Results of BOD

Press-release

Krasnodar

November 9, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, November 9, 2011: OJSC "Magnit" (the "Company", "Issuer"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the BOD meeting held on November 9, 2011.

Dear Ladies and Gentlemen!

We would like to inform you that today the BOD meeting was held (minutes of BOD of OJSC "Magnit" are w/o No. of November 9, 2011).

The meeting agenda:

1. Approval of the related party transaction.

2. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the LLC "AgroTorg" shares in the charter capital owned by the Company

The following BOD members were present: A. Arutyunyan, S. Galitskiy, K. Pombukhchan, A. Shkhachemukov.

V. Butenko, A. Zayonts and A. Makhnev provided their written opinions on the items of the agenda of the BOD meeting of OJSC "Magnit".

The number of the BOD members participated in the meeting, including written opinions of V. Butenko, A. Zayonts and A. Makhnev, amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

On the item 1 of the agenda:

Votes cast is as follows:

A. Arutyunyan - "for", V. Butenko - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Makhnev - "for", K. Pombukhchan - "for", A. Shkhachemukov - "for".

The decision is made.

Content of decision:

"To approve the transaction of the contribution to the property of the limited liability company "AgroTorg" by the Company under the article 27 of the Federal Law "On limited liability companies" and the Charter of LLC "AgroTorg", which is a related party transaction the Company plans to make in the future with the following essentials:

·; Beneficial company: Limited liability company "AgroTorg" (principal place of business - 12 Tselinogradskaya str., Krasnodar, Krasnodar region, the Russian Federation; Principal State Registration Number - 1032309093244; Taxpayer Id. Number - 2315100838);

·; Subject of transaction: contribution to the property of LLC "AgroTorg" by OJSC "Magnit" being the participant of LLC "AgroTorg" in order to increase net assets of LLC "AgroTorg";

·; Price (amount) of the transaction: 133,824,000 (One hundred and thirty three million eight hundred and twenty four thousand) rubles;

·; Deadline to fulfill obligations under the transaction: 5 (five) bank days after the date of the decision of the general meeting of participants on the contribution to the property of LLC "AgroTorg" (time of the funds transfer).

The price of the property to the possible disposal of which the transaction is related amounts to less than 2% of the balance sheet assets of the Company, determined on the basis of the accounting statements for the last reporting period".

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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 September 30, 2011 the chain consisted of 4,593 convenience stores, 76 hypermarkets and 98 cosmetics stores (drogerie) in 1,325 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 September 30, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,705 vehicles.

In accordance with the unaudited IFRS consolidated financial statements for 1H 2011, the Company recorded consolidated revenue of approximately US$5,471 million and consolidated EBITDA of around US$359 million.