Krasnodar, July 7, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the result of the transaction executed by the Company on July 6, 2011.

Under the contract of guarantee №ДП-714000/2011/00090 of July 6, 2011 the guarantor undertakes the liability to the lender to be responsible for the fulfillment of the obligations by the borrower in full, including repayment of credit amount, payment of the interest on credit, commissions and penalties under the credit agreement №КС- 714000/2011/00051 of April 25, 2011 with the following essentials:

credit amount: 1 500 000 000 (one billion five hundred million) rubles;
credit term: until April 23, 2014;
the borrower shall pay the lender the interest at the rate determined in the credit agreement but not exceeding 12 % per annum;
the lender has the right to unilaterally change the interest rate;
the guarantee is provided for the period of 2 191 days from the date of the contract execution.

Price of the transaction is up to 2 039 506 849.32 rubles, that amounts to 5.2550% of the balance sheet value of assets of the issuer.

Parties of the transaction:

the Creditor — Open joint-stock company “VTB” Bank the Guarantor — Open joint-stock company “Magnit” the Beneficiary — Joint-stock company “Tander”

The related-party transaction was approved by the annual general shareholders’ meeting held on June 23, 2011 (minutes w/№ as of June 23, 2011).

OJSC “Magnit” announces the result of the related-party transaction