OJSC MAGNIT - Change of the Company Name

Press-release

Krasnodar
October 14, 2014

PJSC "Magnit" Announces the Change of the Company Name

Krasnodar, October 14, 2014: PJSC "Magnit", Russia's largest food retailer (the
"Company"; MICEX and LSE: MGNT) announces the change of the Company name.

Please be informed that due to the amendments to the Civil Code of the Russian
Federation by the Federal Law No 99-FZ dated May 5, 2014 "On Amendments to
Chapter 4 of Part One of the Civil Code of the Russian Federation and on the
Invalidation of Certain Provisions of the Legislative Acts of the Russian
Federation", the Company name Open Joint Stock Company "Magnit" (OJSC "Magnit")
has been changed to Public Joint Stock Company "Magnit" (PJSC "Magnit").

The Charter of the Company has been amended accordingly based on the decision
made by the general shareholders meeting of the Company on September 25, 2014
(minutes of the general shareholders meeting No w/No of September 26, 2014).

For further information, please contact:

Timothy Post                      Director, Investor Relations
                                  Email: [e-mail]
                                  Office: [phone] x 17600
                                  Mobile: [phone]
                                  Direct Line: [phone]

Dina Svishcheva                   Deputy Director, Investor Relations
                                  Email: [e-mail]
                                  Office: [phone] x 15101
                                  Mobile: [phone]
                                  Direct Line: [phone]

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 September 30,
2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891
convenience, 243 hypermarkets, and 886 drogeries) in approximately 2,000 cities
and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H
2014, Magnit had revenues of $9,979 million USD and an EBITDA of $1,045 million
USD. Magnit's local shares are traded on the Moscow Stock 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 by market capitalization, Magnit
is one of the largest retailers in Europe.