Krasnodar, February 4, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces information on the decisions of the BOD to approve a major transaction.

Dear Ladies and Gentlemen,

We would like to inform you that the Board of OJSC “Magnit” directors held on February 4, 2011 approved the major transaction (several inter-related transactions).

The essentials of the transaction are as follows:

The subject of the transaction:

Placement by means of open subscription of non-convertible interest-bearing certified exchange-traded bonds of the BO-05, BO-06 series to the bearer with the obligatory centralized custody in the amount of 10,000,000 (ten million) with the nominal value of 1,000 (one thousand) rubles each (hereinafter referred to as — the “Exchange-traded bonds”), with the total nominal value of 10,000,000,000 (ten billion) rubles placed by means of open subscription at the price of 100 (hundred) per cent of the nominal value of the Exchange-traded bonds which amounts to 1,000 rubles each, with the redemption period on 1,092^nd (one thousand ninety-second) day after the commencement date of placement of the Exchange-traded bonds of the corresponding series by cash by means of non-cash settlement in the currency of the Russian Federation, providing coupon yield payment in the amount set in accordance with the Decision on securities issue the Prospectus.

Placement price of the Exchange-traded bonds amounts to 100 (hundred) per cent of their nominal value.

The parties of the transaction:

the issuer of the Exchange-traded bonds — OJSC “Magnit”,
individuals and legal entities — purchasers of the Exchange-traded bonds of OJSC “Magnit”.

The price of the transaction:

Nominal value of the Exchange-traded bonds amounts to 10,000,000,000 (ten billion) rubles — which is in aggregation with the coupon yield paid for the whole period of the floatation of the Exchange-traded bonds. The amount of the coupon yield (interest rate) is defined by OJSC “Magnit” pursuant to the terms and procedures stipulated by the Decision on securities issue and the Prospectus.

The minutes of the Board meeting is executed as of February 4, 2011 w/o No.

OJSC “Magnit” announces information on the decisions of the BOD to approve a major transaction