Holding of BoD Meeting

PJSC MAGNIT - Holding of BoD Meeting

PR Newswire

London, May 24

Press Release

Krasnodar

May 24, 2017

Magnit Announces the Holding of the BOD Meeting

Krasnodar, Russia (May 24, 2017): Magnit PJSC, one of Russia’s leading retailers (the “Company”, MOEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.

On May 23, 2017 the Chairman of the Board of Directors made a decision to hold the BOD meeting on May 29, 2017 with the following agenda:

Making a decision for approval of the execution of major 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.

Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.

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Company description:

Public Joint Stock Company “Magnit” is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2017, Magnit operated 35 distribution centers and 14,089 stores (10,540 convenience, 427 hypermarkets and 3,122 drogerie stores) in 2,494 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for 2016, Magnit had revenues of RUB 1,075 billion and an EBITDA of RUB 108 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.