Krasnodar, January 12, 2009: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 12M 2008 results¹.

During 12M 2008 the Company opened (net) 382 stores (371 convenience stores and 11 hypermarkets) with its total store base reaching 2,579 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 12M2008 increased by 41.89% in ruble terms (compared to 12M2007) and stood at 132,379.40 million rubles. Net retail sales in dollars increased by 46.01% YoY and stood at US$ 5,326.00 million.

December 2008 Key Operating and Financial Highlights:

	December 2008	December 2007	Growth Rate	12M2008	12M2007	Growth Rate
Number of opened stores, NET	102	76	n/a	382	304	n/a
Total number of stores	2,579	2,197	n/a	2,579	2,197	n/a
Selling space, sq. m.	823,507	651,658	26.37%	823,507	651,658	26.37%
Number of customers, million	n/a	n/a	n/a	860.34	765.16	12.44%
Net retail sales, million RUR	15,602.58	10,851.65	43.78%	132,379.40	93,294.70	41.89%
Net retail sales, million US$	554.54	441.73	25.54%	5,326.00	3,647.60	46.01%

LFL growth	4Q 2008 to 4Q 2007²	12M 2008 to 12M 2007³
Average ticket (excl. VAT), RUR	19.09%	21.66%
Average ticket (excl. VAT), USD	— 4	25.19%
Number of tickets	0.17%	(2.32)%
Revenue, RUR	19.30%	18.84%
Revenue, USD	-	22.29%

Magnit announces unaudited December 2008 trading update