Krasnodar, November 30, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX, LSE: MGNT) is pleased to announce the results of the BOD meeting held on November 29, 2010.

Dear Ladies and Gentlemen!

We would like to inform you that on November 29, 2010 the BOD meeting of OJSC “Magnit” was held. The following decisions were adopted at the meeting:

On the first agenda item:

“To call the extraordinary OJSC ‘Magnit’ shareholders’ meeting”.

On the second agenda item:

To approve the agenda of the extraordinary OJSC “Magnit” shareholder’s meeting as follows:

“Approval of the International financial reporting standards auditor of OJSC “Magnit”.
“Approval of the related party transaction”.

On the third agenda item:

“To hold EGM in the form of the joint-presence to discuss the agenda items and adopt decisions on items put to the vote with preliminary submission (delivery) of the voting ballots prior to the date of the general shareholders’ meeting”.

On the fourth agenda item:

“To hold EGM on January 20, 2011, at 11 AM, to appoint the registration of the EGM participants on January 20, 2011, 10 AM; To hold the meeting at the address: conference hall, 3rd floor, 15/5 Solnechnaya str., Krasnodar, 350072, Russia;

To determine the postal address for delivering of the completed voting ballots: 15/5 Solnechnaya str., Krasnodar, 350072, Russia”.

On the fifth agenda item:

“To instruct the registrar of the Company — OJSC ‘Obiedinennaya registratsionnaya kompaniya’ — to make a list of persons entitled to participate in EGM according to the register as of December 10, 2010”.

On the sixth agenda item:

“To ratify the form and the text of the EGM voting ballots on the agenda items”.

On the seventh agenda item:

“To ratify the text of the announcement on EGM and to deliver it via registered mail or hand against signature to each shareholder of the company by December 20, 2010 inclusively”.

On the eighth agenda item:

“To ratify the following list of information materials to be presented for shareholders’ examination during the period of preparation for the EGM:

information on candidates for the election of the auditor of OJSC ‘Magnit’;
information on the essentials of transaction subject to the approval at the EGM;
draft decisions on the agenda items;

To authorize the sole executive body to provide access to the information materials above starting from December 30, 2010, from 10 AM to 5 PM (break from 12:30 to 13:30) at the address: CEO’s office, 15/5 Solnechnaya str., Krasnodar, Russia.”

The date of shareholders register closing (the list of persons entitled to participate at the extraordinary general shareholders’ meeting appointed on January 20, 2011) was recorded as of December 10, 2010.

The minutes w/o N are executed as of November 29, 2010.

OJSC “Magnit” announces the results of the meeting of the board of directors