MGNT.L Regulatory News (MGNT)

Press Release | Krasnodar | January 17, 2019

PJSC "Magnit" Enhances Senior Management Structure

Krasnodar, Russia (17 January, 2019): Magnit PJSC (MOEX and LSE: MGNT; Company, Group), one of Russia's leading retailers, is pleased to announce the approval by the Board of Directors the appointment of Jan Dunning as its President and Member of the Management Board.

Charles E. Ryan, Chairman of the Magnit Board of Directors, commented: "We are pleased to announce that we have now completed the transition period during which we brought in additional resources to the senior management team. Olga Naumova and her new team have done an incredible job improving operational performance in a short period, and we are thankful to Paul Foley for his strategic support and guidance to the new management team during the transition period after the dramatic leadership changes earlier in 2018.

Olga will continue her current role as CEO (General Director), and Paul will continue his active role as an independent member of the Board of Directors. We are delighted to welcome Jan to the team as Magnit's President, with a plan for him to also assume the role of Deputy Chairman of the Board of Directors in the next cycle. Jan's successful track record in the retail sector speaks for itself. We believe that the combination of Jan and Olga's experience as a team will continue driving our ambitious transformation program."

Olga Naumova, CEO of Magnit, commented: "I welcome the appointment of Jan and look forward to working with him to continue building Magnit as the leading retailer in Russia. His knowledge and unparalleled experience in Russian retail will truly benefit Magnit."

The newly created role of President is a full time position. The future reporting structure of the Management Board remains as it is, with the management team reporting to Chairman of the Management Board and the CEO reporting to the President and the Board of Directors.

Mr. Dunning has a History degree from the University of Groningen and an Economics degree from the University of Amsterdam. He also attended management development programmes at INSEAD and London Business School.

Over the last 25 years, Mr. Dunning has worked in a broad range of retail functions including leadership roles in operations, development, sales, marketing, purchasing and finance. Mr. Dunning most recently served as CEO of Lenta Ltd. from 2009 until his resignation in December 2018. Prior to joining Lenta, Mr. Dunning was Operations Director of Metro Cash & Carry Russia and then General Manager of Metro Cash & Carry Ukraine. His previous experience includes three years as General Manager of the Lukas Klamer wholesale business, a subsidiary of the Metro Group, and over ten years with Aldi.

For further information, please contact:

Yulia Ulyanova    Media Inquiries    

Head of PR    Media Relations Department  

Email: ulyanova_yv@magnit.ru  Email: press@magnit.ru  

Office: +7-861-277-4554 x 40019       

Note to editors:

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 June 30, 2018, Magnit operated 37 distribution centers and 16,960 stores (12,503 convenience, 244 hypermarkets, 213 supermarkets and 4,000 drogerie stores) in 2,808 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2018, Magnit had revenues of RUB 595 billion and an EBITDA of RUB 44 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.