Assignment of Reliability Rating by "NRA"

PJSC MAGNIT - Assignment of Reliability Rating by "NRA"

PR Newswire

London, April 20

Press-release

Krasnodar

April 20, 2016

PJSC “Magnit” Announces the Assignment of its Reliability Rating by “National Rating Agency”

Krasnodar, April 20, 2016: PJSC “Magnit”, Russia’s largest food retailer (the “Company”; MOEX and LSE: MGNT), announces the assignment of its reliability rating “AAA” with stable outlook by “National Rating Agency”.

Please be informed that on April 19, 2016 “National Rating Agency” (LLC “NRA”) (32A Khoroshevskoye shosse, Moscow, 123007; Taxpayer Id. Number 7714911548; Principal State Registration Number 1137746652548) has assigned the reliability rating “AAA” with stable outlook (maximum reliability) to PJSC “Magnit”.

The reliability rating “AA+” with positive outlook had been previously assigned to the Issuer by another rating agency with the same company name – Limited Liability Company “National Rating Agency” (LLC “NRA”, Taxpayer Id. Number 7709551603, Principal State Registration Number 1047796442407).

Please follow the link to view the methodology of the rating assignment: http://www.ra-national.ru/ru/node/57324

For further information, please contact:

Company description:

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2016, Magnit operated 34 distribution centers and about 12,434 stores (9,715 convenience, 382 hypermarkets, and 2,337 drogerie stores) in 2,385 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for 2015, Magnit had revenues of RUB 951 billion and an EBITDA of RUB 104 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.