Statement re (insert appropriate text)

PJSC MAGNIT - Statement re (insert appropriate text)

PR Newswire

London, July 23

Press-release

Krasnodar

July 23, 2015

PJSC “Magnit” Announces the Opening of the 205th Hypermarket

Krasnodar, July 23, 2015: PJSC “Magnit”, Russia’s largest food retailer (the “Company”; MOEX and LSE: MGNT), is pleased to announce the opening of the 205th hypermarket.

Please be informed that today the Company opened its 205th hypermarket of a small format located at 2 Tyulyaeva street (“Gorizont” shopping center), Krasnodar, Southern Federal Region. Assortment of the hypermarket consists of about 10,200 SKUs, out of which about 83% are food items. There are 16 cash desks installed in the sales area. The outlet is owned by the Company. The hypermarket is open 7 days a week from 10 am to 10 pm.

For further information, please contact:

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 June 30, 2015, Magnit operated 29 distribution centers and over 10,700 stores (8,890 convenience, 311 hypermarkets, and 1,527 drogerie stores) in approximately 2,233 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts 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.