Moody's Affirms its B1 Rating on X5 Retail Group N.V.
21 Aug 2008

Amsterdam, 21 August 2008 - X5 Retail Group N.V. (“X5” or the “Company”), Russia's
largest retailer in terms of sales (LSE ticker: “FIVE”), announces today that Moody’s has
affirmed its corporate family rating for the Company at B1. Outlook was changed to stable.
Moody’s Interfax Rating Agency has also affirmed the Company’s A1.ru national scale rating.

As stated in the rating agency’s press-release, “Moody’s recognizes the Company’s strong
operating performance, its high organic and acquisition-related growth, ability of managing
acquisitions, and a continuous strengthening of its leading positions in the Russian retail
market…” Moody’s also noted that it has “a positive view with regard to X5’s growth
strategy”.

The agency explained that the change in outlook to stable from positive was mainly prompted
by its view that “the Company’s rapid growth strategy and respective large investments will
postpone its de-leveraging…”

X5 Retail Group N.V.

LSE-Listed X5 Retail Group N.V. is Russia’s largest food retailer in terms of sales and the only multi-format operator in Russia and with a growing presence in Ukraine and Kazakhstan.  The two primary retail investments held by X5 include leading supermarket chain Perkerestok and Pyaterochka, one of the largest Russian discounter supermarket chains.  X5 uses a multi-format strategy to simultaneously develop three formats: discounters, supermarkets and hypermarkets.

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