Magnit BOD Results

Press-release

Krasnodar

March 24, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, March 24, 2011: OJSC «Magnit» (the "Company"; RTS, MICEX, LSE: MGNT) is pleased to announce the results of the BOD meeting held on March 23, 2011.

At the meeting of the OJSC "Magnit" board of directors of March 23, 2011 the following decisions were adopted:

On the first agenda item:

"To call the extraordinary general shareholders' meeting of OJSC "Magnit";

On the second agenda item:

"To approve the agenda of the extraordinary general shareholders' meeting of OJSC "Magnit" as follows":

1. "Approval of the related-party transactions".

On the third agenda item:

«To hold EGM in the form of the joint-presence to discuss the agenda items and adopt decisions on items put to the vote with preliminary submission (delivery) of the voting ballots prior to the date of the general shareholders' meeting»

On the fourth agenda item:

"To hold EGM on May 19, 2011, at 11 AM, to appoint the registration of the EGM participants on May 19, 2011 at 10 AM.

To hold the meeting at the address: conference hall, 3rd floor, 15/5 Solnechnaya str., Krasnodar, 350072, Russia;

To determine the postal address for delivery of the completed voting ballots: 15/5 Solnechnaya str., Krasnodar, 350072, Russia".

On the fifth agenda item:

"To instruct the registrar of the Company - OJSC "Obiedinennaya registratsionnaya kompaniya" - to make a list of persons entitled to participate in EGM according to the register as of April 01, 2011".

On the sixth agenda item:

"To ratify the form and the text of the EGM voting ballots on the agenda items".

On the seventh agenda item:

"To ratify the text of the announcement on EGM and to deliver it via registered mail or hand against signature to each shareholder of the company by April 18, 2011 inclusively".

On the eighth agenda item:

"To ratify the following list of information materials to be presented for shareholders' examination during the period of preparation for the EGM:

- information on the essentials of transactions subject to the approval at the EGM;

- draft decisions on the agenda items;

To authorize the sole executive body to provide access to the information materials starting from April 28, 2011 from 10 AM to 5 PM (break from 12:30 to 13:30) at the address:

CEO's office, 15/5 Solnechnaya str., Krasnodar, Russia".

The date of shareholders register closing (the list of persons entitled to participate at the extraordinary general shareholders' meeting appointed on May 19, 2011) was recorded as of April 1, 2011.

The minutes w/o N are executed of March 23, 2011.

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 December 31, 2010 the chain consisted of 4,002 convenience stores, 51 hypermarkets and 2 cosmetics stores (drogerie) in 1,216 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 December 31, 2010 the Company operated an in-house logistics system consisting of 11 distribution centers, employing automated stock replenishment systems and a fleet of 2,642 vehicles.

In accordance with the unaudited IFRS consolidated financial statements for 1H 2010, the Company recorded consolidated revenue of approximately US$3,448 million and consolidated EBITDA of around US$252 million.