PJSC MAGNIT - Results of the BoD Meeting

Press-release

Krasnodar

January 11, 2016

PJSC "Magnit" Announces the Results of the BOD Meeting

Krasnodar, January 11, 2016: PJSC "Magnit", Russia's largest food retailer (the "Company", "Issuer"; MOEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on January 11, 2016.

Please be informed that on January 11, 2016 the BOD meeting was held (minutes of the BOD meeting of PJSC "Magnit" are w/o No. of January 11, 2016).

The meeting agenda:

1. Determination of the position of the PJSC "Magnit" representative at the exercise of the voting right on the JSC "Tander" shares owned by the Company.

   The following BOD members were present: S. Galitskiy, A. Arutyunyan, K. Pombukhchan and
   A. Shkhachemukov.

   A. Aleksandrov, A. Zayonts and A. Pshenichniy provided their written opinions on the items of the agenda of the BOD meeting of PJSC "Magnit".

The number of the BOD members participating in the meeting, including written opinions of
A. Aleksandrov, A. Zayonts and A. Pshenichniy, amounts to not less than half of the number of the BOD members determined by the Charter of the Company.

Quorum to hold the BOD meeting with this agenda is present.

Content of the decision and voting results:

Item on the agenda:

"To recommend the sole executive body of PJSC "Magnit", which is the sole shareholder of JSC "Tander", to make the following decisions at the exercise of the voting right on the JSC "Tander" shares owned by the Company:

"1. To terminate in advance the authorities of Vladimir Gordeychuk, the General director for JSC "Tander", to consider January 11, 2016 as the date of termination of his authorities.

2. To elect Alexander Barsukov as the General director for JSC "Tander" for the term of 3 (three) years (passport details: information is not disclosed in accordance with the Federal Law "On personal data"), to consider January 12, 2016 as the date of assumption of the office.

3. To execute the Employment agreement with Alexander Barsukov, to authorize Sergey Galitskiy, the CEO of PJSC "Magnit", which is the sole shareholder of JSC "Tander", to sign the Employment agreement with the sole executive body (General director) of JSC "Tander" on behalf of JSC "Tander".

4. To authorize Alexander Barsukov, the General director for JSC "Tander", to execute necessary operations related to the state registration of amendments to the Unified State Register of Legal Entities".

Votes were cast as follows:

A. Arutyunyan - "for", S. Galitskiy - "for", A. Zayonts - "for", A. Aleksandrov - "for", K. Pombukhchan - "for", A. Shkhachemukov - "for", A. Pshenichniy - "for".

The decision was made.

For further information, please contact:

Timothy Post	Head of Investor Relations Email: [e-mail] Office: [phone] x 17600 Mobile: [phone] Direct Line: [phone]
Investor Relations Office	[e-mail] Direct Line: [phone] Website: ir.magnit.com/
Media Inquiries	Media Relations Department [e-mail]

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, 2015, Magnit operated 33 distribution centers and about 12,089 stores (9,594 convenience, 374 hypermarkets, and 2,121 drogerie stores) in 2,361 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements 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.