Holding of BoD Meeting

PJSC MAGNIT - Holding of BoD Meeting

PR Newswire

London, October 23

Press-release

Krasnodar

October 23, 2015

PJSC “Magnit” Announces the Holding of the BOD Meeting

Krasnodar, October 23, 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 October 23, 2015 the Chairman of the Board of Directors made the decision to hold the BOD meeting on October 29, 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 9 months 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 voting ballots acceptance deadline 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 ballots 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 recommended price for related party transaction 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 September 30, 2015, Magnit operated 29 distribution centers and about 11,400 stores (9,246 convenience, 335 hypermarkets, and 1,807 drogerie stores) in approximately 2,297 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements 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.