Magnit notifies JPMorgan chase Bank, n.a. of termination of the deposit agreement and GDR programme

Krasnodar, Russia (May 20, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces that on May 20, 2022, the Company gave notice of termination of the deposit agreement it entered into with JPMorgan Chase Bank, N.A. (“JPMorgan”) on February 20, 2008 (the “Deposit Agreement”) to JPMorgan. Global depositary receipts representing ordinary shares of PJSC Magnit (“GDRs”) were issued under the Deposit Agreement.

Magnit is required to terminate the Deposit Agreement pursuant to Federal Law No. 114-FZ “On Amendment of Federal Law “On Joint-Stock Companies” and Certain Legislative Acts of the Russian Federation” of April 16, 2022  (“Federal Law No. 114-FZ”). Holders of GDRs have the right to convert their GDRs into ordinary shares of Magnit, subject to, and in accordance with, the procedure specified in the Deposit Agreement and subject to mandatory requirements of Russian law.

As previously announced, pursuant to Federal Law No. 114-FZ, the Company submitted an application to the Ministry of Finance of the Russian Federation to continue circulation of the GDRs outside Russia. On May 20, 2022, the Company received a decision rejecting the application.