EGM Statement

X5 RETAIL GROUP TO HOLD EXTRAORDINARY GENERAL MEETING

ON 22 FEBRUARY 2011

APPOINTMENT OF MR. KIERAN BALFE AS CFO

Amsterdam, 11 January 2011 - X5 Retail Group N.V. (the "Company"), Russia's largest retailer in terms of sales, invites its shareholders and holders of global depository receipts to its extraordinary general meeting of shareholders (the "EGM") to be held at Parkstraat 20, 2514 JK The Hague, The Netherlands at 11.00 am CET on 22 February 2011. The record date for the EGM is 25 January 2011.

The key item to be discussed at the EGM is the appointment of Mr. Kieran Balfe as CFO and member of the Management Board of the Company for a four year term ending on the day of the Annual General Meeting in 2015.

Explanatory notes to the EGM agenda are available at www.x5.ru

Note to Editors:

About X5 Retail Group

X5 Retail Group N.V. is Russia's largest retailer in terms of sales. The Company was created as a result of a merger between Pyaterochka (soft discounter chain) and Perekrestok (supermarket chain) on 18 May 2006. In June 2008, X5 acquired Karusel hypermarket chain and substantially strengthened its position in hypermarket format.

As at 30 September 2010, X5 had 1,630 Company-managed stores located in Moscow,St. Petersburg and other regions of European Russia, Urals and Ukraine, including 1,232 soft discount stores, 289 supermarkets, 65 hypermarkets and 44 convenience stores.

As at 30 September 2010, X5's franchisees operated 632 stores across Russia.

For the full year 2009 X5's net sales totaled USD 8,717 mln, EBITDA reached USD 736 mln, and net profit amounted to USD 165 mln.

For the first nine months 2010, net sales totaled USD 7,798 mln, EBITDA reached USD 593 mln, and net profit amounted to USD 183 mln.

X5 Shareholder structure is as follows: Alfa Group - 47.9%, founders of Pyaterochka - 23.1%, X5 Management - 1.9%, treasury shares - 0.1%, free float - 27.0%.

Forward looking statements:

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as" anticipate", "target", "expect", "estimate", "intend", "expected", "plan", "goal" believe", or other words of similar meaning.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond X5 Retail Group N.V.'s control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements.

Any forward-looking statements made by or on behalf of X5 Retail Group N.V. speak only as at the date of this announcement. Save as required by any applicable laws or regulations, X5 Retail Group N.V. undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document.