1. 2010 Corporate Calendar incl. release and black-out dates As of 30 December 2009

2. Q1 2010 Press Release to AC SB Meeting Fri, 15 Jan Fri, 9 Apr Thu, 27 May Fri, 9 Jul Thu, 26 Aug Mon, 11 Oct Mon, 29 Nov Q4 2009 Trading Update Trading Update Financial Results, reviewed by auditors Trading Update Q2 2010 Q3 2010 AGM 10 Jun Tue, 6 AprAudited IFRS Results, SB, MB & CG Reports FY 2009 Publication Date Wed, 7 Apr Tue, 25 May Wed, 7 Jul Tue, 24 Aug Thu, 7 Oct Wed, 24 Nov Mon, 12 Apr Final Version of Financials to SB/AC Fri, 20 Aug Fri, 2 Apr Fri, 21 May Fri, 19 Nov AC Meeting Thu, 8 Jul Thu, 8 Apr Thu, 25 Nov Financial Results, reviewed by auditors Financial Results, reviewed by auditors Thu, 25 Nov Thu, 9 Sep Wed, 26 May* Wed, 25 Aug* Thu, 4 March Tue, 19 Jan Thu, 4 March Thu, 8 Apr Thu, 8 Jul Strategy Committee Meeting Tue-Wed, 6-7 Jul Corporate Calendar 2010 * By telephone 2 of 5 Mon, 18 Jan* Thu, 8 Apr Fri, 8 Oct*

3. Definition of Black-Out Periods… 3 of 5 a.the period of 60 days immediately preceding a preliminary announcement of the Company's annual results or of its annual financial report (or, if shorter, the period from the end of the relevant financial year up to and including the time of the announcement or publication); b.the period of 30 days immediately preceding the announcement of the Company's quarterly and/or half yearly results (or, if shorter, the period from the end of the relevant financial period up to and including the time of the announcement or publication); c.the period between the publication of the Company’s Trading Updates and the end of the immediately preceding quarterly financial period; d.the period of one month prior to the first publication of a prospectus with respect to an offer of securities (effecten) within the meaning of the Prospectus Directive to be issued by the Company, except if the period of decision-making prior to the publication of the prospectus is shorter than one month, in which case the trading prohibition will be applicable during this shorter period; or e.the period of twenty-one days before the announcement of an (interim) dividend; or f.any period when there exists any matter which constitutes Inside Information in relation to the relevant company. …The Code* adheres to both Dutch and UK requirements for the definition of black-out periods: * Code of Conduct with Regard to Inside Information of X5 Retail Group

4. 4 of 5 2010 Publication Date Trading Update Tuesday, 19 January 2010 Audited IFRS Results, SB, MB & CG Reports Monday, 12 April 2010 Trading UpdateFriday, 9 April 2010 Financial Results, reviewed by auditors Thursday, 27 May 2010 Trading Update Friday, 9 July 2010 Financial Results, reviewed by auditors Thursday, 26 August 2010 Trading Update Monday, 11 October 2010 Financial Results, reviewed by auditors Monday, 29 November 2010 2010 Black-Out Periods 1 January – 19 January* 11 February – 12 April* 1 April – 9 April* 27 April – 27 May* 1 July – 9 July* 27 July – 26 Aug* 1 October – 11 October* 30 October – 29 November* Comments Period from the end of the reporting period through the publication date 30 days preceding the announcement Period from the end of the reporting period through the publication date 30 days preceding the announcement Period from the end of the reporting period through the publication date 30 days preceding the announcement Q4 2009 Q1 2010 Q2 2010 Q3 2010 FY 2009 60 days preceding the announcement Q2 2010 Q3 2010 X5 Black-Out Periods 2010 * Both dates are included in the respective black-out period

5. 5 of 5 X5 Black-Out Periods Calendar 2010