OREANDA-NEWS. OJSC Magnit, Russias largest retailer (the Company, Issuer; MICEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on December 12, 2013.

Please be informed that on December 12, 2013 the BOD meeting was held (minutes of the BOD meeting of OJSC Magnit are w/o No. of December 12, 2013).

The meeting agenda:

1. Informing of the Board of Directors of OJSC Magnit on the key provisions of the UK Bribery Act of 2010.

2. Making of the decision to pay the bonus to the person exercising the power of the chief executive officer of OJSC Magnit for the 2013 results.

3. Determination of the position of the OJSC Magnit representative at the exercise of the voting right on the JSC Tander shares owned by the Company.

4. Introduction (approval) of alterations to the Resolution authorizing issuance of non-convertible interest-bearing certified bonds of the 02 series to the bearer with the obligatory centralized custody.

5. Introduction (approval) of alterations to the Resolution authorizing issuance of non-convertible interest-bearing certified bonds of the 03 series to the bearer with the obligatory centralized custody.

6. Introduction (approval) of alterations to the Prospectus of non-convertible interest-bearing certified bonds of the 01, 02, 03 series to the bearer with the obligatory centralized custody in respect of non-convertible interest-bearing certified bonds of the 02, 03 series to the bearer with the obligatory centralized custody.

The following BOD members were present: V. Butenko, S. Galitskiy, K. Pombukhchan and A.

Shkhachemukov.

A. Arutyunyan, A. Zayonts and A. Makhnev provided their written opinions on the items of the agenda of the BOD meeting of OJSC Magnit.

The number of the BOD members participated in the meeting, including written opinions of A. Arutyunyan, A. Zayonts and A. Makhnev amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

Content of the decisions and voting results:

Item 1 on the agenda:

To take into account the information on the key provisions of the UK Bribery Act 2010 and the recommendations of Ernst & Young (CIS) B.V. related to assurance of compliance of OJSC Magnit and its subsidiaries and affiliates with the provisions of the UK Bribery Act 2010.

To authorize the Chief Executive Officer of OJSC Magnit to elaborate procedures for assuring compliance with the provisions of the UK Bribery Act 2010.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made. Item 2 on the agenda:

To pay the bonus to the person exercising the power of the sole executive body of the Company based on the results of 2013 in the amount recommended by the Human Resources and Compensation Committee of the Board of Directors of OJSC Magnit by December 30, 2013.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made.

Item 3.1 on the agenda:

To recommend the sole executive body of OJSC Magnit, which is the sole shareholder of JSC Tander, to make the following decision at the realization of the voting right on shares owned by the Company:

To determine that Vladimir Gordeychuk will be the member of the employee incentive program of JSC Tander in 2013 in accordance with the Regulation on the Incentive Program and Human Resources and Compensation Committee of the Chief Executive Officer of JSC Tander.

To approve the additional agreement to the contract with the sole executive body of JSC Tander that is Agreement of the parties N22 on the changes of the terms and conditions of the Employment agreement determined by the parties as of June 28, 2006, to authorize Sergey Galitskiy, Chief Executive Officer of OJSC Magnit to sign the specified agreement on behalf of the Company.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made.

Item 3.2 on the agenda:

To recommend the sole executive body of OJSC Magnit, which is the sole shareholder of JSC Tander, to make the following decision at the realization of the voting right on shares owned by the Company:

To distribute part of net profit of JSC Tander for the nine months 2013 on dividends:

To pay dividends on the ordinary registered shares of JSC Tander in the amount of 7,350,000,000 (seven billion three hundred and fifty million) rubles which amounts to 0.7350 rubles per ordinary registered share by means of funds transfer to the settlement account of the relevant shareholder within 60 days from the day on which the decision to pay dividends is made.

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made.

Item 4 on the agenda:

Due to the changes in the securities laws related to the option to extend the placement period of the equity securities as well as to the registry of rights to the equity securities with the obligatory centralized custody and other changes according to the requirements of the particular provisions of the Federal law N282-FZ On Introducing Amendments to Certain Legislative Acts of the Russian Federation and Invalidation of Particular Provisions of Legislative Acts of the Russian Federation of 29.12.2012 effective from 02.01.2013 to change the Resolution authorizing issuance of securities - non-convertible interest-bearing certified bonds of the 02 series to the bearer with the obligatory centralized custody in the amount of 5,000,000 (five million) bonds of the nominal value of 1,000 (one thousand) rubles each with the total nominal value of 5,000,000,000 (five billion) rubles with the repayment period on the 1,092th (One thousand and ninety second) day from the commencement date of placement of bonds in the form of public subscription eligible for anticipated repayment at the request of holders and at the discretion of the Issuer ratified by the Board of Directors of OJSC Magnit on October 29, 2012 (Minutes w/o No. of 29.10.2013). Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made.

Item 5 on the agenda:

Due to the changes in the securities laws related to the option to extend the placement period of the equity securities as well as to the registry of rights to the equity securities with the obligatory centralized custody and other changes according to the requirements of the particular provisions of the Federal law N282-FZ On Introducing Amendments to Certain Legislative Acts of the Russian Federation and Invalidation of Particular Provisions of Legislative Acts of the Russian Federation of 29.12.2012 effective from 02.01.2013 to change the Resolution authorizing issuance of securities - non-convertible interest-bearing certified bonds of the 03 series to the bearer with the obligatory centralized custody in the amount of 5,000,000 (five million) bonds of the nominal value of 1,000 (one thousand) rubles each with the total nominal value of

5,000,000,000 (five billion) rubles with the repayment period on the 1,092th (One thousand and ninety second) day from the commencement date of placement of bonds in the form of public subscription eligible for anticipated repayment at the request of holders and at the discretion of the Issuer ratified by the Board of Directors of OJSC Magnit on October 29, 2012 (Minutes w/o No. of 29.10.2013).

Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.

The decision was made.

Item 6 on the agenda:

Due to the changes in the securities laws related to the option to extend the placement period of the equity securities as well as to the registry of rights to the equity securities with the obligatory centralized custody and other changes according to the requirements of the particular provisions of the Federal law N282-FZ On Introducing Amendments to Certain Legislative Acts of the Russian Federation and Invalidation of Particular Provisions of Legislative Acts of the Russian Federation of 29.12.2012 effective from 02.01.2013 to change (approve) the Prospectus (ratified by the Board of Directors of OJSC Magnit on October 29, 2012 (Minutes w/o No. of 29.10.2013)):

non-convertible interest-bearing certified bonds of the 01 series to the bearer with the obligatory centralized custody in the amount of 5,000,000 (five million) bonds of the nominal value of 1,000 (one thousand) rubles each with the total nominal value of 5,000,000,000 (five billion) rubles with the repayment period on the 1,092th (One thousand and ninety second) day from the commencement date of placement of bonds in the form of public subscription eligible for anticipated repayment at the request of holders and at the discretion of the Issuer;

non-convertible interest-bearing certified bonds of the 02 series to the bearer with the obligatory centralized custody in the amount of 5,000,000 (five million) bonds of the nominal value of 1,000 (one thousand) rubles each with the total nominal value of 5,000,000,000 (five billion) rubles with the repayment period on the 1,092th (One thousand and ninety second) day from the commencement date of placement of bonds in the form of public subscription eligible for anticipated repayment at the request of holders and at the discretion of the Issuer;

non-convertible interest-bearing certified bonds of the 03 series to the bearer with the obligatory centralized custody in the amount of 5,000,000 (five million) bonds of the nominal value of 1,000 (one thousand) rubles each with the total nominal value of 5,000,000,000 (five billion) rubles with the repayment period on the 1,092th (One thousand and ninety second) day from the commencement date of placement of bonds in the form of public subscription eligible for anticipated repayment at the request of holders and at the discretion of the Issuer;

in respect of non-convertible interest-bearing certified bonds of the 02, 03 series to the bearer with the obligatory centralized custody. Votes were cast as follows:

A. Arutyunyan - for, V. Butenko - for, S. Galitskiy - for, A. Zayonts - for, A. Makhnev - for, K. Pombukhchan - for, A. Shkhachemukov - for.