Magnit Updates FY 2014 Guidance

Press Release Krasnodar October 29, 2014 PJSC "Magnit" Updates Guidance for 2014 Krasnodar, October 29, 2014: PJSC "Magnit", Russia's largest foodretailer (the "Company"; MICEX and LSE: MGNT),updates guidance for 2014. Based on the analysis of sales of the nine months and the firsthalf of October this year the management of the Company updates guidance for2014: 2014 2014 2014 (original) (updated on July (new) 23, 2014)Sales growth in RUR: 22 - 24% 26 - 29% 31 - 32%EBITDA margin: 10.2 - 10.7% 10.6 - 10.9% 11.2 - 11.4%CAPEX, US$ bn 1.7 -1.8 unchanged unchangedNumber of store openings, net - convenience stores 1,100 unchanged unchanged - hypermarkets and "Magnit 80 unchanged unchanged Family" - drogerie stores 300 - 350 unchanged unchanged For further information, please contact: Timothy Post Director, Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562Dina Svishcheva Deputy Director, Investor Relations Email: [email protected] Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562 Company description: Magnit is Russia's largest food retailer. Founded in 1994, thecompany is headquartered in the southern Russian city of Krasnodar. As ofSeptember 30, 2014, Magnit operated 25 distribution centers and over 9,020stores (7,891 convenience, 243 hypermarkets, and 886 drogerie stores) inapproximately 2,000 cities and towns throughout 7 federal regions of theRussian Federation. In accordance with the reviewed IFRS consolidated financialstatements for 1H 2014, Magnit had revenues of $9,979 million USD and anEBITDA of $1,045 million USD. Magnit's local shares are traded on the MoscowStock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE:MGNT) and it has a credit rating from Standard & Poor's of BB. Measured bymarket capitalization, Magnit is one of the largest retailers in Europe.