Krasnodar, August 10, 2011: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited July 2011 results¹.

During 7M 2011 the Company opened (net) 492 stores. The total store base reached 4,547 stores (4,435 convenience stores, 69 hypermarkets and 43 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 7M 2011 increased by 49.75% in ruble terms (compared to 7M 2010) and stood at 185,324.43 million rubles. Net retail sales in July 2011 increased by 43.13% vs. July 2010 and amounted to 28,791.37 million rubles.

Presenting 7M2011 operating results management announces that the Company continues to focus on the strategy of more aggressive expansion and customer acquisition. At that the forecast of FY 2011 sales growth is 46-48% in ruble terms and EBITDA margin will not exceed 7.5% in FY 2011.

¹ According to management accounts

OJSC «Magnit» announces unaudited July 2011 results