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

During 3M 2011 the Company opened (net) 134 stores. The total store base reached 4,189 stores (4,128 convenience stores, 57 hypermarkets and 4 drogerie stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 3M 2011 increased by 53% in ruble terms (compared to 3M 2010) and stood at 75,031.30 million rubles. Net retail sales in March 2011 increased by 54% vs. March 2010 and amounted to 27,304.76 million rubles.

¹ According to management accounts.

OJSC «Magnit» announces unaudited March 2011 results