BOD Results

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These materials are not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. OJSC Magnit has not registered and does not intend to register any part of the offering in the United States or to conduct a public offering of any securities in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In any EEA Member State that has implemented Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive") this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

Securities of OJSC Magnit have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada or Japan or to, or for the account or benefit of, citizens or residents of Australia, Canada or Japan except under circumstances which will result in the full compliance with the applicable laws and regulations promulgated by the relevant regulatory authorities in effect at the relevant time.

Press-release

Krasnodar

July 15, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, July 15, 2011: OJSC "Magnit" (the "Company", "Issuer"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the BOD meeting held on July 14, 2011.

Dear Ladies and Gentlemen!

We are glad to inform you that the BOD meeting was held on July 14, 2011 (minutes are w/№ of July 14, 2011).

The meeting agenda:

1. Adoption of decision on securities placement (exchange-traded bonds to the bearer of the BO-07 series).

2. Adoption of decision on securities placement (exchange-traded bonds to the bearer of the BO-08 series).

3. Adoption of decision on securities placement (exchange-traded bonds to the bearer of the BO-09 series).

4. Approval of decision on securities issue (exchange-traded bonds to the bearer of the BO-07 series).

5. Approval of decision on securities issue (exchange-traded bonds to the bearer of the BO-08 series).

6. Approval of decision on securities issue (exchange-traded bonds to the bearer of the BO-09 series).

7. Approval of the Prospectus (non-convertible interest-bearing certified exchange-traded bonds to the bearer of the BO-07, BO-08, BO-09 series).

8. Approval of the major transaction (several associated transactions) on placement by public subscription for the exchange-traded bonds of the BO-07, BO-08, BO-09 series.

The BOD adopted the decision to approve the major transaction (several associated transactions) with the following essentials:

Subject of the transaction:

placement via open subscription of the non-convertible interest-bearing certified exchange-traded bonds of the BO-07/BO-08/BO-09 series to the bearer with the obligatory centralized custody in the amount of 15,000,000 (fifteen million) bonds with the nominal value of 1,000 (one thousand) rubles each, with the total nominal value of 15,000,000,000 (fifteen billion) rubles being placed via open subscription at the price of 100 (hundred) per cent of the nominal value of the exchange-traded bonds which amounts to 1,000 (one thousand) rubles each, with the redemption period on 1,092nd (one thousand ninety-second) day after the date of commencement of placement of the exchange-traded bonds of the corresponding series by cash by means of non-cash settlement in the currency of the Russian Federation, providing for the coupon yield payment in the amount determined in accordance with the Decision on securities issue and the Prospectus.

Parties of the transaction:

- issuer of the exchange-traded bonds - OJSC "Magnit",

- individuals and legal entities - acquirers of the exchange-traded bonds of OJSC "Magnit".

Price of the transaction:

nominal value of the exchange-traded bonds amounts to 15,000,000,000 (fifteen billion) rubles - which is cumulatively with the coupon yield paid for the whole period of the floatation of the exchange-traded bonds. The amount of the coupon yield (interest rate) is defined by OJSC "Magnit" pursuant to the terms and procedure stipulated by the Decision on securities issue and the Prospectus.

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 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.