KRASNODAR, September 29, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the eleventh hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that today is the opening of the eleventh “Magnit” hypermarket located at the corner of Antonova and Perspektivnaya str., Saratov. Total space of the store is 11,200 sq. m. and its selling space is 7,000 sq. m. (2,800 sq. m. is for lease). Assortment of the “Magnit” hypermarket consists of about 13,000 SKUs, out of which 68% are food items. There are 20 cash desks installed in the sales area.

Magnit announces the opening of the eleventh hypermarket