Change of Net profit and Assets Value

Press-release

Krasnodar

March 25, 2011

OJSC "Magnit" announces change of assets value and net profit amount (RAS, standalone basis)[1]

OJSC "Magnit" assets in 2010 increased by 5,224,220 thousand rubles as compared to 2009. The significant growth was conditioned by the increase of long- and

short-term financial investments due to proceeds received from the OJSC "Magnit" bonds placement in 2010.

Date of fact occurence: March 24, 2011

OJSC "Magnit" assets value as of 31.12.2009: 28,231,347 thousand rubles

OJSC "Magnit" assets value as of 31.12.2010: 33,455,567 thousand rubles

Absolute change of the issuer's assets value: 5,224,220 thousand rubles

Relative change of the issuer's assets value: 18.51%

OJSC "Magnit" net profit in 2010 amounted to 598,225 thousand rubles vs. 1,415,549 thousand rubles in 2009. The decrease of net profit is due to the dividend payment made by its subsidiary - CJSC "Tander" - according to the results of 2009, while in 2010 there was no profit of this kind.

Date of fact occurence: March 24, 2011

OJSC "Magnit" net profit in 2009: 1,415,549 thousand rubles

OJSC "Magnit" net profit in 2010: 598,225 thousand rubles

Absolute change of the Issuer's net profit amount: - 817,324 thousand rubles

Relative change of the Issuer's net profit amount: - 57.74%

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Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of December 31, 2010 the chain consisted of 4,002 convenience stores, 51 hypermarkets and 2 cosmetics stores (drogerie) in 1,216 locations in the Russian Federation.

Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.

As of December 31, 2010 the Company operated an in-house logistics system consisting of 11 distribution centers, employing automated stock replenishment systems and a fleet of 2,642 vehicles.

In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2010, the Company recorded consolidated revenue of approximately US$7,777 million and consolidated EBITDA of around US$632 million.