Krasnodar, Russia (June 26, 2019): Magnit PJSC (MOEX and LSE: MGNT; Company), one of Russia’s leading retailers, announces a change in senior management of the Company. Jan Dunning, the President of Magnit, will also assume the role of the Chief Executive Officer of Magnit¹.

Olga Naumova, currently the Chief Executive Officer, has decided to leave the Company due to disagreements with the Board of Directors relating to the strategy of the Company.

Jan Dunning will continue to serve as a Deputy Chairman of Magnit Board of Directors. Charles E. Ryan, the Chairman of the Board of Directors of Magnit, commented:

“Olga joined the Company in May 2018 to manage its transformation to emerge as a leader of the modern retail market In Russia. The results of her professional contribution to Magnit will serve as a solid foundation to build on going forward. On behalf of the Board of Directors, I would like to sincerely thank Olga for her dedicated service during this time of unprecedented change and wish her all the best In the future.

I am pleased that Jan will combine the roles of the President and Chief Executive Officer of Magnit. To successfully implement our turnaround strategy, we have to continue building a unified high performing team, achieve operational excellence and further financial discipline while delivering a winning customer value proposition. I am sure that with Jan’s vast experience and leadership we will continue to successfully implement our transformation program and achieve the ambitious goals we have set ourselves”.

Jan Dunning, the President of Magnit, commented:

“Retail is about people. I am honored to be a part of this Magnit family of strong and dedicated retail professionals.

I am excited to drive the transformation of the Company to become an innovative modern retailer.

I would like to thank the Board of Directors for their trust and promise my full commitment to working for the benefit of our shareholders, employees, partners and the Russian consumer”.

Magnit announces change in senior management