KRASNODAR, November 12, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the twelfth hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that today is the opening of the twelfth “Magnit” hypermarket located at 42 Dzerzhinskogo street, Krasnodar. Total space of the store is 21,000 sq. m. and its selling space is 12,590 sq. m. (out of which 5,690 sq. m. is rental space). Assortment of the “Magnit” hypermarket consists of over 15,000 SKUs, out of which 68% are food items. There are 31 cash desks installed in the sales area.

Magnit announces the opening of twelfth hypermarket