Krasnodar, July 15, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited June 2008 results¹.

During 6M 2008 the Company opened (net) 124 stores (118 convenience stores and 6 hypermarkets) with its total store base reaching 2,321 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 6M2008 increased by 39.02% in ruble terms (compared to 6M2007) and stood at 58,828.84 million rubles. Net retail sales in dollars increased by 51.43% YoY and stood at US$ 2,456.93 million.

June 2008 Key Operating and Financial Highlights:

	June 2008	June 2007	Growth Rate	6M2008	6M2007	Growth Rate
Number of opened stores, NET	34	25	n/a	124	116	n/a
Total number of stores	2,321	2,009	n/a	2,321	2,009	n/a
Selling space, sq.m.	714,604	570,701	25.22%	714,604	570,701	25.22%
Number of customers, million	n/a	n/a	n/a	409.67	370.09	10.69%
Net retail sales, million RUR	10,460.43	7,447.68	40.45%	58,828.84	42,317.85	39.02%
Net retail sales, million US$	442.53	287.27	54.05%	2,456.93	1,622.45	51.43%

LFL growth 6M 2008 to 6M 2007²
Average ticket (excl. VAT), RUR	22.47%
Average ticket (excl. VAT), USD	33.41%
Number of tickets	(3.33%)
Revenue, RUR	18.38%
Revenue, USD	28.97%

Magnit announces unaudited June 2008 trading update