Press-releaseKrasnodarJuly 25, 2014OJSC "Magnit" Announces the Holding of the BOD MeetingKrasnodar, July 25, 2014: OJSC "Magnit", Russia's largest food retailer (the"Company", the "Issuer", MICEX and LSE: MGNT), is pleased to announce theholding of the Board of Directors meeting.On July 25, 2014 the Chairman of the Board of Directors made the decision tohold the BOD meeting onJuly 31, 2014 with the following agenda: 1. Approval of recommendations to the general shareholders meeting of the Company on the dividend amount on OJSC "Magnit" shares following the 6 months of 2014 financial year results, the procedure of its payment and the date as of which the shareholders entitled to receive dividends are determined. 2. Calling of the extraordinary general shareholders meeting ("the EGM") of OJSC "Magnit". 3. Approval of the agenda of the EGM of OJSC "Magnit". 4. Approval of the form of holding of the EGM of OJSC "Magnit". 5. Determination of the date, time and venue of the EGM of OJSC "Magnit" and the postal address to send the filled voting ballots. 6. Determination of the date of the list of shareholders entitled to participate in the EGM of OJSC "Magnit". 7. Approval of the form and the text of the voting ballots on the items to be considered at the EGM of OJSC "Magnit". 8. Approval of the procedure of notification of shareholders of the holding of the EGM of OJSC "Magnit". 9. Approval of the list of information (materials) provided to shareholders to prepare to the holding of the EGM of OJSC "Magnit", and the procedure of its provision.10. Determination of the recommended price for major related party transactions to be approved by the EGM of OJSC "Magnit".11. Determination of the recommended price for related party transactions to be approved by the EGM of OJSC "Magnit".12. Approval of the related party transactions.The estimated date of the list of shareholders entitled to participate in theEGM: August 12, 2014.The list of shareholders entitled to receive dividends shall be determined bythe EGM, where the decision to pay (declare) the dividends on the OJSC "Magnit"shares shall be made.The period following the results of which the decision to pay (declare)dividends on the issuer's shares shall be made at the EGM: 6 months of 2014financial year.Types of the issuer's shares on which the decision to pay (declare) dividendsshall be made at the EGM: ordinary registered shares.For further information, please contact:Timothy Post Director, Investor Relations Email: post@magnit.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@magnit.ru Office: +7-861-277-45-54 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 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.