Affirmation of the Rating by S&P Global Ratings

PJSC MAGNIT - Affirmation of the Rating by S&P Global Ratings

PR Newswire

London, April 24

Press-release

Krasnodar

April 24, 2017

PJSC “Magnit” Announces the Affirmation of its Rating at “BB+” level by S&P Global Ratings

Krasnodar, April 24, 2017: Magnit PJSC, one of Russia’s leading retailers (MOEX and LSE: MGNT) announces the affirmation of its rating at “BB+” level by S&P Global Ratings.

Please be informed that on April 24, 2017 S&P Global Ratings has affirmed the rating of Magnit at “BB+” level based on the resilient operational performance; Stable outlook.

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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 March 31, 2017, Magnit operated 35 distribution centers and 14,089 stores (10,540 convenience, 427 hypermarkets and 3,122 drogerie stores) in 2,494 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for 2016, Magnit had revenues of RUB 1,075 billion and an EBITDA of RUB 108 billion. Magnit's local shares are traded on the Moscow Stock 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.