Open Joint Stock Company Magnit in $350 Million Rights Offering and Accelerated Bookbuild

December 15, 2011

Cleary Gottlieb represented Open Joint Stock Company Magnit in a $350 million Rule 144A/Reg S rights offering and accelerated bookbuilt placement of 4,117,648 ordinary shares, which closed on December 15. The joint global coordinators and joint bookrunners for the deal were Morgan Stanley and VTB Capital. The offering comprised an offering of primary shares, which are expected to be listed or admitted to trading on MICEX.

Magnit, based in Krasnodar, is one of the leading food retailers in Russia.