18 May 2006

Pyaterochka Holding N.V. Completion of Merger of Pyaterochka and Perekrestok

Pyaterochka Holding N.V. (“Pyaterochka”) is pleased to announce the completion of its merger with Perekrestok Holdings Limited following fulfilment of all the relevant conditions to the transaction, including receipt of Pyaterochka shareholder approval. As a result of this transaction, Alfa Group, one of the largest and most successful financial investors in Russia and a long-standing investor in the Russian food retail sector, together with certain members of Perekrestok management, will control 54.0% of the Enlarged Group. Andrei Rogachev and Alexander Girda, the founders of Pyaterochka, will retain a combined stake of 21.2% in the Enlarged Group.