Krasnodar, March 29, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to release its FY2009 financial results prepared in accordance with IFRS and audited by Deloitte and Touche.

During 2009 the Company added 646 stores (636 convenience stores and 10 hypermarkets) and increased its selling space by 28.70% in comparison to 2008 from

823.51 thousand sq. m. to 1,059.87 thousand sq. m. The total store base reached 3,228 stores (3,204 convenience stores and 24 hypermarkets).

Revenue in rubles increased by 27.79% YoY from 132,921.22 million RUR in 2008 to 169,860.97 million RUR in 2009. The top line growth was due to an increase in selling space as well as to a 4.14% increase of like-for-like sales (excl. VAT). Revenue growth in dollar terms amounted to 0.12%: from US$ 5,347.81 million to US$ 5,354.49 million due to significant change of US$ exchange rate¹.

Gross margin improved from 21.7% in 2008 to 23.5% in 2009. Gross profit in rubles increased by 38.39% from 28,820.57 million RUR (US$ 1,159.54 million) to 39,884.61 million RUR (US$ 1,257.27 million).

EBITDA increased by 61.89% from 9,983.50 million RUR (US$ 401.67 million) in 2008 to 16,162.55 million RUR (US$ 509.49 million) in 2009. Net debt/EBITDA ratio for 2009 amounted to 0.09.

2009 net income increased by 86.88% and amounted to 8,728.77 million RUR (US$ 275.15 million) vs. 4,670.69 million RUR (US$ 187.92 million) in 2008. Sergey Galitsky, the Company’s CEO, provided the following comments on the published 2009 results:

“We are satisfied by 2009 results. Despite active expansion of the Company, including record number of convenience store openings, we achieved good EBITDA margin and net profit results. Autumn offering enabled to end the year with extremely low net debt to EBITDA ratio.

In 2010 the Company will continue its active work with the operating efficiency of the business, and moreover, investments in traffic on competitive markets will become one of the Company’s main focuses.

Expansion plans of the current year will demand investments within 1 billion US dollars from the Company. This amount anticipates serious efforts for our part. We will work hard to achieve the target goals”.

¹ Based on the average exchange rate for 2009 of 31.7231 RUR per 1 US$, 2008 — 24.8553 RUR per 1 US$.

OJSC "Magnit" announces audited FY 2009 results