Press-releaseKrasnodarApril 18, 2014OJSC "Magnit" Announces the Results of the BOD MeetingKrasnodar, April 18, 2014: OJSC "Magnit", Russia's largest food retailer (the"Company", "Issuer"; MICEX and LSE: MGNT), is pleased to announce the resultsof the BOD meeting held on April 17, 2014.Please be informed that on April 17, 2014 the BOD meeting was held (minutes ofthe BOD meeting of OJSC "Magnit" are w/o No. of April 17, 2014).The meeting agenda: 1. Approval of the list of candidates to be elected to the Board of Directors of the Company at the AGM of OJSC "Magnit". 2. Approval of the form and the text of the voting ballot on the third agenda item to be considered at the AGM of OJSC "Magnit" "Election of the Board of directors of OJSC "Magnit". 3. Approval of the related party transaction. 4. Determination of the position of the OJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.The following BOD members were present: A. Arutyunyan, S. Galitskiy, V.Butenko, K. Pombukhchan and A. Shkhachemukov.A. Zayonts and A. Makhnev provided their written opinions on the items of theagenda of the BOD meeting of OJSC "Magnit".The number of the BOD members participated in the meeting, including writtenopinions of A. Zayonts and A. Makhnev amounts to not less than half of thenumber of the BOD members determined by the Charter of the Company.Quorum to hold the BOD meeting with this agenda is present.Content of the decisionsand voting results:Item 1 on the agenda:"Due to the self-initiated withdrawal of one of the candidates from theupcoming election to the Board of OJSC "Magnit" directors, and in view of therequirements for the independence of the Directors of the Board specified bythe Listing rules of JSC "MICEX Stock Exchange" and effective from June 2,2014, to approve the following list of candidates to be elected to the Board ofdirectors of OJSC "Magnit" at the AGM of OJSC "Magnit": * Andrey Arutyunyan; * Sergey Galitskiy; * Alexander Zayonts; * Alexey Makhnev; * Khachatur Pombukhchan; * Alexey Pshenichniy; * Aslan Shkhachemukov."Votes were cast 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 was made.Item 2 on the agenda:"To approve the form and the text of the voting ballot on the third agenda itemto be considered at the AGM of OJSC "Magnit" "Election of the Board ofdirectors of OJSC "Magnit"".Votes were cast 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 was made.Item 3 on the agenda:"To approve the conclusion of the additional agreement to the real estate leaseagreement № GK/926/12 of February 6, 2012, which the Company executed with JSC"Tander" and which is the related party transaction based on the followingterms and conditions of the lease agreement including changes introduced by theadditional agreement:• Parties of the transaction: Lessor - OJSC "Magnit", Lessee - JSC "Tander".• Subject of the transaction: the Lessor shall provide the following realproperty to the Lessee for a fee for temporary possession and use:non-residential premises, with the total space of 278.8 sq. m, 1st floor,address (address): 29, Sedina street, Ivanovskaya village, Krasnoarmeyskiydistrict, Krasnodar region, Russia.• Lease fee: 95,990 (ninety five thousand nine hundred and ninety) rublesincluding 18% VAT - 14,642 (fourteen thousand six hundred and forty two) rubles54 kopecks per month.• Lease period: 10 (ten) years.The price of the property to the possible disposal of which the transaction isrelated amounts to less than 2% of the book value of assets of the Companydetermined on the basis of the accounting statements for the latest accountingperiod".Votes were cast as follows:A. Arutyunyan - "did not participate in voting", V. Butenko - "for", S.Galitskiy - "did not participate in voting", A. Zayonts - "for", A. Makhnev -"for", K. Pombukhchan - "did not participate in voting", A. Shkhachemukov -"for".The decision was made.Item 4 on the agenda:"To recommend the sole executive body of OJSC "Magnit", which is theshareholder of LLC "Retail Import" to make the following decision at theexercise of the voting right on shares in the charter capital of LLC "RetailImport" owned by the Company:"To approve the bank guarantee agreement, which the Company plans to execute infuture with Open joint-stock company "Sberbank of Russia" (hereinafter - the"Agreement") and which is the major transaction with the following essentials:1. The guarantor (OJSC Sberbank of Russia) shall undertake the obligation toprovide the guarantees of the Principal (LLC "Retail Import") of theBeneficiary's performance (customs authorities) on the use of excise stamps inaccordance with their designated purpose in the form annexed to the Agreementaccording to the Federal law № 311-FZ "On Customs Regulation in the RussianFederation" of November 27.2. Throughout the term of the Agreement the total amount of the concurrentGuarantees (hereinafter - the "Limit") shall not exceed 300,000,000 (threehundred million) rubles.3. The validity period of the Limit shall not exceed 36 (thirty six) months.4. The Principal shall pay the fee per each Guarantee. The fee shall not exceed2 (two) percent per annum. The Principal shall pay the Guarantor the fee forthe enforced diversion of the funds by the Guarantor towards obligations of thePrincipal to the Beneficiary in the amount of 10 (ten) percent per annum of thepayment effected for the corresponding Guarantee.5. The agreement shall come into effect from the date on which it is signed bythe Parties and remain in effect until all obligations under the Agreement areperformed by the Parties in full."Votes were cast 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 was made.For further information, please contact:Timothy Post Director, Investor Relations Email: post@gw.tander.ru Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562Dina Svishcheva Deputy Director, Investor Relations Email: Chistyak@gw.tander.ru Office: +7-861-277-4554 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562Company description:Magnit is Russia's largest food retailer. Founded in 1994, the company isheadquartered in the southern Russian city of Krasnodar. As of March 31, 2014,Magnit operated 23 distribution centers and over 8,200 stores (7,341convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905 cities andtowns 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.