Krasnodar, Russia (November 5, 2019): Magnit PJSC (MOEX and LSE: MGNT; “Company”), one of Russia’s leading retailers, announces the resolutions of the Board of Directors taken at the meeting held on October 31, 2019.

The meeting of the Board of Directors of PJSC Magnit was held on October 31, 2019 (Minutes of the BOD meeting are recorded w/o No. of November 1, 2019).

The meeting agenda:

Review of operating and unaudited financial results of PJSC Magnit and its subsidiaries for 9 months and 3Q 2019 prepared in accordance with IFRS.
Review of matters relating to PJSC Magnit priority areas of business.

9 (nine) of the 9 (nine) BOD members participating in the BOD meeting were present.

Quorum to hold the BOD meeting with this agenda is present.

Voting Results:

Item 1

No issues were put to the vote.

Item 2

“for” — Аlexander Semenovich Vinokurov; Timothy Demchenko; Jan Gezinus Dunning; Hans Walter Koch; Evgeniy Vladimirovich Kuznetsov; Alexey Petrovich Makhnev; Charles Emmitt Ryan; James Pat Simmons; Florian Jansen

“against” — no

“abstained” — no

The decision was made.

Content of the decisions:

Item 1 on the agenda:

The management represented the main information on the results of activities of PJSC Magnit and its subsidiaries for 9 months of 2019 and for the 3rd quarter of 2019. No issues were put to the vote with regard to this agenda item.

Item 2 on the agenda:

The Company’s management provided the Board of Directors with the key information on the development of priority business areas, the issue put to the vote was considered and the following decision was taken:

"To recommend the management of PJSC Magnit to take all necessary actions to improve the efficiency of the group of companies of PJSC Magnit, including measures aimed at reducing the costs and expenses of the group of companies of PJSC Magnit.

PJSC Magnit Announces the Board of Directors’ Resolutions