BOD Results - Replacement

Press-release

Krasnodar

June 21, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, June 21, 2011: OJSC «Magnit» (the "Company"; RTS, MICEX, LSE: MGNT) is pleased to announce the results of the BOD meeting held on June 20, 2011.

Dear Ladies and Gentlemen!

We would like to inform you that on June 20, 2011 the BOD meeting was held (minutes are № w/№ of June 20, 2011).

The BOD agenda items:

1. Determination of the position of OJSC "Magnit" representative upon fulfilment of the voting right on shares in the charter capital of "Magnit - Nizhniy Novgorod" LLC owned by the company.

2. Approval of the related party transaction.

3. Disposal of the share in the charter capital of "Magnit - Nizhniy Novgorod" LLC owned by the company.

The content of decisions adopted by the board of directors on approval of related party transactions:

"2. To approve the transaction on deposit to assets of limited liability company "Magnit - Nizhniy Novgorod" under the clause 27 of the Federal Law "On limited liability companies" which is a related party transaction that the company will execute in future under the following essentials:

company-beneficiary: limited liability company "Magnit - Nizhniy Novgorod" (location - 18, Kolkhoznaya street, Krasnodar, Krasnodar region, Russian federation, Taxpayer Individual Number 2310111018, Principal State Registration Number - 1062310002754);

subject of transaction: deposit to assets of limited liability company "Magnit - Nizhniy Novgorod" for the purposes of net assets increase of limited liability company "Magnit - Nizhniy Novgorod" to be made by OJSC "Magnit" as a stakeholder;

price of transaction: 9,081,909.00 (nine million eighty one thousand nine hundred and nine) rubles, the total amount of deposit to the assets of limited liability company "Magnit - Nizhniy Novgorod" to be made by all stakeholders of limited liability company "Magnit - Nizhniy Novgorod" shall amount to 9,091,000.00 (nine million ninety one thousand) rubles;

transaction maturity: not later than the date when the decision of the stakeholder's meeting on deposit to the assets of limited liability company "Magnit - Nizhniy Novgorod" was made (date of funds transfer)".

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

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 March 31, 2011 the chain consisted of 4,128 convenience stores, 57 hypermarkets and 4 cosmetics stores (drogerie) in 1,239 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 March 31, 2011 the Company operated an in-house logistics system consisting of 11 distribution centers, employing automated stock replenishment systems and a fleet of 2,997 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.