Notification of unaudited 1Q 2012 IFRS results

Press-release

Krasnodar

April 16, 2012

OJSC "Magnit" announces the publication date of unaudited 1Q 2012 financial results in accordance with IFRS

Krasnodar, April 16, 2012: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the publication date of unaudited 1Q 2012 financial results in accordance with IFRS

Dear Ladies and Gentlemen!

We are pleased to inform you that OJSC "Magnit" plans to release its unaudited 1Q 2012 financial results in accordance with IFRS on Monday, April 23, 2012.

For further information, please contact:

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 March 31, 2012 the chain consisted of 5,104 convenience stores, 96 hypermarkets and 266 cosmetics stores (drogerie) in 1,424 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 March 31, 2012 the Company operated an in-house logistics system consisting of 15 distribution centers, employing automated stock replenishment systems and a fleet of 3,922 vehicles.

In accordance with the audited IFRS consolidated financial statements for 2011, the Company recorded consolidated revenue of approximately US$ 11,423 million and consolidated EBITDA of around US$ 939 million.