Karusel general director steps down

Amsterdam, 1 July 2019 – X5 Retail Group N.V. ("X5" or the "Company"), a leading Russian food retailer (LSE and MOEX ticker: "FIVE"), announces that Karusel General Director Maksym Gatsuts has decided to leave the Company.

Denis Tkach, Karusel Chief Financial Officer, has been appointed as Acting General Director of Karusel.

Maksym Gatsuts commented: "The last three years have been difficult for the hypermarket segment, but we were able to improve the performance of Karusel by updating the CVP and improving operational efficiency. I am grateful to X5 and my team, but I now plan to pursue plans in other areas."

Igor Shekhterman, Chief Executive Officer of X5 Retail Group, commented: "I would like to thank Maksym for his professionalism and for the work he has done as the head of Karusel. In offline retail, we plan to focus on the development of X5's two largest formats – proximity stores and supermarkets; we do not plan to actively develop hypermarket segment, so we met Maksym's decision with understanding. At Karusel, we will continue to focus on further optimisation of operations and efficiency."

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