Krasnodar, December 16, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) announces the increase of its share in the charter capital of “Magnit — Nizhny Novgorod” LLC.

Dear Ladies and Gentlemen!

We would like to inform you that OJSC “Magnit” has increased its share in the charter capital of limited liability company “Magnit — Nizhny Novgorod” from 50.9% to 99.9%.

“Magnit — Nizhny Novgorod” LLC as of December 1, 2008:

Number of stores: 72 (14 owned/58 leased)

Total selling space, sq. m. 41,467

Number of employees 3,200

11M08 Turnover (excl. VAT), bn RUR 5.9

Magnit announces the increase of its share in the charter capital of “Magnit – Nizhny Novgorod” LLC