OREANDA-NEWS. PJSC "Magnit", Russia's largest food retailer (the "Company"; MICEX and LSE: MGNT) announces the change of the Company name.

Please be informed that due to the amendments to the Civil Code of the Russian Federation by the Federal Law N 99-FZ dated May 5, 2014 "On Amendments to Chapter 4 of Part One of the Civil Code of the Russian Federation and on the Invalidation of Certain Provisions of the Legislative Acts of the Russian Federation", the Company name Open Joint Stock Company "Magnit" (OJSC "Magnit") has been changed to Public Joint Stock Company "Magnit" (PJSC "Magnit").

The Charter of the Company has been amended accordingly based on the decision made by the general shareholders meeting of the Company on September 25, 2014 (minutes of the general shareholders meeting N w/N of September 26, 2014).

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2014, Magnit operated 25 distribution centers and over 9,020 stores (7,891 convenience, 243 hypermarkets, and 886 drogeries) in approximately 2,000 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the reviewed IFRS consolidated financial statements for 1H 2014, Magnit had revenues of USD 9,979 million USD and an EBITDA of USD 1,045 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is one of the largest retailers in Europe.