Opening of the 4500th Convenience Store

Press-release

Krasnodar

August 29, 2011

OJSC "Magnit" announces the opening of the 4500th convenience store

Krasnodar, August 29, 2011: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 4500th convenience store.

Dear Ladies and Gentlemen!

We are glad to inform you that on August 27, 2011 the Company opened its 4500th convenience store located at 38, Komsomolskaya street, Poltavka village, Omsk region. This is the first Magnit store in this location where population is about 7,100 inhabitants. The total space of the store is 463 sq. m. and its selling space is 313 sq. m. Outlet is leased by the Company.

Poltavka village is 2 968 km far from Moscow and 3 906 km far from Krasnodar.

For further information, please contact:

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 June 30, 2011 the chain consisted of 4,366 convenience stores, 66 hypermarkets and 28 cosmetics stores (drogerie) in 1,286 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 June 30, 2011 the Company operated an in-house logistics system consisting of 12 distribution centers, employing automated stock replenishment systems and a fleet of 3,454 vehicles.

In accordance with the unaudited IFRS consolidated financial statements for 1H 2011, the Company recorded consolidated revenue of approximately US$5,471 million and consolidated EBITDA of around US$359 million.