Krasnodar, June 25, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the results of the annual general shareholders’ meeting.

Dear Ladies and Gentlemen!

We would like to inform you that AGM of OJSC “Magnit” was held on June 24, 2010.

Positive decisions were adopted by the general shareholders’ meeting on the following agenda items put for voting:

the annual report, annual accounting report including the profit and loss statements of OJSC “Magnit” were ratified;
distribution of OJSC “Magnit” profit and losses according to the results of 2009 financial year was ratified;
OJSC “Magnit” Board of directors was elected;
OJSC “Magnit” Audit committee was elected;
OJSC “Magnit” RAS auditor was approved;
OJSC “Magnit” IFRS auditor was approved;
the functions of the Counting board were entrusted to the Registrar of OJSC “Magnit”;
OJSC “Magnit” charter in the new edition was ratified;
OJSC “Magnit” Regulations on collegial executive body (Management Board) was ratified;
OJSC “Magnit” Regulations on the OJSC “Magnit” Board of directors in the new edition was ratified;
OJSC “Magnit” Regulations on the sole executive body (Chief executive officer) in the new edition was ratified;
OJSC “Magnit” Regulations on Audit committee in the new edition was ratified;
OJSC “Magnit” Regulations on the General shareholders’ meeting in the new edition was ratified;
major related-party transactions were approved;
related-party transactions were approved¹.

¹ Draft decisions can be found on the OJSC “Magnit” website: http://magnit-info.ru/eng/investors/general_shareholders_meeting/magnit/.

OJSC “Magnit” announces the results of the annual general shareholders’ meeting