Change of the Company Name

Press-release KrasnodarOctober 14, 2014 PJSC "Magnit" Announces the Change of the Company Name Krasnodar, October 14, 2014: PJSC "Magnit", Russia's largest food retailer (the"Company"; MICEX and LSE: MGNT) announces the change of the Company name. Please be informed that due to the amendments to the Civil Code of the RussianFederation by the Federal Law № 99-FZ dated May 5, 2014 "On Amendments toChapter 4 of Part One of the Civil Code of the Russian Federation and on theInvalidation of Certain Provisions of the Legislative Acts of the RussianFederation", the Company name Open Joint Stock Company "Magnit" (OJSC "Magnit")has been changed to Public Joint Stock Company "Magnit" (PJSC "Magnit"). The Charter of the Company has been amended accordingly based on the decisionmade by the general shareholders meeting of the Company on September 25, 2014(minutes of the general shareholders meeting № w/№ of September 26, 2014). For further information, please contact: Timothy Post Director, Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562 Dina Svishcheva Deputy Director, Investor Relations Email: [email protected] Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest food retailer. Founded in 1994, the company isheadquartered in the southern Russian city of Krasnodar. As of September 30,2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891convenience, 243 hypermarkets, and 886 drogeries) in approximately 2,000 citiesand towns throughout 7 federal regions of the Russian Federation. In accordance with the reviewed IFRS consolidated financial statements for 1H2014, Magnit had revenues of $9,979 million USD and an EBITDA of $1,045 millionUSD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX:MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a creditrating from Standard & Poor's of BB. Measured by market capitalization, Magnitis one of the largest retailers in Europe.