Magnit Updates FY 2014 Guidance

Press Release Krasnodar July 23, 2014 OJSC "Magnit" Updates Guidance for 2014 Krasnodar, July 23, 2014: OJSC "Magnit", Russia's largest food retailer (the"Company"; MICEX and LSE: MGNT), updates guidance for 2014. Based on the analysis of sales of the first six months and first half of Julythis year the management of the Company updates guidance for 2014: 2014 (previous) 2014 (new) Sales growth in RUR: 22-24% 26-29% EBITDA margin: 10.2 - 10.7% 10.6 - 10.9% CAPEX, US$ bn 1.7-1.8 unchanged Number of store openings, net - convenience stores 1,100 unchanged - hypermarkets and "Magnit 80 unchanged Family" - cosmetics stores 300 - 350 unchanged 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 food retailer. Founded in 1994, the company isheadquartered in the southern Russian city of Krasnodar. As of June 30, 2014,Magnit operated 24 distribution centers and over 8,600 stores (7,614convenience, 226 hypermarkets, and 778 cosmetics) in approximately 2,000 citiesand towns 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.