PJSC MAGNIT - Changes in the Company Management

Press Release

Krasnodar

January 11, 2016

PJSC "Magnit" Announces the Changes in the Company Management

Krasnodar, January 11, 2016: PJSC "Magnit", Russia's largest food retailer (the "Company"; MOEX and LSE: MGNT) announces the following changes in the Company management:

Vladimir Gordeychuk has resigned from the position of General Director for JSC Tander (a wholly-owned subsidiary and the main operating company of PJSC "Magnit"). Alexander Barsukov has been appointed the new General Director for JSC Tander.

Alexander Kazakov has resigned from the position of Head of Development. Sergey Rubtsov has been appointed the new Head of Development after working previously as the Head of the Magnit Convenience Store format. Konstantin Ilyin has been appointed the new Head of the Magnit Convenience Store format.

These changes are effective from January 11, 2016.

Sergey Galitskiy, the Chief Executive Officer (CEO) of PJSC "Magnit", provided the following comments on the management changes:

"The General Director for JSC "Tander" has been changed. Alexander Barsukov has been appointed to this position. First of all I would like to thank Vladimir Gordeychuk, who has been working in the company almost since its foundation, and I hope he will continue to work on the determination and implementation of Magnit's development strategy for a long time.

There are also some structural changes in the Company's top management. Alexander Kazakov has resigned from the position of the Head of Development and will be nominated to the Magnit Board of Directors. Sergey Rubtsov, previously the Head of the Magnit Convenience Store format, will take over this position. Konstantin Ilyin has been appointed the new Head of the Magnit Convenience Store format.

I hope that these changes will allow us to improve the operational efficiency of our team."

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.