Krasnodar, August 18, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 7M 2008 results¹.

During 7M 2008 the Company opened (net) 150 stores (143 convenience stores and 7 hypermarkets) with its total store base reaching 2,347 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 7M2008 increased by 39.62% in ruble terms (compared to 7M2007) and stood at 70,007.04 million rubles. Net retail sales in dollars increased by 52.19% YoY and stood at US$ 2,934.37 million.

July 2008 Key Operating and Financial Highlights:

	July 2008	July 2007	Growth Rate	7M2008	7M2007	Growth Rate
Number of opened stores, NET	26	20	n/a	150	136	n/a
Total number of stores	2,347	2,029	n/a	2,347	2,029	n/a
Selling space, sq.m.	728,711	578,650	25.93%	728,711	578,650	25.93%
Net retail sales, million RUR	11,178.19	7,824.74	42.86%	70,007.04	50,142.59	39.62%
Net retail sales, million US$	478.71	306.17	56.35%	2,934.37	1,928.13	52.19%

Magnit announces unaudited July 2008 trading update