Krasnodar, May 16, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 4M 2008 results¹.

During 4M 2008 the Company opened (net) 67 stores (63 convenience stores and 4 hypermarkets) with its total store base reaching 2,264 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 4M2008 increased by 37.63% in ruble terms (compared to 4M2007) and stood at 37,894.58 million rubles. Net retail sales in dollars increased by 49.72% YoY and stood at US$ 1,574.03 million.

April 2008 Key Operating and Financial Highlights:

	April 2008	April 2007	Growth Rate	4M2008	4M2007	Growth Rate
Number of opened stores, NET	26	29	n/a	67	66	n/a
Total number of stores	2,264	1,959	n/a	2,264	1,959	n/a
Selling space, sq.m.	691,991	556,830	24.27%	691,991	556,830	24.27%
Net retail sales, million RUR	9,881.61	7,181.21	37.60%	37,894.58	27,533.55	37.63%
Net retail sales, million US$	420.26	277.89	51.24%	1,574.03	1,051.29	49.72%

Magnit announces unaudited April 2008 trading update