Holding of BoD Meeting

PJSC MAGNIT - Holding of BoD Meeting

PR Newswire

London, May 20

Press-release

Krasnodar

May 20, 2016

PJSC “Magnit” Announces the Holding of the BOD Meeting

Krasnodar, May 20, 2016: PJSC “Magnit”, Russia’s largest food retailer (the “Company”, MOEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.

On May 20, 2016 the Chairman of the Board of Directors made the decision to hold the BOD meeting on May 27, 2016 with the following agenda:

Ratification of the Regulations on the PJSC “Magnit” corporate governance department.

Approval of the nominee for the position of the Director for corporate governance of PJSC “Magnit”.

Ratification of the Regulations on the dividend policy of PJSC “Magnit”.

Ratification of the Regulations on the committees of PJSC "Magnit" Board of Directors.

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.

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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.