KRASNODAR, January 17, 2008: OJSC “Magnit” (the “Company”; RTS: MGNT) is pleased to announce its unaudited 12M 2007 results.

During 12M 2007 the Company opened 304 stores (net) with its total store base reaching 2,197 stores at the end of this period. Preliminary consolidated unaudited net revenue in 12M07 increased by 38.10% in ruble terms (compared to 12M06) and stood at 94,034.42 million rubles. Net sales in dollars increased by 46.78% YoY and stood at US$ 3,676.52 million.

12M 2007 Key Operating and Financial Highlights:

	December 2007	December 2006	Growth Rate	12M 2007	12M 2006	Growth Rate
Number of opened stores, NET	76	68	n/a	304	393	n/a
Total number of stores	2,197	1,893	n/a	2,197	1,893	n/a
Selling space, sq.m.	651,658	522,916	24.62%	651,658	522,916	24.62%
Net sales, million RUR	10,917.39	8,513.75	28.23%	94,034.42	68,092.12	38.10%
Net sales, million US$	444.41	318.94	39.34%	3,676.52	2,504.75	46.78%

Magnit announces unaudited December 2007 operating results