Krasnodar, May 21, 2012: In accordance with the requirements of Prospectus Rule 5.2, OJSC “Magnit” (the “Company”; MICEX and LSE: MGNT) is pleased to announce its Annual Information Update, which refers to information that has been published or made available to the public over the twelve months ended April 23, 2012.

This annual information update is required by, and is being made pursuant to, Article 10 of the Prospectus Directive as implemented in the UK by Prospectus Rule 5.2 and not for any other purpose. The information is not necessarily up to date as at the date of this annual information update and OJSC “Magnit” does not undertake any obligation to update any such information in the future.

Further, such information may have been prepared in accordance with the laws or regulations of a particular jurisdiction and may not comply with or meet the relevant standards of disclosure in any other jurisdiction. Neither this annual information update, nor the information referred to in it, constitutes, by virtue of this communication, an offer of any securities addressed to any person and it should not be relied on by any person.

The Company has submitted the following UK regulatory announcements via a Regulatory Information Service (RNS) for the previous 12 months. Full details of these announcements can be found at http://www.londonstockexchange.com/en-gb/