Result of AGM

Press-release

Krasnodar

June 25, 2010

OJSC "Magnit" announces the results of the annual general shareholders' meeting

Krasnodar, June 25, 2010: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) announces the results of the annual general shareholders' meeting.

Dear Ladies and Gentlemen!

We would like to inform you that AGM of OJSC "Magnit" was held on June 24, 2010.

Positive decisions were adopted by the general shareholders' meeting on the following agenda items put for voting:

- the annual report, annual accounting report including the profit and loss statements of OJSC "Magnit" were ratified;

- distribution of OJSC "Magnit" profit and losses according to the results of 2009 financial year was ratified;

- OJSC "Magnit" Board of directors was elected;

- OJSC "Magnit" Audit committee was elected;

- OJSC "Magnit" RAS auditor was approved;

- OJSC "Magnit" IFRS auditor was approved;

- the functions of the Counting board were entrusted to the Registrar of OJSC "Magnit";

- OJSC "Magnit" charter in the new edition was ratified;

- OJSC "Magnit" Regulations on collegial executive body (Management Board) was ratified;

- OJSC "Magnit" Regulations on the OJSC "Magnit" Board of directors in the new edition was ratified;

- OJSC "Magnit" Regulations on the sole executive body (Chief executive officer) in the new edition was ratified;

- OJSC "Magnit" Regulations on Audit committee in the new edition was ratified;

- OJSC "Magnit" Regulations on the General shareholders' meeting in the new edition was ratified;

- major related-party transactions were approved;

- related-party transactions were approved[1].

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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, 2009 the chain consisted of 3,204 convenience stores and 24 hypermarkets in 1,048 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 and Urals regions.

As of December 31, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,453 vehicles.

In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2009, the Company recorded consolidated revenue of approximately US$5,354 million and consolidated EBITDA of around US$509 million.