MGNT.L Regulatory News (MGNT)

Press Release

Krasnodar

March 26, 2018

Magnit Announces the Results of the BOD Meeting

Krasnodar, March 26, 2018: Magnit PJSC, one of Russia's leading retailers (the "Company", "Issuer"; MOEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on March 23, 2018.

Please be informed that on March 23, 2018 the BOD meeting was held (minutes of the BOD meeting of PJSC "Magnit" are w/o No. of March 26, 2018).

The meeting agenda:

The following BOD members were present: K. Pombukhchan, V. Gordeychuk, S. Galitskiy and A. Shkhachemukov.

A. Aleksandrov, D. Chenikov, and A. Pshenichniy provided their written opinions on the items of the agenda of the BOD meeting of PJSC "Magnit".

The number of the BOD members participating in the meeting, including written opinions of A. Aleksandrov, D. Chenikov, and A. Pshenichniy amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

Voting Results:

Items 1-8:

V. Gordeychuk - "for", A. Aleksandrov - "for", S. Galitskiy - "for", D. Chenikov - "for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov - "for".

The decisions were made.

Content of the decisions:

Item 1.1 on the agenda:

"To include the following candidates to the list of nominees to Board of Directors of PJSC "Magnit" for voting at the extraordinary general shareholders meeting (EGM) to be held on April 19, 2018:

Item 1.2 on the agenda:

"To include the following candidates to the list of nominees to Board of Directors of PJSC "Magnit" for voting at the EGM to be held on April 19, 2018:

Item 1.3 on the agenda:

"To include the following candidates to the list of nominees to Board of Directors of PJSC "Magnit" for voting at the EGM to be held on April 19, 2018:

Item 2 on the agenda:

"To approve the following list of nominees to the Board of Directors of PJSC "Magnit" for election at the EGM:

Item 3 on the agenda:

"To approve the form and the text of the voting ballots on agenda items which shall be considered at the EGM of PJSC "Magnit", as well as formulations of decisions on the EGM agenda items of PJSC "Magnit", which shall be sent in electronic form (in the form of electronic documents) to nominee shareholders registered in the register of shareholders of PJSC "Magnit" at the PJSC "Magnit" EGM on the agenda items".

Item 4 on the agenda:

"To approve the position of the Board of Directors on agenda items of PJSC "Magnit" EGM".

Item 5 on the agenda:

"To approve business priorities of PJSC "Magnit" by ratifying the Business Plan of the Company for 2018".

Item 6 on the agenda:

"To take into consideration the evaluation report on efficiency of internal control and risk management system of PJSC "Magnit" and its subsidiaries for 2017. To approve evaluation results and proposed measures to improve the internal control and risk management system of PJSC "Magnit" and its subsidiaries".

Item 7.1 on the agenda:

"To recommend the sole executive body of PJSC "Magnit", which is the sole shareholder of Retail Import LLC, to make the following decision at the exercise of the voting right on shares in the charter capital of Retail Import LLC owned by the Company:

"To provide consent to major transaction to be executed in future between Retail Import LLC (hereinafter - the Principal) and Public joint-stock company "Sberbank of Russia" (hereinafter - the Guarantor) - bank guarantee agreement (hereinafter - the Agreement) under the following terms and conditions:

To provide hereof the chief executive officer of Retail Import LLC the right to sign additional agreements which change the terms and conditions of the Agreement, including but not limited to the change of the maximum possible amount of the Guarantee, period of the Guarantees issue, term of Guarantees, amount of fees within the limits specified by the consent hereof".

Item 7.2 on the agenda:

"To recommend the sole executive body of PJSC "Magnit" which is the sole shareholder of Retail Import LLC, to make the following decision at the exercise of the voting right on shares in the charter capital of Retail Import LLC owned by the Company:

"Retail Import LLC shall join National Association of Natural Resource Users (Primary State Registration Number 1177700009420, Tax Identification Number 7702418433, address: floor 2, office 1,2, room II, office a, building 2, 9 Kolokolnikov lane, Moscow, 107045)."

Item 8 on the agenda:

"To recommend the sole executive body of PJSC "Magnit" which is the sole shareholder of JSC "Tander", to make the following decision at the exercise of the voting right on shares in the charter capital of JSC "Tander" owned by the Company:

"Joint-Stock Company "Tander" shall join National Association of Natural Resource Users (Primary State Registration Number 1177700009420, Tax Identification Number 7702418433, address: floor 2, office 1,2, room II, office a, building 2, 9 Kolokolnikov lane, Moscow, 107045)."

Items of the agenda of PJSC "Magnit" Board of Directors are related to the exercise of rights on ordinary registered uncertified shares, state registration number 1-01-60525-P of 04.03.2004, International Stock Identification Number (ISIN) RU000A0JKQU8.

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Company description:

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2017, Magnit operated 37 distribution centers and 16,350 stores (12,125 convenience, 243 hypermarkets, 208 Magnit Family stores and 3,774 drogerie stores) in 2,709 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for 2017, Magnit had revenues of RUB 1,143 billion and an EBITDA of RUB 92 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is one of the largest retailers in Europe.

[1] Information is disclosed in accordance with the regulation of the Russian Federation on Personal Data.