Krasnodar, March 17, 2008: OJSC “Magnit” (the “Company”; RTS: MGNT) is pleased to announce its unaudited February 2008 results.

During February the Company opened (net) 15 stores (13 convenience stores and 2 hypermarkets) with its total store base reaching 2,217 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 2M2008 increased by 37.12% in ruble terms (compared to 2M2007) and stood at 17,907.76 million rubles. Net retail sales in dollars increased by 47.69% YoY and stood at US$ 730.40 million.

February 2008 Key Operating and Financial Highlights:

	February 2008	February 2007	Growth Rate	2M2008	2M2007	Growth Rate
Number of opened stores, NET	15	5	n/a	20	15	n/a
Total number of stores	2,217	1,908	n/a	2,217	1,908	n/a
Selling space, sq.m.	668,553	537,382	24.41%	668,553	537,382	24.41%
Net retail sales, million RUR	9,176.16	6,637.35	38.25%	17,907.76	13,060.14	37.12%
Net retail sales, million US$	374.00	252.03	48.39%	730.40	494.54	47.69%

Magnit announces unaudited February 2008 operating results