Magnit

AGM Information • Sep 18, 2017

MAGNIT PJSC / Miscellaneous - High Priority

18-Sep-2017 / 15:23 CET/CEST

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Press-release Krasnodar September 18, 2017

Magnit Announces the Results of the BOD Meeting

Krasnodar, September 18, 2017: Magnit PJSC, one ofRussia's leading retailers (the"Company", "Issuer"; MOEX and LSE: MGNT), is pleased to announcetheresults ofthe BODmeeting held on September 18, 2017.

Please be informed that on September 18, 2017 the BOD meeting was held (minutes of the BODmeeting of PJSC "Magnit" are w/o No. of September 18, 2017).

The meeting agenda:

• 1. Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the Retail Import LLC shares in the chartercapital owned by the Company
• 1. Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the LLC "Alkotrading" shares in the chartercapital owned by the Company.

ThefollowingBODmembers were present:V. Gordeychuk, S. Galitskiy, K. Pombukhchan.

A. Shkhachemukov, A. Aleksandrov, D. Chenikov and A. Pshenichniy provided their written opinions on theitems of the agenda of the BOD meeting ofPJSC "Magnit".

The number ofthe BODmembers participating in the meeting, includingwritten opinions of

A. Shkhachemukov, A. Aleksandrov, D. Chenikov and A. Pshenichniy amounts to not less than half of the number of the BOD members determined by the Charter ofthe Company.

Quorumto hold the BODmeetingwith thisagendais present.

Voting Results:

Items 1 and 2:

V. Gordeychuk - "for", A. Aleksandrov - "for", S. Galitskiy - "for", D. Chenikov - "for", K. Pombukhchan - "for", A. Pshenichniy - "for", A. Shkhachemukov - "for". The decisions were made.

Content of the decisions and voting results:

Item1 on the agenda:

"To recommend thesoleexecutive body of PJSC "Magnit", which is thesoleshareholder ofRetailImport LLC to makethefollowing decision at the exercise ofthe voting right on shares in thechartercapital ofRetailImport LLC owned by the Company:

"To approve the conclusion of the major transaction - additionalagreement to the Agreement on fulfillment of obligations No. 10 of 30.01.2015 (hereinafter - theAgreement) betweenRetailImport LLC (hereinafter - the Party-1)and Open Joint Stock Company "Rosspirtprom"(Taxpayer Id. Number 7730605160, location: bld. 21, 34 Kutuzovskiy prospect, 121170, Moscow) (hereinafter - the Party-2), whichRetailImport LLC plans to executein future with thefollowing essentials:

• total limit amount (maximum amount of available guarantees under obligations) , specified in the Guarantee agreement 1 - not more than 1,200,000,000 (One billion two hundred million) rubles.

Hereby to provide the Chief Executive Officer of Retail Import LLC with the right to sign the additional agreements which change the terms and conditions oftheAgreement within thelimits hereof".

Item2 on the agenda:

"To recommend the sole executive body of PJSC "Magnit", which is the sole shareholder of LLC "Alkotrading"to make the following decision at theexercise ofthe voting right on shares in thechartercapital ofLLC "Alkotrading"owned by the Company:

"1. To elect Oleg Sidnin (passport of the Russian Federation - Information is not disclosed according to the Federal law "On Personal Data") as LLC "Alkotrading"CEO foranother termof 5 (five) years fromSeptember 20, 2017.

1. To concludean additionalagreement to theemploymentagreement withOleg Sidnin, LLC "Alkotrading"CEO, in accordance with this decision".

Forfurtherinformation, please contact:

Timothy Post	Head ofInvestor Relations Email: post@magnit.ru Office:+7-861-277-4554 x 17600
Dina Svishcheva	DeputyDirector, Investor Relations Email:Chistyak@magnit.ru Office:+7-861-277-4554 x 15101
MediaInquiries	Media Relations Department press@magnit.ru

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, 2017, Magnit operated 35 distribution centers and 14,844 stores (11,114 convenience, 430 hypermarkets and 3,300 drogeriestores) in 2,567 citiesand towns throughout 7 federalregions ofthe Russian Federation.

In accordance with the reviewed IFRS consolidated financialstatements for 1H 2017, Magnit had revenues of RUB 555 billion and an EBITDAof RUB 49 billion. Magnit's localshares 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.

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ISIN: US55953Q2021 Category Code:MSCH TIDM: MGNT Sequence No.: 4641

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