Revision of Outlook to Stable by S&P

PJSC MAGNIT - Revision of Outlook to Stable by S&P

PR Newswire

London, September 21

Press-release

Krasnodar

September 21, 2016

Magnit Announces the Revision of its Outlook to Stable and the Affirmation of its Rating at “BB+” Level by S&P

Krasnodar, September 21, 2016: Magnit PJSC, one of Russia’s leading retailers (the “Company”; MOEX and LSE: MGNT) announces the revision of its outlook to stable from negative and the affirmation of its rating at “BB+” level by Standard & Poor's Rating Services.

Please be informed that on September 21, 2016 Standard & Poor’s Rating Services has revised the outlook on PJSC “Magnit” to stable from negative and affirmed its rating at “BB+” level. The outlook revision follows the same action on the Russian Federation. It reflects S&P’s view that Magnit's resilient operational performance will continue.

For further information, please contact:

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 June 30, 2016, Magnit operated 34 distribution centers and 12,888 stores (9,902 convenience, 398 hypermarkets and 2,588 drogerie stores) in 2,397 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2016, Magnit had revenues of RUB 522 billion and an EBITDA of RUB 52 billion. Magnit's local shares are traded on the Moscow 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.