11 June 2020

S&P upgrades X5’s rating to BB+/Stable

Amsterdam, 11June 2020 – X5 Retail Group N.V. ("X5" or the "Company"), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Karusel chains (LSE and MOEX ticker: "FIVE"), announces that S&P Global Ratings ("S&P") has upgraded the Company’s credit rating to BB+ from BB. The outlook is "Stable".

S&P stated that the upgrade reflects X5’s strong operating performance, reduced capital expenditure and lower interest rates.

X5 Chief Financial Officer Svetlana Demyashkevich said: "The S&P credit rating upgrade affirmsX5’s high credit quality and strong busin​ess profile, especially given the current environment. We are particularly pleased to note that this is the only credit rating upgrade in Russia since the start of the COVID-19 pandemic. This is a great achievement for our team and for X5 as a whole."​