Krasnodar, December 15, 2008: OJSC “Magnit” (the “Company”; RTS, MICEX and LSE: MGNT) is pleased to announce the opening of the 2500^th convenience store. Dear Ladies and Gentlemen!

We would like to inform you that today is the opening of the 2500^th convenience store located at 20 Engelsa str., Belaya Kalitva of Rostov region, where it is the seventh store. Outlet is owned by the Company with its total space of 1400 sq. m., selling space of 500 sq. m. and rental space of 700 sq. m.

Today the Company operates in 830 locations in Russian Federation. As of 15.12.08 total selling space of 2500 convenience stores and 12 hypermarkets makes up 795 026 sq. m.

Federal District	Number of stores	Total selling space
Southern	984	285 880
Volga	719	216 840
Central	623	184 767
North-Western	111	37 574
Ural	63	19 325
Total	2 500	744 386

By the end of 2008 the Company plans to open about 50 convenience stores and 2 hypermarkets.

Opening of the 2500th store