OJSC MAGNIT - Execution of Related Party Transaction

Press-release

Krasnodar

June 24, 2014

OJSC "Magnit" Announces the Execution of the Related Party Transaction

Krasnodar, June 24, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company", the "Issuer"; MICEX and LSE: MGNT), announces the execution of the
transaction on June 23, 2014.

The essentials of the transaction are as follows:

Type of transaction: Related party transaction

Subject of           Provision by the Issuer of the guarantee underthe
transaction:         revolvingcredit line agreement №KRD/RK/003/14as of June23,
                     2014, executed between JSC "Tander" and OJSC JSCB "ROSBANK
                     "

Content of the       In accordance with the guarantee agreement №KRD/PR/052/14
transaction:         as of June23, 2014the Guarantor shall be gratuitously
                     liable to the Creditorto the extent provided by this
                     Agreement for the performance of obligationsbythe Borrower
                     under the Revolving credit line agreement №KRD/RK/003/14,
                     executed between the Borrower and the Creditor in
                     Krasnodar as of June 23, 2014,on the following terms:

                       * The creditamount : 3,400, 000,000 (threebillion four
                         hundred million)rubles

                       * The granted term of the credit is until July22, 2015
                         (inclusive)

                       * The Borrower shall pay the interest on credit to the C
                         reditor at the rate determined by the Revolving credit
                         line agreement but not exceeding 12% per annum

                       * The liability of the Guarantorfor the performance of
                         all obligationsby the Borrowerunder the Credit a
                         greement shall belimited to the amount of 3,40
                         0,000,000.00 (threebillion four hundred million)
                         rubles

                       * The guaranteeterminates upon the proper performance of
                         obligations by the Borrower under the Credit Agreement
                         or the unilateral change of the Credit Agreement
                         essentials increasing the liability of theGuarantor

Deadline for the     July 22, 2015 (credit maturity)
fulfillment of the
obligations:

Parties and          The creditor - OJSC JSCB "ROSBANK"
beneficiaries under
transaction:         The guarantor - open joint-stock company "Magnit"

                     The borrower (beneficiary) -joint-stock company "Tander"

The amount of the    3,400, 000,000rubles which amounts to 4.16% of the balance
transaction in the   sheet assets of the issueras of December 31, 2013
monetary value and
as a % of the asset
value of the issuer:

Asset value of the   88,717, 075thousand rubles(as of December 31, 2013)
issuer as of the
closing date of the
accounting period
preceding the
execution of the
transaction:

Date of the          June23, 2014
transaction
execution:

Information on the   The transaction was approved by the General shareholders
approval of the      meetingof May 29, 2014(Minutes of the general shareholders
transaction:         meeting of OJSC "Magnit" w/o No. of May 29, 2014)

For further information, please contact:

Timothy Post                            Director, Investor Relations
                                        Email: [e-mail]
                                        Office: [phone] x 17600
                                        Mobile: [phone]
                                        Direct Line: [phone]

Dina Svishcheva                         Deputy Director, Investor Relations
                                        Email: [e-mail]
                                        Office: [phone] x 15101
                                        Mobile: [phone]
                                        Direct Line: [phone]

Company description:

Magnit is Russia's largest food retailer. Founded in 1994, the company is
headquartered in the southern Russian city of Krasnodar. As of March 31, 2014,
Magnit operated 23 distribution centers and over 8,200 stores (7,341
convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905 cities and
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) and
its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating
from Standard & Poor's of BB. Measured by market capitalization, Magnit is one
of the largest retailers in Europe.

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