Opening of the 5000th Convenience Store

Press-release

Krasnodar

December 30, 2011

OJSC "Magnit" announces the opening of the 5000th convenience store

Krasnodar, December 30, 2011: OJSC "Magnit" (the "Company"; MICEX and LSE: MGNT) is pleased to announce the opening of the 5000th convenience store.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company opened its 5000th convenience store located at 20, Oktyabrskiy prospect, Nizhny Tagil, Ekaterinburg region. This is the 30th Magnit store in this location where population is about 360,000 inhabitants. The total space of the store is 573 sq. m. and its selling space is 417 sq. m. Outlet is leased by the Company.

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 September 30, 2011 the chain consisted of 4,593 convenience stores, 76 hypermarkets and 98 cosmetics stores (drogerie) in 1,325 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 September 30, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,705 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.