Krasnodar, October 7, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited September 2008 results*.

During 9M 2008 the Company opened (net) 208 stores (200 convenience stores and 8 hypermarkets) with its total store base reaching 2,405 stores at the end of this period. Preliminary consolidated unaudited net retail revenue in 9M2008 increased by 40.64% in ruble terms (compared to 9M2007) and stood at 92,890.63 million rubles. Net retail sales in dollars increased by 51.43% YoY and stood at US$ 3,863.13 million.

September 2008 Key Operating and Financial Highlights:

	September 2008	September 2007	Growth Rate	9M2008	9M2007	Growth Rate
Number of opened stores, NET	28	23	n/a	208	176	n/a
Total number of stores	2,405	2,069	n/a	2,405	2,069	n/a
Selling space, sq.m.	753,584	593,053	27.07%	753,584	593,053	27.07%
Number of customers, million	n/a	n/a	n/a	630.30	567.43	11.08%
Net retail sales, million RUR	11,170.89	7,830.52	42.66%	92,890.63	66,048.46	40.64%
Net retail sales, million US$	441.79	308.96	42.99%	3,863.13	2,551.07	51.43%

LFL growth 9M 2008 to 9M 2007**
Average ticket (excl. VAT), RUR	22.53%
Average ticket (excl. VAT), USD	31.93%
Number of tickets	(3.16%)
Revenue, RUR	18.65%
Revenue, USD	27.76%

Magnit announces unaudited September 2008 trading update