Upcoming delisting of GDRs representing PJSC Magnit shares

Upcoming delisting of GDRs representing PJSC MAGNIT shares

Krasnodar, Russia (July 13, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces that, on July 12, 2022, the Company submitted requests (a) to the London Stock Exchange (the “LSE“) to cancel admission to trading on the Main Market of its Global Depositary Receipts ((i) Reg S global depositary receipts with ISIN US55953Q2021 and (ii) Rule 144A global depositary receipts with ISIN US55953Q1031) representing the Company’s ordinary shares (the “GDRs”)), and (b) to the UK Listing Authority to cancel the listing of the GDRs on the Official List. It is anticipated that the delisting and cancellation of admission to trading of the GDRs from the LSE will take effect on 30 August 2022.

As previously announced, on 20 May 2022, the Company gave notice of termination of the deposit agreement it entered into with JPMorgan Chase Bank, N.A. (“JPMorgan”) on February 20, 2008 (the “Deposit Agreement”) to JPMorgan under which the GDRs were issued. The Company is required to terminate the Deposit Agreement pursuant to Federal Law No. 114-FZ “On Amendment of Federal Law “On Joint-Stock Companies” and Certain Legislative Acts of the Russian Federation” of April 16, 2022.

On May 23, 2022 JPMorgan issued the Termination Announcement which is available at: https://adr.com/drprofile/55953Q202 and https://adr.com/drprofile/55953Q103 (the “Termination Announcement”). Termination of the Deposit Agreement will take effect on August 26, 2022.

Accordingly, the Company decided to cancel the listing of the GDRs in light of the upcoming termination of the GDR program.

Holders of GDRs have the right to convert their GDRs into ordinary shares of Magnit, subject to, and in accordance with, the procedure specified in the Deposit Agreement and subject to mandatory requirements of Russian law. Holders of GDRs may directly contact JPMorgan and discuss these matters. More information is provided in the Termination Announcement made by JPMorgan on 23 May 2022.

For further information and clarification, please contact magnitGDR@magnit.ru.

This statement does not constitute individual investment, financial or legal advice. This statement is for information purposes only and PJSC Magnit shall not be liable if the interpretation of applicable laws and regulations by the relevant state authorities differs from the interpretation given in this statement. Holders of depositary receipts should make an independent decision on how to act in connection with the published statement and, if necessary, contact their investment, legal and other advisors.