Press Release

    Krasnodar

    January 11, 2016

    PJSC "Magnit" Announces the Changes in the Company Management

    Krasnodar, January 11, 2016: PJSC "Magnit", Russia's largest food retailer (the
    "Company"; MOEX and LSE: MGNT) announces the following changes in the Company
    management:

    Vladimir Gordeychuk has resigned from the position of General Director for JSC
    Tander (a wholly-owned subsidiary and the main operating company of PJSC
    "Magnit"). Alexander Barsukov has been appointed the new General Director for
    JSC Tander.

    Alexander Kazakov has resigned from the position of Head of Development. Sergey
    Rubtsov has been appointed the new Head of Development after working previously
    as the Head of the Magnit Convenience Store format. Konstantin Ilyin has been
    appointed the new Head of the Magnit Convenience Store format.

    These changes are effective from January 11, 2016.

    Sergey Galitskiy, the Chief Executive Officer (CEO) of PJSC "Magnit", provided
    the following comments on the management changes:

    "The General Director for JSC "Tander" has been changed. Alexander Barsukov has
    been appointed to this position. First of all I would like to thank Vladimir
    Gordeychuk, who has been working in the company almost since its foundation,
    and I hope he will continue to work on the determination and implementation of
    Magnit's development strategy for a long time.

    There are also some structural changes in the Company's top management.
    Alexander Kazakov has resigned from the position of the Head of Development and
    will be nominated to the Magnit Board of Directors. Sergey Rubtsov, previously
    the Head of the Magnit Convenience Store format, will take over this position.
    Konstantin Ilyin has been appointed the new Head of the Magnit Convenience
    Store format. 

    I hope that these changes will allow us to improve the operational efficiency
    of our team."

    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 December 31,
    2015, Magnit operated 33 distribution centers and about 12,089 stores (9,594
    convenience, 374 hypermarkets, and 2,121 drogerie stores) in 2,361 cities and
    towns throughout 7 federal regions of the Russian Federation.

    In accordance with the reviewed IFRS consolidated financial statements for 1H
    2015, Magnit had revenues of RUB 455 billion and an EBITDA of RUB 49 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.