Krasnodar, December 30, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of a new distribution center in Slavyansk-on-Kuban.

Dear Ladies and Gentlemen!

We are glad to inform you that the Company opened new distribution center in Slavyansk-on-Kuban, Krasnodar region. Total space of the warehouse is 20 448 sq. m., its premises are owned by the Company. Launch of the new distribution center will improve quality of service in the Southern region.

Today “Magnit” retail chain operates 9 distribution centers with their total capacity of 175 872 sq. m.

City	Federal District	Space, sq. m	Number of serviced stores	Share in total DC turnover, %	Owned/Leased
Bataisk	Southern	16 138	305	13,05%	Owned
Kropotkin	Southern	30 048	530	26,43%	Owned
Slavyansk-on-Kuban	Southern	20 448	32	0,32%	Owned
Engels	Volga	19 495	362	14,50%	Owned
Togliatti	Volga	8 379	279	5,97%	Leased
Tver	Central	10 714	203	8,29%	Owned
Oryol	Central	12 472	385	13,44%	Owned
Ivanovo	Central	42 026	319	13,57%	Owned
Chelyabinsk	Ural	16 152	150	4,43%	Owned
Total		175 872	2 565	100,00%

Magnit announces the opening of a distribution center in Slavyansk-on-Kuban