Holding of the BoD Meeting

PJSC MAGNIT - Holding of the BoD Meeting

PR Newswire

London, December 9

Press Release

Krasnodar

December 9, 2016

Magnit Announces the Holding of the BOD Meeting

Krasnodar, Russia (December 9, 2016): Magnit PJSC, one of Russia’s leading retailers (the “Company”, MOEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.

On December 9, 2016 the Chairman of the Board of Directors made a decision to hold the BOD meeting on December 15, 2016 with the following agenda:

Ratification of the business plan of PJSC “Magnit” Internal audit department for the year 2017.

Approval of the related party transactions.

Determination of the position of the PJSC “Magnit” representative at the exercise of the voting right on the JSC “Tander” shares owned by the Company.

Ratification of the Regulations on the committees of PJSC “Magnit” Board of Directors.

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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 September 30, 2016, Magnit operated 33 distribution centers and 13,364 stores (10,138 convenience, 407 hypermarkets and 2,819 drogerie stores) in 2,436 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2016, Magnit had revenues of RUB 522 billion and an EBITDA of RUB 52 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.