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PR Newswire
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PJSC MAGNIT - Magnit Unaudited FY 2014 Financial Results

Press-release

Krasnodar

January 27, 2015

PJSC "Magnit" Announces Unaudited FY 2014 Results

Krasnodar, January 27, 2015: PJSC "Magnit", Russia's largest
retailer (the "Company"; MICEX and LSE: MGNT) announces its unaudited FY 2014
results prepared in accordance with IFRS[1].

During 2014 the Company added (net) 1,618 stores (1,144 convenience
stores, 29 hypermarkets, 51 "Magnit Family" stores and 394 drogerie stores)
and increased its selling space by 19.24% in comparison to 2013 from 3,011.38
thousand sq. m. to 3,590.64 thousand sq. m. The total store base as of
December 31, 2014 reached 9,711 stores (8,344 convenience stores, 190
hypermarkets, 97 "Magnit Family" stores and 1,080 drogerie stores).

Revenue increased by 31.71% YoY from 579,694.88 million RUR in 2013
to 763,527.25 million RUR in 2014. The top line growth was due to an increase
in selling space as well as to a 14.47% increase of like-for-like sales.

Gross margin grew from 28.51% in 2013 to 28.88% in 2014. Gross
profit increased by 33.43% from 165,262.99 million RUR to 220,511.52 million
RUR.

EBITDA increased by 32.14% from 64,721.23 million RUR in 2013 to
85,522.20 million RUR in 2014. EBITDA margin in 2014 amounted to 11.20%.
EBITDA margin in the 4Q of 2014 was 11.28%.

2014 net income increased by 33.00% and amounted to 47,375.39
million RUR vs. 35,620.38 million RUR in 2013. Net income margin for 2014 was
6.20%.

Sergey Galitskiy, the Company's CEO, provided the following
comments on the published results:

"Material FX losses impacted our financial results. However, we did
achieve a record high EBITDA margin. We have the lowest debt burden and a
strong management team, which will allow us to continue aggressive expansion
despite the instability in the marketplace. We have set ambitious store
opening plans and we are confident in their fulfillment".

4Q and FY 2014 Key Operating Highlights:

                                       4Q 2014       4Q 2013    Growth Rate     12М 2014    12М 2013    Growth Rate
Number of opened stores, NET               691           447            n/a        1,618       1,209            n/a
              convenience stores           453           417            n/a        1,144       1,154            n/a
                    hypermarkets            15            13            n/a           29          35            n/a
                   magnit family            29            16            n/a           51          26            n/a
                 drogerie stores           194             1            n/a          394         (6)            n/a

Total number of stores                   9,711         8,093            n/a        9,711       8,093            n/a
              convenience stores         8,344         7,200            n/a        8,344       7,200            n/a
                    hypermarkets           190           161            n/a          190         161            n/a
                   magnit family            97            46            n/a           97          46            n/a
                 drogerie stores         1,080           686            n/a        1,080         686            n/a

Selling space, eop, th. sq. m.        3,590.64      3,011.38         19.24%     3,590.64    3,011.38         19.24%
              convenience stores      2,673.31      2,312.20         15.62%     2,673.31    2,312.20         15.62%
                    hypermarkets        559.09        482.88         15.78%       559.09      482.88         15.78%
                   magnit family        109.07         53.26        104.78%       109.07       53.26        104.78%
                 drogerie stores        249.17        163.04         52.83%       249.17      163.04         52.83%

Selling space growth, th. sq.m.         263.64        169.99            n/a       579.26      462.12            n/a
              convenience stores        153.60        116.46            n/a       361.11      334.74            n/a
                    hypermarkets         37.11         34.43            n/a        76.21       95.26            n/a
                   magnit family         30.24         17.83            n/a        55.81       28.91            n/a
                 drogerie stores         42.69          1.27            n/a        86.13        3.21            n/a

Number of customers, million            785.28        656.92         19.54%     2,944.12    2,465.05         19.43%
              convenience stores        676.19        579.17         16.75%     2,567.15    2,193.87         17.01%
                    hypermarkets         64.50         53.45         20.67%       237.59      193.06         23.06%
                   magnit family         19.67          9.57        105.68%        60.93       29.60        105.86%
                 drogerie stores         24.91         14.73         69.18%        78.45       48.52         61.68%
LFL Results

Formats                                                        4Q 2014 - 4Q 2013[2]
                                     # of Stores               Average Ticket            Traffic           Sales
Convenience Stores                      6,634                      12.82%                 3.77%           17.07%
Hypermarkets                             152                       10.83%                 5.06%           16.43%
Magnit Family                             34                       11.96%                 6.76%           19.53%
Drogerie Stores                          591                       5.49%                 23.08%           29.84%
Total                                   7,411                      12.41%                 4.33%           17.28%

Formats                                                        12M 2014 - 12M 20134
                                     # of Stores               Average Ticket            Traffic           Sales
Convenience Stores                      6,014                      9.81%                  3.68%           13.85%
Hypermarkets                             152                       7.98%                  5.63%           14.05%
Magnit Family                             33                       9.28%                  8.87%           18.97%
Drogerie Stores                          500                       3.76%                 35.69%           40.79%
Total                                   6,699                      9.58%                  4.47%           14.47%

4Q and FY 2014 Key Financial Results, million RUR

                                 4Q 2014        4Q 2013      Growth Rate      FY 2014      FY 2013      Growth Rate
Net sales                     220,852.25     162,515.22           35.90%   763,527.25   579,694.88           31.71%
       convenience stores     163,402.85     123,796.88           31.99%    577,75.77   450,801.48           28.17%
             hypermarkets      41,305.33      31,180.71           32.47%   139,655.12   106,175.58           31.53%
            magnit family       9,023.09       3,695.40          144.17%    25,533.74    10,678.07          139.12%
         cosmetics stores       6,701.76       3,794.01           76.64%    19,756.68    11,873.35           66.40%
                wholesale         419.21          48.21              n/a       805.94       166.40              n/a
Gross profit                   65,035.10      48,602.93           33.81%   220,511.52   165,262.99           33.43%
Gross margin, %                   29.45%         29.91%              n/a       28.88%       28.51%              n/a
EBITDAR                        30,864.42      24,483.46           26.06%   106,096.11    79,678.33           33.16%
EBITDAR margin, %                 13.98%         15.07%              n/a       13.90%       13.74%              n/a
EBITDA                         24,914.64      20,315.55           22.64%    85,522.20    64,721.23           32.14%
EBITDA margin, %                  11.28%         12.50%              n/a       11.20%       11.16%              n/a
EBIT                           20,240.20      16,488.07           22.76%    67,925.20    50,536.88           34.41%
EBIT margin, %                     9.16%         10.15%              n/a        8.90%        8.72%              n/a
Net income                     13,482.74      11,790.47           14.35%    47,375.39    35,620.38           33.00%
Net income margin, %               6.10%          7.25%              n/a        6.20%        6.14%              n/a

4Q and FY 2014 Key Financial Results, US$ million[3]

                                  4Q 2014         4Q 2013      Growth Rate      FY 2014      FY 2013      Growth Rate
Net sales                        4,656.94        4,995.33          (6.77)%    19,872.29    18,201.92            9.18%
       convenience stores        3,445.55        3,805.22          (9.45)%    15,037.75    14,154.78            6.24%
             hypermarkets          870.97          958.42          (9.12)%     3,634.80     3,333.82            9.03%
            magnit family          190.26          113.59           67.50%       664.57       335.28           98.21%
         cosmetics stores          141.31          116.62           21.18%       514.21       372.81           37.93%
                wholesale            8.84            1.48              n/a        20.98         5.22              n/a
Gross profit                     1,371.35        1,493.94          (8.21)%     5,739.24     5,189.12           10.60%
Gross margin, %                    29.45%          29.91%              n/a       28.88%       28.51%              n/a
EBITDAR                            650.81          752.56         (13.52)%     2,761.36     2,501.83           10.37%
EBITDAR margin, %                  13.98%          15.07%              n/a       13.90%       13.74%              n/a
EBITDA                             525.36          624.45         (15.87)%     2,225.88     2,032.19            9.53%
EBITDA margin, %                   11.28%          12.50%              n/a       11.20%       11.16%              n/a
EBIT                               426.79          506.80         (15.79)%     1,767.89     1,586.81           11.41%
EBIT margin, %                      9.16%          10.15%              n/a        8.90%        8.72%              n/a
Net income                         284.30          362.41         (21.55)%     1,233.04     1,118.45           10.25%
Net income margin, %                6.10%           7.25%              n/a        6.20%        6.14%              n/a

Note: net revenue in US$ terms is calculated using the daily
exchange rate.

For further information, please contact:

Timothy Post                                     Director, Investor Relations

                                                 Email: post@magnit.ru

                                                 Office: +7-861-277-4554 x 17600

                                                 Mobile: +7-961-511-7678

                                                 Direct Line: +7-861-277-4562
Dina Svishcheva                                  Deputy Director, Investor Relations

                                                 Email: Chistyak@magnit.ru

                                                 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, the
company is headquartered in the southern Russian city of Krasnodar. As of
December 31, 2014, Magnit operated 27 distribution centers and over 9,700
stores (8,344 convenience, 287 hypermarkets, and 1,080 drogerie stores) in
approximately 2,100 cities and towns throughout 7 federal regions of the
Russian Federation.

In accordance with the unaudited IFRS management accounts for 2014,
Magnit had revenues of RUB 764 billion and an EBITDA of RUB 86 billion.
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.

---------------------------------

[1] Based on management accounts

[2] LFL calculation base includes stores (all formats), which have
been opened 12 months prior to the last month of the reporting period. i.e. by
December 1, 2013.

[3] Based on the average exchange rate for 4Q 2014 - 47.4243 RUB per 1 USD, 4Q
2013 - 32.5334 RUB per 1 USD, 12M 2014 - 38.4217 RUB per 1 USD, 12M 2013 -
31.8480 RUB per 1 USD
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