Press Release | Krasnodar | May 12, 2020

Magnit announces the results of the Board meeting

Krasnodar, Russia (May 12, 2020): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the results of the Board of Directors meeting.

Please be informed that the meeting of the Board of Directors was held on May 11, 2020 (minutes are w/o No. of May 12, 2020).

Pursuant to paragraph 3.3. of the Regulations on the Long-Term Incentive Program for the key employees of JSC Tander and PJSC Magnit (hereinafter - the LTI Program), the Board of Directors approved the List of positions of employees of JSC Tander and PJSC Magnit covered by the LTI Program as amended.

The Board of Directors approved the draft Addendum to the Share Purchase Agreement under the LTI Program with one of the LTI Program participants and authorized Anna Bobrova to sign the Addendum on behalf of JSC Tander.

For further information, please contact:

Dmitry Kovalenko

Director for Investor Relations

Email: [email protected]

Office: +7 (861) 210-48-80

Dina Chistyak

Director for Investor Relations

Email: [email protected]

Office: +7 (861) 210-9810 x 15101

Media Inquiries

Email: [email protected]

Note to editors:

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 March 31, 2020, Magnit operated 38 distribution centres and 20,860 stores (14,594 convenience, 472 supermarkets and 5,794 drogerie stores) in 3,718 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for FY 2019, Magnit had revenues of RUB 1,369 billion and an EBITDA of RUB 147 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.