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PJSC Magnit Announces the Board of Directors' Resolutions

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MAGNIT PJSC (MGNT)
PJSC Magnit Announces the Board of Directors' Resolutions

05-Nov-2019 / 09:41 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

Press Release | Krasnodar | November 5, 2019

PJSC Magnit Announces the Board of Directors' Resolutions
*********************************************************

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:

1) Review of operating and unaudited financial results of PJSC Magnit and
its subsidiaries for 9 months and 3Q 2019 prepared in accordance with
IFRS.

2) 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" - ?lexander 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.

For further information, please contact:

Dmitry Kovalenko

Director for Investor Relations

Email: dmitry_kovalenko@magnit.ru

Office: +7 (861) 210-48-80

Dina Chistyak

Director for Investor Relations

Email: dina_chistyak@magnit.ru

Office: +7 (861) 210-9810 x 15101

Media Inquiries

Media Relations Department

Email: press@magnit.ru

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 September 30, 2019, Magnit operated 38 distribution
centres and 20,497 stores (14,507 convenience, 467 supermarkets and 5,523
drogerie stores) in 3,694 cities and towns throughout 7 federal regions of
the Russian Federation.

In accordance with the unaudited IFRS management accounts for 9M 2019,
Magnit had revenues of RUB 1,000 billion and an EBITDA of RUB 63 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.

ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 27115
EQS News ID: 904395

End of Announcement EQS News Service



(END) Dow Jones Newswires

November 05, 2019 01:41 ET ( 06:41 GMT)
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