Krasnodar, December 30, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 4000th convenience store and the 50th hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company opened its 4000th convenience store located at 19, Kiznerskaya street, Kizner village, Udmurt Republic. This is the first Magnit store in this location where population is 9,300 inhabitants. The total space of the store is 425 sq. m. and its selling space is 315 sq. m. Outlet has been constructed and is owned by the Company.

Today the Company has also opened its 50th hypermarket of the large format located at Lenina prospect, Novorossiisk, Krasnodar region. The total space of the store is over 15,000 sq. m. and its selling space is about 8,500 sq. m, out of which over 2,000 sq. m. is rental space. Assortment of the “Magnit” hypermarket consists of about 16,300 SKUs, out of which about 61% are food items. There are 36 cash desks installed in the sales area. The hypermarket is open 7 days a week from 10 am to 10 pm.

OJSC «Magnit» announces the opening of the 4000th convenience store and 50th hypermarket