PJSC MAGNIT - Holding of BoD Meeting

Press-release

Krasnodar

October 24, 2014

PJSC "Magnit" Announces the Holding of the BOD Meeting

Krasnodar, October 24, 2014: PJSC "Magnit", Russia's largest food retailer (the
"Company", the "Issuer", MICEX and LSE: MGNT), is pleased to announce the
holding of the Board of Directors meeting.

On October 24, 2014 the Chairman of the Board of Directors made the decision to
hold the BOD meeting on
October 29, 2014 with the following agenda:

 1. Approval of recommendations to the general shareholders meeting of the
    Company on the dividend amount on PJSC "Magnit" shares following the 9
    months of 2014 financial year results, the procedure of its payment and the
    date as of which the shareholders entitled to receive dividends are
    determined.

 2. Calling of the extraordinary general shareholders meeting ("the EGM") of
    PJSC "Magnit".

 3. Determination of the form of holding of the EGM of PJSC "Magnit".

 4. Determination of the last date the voting ballots shall be accepted and the
    postal address to send the filled voting ballots.

 5. Determination of the date of making the list of shareholders entitled to
    participate in the EGM of PJSC "Magnit".

 6. Determination 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 holding of 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. Determination of the recommended price for major related party transactions
    to be approved by the EGM of PJSC "Magnit".

The estimated date of making the list of shareholders entitled to participate
in the EGM: November 10, 2014.

The date, as of which the list of shareholders entitled to receive dividends is
determined, shall be determined by the EGM, where the decision to pay (declare)
the dividends on the PJSC "Magnit" shares shall be made.

The period following the results of which the decision to pay (declare)
dividends on the issuer's shares shall be made at the EGM: 9 months of 2014
financial year.

Types of the issuer's shares on which the decision to pay (declare) dividends
shall be made at the EGM: ordinary registered uncertified shares.

For further information, please contact:

Timothy Post                            Director, Investor Relations
                                        Email: [e-mail]
                                        Office: [phone] x 17600
                                        Mobile: [phone]
                                        Direct Line: [phone]

Dina Svishcheva                         Deputy Director, Investor Relations
                                        Email: [e-mail]
                                        Office: [phone] x 15101
                                        Mobile: [phone]
                                        Direct Line: [phone]

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 September 30,
2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891
convenience, 243 hypermarkets, and 886 drogeries) in approximately 2,000 cities
and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H
2014, Magnit had revenues of $9,979 million USD and an EBITDA of $1,045 million
USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX:
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.

Copyright r 24 PR Newswire