Krasnodar, January 11, 2012: OJSC “Magnit” (the “Company”; MICEX and LSE: MGNT) is pleased to announce its unaudited December 2011 results¹

During 12M 2011 the Company opened (net) 1,254 stores. The total store base reached 5,309 stores (5,006 convenience stores, 93 hypermarkets and 210 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 12M 2011 increased by 42.12% in ruble terms (compared to 12M 2010) and stood at 335,607.39 million rubles.

In order to evaluate the growth rate of sales of 12M 2011 to 12M 2010 objectively it is useful to take into account the level of food inflation which directly affects the growth rates in the comparison periods. Thus, food inflation in 2011 amounted to 3.9% vs. 12.9% in 2010².

¹ According to management accounts

² Rosstat www.gks.ru

OJSC "Magnit" announces unaudited December 2011 results