Holding of BOD

Press-release

Krasnodar

July 18, 2012

OJSC "Magnit" announces the holding of the BOD meeting

Krasnodar, July 18, 2012: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the holding of the board of directors meeting.

On July 18, 2012 the Chairman of the board of directors made the decision to hold the BOD meeting on July 19, 2012 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 2012 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 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 position of the OJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares owned by the Company.

11. Approval of related party transaction.

The expected date of the list of shareholders entitled to participate in the general shareholders' meeting: July 27, 2012.

The list of shareholders entitled to receive dividends shall be made as of the date of the list of shareholders entitled to participate in the general shareholders' meeting, 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 general shareholders' meeting: 6 months of 2012 financial year.

Types of the issuer's shares on which the decision to pay (declare) dividends shall be made: ordinary nominal registered shares.

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Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" (LSE and MICEX: MGNT, S&P: "BB-") 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, 2012 the chain consisted of 5,268 convenience stores, 98 hypermarkets, 5 "Magnit Family" stores and 351 cosmetics stores (drogerie) in 1,461 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, 2012 the Company operated an in-house logistics system consisting of 16 distribution centers, employing automated stock replenishment systems and a fleet of 4,070 vehicles.

In accordance with the audited IFRS consolidated financial statements for 2011, the Company recorded consolidated revenue of approximately US$ 11,423 million and consolidated EBITDA of around US$ 939 million.