Krasnodar, December 29, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 100^th convenience store in December 2008.

Dear Ladies and Gentlemen!

We would like to inform you that today the Company opened 100^th convenience store in December 2008 (55 owned, 45 leased). These stores were opened in 95 different towns. Selling space of 100 convenience stores opened during December 2008 amounts to 34 730 sq. m.

Today the Company operates in 856 locations in Russian Federation.

Federal District	Number of convenience stores	Total selling space of convenience stores
Southern	1008	295 453
Volga	740	222 721
Central	637	188 698
North-Western	114	38 490
Ural	66	21 448
Total	2 565	766 810

Magnit announces the opening of 100th convenience store in December 2008