OREANDA-NEWS. August 9, 2011. OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 70th hypermarket of a large format.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company has opened its 70th hypermarket of a large format located at 2b, Loginova street, Volzhskiy, Volgograd region. Assortment of the hypermarket consists of 13,700 SKUs, out of which about 55% are food items. There are 25 cash desks installed in the sales area. The hypermarket is open 7 days a week from 10 am to 10 pm.

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 audited IFRS consolidated financial statements for the twelve months ended December 31, 2010, the Company recorded consolidated revenue of approximately USD 7,777 million and consolidated EBITDA of around USD 632 million.