Krasnodar, July 23, 2014: OJSC “Magnit”, Russia’s largest food retailer (the “Company”; MICEX and LSE: MGNT), updates guidance for 2014.

Based on the analysis of sales of the first six months and first half of July this year the management of the Company updates guidance for 2014:

	2014 (previous)	2014 (new)
Sales growth in RUR:	22-24%	26-29%
EBITDA margin:	10.2 — 10.7%	10.6 — 10.9%
CAPEX, US$ bn	1.7-1.8	unchanged
Number of store openings, net
— convenience stores	1,100	unchanged
— hypermarkets and “Magnit Family”	80	unchanged
— cosmetics stores	300 — 350	unchanged

OJSC "Magnit" announces FY 2014 guidance update