Krasnodar, December 9, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited 11M 2008 results¹.

During 11M 2008 the Company opened (net) 280 stores (271 convenience stores and 9 hypermarkets) with its total store base reaching 2,477 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 11M2008 increased by 41.65% in ruble terms (compared to 11M2007) and stood at 116,776.81 million rubles. Net retail sales in dollars increased by 48.10% YoY and stood at US$ 4,756.36 million.

November 2008 Key Operating and Financial Highlights:

	November 2008	November 2007	Growth Rate	11M2008	11M2007	Growth Rate
Number of opened stores, NET	38	32	n/a	280	228	n/a
Total number of stores	2,477	2,121	n/a	2,477	2,121	n/a
Selling space, sq. m.	783,065	618,759	26.55%	783,065	618,759	26.55%
Net retail sales, million RUR	12,074.60	8,199.25	47.26%	116,776.81	82,443.05	41.65%
Net retail sales, million US$	442.11	335.02	31.97%	4,756.36	3,211.55	48.10%

Magnit announces unaudited November 2008 trading update