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

During 2M 2011 the Company opened (net) 81 stores. The total store base reached 4,136 stores (4,080 convenience stores, 53 hypermarkets and 3 drogerie stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 2M 2011 increased by 53% in ruble terms (compared to 2M 2010) and stood at 47,726.54 million rubles. Net retail sales in February 2011 increased by 54% vs. February 2010 and amounted to 24,216.89 million rubles.

Presenting 2M2011 operating results management announces that the Company takes the strategy of more aggressive expansion and customer acquisition which upgrades forecast of sales growth to 49% in ruble terms and changes expected range of EBITDA margin to 7.5% — 8.0% for 2011 in part due to increase of rates of compulsory pension, health and social insurance.

¹ According to management accounts.

OJSC «Magnit» announces unaudited February 2011 results