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Press Release | Krasnodar |May 22, 2020

ACRA Agency assigned credit rating to the exchange-traded bonds of PJSC Magnit

Krasnodar, Russia (May 22, 2020): PJSC Magnit(MOEX and LSE: MGNT) (the "Company"), one of Russia's leading retailers, announces the assignment of the credit rating by ACRA Agency to the exchange-traded bonds of PJSC Magnit.

Please note that on May 22, 2020 ACRA (Analytical Credit Rating Agency (Joint Stock Company) assigned credit rating AA (RU) to the exchange-traded bonds of PJSC Magnit.

The credit rating of the Company is based on its very strong operating profile, very large size, high profitability, and very strong liquidity. The rating is constrained by medium coverage and moderate cash flow.

The information on the rating assignment methodology by ACRA Agency under the national scale for the Russian Federation is available on the website https://www.acra-ratings.ru/criteria/381

Other information on the rating is available on the website: https://www.acra-ratings.com/about/news/1479

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 March 31, 2020, Magnit operated 38 distribution centres and 20,860 stores (14,594 convenience, 472 supermarkets and 5,794 drogerie stores) in 3,718 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for FY 2019, Magnit had revenues of RUB 1,369 billion and an EBITDA of RUB 147 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.