Krasnodar, December 8, 2010: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 41st hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that on December 7, 2010 the Company has opened its 41st hypermarket of the large format located at 19, Derzhavina street, Velikiy Novgorod, Novgorod region. The total space of the store is over 15,000 sq. m. and its selling space is over 8,500 sq. m., out of which about 4,500 sq. m. is rental space. Assortment of the “Magnit” hypermarket consists of about 10,000 SKUs, out of which about 85% are food items. There are 21 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 41st hypermarket