27th Hypermarket Opening

Press-release

Krasnodar

June 16, 2010

OJSC "Magnit" announces the opening of the 27th hypermarket

Krasnodar, June 16, 2010: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 27th hypermarket.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company has opened its 27th hypermarket located at the corner of 19, Syzranova and 249, Shilo str., Taganrog, Rostov region. Total space of the store is 4,686 sq. m. and its selling space is 2,586 sq. m. (out of which about 136 sq. m. is rental space). Assortment of the "Magnit" hypermarket consists of about 9,873 SKUs, out of which about 58% are food items. There are 19 cash desks installed in the sales area.

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Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of December 31, 2009 the chain consisted of 3,204 convenience stores and 24 hypermarkets in 1,048 locations in the Russian Federation.

Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.

As of December 31, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,453 vehicles.

In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2009, the Company recorded consolidated revenue of approximately US$5,354 million and consolidated EBITDA of around US$509 million.

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