8 June 2018

FITCH upgrades X5’s rating to BB+/stable

Amsterdam, 8 June 2018 – X5 Retail Group N.V ("X5" or the "Company"), a leading Russian food retailer (LSE and MOEX ticker: FIVE), announces that Fitch Ratings ("Fitch") has upgraded the Company’s Long-Term Foreign Currency and Local Currency Issuer Default Ratings to BB+ from BB. The outlook is "Stable". Fitch also upgraded its rating of the X5 Finance B.V. Eurobond to BB+ from BB.

Fitch stated that the upgrade reflects X5’s strengthening market position as the largest food retailer in Russia and the solid execution of its growth strategy over the past four years, and takes into account the tightened financial leverage target following the recent adoption of a dividend policy.

X5 Chief Financial Officer Svetlana Demyashkevich said:

"We are pleased that Fitch have taken a positive view on the Company’s financial standing. X5 remains a fast-growing company, while at the same time maintaining comfortable debt levels and successfully decreasing its average borrowing rates."​