KRASNODAR, November 16, 2007: OJSC “Magnit” (the “Company”; RTS: MGNT) is pleased to announce its unaudited 10M 2007 results.

During 10M 2007 the Company opened 196 stores (net) with its total store base reaching 2 089 stores at the end of this period. Preliminary consolidated net retail revenue in 10M07 increased by 41,14% in ruble terms (compared to 10M06) and stood at 74 0243,79 million rubles. Net retail sales in dollars increased by 49,54% YoY and stood at USD 2 878,90 million.

10M 2007 Key Operating and Financial Highlights:

	October 2007	October 2006	Growth Rate	10M 2007	10M 2006	Growth Rate
Number of opened stores, NET	20	35	n/a	196	295	n/a
Total number of stores	2 089	1 796	n/a	2 089	1 796	n/a
Selling space, sq.m.	604 787	485 468	24,58%	604 787	485 468	24,58%
Net retail sales, million RuR	8 196,37	5 983,33	36,99%	74 243,79	52 604,72	41,14%
Net retail sales, million USD	327,88	222,79	47,17%	2 878,90	1 925,15	49,54%

Magnit announces unaudited October 2007 operating results