Results of BOD

Press-release

Krasnodar

November 29, 2011

OJSC "Magnit" announces the results of the BOD meeting

Krasnodar, November 29, 2011: OJSC "Magnit" (the "Company", "Issuer"; RTS, MICEX and LSE: MGNT) is pleased to announce the results of the BOD meeting held on November 28, 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 28, 2011).

The meeting 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 JSC "Tander" shares owned by the Company,

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

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

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 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 1.1 of the agenda:

Votes cast is as follows:

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

The decision is made.

Content of decision:

"To approve the transaction which the company plans to execute in future with the JSC "Tander" and which is the related party transaction with the following essentials:

• parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander";

• subject of the transaction: The Lessor shall provide real property - non-residential premises of the ground-floor of the 9-storeyed residential building № 1-26 with a total space of 638.2 sq. m., located at the address: 3 Parus district, Gelendzhik, Krasnodar region, Russian Federation - to the Lessee at a fee for temporary possession and use;

• lease fee: 280,000 (two hundred and eighty thousand) rubles, incl. VAT;

• leasing period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting period".

On the item 1.2 of the agenda:

Votes cast is as follows:

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

The decision is made.

Content of decision:

"To approve the transaction which the company plans to execute in future with the JSC "Tander" and which is the related party transaction with the following essentials:

• parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander";

• subject of the transaction: The Lessor shall provide real property - "Volna" store, Letter: A, A1, with a total space of 1137.2 sq. m., number of floors: 2, underground floors: 0, purpose: non-residential, registration number: 4150, located at the address: 10 A Polevaya street, Gelendzhik, Krasnodar region, Russian Federation - to the Lessee at a fee for temporary possession and use;

• lease fee: 460,000 (four hundred and sixty thousand) rubles, incl. VAT;

• leasing period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting period".

On the item 1.3 of the agenda:

Votes cast is as follows:

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

The decision is made.

Content of decision:

"To approve the transaction which the company plans to execute in future with the JSC "Tander" and which is the related party transaction with the following essentials:

• parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander";

• subject of the transaction: The Lessor shall provide real property - general store, Letter: A, a, with a total space of 742.8 sq. m., number of floors: 2, purpose: non-residential, registration number: 5187, according to the floor plan, located at the address: w/o № Severniy district, Gelendzhik, Krasnodar region, Russian Federation - to the Lessee at a fee for temporary possession and use;

• lease fee: 300,000 (three hundred thousand) rubles, incl. VAT;

• leasing period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting period".

On the item 1.4 of the agenda:

Votes cast is as follows:

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

The decision is made.

Content of decision:

"To approve the transaction which the company plans to execute in future with the JSC "Tander" and which is the related party transaction with the following essentials:

• parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander";

• subject of the transaction: The Lessor shall provide real property located at the address: 286 Shkolnaya street, Slavyansk-on-Kuban, Slavyansk district, Krasnodar region, Russian Federation to the Lessee at a fee for temporary possession and use:

- "Magnit" shopping center, letter: B, with a total space of 654.8 sq. m., number of floors: 2, purpose: trading, registration number: 573, cadastral (or identification) number 23:48:0203046:0:5;

- land plot with a cadastral number 23:48:0203046:1, with a total space of 573 sq. m., category of land: land of population centers - for building and operation of the shopping centre;

• lease fee: 280,000 (two hundred and eighty thousand) rubles, incl. VAT;

• leasing period: 10 (ten) years.

The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting period".

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 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.