Holding of BOD

OJSC MAGNIT - Holding of BOD

PR Newswire

London, March 5

OJSC "Magnit" Announces the Holding of the BOD

Krasnodar, March 5, 2013: OJSC «Magnit» (the "Company"; MICEX and LSE: MGNT) ispleased to announce the holding of the board of directors meeting.

On March 5, 2013 the Chairman of the board of directors made the decision tohold the BOD meeting on March 11, 2013 with the following agenda:

1. Approval of the related party transactions.

2. Determination of the position of the OJSC "Magnit" representative at the

exercise of the voting right on the Retail Import LLC shares owned by the

Company.

For further information, please contact:

Headquartered in the southern Russia city of Krasnodar, Magnit (LSE and MICEX:MGNT) is the holding company for a group of entities that operate in the retailtrade under the "Magnit" brand. The chain of "Magnit" stores is one of theleading food retail networks in Russia. As of December 31, 2012 the chainconsisted of 6,046 convenience stores, 126 hypermarkets, 20 "Magnit Family"stores and 692 cosmetics stores (drogerie) in 1,605 cities and towns throughoutthe Russian Federation.

Approximately two-thirds of the Magnit's stores are located in cities with apopulation of less than 500,000 inhabitants. Most of its stores are located inthe Southern, North-Caucasian, Central and Volga regions. The Company alsooperates stores in the North-Western, Urals and Siberian regions.

As of December 31, 2012 Magnit operated an in-house logistics system consistingof 18 distribution centers, employing automated stock replenishment systems anda fleet of 4,401 vehicles.

In accordance with the unaudited IFRS management accounts for 2012, Magnitrecorded consolidated revenues of approximately $14,430 million USD and aconsolidated EBITDA of $1,524 million USD.