95th Hypermarket Opening

Press-release

Krasnodar

May 24, 2012

OJSC "Magnit" announces the opening of the 95th hypermarket

Krasnodar, May 24, 2012: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the opening of the 95th hypermarket of a small format.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company has opened its 95th hypermarket of a small format located at 65 Lenina street, Volzhsk, Volzhskiy district, Mari El Republic. Assortment of the hypermarket consists of about 7,000 SKUs, out of which about 95% are food items. There are 14 cash desks installed in the sales area. The hypermarket is open 7 days a week from 10 am to 10 pm.

For further information, please contact:

Company description:

Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" (LSE and MICEX: MGNT, S&P: "BB-") 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 March 31, 2012 the chain consisted of 5,104 convenience stores, 91 hypermarkets, 5 "Magnit Family" stores and 266 cosmetics stores (drogerie) in 1,424 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, Urals and Siberian regions.

As of March 31, 2012 the Company operated an in-house logistics system consisting of 15 distribution centers, employing automated stock replenishment systems and a fleet of 3,922 vehicles.

In accordance with the audited IFRS consolidated financial statements for 2011, the Company recorded consolidated revenue of approximately US$ 11,423 million and consolidated EBITDA of around US$ 939 million.