BoD Meeting Results

PJSC MAGNIT - BoD Meeting Results

PR Newswire

London, July 7

Press-release

Krasnodar

July 7, 2015

PJSC “Magnit” Announces the Results of the BOD Meeting

Krasnodar, July 7, 2015: PJSC “Magnit”, Russia’s largest food retailer (the “Company”, “Issuer”; MOEX and LSE: MGNT), is pleased to announce the results of the BOD meeting.

Please be informed that on July 7, 2015 the BOD meeting was held (minutes of the BOD meeting of PJSC “Magnit” are w/o No. of July 7, 2015).

The meeting agenda:

Determination of PJSC "Magnit" business priorities.

On holding by the CEO (Chairman of the Management Board) of PJSC “Magnit” of the position in the management body of another organization.

Determination of the amount of remuneration for the auditor’s services.

The following BOD members were present: K. Pombukhchan, A. Shkhachemukov.

S. Galitskiy, A. Arutyunyan, A. Zayonts, A. Aleksandrov and A. Pshenichniy provided their written opinions on the items of the agenda of the BOD meeting of PJSC “Magnit”.

The number of the BOD members participated in the meeting, including written opinions ofS. Galitskiy, A. Arutyunyan, A. Zayonts, A. Aleksandrov and A. Pshenichniy amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

Content of the decisions and voting results:

Item 1 on the agenda:

“To determine PJSC “Magnit” business priorities by means of ratification of the Company’s Plans of financial and economic activity for the third quarter of 2015”.

Votes were cast as follows:

A. Arutyunyan – “for”, S. Galitskiy - “for”, A. Zayonts - “for”, A. Aleksandrov - “for”, K. Pombukhchan - “for”, A. Shkhachemukov – “for”, A. Pshenichniy – “for”.

The decision was made.

Item 2 on the agenda:

“To agree to the holding by Sergey Galitskiy, the CEO (Chairman of the Management Board) of PJSC “Magnit” of the position of the member of the VTB Bank (Open Joint Stock Company) Supervisory Council (location: 29 Bolshaya Morskaya Street, Saint Petersburg, Taxpayer Id. Number 7702070139).”

Votes were cast as follows:

A. Arutyunyan – “for”, S. Galitskiy - “for”, A. Zayonts - “for”, A. Aleksandrov - “for”, K. Pombukhchan - “for”, A. Shkhachemukov – “for”, A. Pshenichniy – “for”.

The decision was made.

Item 3 on the agenda:

“To determine remuneration for the services of the auditor in accordance with IFRS – Ernst & Young LLC for the conduction of the review of the interim condensed consolidated financial statements for the 6 months ended June 30, 2015 in the amount not exceeding 257,624 (Two hundred and fifty seven thousand six hundred and twenty four) US dollars (incl. VAT).”

Votes were cast as follows:

A. Arutyunyan – “for”, S. Galitskiy - “for”, A. Zayonts - “for”, A. Aleksandrov - “for”, K. Pombukhchan - “for”, A. Shkhachemukov – “for”, A. Pshenichniy – “for”.

The decision was made.

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, 2015, Magnit operated 28 distribution centers and over 10,000 stores (8,581 convenience, 300 hypermarkets, and 1,239 drogerie stores) in approximately 2,180 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial statements for 2014, Magnit had revenues of RUB 764 billion and an EBITDA of RUB 86 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.