OJSC MAGNIT - Upgrade of the Outlook by S&P

Press-release

Krasnodar

May 7, 2014

OJSC "Magnit" Announces the Upgrade of the Outlook by S&P

Krasnodar, May 7, 2014: OJSC "Magnit", Russia's largest food retailer (the
"Company"; MICEX and LSE: MGNT) announces the revision of the outlook to
positive by Standard & Poor's Rating Services.

Please be informed that on May 7, 2014 Standard & Poor's Rating Services
revised its outlook on Magnit to positive from stable and affirmed the 'BB'
long-term rating. The upgrade reflects S&P's expectation that Magnit will
maintain its sound operating performance, despite a tough economic environment.

The positive outlook reflects the possibility of an upgrade within the next 12
months if Magnit maintains improving operating and financial trends and
generates material, sustainable free operating cash flow.

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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