Magnit has notified the Custodian of the need to conduct automatic conversion of its GDRs

MAGNIT HAS NOTIFIED THE CUSTODIAN of the need to conduct automatic conversion of its gdrs

Krasnodar, Russia (August 18 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russias leading retailers, announces that on August 18, 2022 it has notified CB JP Morgan International LLC (Custodian) of the need to take actions to ensure that holders of global depositary receipts (GDRs) representing the Companys shares deposited with Russian depositaries receive the corresponding number of the Companys shares (Automatic Conversion).

As the Company previously announced, the procedure of Automatic Conversion is provided for by Federal law No 319-FZ On Amendment of Certain Legislative Acts of the Russian Federation effective as of July 14, 2022.

The procedure and terms of Automatic Conversion, including the relevant actions to be taken by the Custodian, the Central Depositary and Russian depositaries with whom the relevant GDRs are deposited, are provided for by the Resolution of the Bank of Russia Board of Directors dated July 22, 2022 (Resolution of the Bank of Russia).

Full text of the Resolution of the Bank of Russia is available at https://www.cbr.ru/about_br/dir/rsd_2022-07-22_28_01/ (in Russian).

For further information on procedure for Automatic Conversion please contact CB JPMorgan Bank International (LLC) (contact information is available at https://www.jpmorgan.ru/en/contact-us).

For further information and clarification, please contact magnitGDR@magnit.ru.

This statement does not constitute individual investment, financial or legal advice. This statement is for information purposes only and PJSC Magnit shall not be liable if the interpretation of applicable laws and regulations by the relevant state authorities differs from the interpretation given in this statement. Holders of depositary receipts should make an independent decision on how to act in connection with the published statement and, if necessary, contact their investment, legal and other advisors.