OREANDA-NEWS. December 23, 2011. OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 83rd hypermarket of a small format.

Dear Ladies and Gentlemen!

We are glad to inform you that today the Company has opened its 83rd hypermarket of a small format located at letter D, 180, Frunze street, Korenovsk, Krasnodar region. Assortment of the hypermarket consists of more than 8,500 SKUs, out of which about 76% are food items. There are 19 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 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.