Krasnodar, March 11, 2009: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 2M 2009 results¹.

During 2M 2009 the Company opened (net) 28 stores (“convenience” format) with its total store base reaching 2,620 stores (2,606 convenience stores and 14 hypermarkets) at the end of this period. Preliminary consolidated unaudited net retail revenue (excl. VAT) in 2M2009 increased by 37.71% in ruble terms (compared to 2M2008) and stood at 24,661.52 million rubles. Please note that February 2008 consisted of 29 days while February 2009 — of 28 days which means that for the purpose of correct comparison 3.6% must be added to February 2009 results.

February 2009 Key Operating and Financial Highlights:

	February 2009	February 2008	Growth Rate	2M2009	2M2008	Growth Rate
Number of opened stores, NET	28	15	n/a	38	20	n/a
Total number of stores	2,620	2,217	n/a	2,620	2,217	n/a
Selling space, sq. m.	836,367	668,553	25.10%	836,367	668,553	25.10%
Net retail sales, million RUR	12,266.48	9,176.16	33.68%	24,661.52	17,907.76	37.71%
Net retail sales, million US$	342.98	374.00	(8.29)%	735.37	730.40	0.68%

Magnit announces unaudited February 2009 trading update