Holding of BoD Meeting

PJSC MAGNIT - Holding of BoD Meeting

PR Newswire

London, December 11

Press-release

Krasnodar

December 11, 2015

PJSC “Magnit” Announces the Holding of the BOD Meeting

Krasnodar, December 11, 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 December 11, 2015 the Chairman of the Board of Directors made the decision to hold the BOD meeting on December 16, 2015 with the following agenda:

Ratification of the PJSC “Magnit” Code of business ethics.

Termination of appointment of the head of the PJSC “Magnit” Internal audit department

Appointment of the head of the PJSC “Magnit” Internal audit department.

Ratification of the business plan of PJSC “Magnit” Internal audit department for the year 2016.

Approval of the related party transactions.

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 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.