairman of the human resources and compensation committee of the board of directors of OJSC "Magnit",

8. Election of the Management Board of OJSC "Magnit",

9. 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,

10. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the share in charter capital of LLC "Tandem" owned by the Company,

11. Approval of the related party transaction.

The decision adopted by the board of directors to constitute the executive board of the issuer, and information on candidates elected to the board:

"To elect the following candidates to the Management Board of OJSC "Magnit":

- Barsukov Alexander

- Galitskiy Sergey

- Pisarenko Alexander

- Churikov Nikita".

Decision adopted by the BOD to approve the related party transaction:

"To approve the loan agreement (several associated loan agreements) which the company plans to execute in future and which is the related party transaction with the following essentials:

• parties of the transaction: lender - OJSC "Magnit", borrower - LLC «Selta»;

• subject of the transaction: loan of funds;

• price (amount) of the transaction: 700,000,000 (seven hundred million) rubles;

• interest rate on loan: not more than 9% (nine percent) per annum;

• deadline to fulfill obligations under the transaction: 1 (one) year from the time of execution (term of repayment of principal loan and interests).

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".

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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 June 30, 2011 the chain consisted of 4,366 convenience stores, 66 hypermarkets and 28 cosmetics stores (drogerie) in 1,286 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 June 30, 2011 the Company operated an in-house logistics system consisting of 12 distribution centers, employing automated stock replenishment systems and a fleet of 3,454 vehicles.

In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2010, the Company recorded consolidated revenue of approximately US$7,777 million and consolidated EBITDA of around US$632 million.