Krasnodar, June 17, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 5M 2008 results¹.

During 5M 2008 the Company opened (net) 90 stores (85 convenience stores and 5 hypermarkets) with its total store base reaching 2,287 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 5M2008 increased by 38.71% in ruble terms (compared to 5M2007) and stood at 48,368.42 million rubles. Net retail sales in dollars increased by 50.90% YoY and stood at US$ 2,014.98 million.

May 2008 Key Operating and Financial Highlights:

	May 2008	May 2007	Growth Rate	5M2008	5M2007	Growth Rate
Number of opened stores, NET	23	25	n/a	90	91	n/a
Total number of stores	2,287	1,984	n/a	2,287	1,984	n/a
Selling space, sq.m.	700,324	554,144	26.38%	700,324	554,144	26.38%
Net retail sales, million RUR	10,473.84	7,336.62	42.76%	48,368.42	34,870.17	38.71%
Net retail sales, million US$	441.38	284.16	55.33%	2,014.98	1,335.31	50.90%

Magnit announces unaudited May 2008 trading update