Krasnodar, March 23, 2012: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to release its audited FY 2011 financial results prepared in accordance with IFRS and audited by Ernst & Young.

During 2011 the Company added (net) 1,254 stores (1,004 convenience stores, 42 hypermarkets and 208 cosmetics stores) and increased its selling space by 38.51% in comparison to 2010 from 1,422.38 thousand sq. m. to 1,970.16 thousand sq. m. The total store base as of December 31, 2011 reached 5,309 stores (5,006 convenience stores, 93 hypermarkets and 210 cosmetics stores).

Revenue in rubles increased by 42% YoY from 236,193.55 million RUR in 2010 to 335,699.95 million RUR in 2011. The top line growth was due to an increase in selling space as well as to a 11.09% increase of like-for-like sales (excl. VAT). Revenue growth in dollar terms amounted to 47%: from US$ 7,777.40 million to US$ 11,423.26 million.¹

Gross margin grew from 22.38% in 2010 to 24.33% in 2011. Gross profit in rubles increased by 54.49% from 52,858.39 million RUR (US$ 1,740.53 million) to 81,663.45 million RUR (US$ 2,778.86 million).

EBITDA increased by 43.92% from 19,179.96 million RUR (US$ 631.56 million) in 2010 to 27,604.14 million RUR (US$ 939.32 million) in 2011. EBITDA margin in 2011 amounted to 8.22% which is 0.1% above the figure of 2010 of 8.12%. Net debt/EBITDA ration (in ruble terms) for 2011 amounted to 1.26.

2011 net income increased by 21.41% and amounted to 12,303.84 million RUR (US$ 418.68 million) vs. 10,134.11 million RUR (US$ 333.70 million) in 2010.

Key figures presented in this press-release are immaterially higher compared to numbers under management accounts announced by the Company on January 30, 2012. Thus, according to the audited results gross margin is higher by 3 bps, EBITDAR margin — by 5 bps, EBITDA margin — by 4 bps, EBIT margin — by 5 bps and net margin — by 4 bps.

¹ Based on the average exchange rate for 2011 — 29.3874 RUR per 1 USD, 2010 — 30.3692 RUR per 1 USD

OJSC “Magnit” announces audited FY 2011 results