Holding of BOD

Press-release Krasnodar July 25, 2013 OJSC "Magnit" Announces the Holding of the BOD Meeting Krasnodar, July 25, 2013: OJSC "Magnit" (the "Company"; the "Issuer"; MICEX andLSE: MGNT) is pleased to announce the holding of the Board of Directorsmeeting. On July 25, 2013 the Chairman of the Board of Directors made the decision tohold the BOD meeting on July 31, 2013 with the following agenda: 1. Approval of recommendations to the general shareholders meeting on the dividend amount on OJSC "Magnit" shares and the procedure of its payment following the 6 months of 2013 financial year results. 2. Calling of the extraordinary general shareholders meeting of OJSC "Magnit". 3. Adoption of the agenda of the extraordinary general shareholders meeting of OJSC "Magnit". 4. Approval of the form of holding of the extraordinary general shareholders meeting of OJSC "Magnit". 5. Determination of the date, time and venue of the extraordinary general shareholders meeting of OJSC "Magnit". 6. Determination of the date of the list of shareholders entitled to participate in the extraordinary general shareholders meeting of OJSC "Magnit". 7. Approval of the form and the text of the voting ballots on the items to be considered at the extraordinary general shareholders meeting of OJSC "Magnit". 8. Notification of shareholders of the holding of the extraordinary general shareholders meeting of OJSC "Magnit". 9. Provision of the opportunity to shareholders to review the materials related to the holding of the extraordinary general shareholders meeting of OJSC "Magnit". 10. Determination of the recommended price for the related party transaction to be approved by the general shareholders meeting of OJSC "Magnit". 11. Approval of the related party transaction. 12. Approval of the candidate to the head of the internal audit service. 13. 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. The expected date of the list of shareholders entitled to participate in thegeneral shareholders meeting, the agenda of which includes the item on payment(declaration) of dividends on the issuer's shares: August 9, 2013. The list of shareholders entitled to receive dividends shall be made as of thedate of the list of shareholders entitled to participate in the generalshareholders meeting, where the decision to pay (declare) the dividends on theOJSC "Magnit" shares shall be made. The period following the results of which the decision to pay (declare)dividends on the issuer's shares shall be made at the general shareholdersmeeting: 6 months of 2013 financial year. Types of the issuer's shares on which the decision to pay (declare) dividendsshall be made: ordinary registered shares. For further information, please contact: Timothy Post Director, Investor Relations Email: [email protected] Office: +7-861-277-4554 x7600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 Dina Svishcheva Deputy Director, Investor Relations Email: [email protected] Office: +7-861-277-45-54 x5101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest retailer. Founded in 1994 by Sergey Galitskiy, thecompany is headquartered in the southern Russian city of Krasnodar. As of June30, 2013, Magnit operates 18 distribution centers and over 7,000 stores (6,552convenience, 164 hypermarkets, and 700 cosmetics) in more than 1,700 cities andtowns throughout 7 federal regions of the Russian Federation. In accordance with the unaudited IFRS management accounts for 1H 2013, Magnithad revenues of $8,796 million USD and an EBITDA of $889 million USD. Magnit'slocal shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRson the London Stock Exchange (LSE: MGNT) and it has a credit rating fromStandard & Poor's of BB. Measured by market capitalization, Magnit is nowEurope's 2nd largest retailer.