Krasnodar, December 9, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the results of the extraordinary general shareholders’ meeting.

Type of the general meeting (annual, extraordinary) — extraordinary general shareholders’ meeting;

Form of the general meeting — joint presence of shareholders to discuss the agenda items and make decisions on the voting issues with preliminary submission (delivery) of voting bulletins prior to the general shareholders’ meeting;

Date and venue of the general meeting:

Date of the extraordinary general shareholders’ meeting: December 8, 2011.

Venue: conference room, 3rd floor, 15/5 Solnechnaya str., Krasnodar, Russia.

Completed bulletins were sent to the postal address: 15/5 Solnechnaya str., Krasnodar, Russia, 350072.

Quorum of the general meeting:

Number of votes of participants included in the list of persons entitled to participate in the general meeting and having no interest in the transactions to be executed by the Company:

Item № 1: “Approval of the related party transaction” — 88,098,636 votes.

Item № 2: “Approval of the major related party transaction” — 88,098,636 votes.

Number of votes of shareholders participated in the general meeting and entitled to vote on the agenda items with the specification whether there was a quorum for each item:

Item № 1: “Approval of the related party transaction” — 81,628,251 votes, quorum is present;

Item № 2: “Approval of the major related party transaction” — 81,628,251 votes, quorum is present;

Quorum is present to make the decisions on all the agenda items of the extraordinary general shareholders’ meeting of OJSC “Magnit”. Voting results:

Item № 1: “Approval of the related party transaction”:

Votes cast is as follows:

“for” — 70,395,880 votes which amounts to 79.9058% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item;

“against” — 0 votes which amounts to 0% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item;

“abstained” — 2,543,538 votes which amounts 2.8871% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item.

Item № 2: “Approval of the major related party transaction”: Votes cast is as follows:

“for” — 70,395,880 votes which amounts to 79.9058% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item;

“against” — 0 votes which amounts to 0% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item;

“abstained” — 2,543,538 votes which amounts 2.8871% of the total votes of the shareholders participated in the general meeting and entitled to vote on this item.

Decisions made by the general meeting Decision on the agenda item № 1:

“To approve loan agreement (several interrelated loan agreements) which the Company plans to execute in future with JSC ‘Tander’, which is a related party transaction with the following essentials:

parties of the transaction (transactions): the Lender — OJSC ‘Magnit’, the Borrower — JSC ‘Tander’; subject of the transaction (transactions): loan of funds;

limit of the transaction (transactions): up to 6,000,000,000 (six billion) rubles; loan interest rate: not more than 3.5% (three point five percent) per annum;

loan maturity date: up to 5 (five) years from the time of execution of the transaction (term of loan and interest repayment).

The price (monetary value) of the property of the Company which can be directly or indirectly disposed by the Company under the agreement (agreements) amounts to 2 (two) percent, but not more than 25 (twenty five) percent of the balance sheet assets of the Company determined by its accounting statements as of the latest reporting date”.

Decision on the agenda item № 2:

“To approve loan agreement (several interrelated loan agreements) which the Company plans to execute in future with LLC ‘Magnit Finance’, which is a major related party transaction with the following essentials:

parties of the transaction (transactions): the Lender — OJSC ‘Magnit’, the Borrower — LLC ‘Magnit Finance’; subject of the transaction (transactions): loan of funds;

limit of the transaction (transactions): up to 21,000,000,000 (twenty one billion) rubles; loan interest rate: not more than 3.5% (three point five percent) per annum;

loan maturity date: up to 5 (five) years from the time of execution of the transaction (term of loan and interest repayment).

The price (monetary value) of the property of the Company which can be directly or indirectly disposed by the Company under the agreement (agreements) can amount to 25 (twenty five) and more percent of the balance sheet assets of the Company determined by its accounting statements as of the latest reporting date, but not more than 50 (fifty) percent of the balance sheet assets of the Company determined by its accounting statements as of the latest reporting date”.

The minutes were executed of December 8, 2011.

OJSC «Magnit» announces EGM Results