KRASNODAR, 13 March, 2007: Retail chain “Magnit”, Russia’s leading retail chain in terms of number of stores and customers, announces March 2007 Head Office members update.

Dear Sirs,

We would like to inform you that as of 1 March, 2007 Khachatour E. Pombuhchan is now back to the duties of Marketing Director. Oleg Goncharov got the commission of Director, Investor Relations. We would appreciate if any correspondence sent to Mr. Goncharov could be copied to Mr. Pombuhchan during first 3 months.

Biography: Mr. Oleg Goncharov (40) is a graduate of The Kuban State University, the Faculty of History. From 1994 to 2001 Oleg Goncharov worked for “Tander” close corporation and held the positions of Subsidiary Director, Purchasing Director and Deputy Marketing Director. In December 2001 he was a Chief Executive Officer of “Etna” company, major Russian importer of ceramic tile and ceramic granite. From July 2003 prior to joining “Tander” Mr. Goncharov was engaged by state television and radio companies as a Deputy Director. Oleg Goncharov is married and has two children

March 2007 Head office members update