Holding of BoD Meeting

PJSC MAGNIT - Holding of BoD Meeting

PR Newswire

London, July 24

Press-release

Krasnodar

July 24, 2015

PJSC “Magnit” Announces the Holding of the BOD Meeting

Krasnodar, July 24, 2015: 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 July 24, 2015 the Chairman of the Board of Directors made the decision to hold the BOD meeting onJuly 30, 2015 with the following agenda:

Approval of recommendations to the general shareholders meeting of the Company on the dividend amount on PJSC “Magnit” shares following the first half of 2015 reporting year results, the procedure of its payment and the date as of which the shareholders entitled to receive dividends are determined.

Calling of the extraordinary general shareholders meeting (“the EGM”) of PJSC “Magnit”.

Approval of the form of holding of the EGM of PJSC “Magnit”.

Determination of the last date the voting ballots shall be accepted and the postal address to send the filled voting ballots.

Determination of the PJSC “Magnit” EGM record date.

Approval of the agenda of the EGM of PJSC “Magnit”.

Determination of the procedure of notification of shareholders of the holding of the EGM of PJSC “Magnit”.

Determination of the list of information (materials) provided to shareholders to prepare to the holding of the EGM of PJSC “Magnit”, and the procedure of its provision.

Determination of the form and the text of the voting ballot on the items to be considered at the EGM of PJSC “Magnit”.

Determination of the recommended price for major related party transactions to be approved by the EGM of PJSC “Magnit”.

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 June 30, 2015, Magnit operated 29 distribution centers and over 10,700 stores (8,890 convenience, 311 hypermarkets, and 1,527 drogerie stores) in approximately 2,233 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts for 1H 2015, Magnit had revenues of RUB 455 billion and an EBITDA of RUB 49 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.