Holding of BoD Meeting

Press-release Krasnodar April 1, 2014 OJSC "Magnit" Announces the Holding of the BOD Meeting Krasnodar, April 1, 2014: OJSC "Magnit", Russia's largest retailer (the"Company", the "Issuer", MICEX and LSE: MGNT), is pleased to announce theholding of the Board of Directors meeting. On April 1, 2014 the Chairman of the Board of Directors made the decision tohold the BOD meeting on April 4, 2014 with the following agenda: 1. Preliminary approval of OJSC "Magnit" annual report. 2. Approval of recommendations to the general shareholders meeting of the Company on distribution of profit and losses of the Company following 2013 financial year results, including the dividend amount on shares of OJSC "Magnit", the procedure of its payment and the date as of which the shareholders are entitled to receive dividends are determined. 3. Calling of the annual general shareholders meeting ("the AGM") of OJSC "Magnit". 4. Approval of the agenda of the AGM of OJSC "Magnit". 5. Approval of the form of holding of the AGM of OJSC "Magnit". 6. Determination of the date, time and venue of the AGM of OJSC "Magnit". 7. Determination of the date of the list of shareholders entitled to participate in the AGM meeting of OJSC "Magnit". 8. Approval of the form and the text of the voting ballots on the items to be considered at the AGM of OJSC "Magnit". 9. Approval of the procedure of notification of shareholders of the holding of the AGM of OJSC "Magnit". 10. Approval of the list of information (materials) provided to shareholders to prepare to the holding of the AGM of OJSC "Magnit", and the procedure of its provision. 11. Approval of the list of candidates to be elected to the Board of Directors of the Company at the AGM of OJSC "Magnit". 12. Approval of the list of candidates to be elected to the Audit Commission of the Company at the AGM of OJSC "Magnit". 13. Determination of the amount of remuneration for the auditor's services. 14. Determination of the recommended price for major related party transactions to be approved by the AGM of OJSC "Magnit". 15. Determination of the recommended price for related party transactions to be approved by the AGM of OJSC "Magnit". 16. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company. 17. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the LLC "Alkotrading" shares in the charter capital owned by the Company. 18. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the LLC "Tandem" shares in the charter capital owned by the Company. 19. 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. 20. Approval of the related party transactions. The estimated date of the list of shareholders entitled to participate in theAGM: April 15, 2014. The list of shareholders entitled to receive dividends shall be determined bythe AGM, where the decision to pay (declare) the dividends on the OJSC "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 AGM: 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 x 17600 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 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest retailer. Founded in 1994, the company isheadquartered in the southern Russian city of Krasnodar. As of December 31,2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities andtowns throughout 7 federal regions of the Russian Federation. In accordance with the audited IFRS consolidated financial statements for 2013,Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD.Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) andits GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit ratingfrom Standard & Poor's of BB. Measured by market capitalization, Magnit is oneof the largest retailers in Europe.