Krasnodar, October 27, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the change of net profit amount (RAS, standalone basis)¹

Loss of OJSC “Magnit” in the 2nd quarter of 2011 amounted to 613,104 thousand rubles. Net profit in the 3rd quarter of 2011 amounted to 197,803 thousand rubles. Significant change of the financial result is explained by the fact that there was no loss occurred in the 3rd quarter 2011 vs. 2nd quarter 2011 from the transaction of sale of property rights.

¹ Based on statements of OJSC “Magnit” which have been prepared under RAS. Figures in this press-release are disclosed according to the Russian legislation and do not characterize the operation of “Magnit” group of companies.

OJSC «Magnit» announces the change of the net profit amount (RAS)