Press Release

    Krasnodar

    July 26, 2016

    PJSC "Magnit" Announces the Holding of the BOD Meeting

    Krasnodar, July 26, 2016: PJSC "Magnit", Russia's largest food retailer (the
    "Company", MOEX and LSE: MGNT), is pleased to announce the holding of the Board
    of Directors meeting.

    On July 26, 2016 the Chairman of the Board of Directors made the decision to
    hold the BOD meeting on August 1, 2016 with the following agenda:

     1. Calling of the extraordinary general shareholders meeting ("the EGM") of
        PJSC "Magnit".
     2. Approval of the form of holding of the EGM of PJSC "Magnit".
     3. Determination of the voting ballots acceptance deadline.
     4. Determination of the postal address to send the filled voting ballots.
     5. Determination of the PJSC "Magnit" EGM record date.
     6. Approval of the agenda of the EGM of PJSC "Magnit".
     7. Determination of the procedure of notification of shareholders of the
        holding of the EGM of PJSC "Magnit".
     8. Determination of the list of information (materials) provided to
        shareholders to prepare to the EGM of PJSC "Magnit", and the procedure of
        its provision.
     9. Determination of the form and the text of the voting ballots on the items
        to be considered at the EGM of PJSC "Magnit".
    10. Approval of recommendations to the EGM on the dividend amount on PJSC
        "Magnit" shares following the results of the 1H 2016, the procedure of its
        payment and the dividend record date.
    11. Determination of the recommended price for major related party transactions
        to be approved by the EGM of PJSC "Magnit".
    12. 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.

    Items of the agenda of PJSC "Magnit" Board of Directors are related to the
    exercise of rights on ordinary registered uncertified shares, state
    registration number 1-01-60525-P of 04.03.2004, International Stock
    Identification Number (ISIN) RU000A0JKQU8.

    For further information, please contact:

    Timothy Post                               Head of Investor Relations                  
                                               Email: post@magnit.ru                       
                                               Office: +7-861-277-4554 x 17600             
                                               Mobile: +7-961-511-7678                     
                                               Direct Line: +7-861-277-4562                
                                                                                           
    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:

    Magnit is Russia's largest food retailer. Founded in 1994, the company is
    headquartered in the southern Russian city of Krasnodar. As of June 30, 2016,
    Magnit operated 34 distribution centers and 12,888 stores (9,902 convenience,
    398 hypermarkets, and 2,588 drogerie stores) in 2,397 cities and towns
    throughout 7 federal regions of the Russian Federation.

    In accordance with the unaudited IFRS management accounts for 1H 2016, Magnit
    had revenues of RUB 522 billion and an EBITDA of RUB 52 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.