Krasnodar, January 12, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the initiation of the Employee Stock Option Plan.

The decision of the Board of OJSC “Magnit” Directors of December 23, 2009 approved the “Regulations on bonuses” for the employees of CJSC “Tander” in order to additionally motivate its key personnel providing high growth rates of the Company. Maximum value of the program for 2009 can amount to 147,357 shares of the Company (number of securities with the total value as of the date of the decision of not more than 7% of the net profit of the Company for 2008 in accordance with IFRS. Realization of the current stage of the program will be completed in 2011. Participants of this program can include employees who have been working for the Company for not less than 8 years including at least 2 years in executive positions starting from the head of department as well as key employees who deliver high growth rates of the Company.

OJSC “Magnit” announces the initiation of the ESOP