Krasnodar, September 9, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited August 2011 results¹.

During 8M 2011 the Company opened (net) 604 stores. The total store base reached 4,659 stores (4,516 convenience stores, 74 hypermarkets and 69 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 8M 2011 increased by 47.75% in ruble terms (compared to 8M 2010) and stood at 213,566.47 million rubles. Net retail sales in August 2011 increased by 35.81% vs. August 2010 and amounted to 28,242.04 million rubles.

¹ According to management accounts

OJSC «Magnit» announces unaudited August 2011 results