Magnit Announces Changes in the Financial Block

Krasnodar, July 15, 2020: Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia’s leading retailer, announces changes in the financial block. Elena Milinova who held the position of the Chief Financial Officer made a decision to leave the Company. From July 15, 2020, Dmitry Ivanov is appointed acting Chief Financial Officer of JSC Tander.

Dmitry Ivanov has 20 years of experience in corporate finances in retail sector. He joined Magnit in October 2019 as the Controlling Director. Prior to that, Dmitry served as the Deputy Financial Director in Lenta for 10 years and held similar position in Laverna for 9 years.

Elena Milinova joined the Company in April 2018: she was responsible for a set of issues related to the retail chain’s financial activity, development and launch of Magnit’s new financial strategy, and was in charge of the development of the Shared Service Center and a centralization process of a number of the core business functions.

Jan Dunning, President and CEO of Magnit, commented:

“We’d like to thank Elena Milinova for her substantial contribution to the Company’s development during the period of its business transformation. We sincerely appreciate the work Elena has done and wish her success in new projects.”

On July 14, 2020 Board of Directors of PJSC Magnit made a decision to exclude Elena Milinova from the Management Board. From July 15, 2020 PJSC Magnit Management Board consists of 9 members.

Please follow the links below to read full text of the Board decisions:

http://www.e-disclosure.ru/portal/company.aspx?id=7671 (in Russian language);

https://www.magnit.com/ru/disclosure/regulatory-news/ (in Russian language);

https://www.magnit.com/en/disclosure/regulatory-news/#tabs-Disclosure (in English).

Magnit announces changes in the financial block