FY 2006 results presentation X5 Retail Group N.V. March 1, 2007

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Pro Forma Consolidated 12M 2006 Highlights For ease of comparison, the following financials show the Pyaterochka and Perekriostok chains combined for the full year of 2006 and 2005 respectively Net sales of US $ 3,485.4 million (+46.8%) Gross profit of US $ million (+60.9%, margin 27.9%, vs 25.4% last year) EBITDA (1) of US $ million (+31.0%, margin 8.5%, vs 9.5% last year) Net selling area of 466,000 square metres as of 31 December ,234 total stores as of 31 December 2006  Company owned: 451 soft discount stores, 156 supermarkets, 12 city hypermarkets  Franchised stores: 605 soft discount stores, 10 supermarkets/convenience stores Source:Company information, preliminary management accounts (1)EBITDA includes Options expenses of Pyaterochka chain of US$ 64.6 mio in 2006 and of US$ 5.4 mio in 2005; (2)2005 EBITDA does not include an extraordinary gain on Perekrestok’s Tushino Plaza real estate transaction of US $ 18.7 million

Net Sales YOY Growth = 55.8% EBITDA (1) Strong Financial Performance (1)Perekrestok EBITDA for 2005 does not include an extraordinary gain on the disposal of Tushino Plaza of US $ 18.7 million Source: Company information, preliminary management accounts Normalised EBITDA incl. options (1) YOY Growth = 46.8% YOY Growth = 31.0% ($ in millions) (% margin) Gross Profit ($ in millions) (% margin) YOY Growth = 60.9%

PRO FORMA - Income Statement Highlights $ million YOY Change (+/- %) Net Sales3,485.42, % Gross Profit % Gross Margin27.9%25.4% OPEX % % of Sales15.2%13.4% EBITDAR (1) (2) % EBITDAR Margin12.8%11.9% Net Rental Expense % EBITDA (2) % EBITDA Margin10.3%9.7% OPTIONS % of Sales1.9%0.2% EBITDA incl. options (2) % EBITDA margin incl. options8.5%9.5% (1)EBITDAR calculated as EBITDA plus net rental expenses (2)Perekrestok’s 2005 EBITDAR and below does not include an extraordinary gain on the disposal of Tushino Plaza of US $ 18.7 million Source: Company information, preliminary management accounts

Pyaterochka - Income Statement Highlights $ million YOY Change (+/- %) Net Sales1,973.11, % Gross Profit % Gross Margin26.9%24.9% OPEX % % of Sales12.3%10.4% EBITDAR (1) % EBITDAR Margin14.6%14.3% Net Rental Expense % EBITDA % EBITDA Margin12.4% OPTIONS % of Sales3.3%0.4% EBITDA incl. options % EBITDA margin incl. options9.1%12.0% (1)EBITDAR calculated as EBITDA plus net rental expenses Source: Company information, preliminary management accounts

Perekrestok - Income Statement Highlights $ million YOY Change (+/- %) Net Sales1,512.31, % Gross Profit % Gross Margin29.3%26.2% OPEX % % of Sales19.1%17.5% EBITDAR (1) (2) % EBITDAR Margin10.4%8.6% Net Rental Expense % EBITDA (2) % EBITDA Margin7.7%6.1% OPTIONS0.0 % of Sales0.0% EBITDA incl. options (2) % EBITDA margin incl. options7.7%6.1% (1)EBITDAR calculated as EBITDA plus net rental expenses (2)Perekrestok’s 2005 EBITDAR and below do not include an extraordinary gain on the disposal of Tushino Plaza of US $ 18.7 million Source: Company information, preliminary management accounts

Pro Forma 4Q 2006 vs. 4Q 2005 Net sales of US $ 1,074.0 million (+51.1%) Gross profit of US $ million (+72.3%, margin 30.3%, vs 26.6% last year) EBITDA incl. options of US $ million (+54.2%, margin 11.2% vs 11.0% last year) Source: Company information, preliminary management accounts

PRO FORMA - Income Statement Highlights $ million4Q 20064Q 2005 YOY Change (+/- %) Net Sales1, % Gross Profit % Gross Margin30.3%26.6% OPEX % % of Sales16.6%12.3% EBITDAR (1) % EBITDAR Margin13.9% Net Rental Expense % EBITDA % EBITDA Margin11.4%11.7% OPTIONS % of Sales0.2%0.8% EBITDA incl. options (2) % EBITDA margin incl. options11.2%11.0% (1)EBITDAR calculated as EBITDA plus net rental expenses Source: Company information, preliminary management accounts

Pyaterochka - Income Statement Highlights $ million4Q 20064Q 2005 YOY Change (+/- %) Net Sales % Gross Profit % Gross Margin28.8%26.1% OPEX % % of Sales13.1%9.1% EBITDAR (1) % EBITDAR Margin15.8%16.4% Net Rental Expense % EBITDA % EBITDA Margin13.6%14.5% OPTIONS % of Sales0.4%1.3% EBITDA incl. options % EBITDA margin incl. options13.2%13.1% (1)EBITDAR calculated as EBITDA plus net rental expenses Source: Company information, preliminary management accounts

Perekrestok - Income Statement Highlights $ million4Q 20064Q 2005 YOY Change (+/- %) Net Sales % Gross Profit % Gross Margin32.3%27.3% OPEX % % of Sales21.0%16.4% EBITDAR (1) % EBITDAR Margin11.4%10.8% Net Rental Expense % EBITDA % EBITDA Margin8.7%8.2% OPTIONS0.0 % of Sales0.0% EBITDA incl. options % EBITDA margin incl. options8.7%8.2% (1)EBITDAR calculated as EBITDA plus net rental expenses Source: Company information, preliminary management accounts