KRASNODAR, December 22, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the thirteenth hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that today is the opening of the thirteenth “Magnit” hypermarket located at 11A Mira street, Novomoskovsk. Total space of the store is 11,088 sq. m. and its selling space is 5,575 sq. m. (out of which 2350 sq. m. is rental space). Assortment of the “Magnit” hypermarket consists of over 12,000 SKUs, out of which 75% are food items. There are 17 cash desks installed in the sales area.

Magnit announces the opening of thirteenth hypermarket