8 July 2016

Moody’s upgrades outlook on X5 Ba3 rating to positive

​Moscow, 8 July 2016

X5 Retail Group N.V. ("X5" or "the Company"), a leading Russian food retailer (LSE ticker: “FIVE”), announces that Moody’s rating agency has changed the outlook on the Company’s Ba3 corporate family rating (CFR) and the Ba3-PD probability of default rating (PDR) to “positive” from “stable”.

The agency stated that the main factors supporting the positive outlook on X5’s Ba3 rating are the Company’s resilience to industry cycles, which is proven by healthy operating results with market-leading revenue growth and a gradually improving financial profile.