Krasnodar, May 11, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited April 2011 results¹.

During 4M 2011 the Company opened (net) 222 stores. The total store base reached 4,277 stores (4,201 convenience stores, 62 hypermarkets and 14 drogerie stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 4M 2011 increased by 53.39% in ruble terms (compared to 4M 2010) and stood at 102,025.26 million rubles. Net retail sales in April 2011 increased by 54.05% vs. April 2010 and amounted to 26,993.96 million rubles.

¹ According to management accounts.

OJSC «Magnit» announces unaudited April 2011 results