Press Release

    Krasnodar

    January 31, 2017

    Magnit Announces the Holding of the BOD Meeting

    Krasnodar, Russia (January 31, 2017): Magnit PJSC, one of Russia's leading
    retailers (the "Company", MOEX and LSE: MGNT), is pleased to announce the
    holding of the Board of Directors meeting.

    On January 31, 2017 the Chairman of the Board of Directors made a decision to
    hold the BOD meeting on February 3, 2017 with the following agenda:

     1. Consideration of the proposals for the nomination of candidates to the
        Board of Directors of PJSC "Magnit' to be elected at the annual General
        Shareholders Meeting of PJSC "Magnit".
       
     2. Determination of the position of the PJSC "Magnit" representative at the
        exercise of the voting right on the Retail Import LLC shares in the charter
        capital owned by the Company.
       
        For further information, please contact:
       
    Timothy Post                               Head of Investor Relations                  
                                               Email: post@magnit.ru                       
                                               Office: +7-861-277-4554 x 17600             
                                                                                           
    Investor Relations Office                  MagnitIR@magnit.ru                          
                                               Direct Line: +7-861-277-4562                
                                               Website: ir.magnit.com/                     
                                                                                           
    Media Inquiries                            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 December 31, 2016, Magnit operated 35 distribution centers and
    14,059 stores (10,521 convenience, 431 hypermarkets and 3,107 drogerie stores)
    in 2,494 cities and towns throughout 7 federal regions of the Russian
    Federation.

    In accordance with the unaudited IFRS management accounts for 2016, Magnit had
    revenues of RUB 1.07 trillion and an EBITDA of RUB 108 billion. Magnit's local
    shares 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.