Press Release | Krasnodar | October 2, 2020

Magnit announces the results of the Board meeting

Krasnodar, Russia (October 2, 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 September 30, 2020 (minutes are w/o No. of October 1, 2020).

The Board approved the Program of the 004Р series Exchange-traded bonds under which a number of issues of interest-bearing non-convertible uncertificated exchange-traded bonds with centralized registration of rights for a total amount of up to 100 billion rubles can be placed by public subscription. The approval of this Program will make it possible in the future to issue Exchange-traded bonds under a simplified procedure with a shortened preparation time for each issue. The Program has the following parameters:

- The total par value of all Exchange-traded bonds issues that can be placed under this Program shall amount to 100,000,000,000 (one hundred billion) Russian rubles or the equivalent of this amount in foreign currency;

- The maximum maturity term of the Exchange-traded bonds shall be 3,640 (three thousand six hundred and forty) days from the commencing date of placement;

- The validity period of the Exchange-traded bonds Program: indefinite.

- No security shall be provided for performance of obligations with regard to the Exchange-traded bonds.

- The Exchange-traded bonds may be redeemed early at the discretion of the issuer in accordance with the terms and procedures set forth in the Exchange-traded bonds Program.

The Board approved the Prospectus for interest-bearing non-convertible uncertificated exchange-traded bonds with centralized registration of rights placed under the Program of the 004Р series Exchange-traded bonds.

The Board approved the Articles of Association of JSC "Tander" in the new edition.

The Board of Directors approved the change of the total number of participants of the Long-Term Incentive Program for the key employees of JSC Tander and PJSC Magnit (hereinafter - the LTI Program), as well as the List of Positions of Employees of JSC Tander and PJSC Magnit, covered by the Program, as amended, and included into the list the new participants of the LTI Program.

Please follow the link below to view full results of the Board meeting:

• http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian language);
•  https://www.magnit.com/ru/disclosure/regulatory-news/ (in Russian language);
• https://www.magnit.com/en/disclosure/regulatory-news/#tabs-Disclosure (in English)

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 June 30, 2020, Magnit operated 38 distribution centres and 20,894 stores (14,581 convenience, 472 supermarkets and 5,841 drogerie stores) in 3,710 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS 16 management accounts results for 1H 2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9 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.