Q4 2020 Financial Results

T

DISCLAIMER

his presentation does not constitute or formpart of and should not be construed as anadvertisement of securities, an offer orinvitation to sell or issue or the solicitation ofan offer to buy or acquire or subscribe forsecurities of X5 Retail Group N.V. or any of itssubsidiaries or any depositary receiptsrepresenting such securities in anyjurisdiction or an invitation or inducement toengage in investment activity in relationthereto. In particular, this presentation doesnot constitute an advertisement or an offerof securities in the Russian Federation.

No part of this presentation, nor the fact of itsdistribution, should form the basis of, or berelied on in connection with, any contract orcommitment or investment decision whatsoever.

No representation, warranty or undertaking, express or implied, is given by or on behalf ofX5 Retail Group N.V. or any of its directors,officers, employees, shareholders, affiliates,advisers, representatives or any other personas to, and no reliance should be placed on, thefairness, accuracy, completeness orcorrectness of the information or the opinionscontained herein or any other materialdiscussed at the presentation. Neither X5Retail Group N.V. nor any of its directors,officers, employees, shareholders, affiliates,advisors, representatives or any other personshall have any liability whatsoever (innegligence or otherwise) for any losshowsoever arising from any use of thispresentation or any other material discussed atthe presentation or their contents or otherwisearising in connection with the presentation.

This presentation includes statements that are, or may be deemed to be, “forward- looking statements”, with respect to the financial condition, results, operations and businesses of X5 Retail Group N.V. 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, X5 Retail Group N.V’s actual future results may differ materially from the plans, goals and expectations set out in these forward- looking statements. X5 Retail Group N.V. assumes no responsibility to update any of the forward looking statements contained in this presentation.

For Russian law purposes, the securities mentioned in this presentation (the"Securities") represent foreign securities.No prospectus for the issue of the Securities hasbeen or is intended to be registered with theCentral Bank of the Russian Federation. Theinformation provided in this presentation is notintended to advertise or facilitate the offer ofthe Securities in the territory of the RussianFederation. This presentation does notrepresent an offer to acquire the Securities oran invitation to make offers to acquire theSecurities.

The information and opinions contained in thisdocument are provided as at the date of thispresentation and are subject to changewithout notice. Some of the informationis still in draft form and neither X5 RetailGroup N.V. nor any other party is under anyduty to update or inform recipients of thispresentation of any changes to suchinformation or opinions. In particular, it should be noted that some of the financial information relating to X5 Retail GroupN.V. and its subsidiaries contained in this document has not been audited and in some cases is based on management information and estimates.

Neither X5 Retail Group N.V. nor any of its agents, employees or advisors intend orhave any duty or obligation to supplement,amend, update or revise any of the statements contained in this presentation.

2

I. HIGHLIGHTS

STRATEGIC HIGHLIGHTS

Market leader in Russian food retail, 12.8% market share in 12M 2020

Strategy is aimed at maintaining leadership

Constant adaptation of value proposition to Russian consumers’ changing needs and current macro environment, including expansion of fresh assortment, widening local assortment, development of loyalty programmes

Dividend policy since September 2017

2020 dividend RUB 50.0 bln / RUB 184.13 per GDR, which represents 127.6% of net profit IAS 17

Development and implementation of the Big Data strategy based on loyalty cards information

Focus on innovation, digitalization and automation of business processes

X5 is a multi-format retailer with focus on two largest segments of the Russian food retail - proximity and supermarkets

Balanced approach to expansion

Fast growth of online supermarket; express delivery in pilot stage

Significant investments in logistics and transport: in the last 3 years X5 opened 11 DCs and currently operates 45 DCs

adding new links in the value chain and operating a fleet of 4,055 owned trucks as of 31 December 2020

4

KEY RESULTS Q4 2020

8.3% YoY selling space growth in 2020 (+1,410 new stores added, net)

13% of X5 stores operate in new concept as of Q4 2020 (new CVP launched in 2019)

5.1% LFL sales growth in Q4 2020

12.7% revenue growth atin Q4 2020 (12.6% net retail sales growth in Q4 2020)

+17% YoY loyal customers;47.3 mln active loyalty card users as of 31 Dec 2020, across formats

6.2% EBITDA margin in Q4 2020

96% of net store additions in Q4 2020 was organic growth

96% of net store additions in lease

1.67x Net debt / EBITDA as of 31 December 2020

Source: X5 data 5

52.2 thousand daily online orders in Q4 2020, up 9.5 times YoY

+412% digital sales in Q4 2020, contributed 1.6% to net sales and 1.4ppt to sales growth rate

9,187

12,12114,431

16,29717,707

2016 2017 2018 2019 2020

4,302

5,4806,464

7,2397,840

2016 2017 2018 2019 2020

1,0261,287

1,5251,728

1,973

2016 2017 2018 2019 2020

CAGR 2016-2020: 17.8%CAGR 2018-2020: 13.8%

Net retail sales dynamics, RUB bn LFL sales, % y-o-y growth

Selling space, th. sq. m Number of stores, end of period

CAGR 2016-2020: 16.2%CAGR 2018-2020: 10.1%

Source: X5 data

14.2%

8.3%8.7%

OPERATIONAL HIGHLIGHTS (ANNUAL)

CAGR 2016-2020: 17.8%CAGR 2018-2020: 10.8%

7.7%

5.4%

1.5%

4.0%5.5%

2016 2017 2018 2019 2020

6

1,0341,295

1,5331,734

1,978

2016 2017 2018 2019 2020

2234

2937

47

2.2% 2.6%1.9% 2.1% 2.4%

2016 2017 2018 2019 2020

Net profit, RUB bn Net profit margin, %

8099 110

127146

7.7% 7.7% 7.2% 7.3% 7.4%

2016 2017 2018 2019 2020

Adj. EBITDA, RUB bn Adj. EBITDA margin, %

250309

370426

487

24.2% 23.9% 24.1% 24.6% 24.6%

2016 2017 2018 2019 2020

Gross profit, RUB bn Gross margin, %

CAGR 2016-2020: 17.6%CAGR 2018-2020: 15.2%

CAGR 2016-2020: 18.2%CAGR 2018-2020: 14.8%

Revenue dynamics, RUB bn Gross profit & gross margin

Adj. EBITDA & adj. EBITDA margin[1] Adj. Net profit and adj. net profit margin[2]

CAGR 2016-2020: 16.4%CAGR 2018-2020: 15.3%

CAGR 2016-2020: 20.4%CAGR 2018-2020: 27.8%

14.1%

14.6%

14.4%

FINANCIAL HIGHLIGHTS (ANNUAL)

Source: X5 data[1] − Adjusted for LTI, exit share-based payments and other one-off remuneration payments[2] – Adjusted net profit is net profit before one-off impacts from Karusel transformation and tax accrual due to X5 reorganisation in previous periods.

7

Share of stores in ‘clinic’

Cash return on new store opened

Source: X5 data

QUALITY OF NEW OPENINGS

8

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

>30%+2.5 p.p. y-o-y

Note: Opened 12-36 months ago

16,29716,658

17,02517,352

17,707

6.4% 6.3%5.3%

4.1% 3.6%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Number of stores, eop Share of stores in 'EBITDA clinic'

SALES DENSITY STABILISATIONIMPACT OF REGIONAL MIX

9

253

256 257

260262

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

333

342

347

353355

Q4

2019

Q1

2020

Q2

2020

Q3

2020

Q4

2020

202

204

207

211

214

Q4

2019

Q1

2020

Q2

2020

Q3

2020

Q4

2020

Overall

Moscow &Moscow region

St Petersburg & Leningrad region

Rest of Russia

Source: X5 data

Sales densities are consistently improving during 2020.

370

375 374376

374

Q4

2019

Q1

2020

Q2

2020

Q3

2020

Q4

2020

Unit: ‘000 RUB/m2 (annualised)

II. MARKET OVERVIEW

MACRO ENVIRONMENT (1/2)

11

Source: Rosstat

12M 2020 food retail trade value was +1.8% (-2.6% in real terms) due to COVID-19 pandemic. Food inflation averaged 3.9% in 2020

The main factor of the decline in real foodretail trade in 2020 was the self-isolationregime amid the spread of COVID-19, as wellas the seasonal factor of vacations

The decrease in real disposable income in2020 was due to the transition to part-timeemployment and the placement ofemployees on unpaid leave

(12)

(10)

(8)

(6)

(4)

(2)

0

2

4

6

8

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2018 2019 2020

Real food retail trade CPI food

Y-o-y growth rates, %

(13.0)

(11.0)

(9.0)

(7.0)

(5.0)

(3.0)

(1.0)

1.0

3.0

5.0

7.0

9.0

11.0

(0.7)

(0.5)

(0.3)

(0.1)

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2018 2019 2020

Unemployment level, y-o-y p.p. change

Real disposable income (right scale)

Real wages (right scale)

Y-o-y growth rates, %

12

Source: Rosstat, FOM

Key macro risk is weak consumer demand

The main factor behind the decline inindustrial production was the reduction indomestic and foreign demand, which beganin late March, as well as restrictions on thework of enterprises in various fields

Consumer sentiment deteriorated in Q22020 driven by the situation with COVID-19and slightly improved in H2 due to theeasing of pandemic related restrictions

(35)

(30)

(25)

(20)

(15)

(10)

(5)

0

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

2015 2016 2017 2018 2019 2020

Consumer confidence index (Rosstat, %)

25.0

30.0

35.0

40.0

45.0

50.0

55.0

60.0

65.0

(10)

(8)

(6)

(4)

(2)

0

2

4

6

Mar

May

Jul

Sep

Nov

Jan

Mar

May

Jul

Sep

Nov

Jan

Mar

May

Jul

Sep

Nov

2018 2019 2020

Industrial production (y-o-y, %)

IHS Markit Manufacturing PMI (SA, right scale)

MACRO ENVIRONMENT (2/2)

X5 VS. RUSSIAN FOOD RETAIL IN TOP-LINE GROWTH

Source: Infoline, X5 analysis

Starting from 2015, X5 has constantly outperformed the market and competition

13

33%

8%9%

19%

28% 28%

25%

18%

13%

14%

30%

21%20%

23%

21%

18%

9%10% 10%

14%14%

9%

12%11%

8%

2%

5%4%

7%

2%4%

8% 7%

10%

19%

6%

3%2%

5%

4%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

X5 y-o-y revenue growth Top-10 Market Food CPI

RUSSIAN RETAIL MARKET SNAPSHOT

Source: InfoLine

Top 10 Russian food retailers

X5’s market share in offline food retail increased from 11.5% in 2019 to 12.8% in 2020

14

# Company name% market share

2020% market share

2019

Х5 12.8% 11.5%

Magnit 8.8% 7.6%

DKBR 6.6% 5.7%

Lenta 2.7% 2.5%

Auchan 1.5% 1.5%

Svetofor 1.3% 0.7%

Metro 1.2% 1.1%

O`KEY 1.1% 1.0%

Monetka 0.8% 0.7%

Vkusvill 0.8% 0.6%

Total Top 10 37.4% 33.3%

10

6

5

4

3

2

1

8

7

9

III. OPERATIONAL RESULTSQ4 2020

X5 OPERATIONAL SUMMARY (QUARTERLY)

Source: X5 data

Net retail sales Traffic, mln customers Net selling space (eop)

LFL sales, y-o-y LFL traffic, y-o-y LFL basket, y-o-y

467 468 493 486526

11.0%

15.9%13.2%

15.4%12.7%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Net retail sales, RUB bn Growth y-o-y, %

1,359 1,3271,205

1,401 1,360

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

7,239 7,327 7,510 7,680 7,840

12.0% 11.0% 10.7% 9.6% 8.3%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Selling space, th. sq. m Growth y-o-y, %

2.3%

5.7%

4.3%

6.9%

5.1%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

1.8%3.7%

(17.2)%

(1.8)%

(7.2)%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

0.5%1.9%

26.1%

8.8%

13.3%3.5%

2.0%

3.6%

4.3%

5.8%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

LFL basket, y-o-y Food CPI, %

16

364,210

78,793

24,296

421,558

91,930

12,818

Q4 2020 RESULTS: X5 NET RETAIL SALES SUMMARY

Net retail sales breakdown by retail format, RUB mln

KEY DRIVERS Pyaterochka, which continues to meet customers’ needs in a challenging macro

environment, was the key driver for X5’s growth thanks to:

– Value proposition that is one of the best-adapted to Russian consumers’ needs

– Smart expansion programme

Net retail sales growth of 12.6% was driven by a 5.1% increase in like-for-like sales and a 7.5% sales growth contribution from a 8.3% rise in selling space

Source: X5 data

Q4 2019

467,299

Q4 2020

526,358+12.6%

Supermarkets

Hypermarkets

Proximity stores

Supermarkets

Hypermarkets

17

Proximity stores

Q4 2020 RESULTS: EXPANSION SUMMARY

16,29717,707

Q4 2019 Q4 2020

Total stores base

Total store base increased to 17,707 stores as of 31 December 2020

Pyaterochka was the main driver for the store base increase with a 127 th. sq. m selling space addition in Q4 2020

324

Other – 242

Central – 60

North-West – 22

Central – 12

Net selling space, th. sq. m Net selling space added in Q4 2020, th. sq. m

Stores added (net) in Q4 2020 by formats and by regions

(1)

Source: X5 data

28

Other – 13

7,2397,840

Q4 2019 Q4 2020

160

Supermarkets HypermarketsProximity stores

Supermarkets

8.3%

18

Hypermarkets

Proximity stores

North-West – 3

Central – 0

North-West – 0

Other – (1)

127

36

(3)

X5 REGIONAL PRESENSE

X5 today

Source: X5 data

Multi-format presence in sevenFederal Districts

Total stores – 17,707, including:

― 16,709 Pyaterochka stores

― 933 Perekrestok supermarkets

― 56 Karusel hypermarkets

Format UnitNorth

CaucasusSouthern Central Volga

NorthWestern

Ural Siberian Total

Number ofstores, #

323 1,660 6,147 4,462 1,772 1,459 886 16,709

10 56 519 144 129 75 - 933

1 2 30 14 8 1 - 56

Net retail sales (FY 2020), %

1.1% 6.5% 49.4% 18.8% 14.3% 7.0% 2.9% 100%

19

X5 DISTRIBUTION CAPABILITIES

5

18

6

9 6

1

Warehouse space as of 31 December 2020

Centralisation levels

Source: X5 data

X5 continued the implementation of the new Logistics and Transportation Strategy covering the period until 2025.

As of 31 December 2020 the Company owned 4,055 trucks.

Highlights for Q4 2020

78%85% 88%

93% 95% 95% 95%

2014 2015 2016 2017 2018 2019 2020

Federal districtSpace,

th. sq. m# of DCs

Central 658 18

North-Western 150 6

Volga 230 9

Ural 148 6

Southern 141 5

Siberian 37 1

Total 1,364 45

20

IV. FINANCIAL RESULTSQ4 2020

X5 QUARTERLY FINANCIAL HIGHLIGHTS (QUARTERLY)

Revenue Gross profit & gross margin SG&A (excl. D&A&I&LTI)[1]

Adj. EBITDA & EBITDA margin[2] Net profit & net profit marginCapital expenditures, RUB bn

Source: X5 data[1] – Adjusted for impact from Karusel transformation [2] − Adjusted for LTI, exit payments and share-based payments, other one-off remuneration payments and impact from Karusel transformation

469.2 469.0 493.6 486.6528.8

10.9%15.6%

12.9%15.3%

12.7%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Revenue, RUB bn Growth y-o-y, %

112.2 114.2124.7 122.2 126.1 128.1

23.9%24.3%

25.3% 25.1%

23.8%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2020

Gross profit, RUB bn Margin, %

25.9

17.4

21.6 22.8

28.0

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

22

31.4 33.0

41.9 39.232.0

58.06.7% 7.0%

8.5%8.1%

6.0%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2020

Adj. EBITDA, RUB bn Margin, %

11.0%

83.9 84.7 86.4 87.3

98.5

75.4

17.9% 18.1% 17.5% 17.9% 18.6%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2020

SG&A (excl. D&A&I&LTI), RUB bn % of revenue

14.3%

0.9

8.2

16.3

11.9

2.81.7

0.2%

1.7%

3.3%

2.5%

0.5%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2020

Net profit, RUB bn Margin, %

0.3%

IAS 17 IFRS 16 IAS 17 IFRS 16

IAS 17 IFRS 16 IAS 17 IFRS 16

24.2%

33%

9%

12%8%

15%

24% New store openings

Refurbishments

Logistics

IT

Maintenance

Other

X5 CAPITAL EXPENDITURES

Capex breakdown, Q4 2020 Capex dynamics by quarter, RUB mln

Source: X5 data (prepared under IAS 17)

In Q4 2020 the capex programme focused mainly on organic expansion, maintenance and logistics

25,889

17,41621,641 22,839

28,034

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

23

RUB 28 bn8.3% y-o-y

Expected change in Capex structure

90% 83%

8% 13%

3% 4%

2020 2022E

New businesses

Efficiency, IT, digital

transformation, etc.

Current business

X5 DEBT STRUCTURE

100% 29%

32%

31%

8%

31 Dec 2020 2021 2022 2023 2024

Debt profile

Covenants & liquidity update

Covenant metrics &

liquidity sources31 Dec 2020 31 Dec 2019

Net Debt / EBITDA (IAS 17) 1.67x 1.71x

Cash & cash equiv., RUB mln 20,008 18,602

Available credit limits, RUB

mln457,086 415,592

X5’s debt portfolio is 100% RUB-denominated

The majority of the X5’s loans and all bonds have fixed interest rates

X5’s available credit limits amounted to RUB 457.1 bln

Record-low cost of debt

Double achievement of the lowest new bonds issue coupon rate in the history of the entire Russian retail sector

Highlights

Debt portfolio maturity

Source: X5 data

RUB mln 31 Dec 2020 31 Dec 2019

Total Debt 261,947 227,933

Short-Term Debt 77,026 74,755

% of total debt 29.4% 32.8%

Long-Term Debt 184,921 153,718

% of total debt 70.6% 67.2%

Net Debt 241,939 209,331

24

Q4 2020: ADJUSTED SG&A[1] EXPENSES ANALYSIS

8.3% 8.0% 8.0%

4.8% 4.7%

0.6%

2.1%2.1%

2.1%

1.1% 1.2%

1.1%

1.1% 1.3%

1.1%

0.9% 1.1%

1.2%

17.9% 18.6%

14.3%

Q4 2019 Q4 2020 Q4 2020

Third party services

Other expenses

Other store costs

Utilities

Lease expenses

Staff costs

Q4 2020 analysis as percentage of revenue

Source: X5 data[1] − Adjusted for D&A&I, LTI, exit share-based payments and impact from Karusel transformation

25

IAS 17 IFRS 16

(28) b.p.

(4) b.p.

(2) b.p.

11 b.p.

14 b.p.27 b.p.

(75) b.p.

Source: X5 data

FINANCIAL STATEMENTS (1/3)PROFIT AND LOSS STATEMENT

IAS 17 IFRS 16

RUB mln Q4 2020 Q4 2019 +/( - ) +/ ( - ), % Q4 2020

Revenue 528,760 469,217 59,543 12.7% 528,760

Net retail sales 526,358 467,299 59,059 12.6% 526,358

COGS (402,690) (356,976) (45,714) 12.8% (400,666)

Gross profit 126,070 112,241 13,829 12.3% 128,094

Gross profit margin 23.8% 23.9% (8) b.p. 24.2%

SG&A (117,482) (104,713) (12,769) 12.2% (112,621)

EBITDA 32,623 28,789 3,834 13.3% 58,654

EBITDA margin 6.2% 6.1% 3 b.p. 11.1%

Operating profit 13,004 10,609 2,395 22.6% 20,818

Operating margin 2.5% 2.3% 20 b.p. 3.9%

Net profit 2,781 865 1,916 221.5% 1,730

Net profit margin 0.5% 0.2% 34 b.p. 0.3%

26

Source: X5 data

FINANCIAL STATEMENTS (2/3)BALANCE SHEET (IFRS 16)

RUB mln 31 Dec 2020 31 Dec 2019

Total current assets 206,284 179,754

Cash & cash equivalents 20,008 18,602

Inventories 144,393 127,462

Total non-current assets 966,945 894,576

Right-of-use assets 480,511 428,166

Net PP&E 322,707 315,257

Goodwill 104,890 101,927

Total assets 1,173,229 1,074,330

Total current liabilities 408,684 368,573

ST debt 77,026 74,755

ST finance lease payables 68,442 57,622

Trade accounts payable 170,909 160,434

Total non-current liabilities 669,703 589,201

LT debt 184,921 153,178

LT finance lease payable 480,059 427,173

Total liabilities 1,078,387 957,774

Total equity 94,842 116,556

Total liabilities & equity 1,173,229 1,074,330

27

FINANCIAL STATEMENTS (3/3)CASH FLOW STATEMENT (IAS 17 AND IFRS 16)

IAS 17 IFRS 16

RUB mln Q4 2020 Q4 2019 +/( - ) +/ ( - ), % Q4 2020

Net cash generated from

operating activities20,353 28,935 (8,582) (29.7)% 36,057

Net cash from operating activities before

changes in working capital32,858 29,740 3,118 10.5% 57,957

Change in Working Capital, incl.: 4,621 6,777 (2,156) (31.8)% 5,163

Decrease/(increase) in trade and

other AR(6,578) (5,702) (876) 15.4% (6,587)

Decrease/(increase) in inventories (15,710) (20,192) 4,482 (22.2)% (15,710)

(Increase)/decrease in trade payable 21,679 29,247 (7,568) (25.9)% 21,679

(Decrease)/increase in other AP 5,230 3,424 1,806 52.7% 5,781

Net interest and income tax paid (17,126) (7,582) (9,544) 125.9% (27,063)

Net cash used in investing

activities(25,611) (22,588) (3,023) 13.4% (25,612)

Net cash generated

from/(used in) financing activities13,589 1,313 12,276 - (2,114)

Effect of exchange rate changes on cash &

cash equiv.5 75 (70) (93.3)% 5

Net increase/(decrease) in cash &

cash equiv.8,336 7,735 601 7.8% 8,336

28

Source: X5 data

APPENDIX

PERFORMANCE SUMMARY OF KEY FORMATS

PYATEROCHKA SUMMARY (1/3)RUSSIA’S #1 PROXIMITY NETWORK BY REVENUE

The proximity store for your daily shopping needs

Q4 2020 net retail sales –RUB 421.6 bn, 15.7% increase y-o-y

Pyaterochka as % of X5's Q4 2020 sales: ~80%

Average Pyaterochka check (offine):RUB 407 (Q4 2020)13.2% increase y-o-y

6,542 th. sq. m of selling space as of 31 December 2020, +9.5% y-o-y

1,190 mln of customer visits in Q4 2020, +2.0% y-o-y

Avg. net selling space: 392 sq. m. Pyaterochka sub-formats

– 250-330 sq. m.

– 330-430 sq. m.

– 430-620 sq. m.

– 620-and more

16,709 stores as of 31 December 2020, 8.8% increase y-o-y

Q4 2020 LFL Results Sales: 6.9% Traffic: (5.9)% - COVID Basket: 13.6% - COVID

Average number of SKUs:4,500

Capex per leased Pyaterochka:RUB 12-15 mln

30

PYATEROCHKA PROXIMITY STORES SUMMARY (2/3)

18.4%18.1%16.3%

15.6%13.4%

11.5%

17.4% 16.1%18.4%

15.7%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q4 2020 LFL sales:6.9% increase y-o-y

Q4 2020 net retail sales:15.7% increase y-o-y

Q4 2020 selling space:9.5% increase y-o-y

Q4 2020 sales densities: 4.7% increase y-o-y

Q4 2020 LFL traffic: 5.9% decrease y-o-y

Q4 2020 LFL basket:13.6% increase y-o-y

Net sales growth (% y-o-y)

Total LFL sales growth (% y-o-y)

Net selling space growth (% y-o-y)

Total LFL traffic growth (% y-o-y) Total LFL basket growth (% y-o-y)

Net sales densities (th. RUB/sq. m[1])

Source: X5 data[1] − Total net sales from trailing four quarters divided by average selling space of trailing four quarters

21.5%19.5%

17.1%15.8%15.0%12.9%12.9%

12.2%10.8%9.5%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

249247 246 246 245 243 246 248 252 255

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0.1%

3.3%

4.7%4.8%

3.4%

2.0%

6.1% 6.0%

8.5%

6.9%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0.5% 1.7% 2.2%3.2%

0.3%1.9%

4.2%

(15.0)%

(0.4)%

(5.9)%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

(0.4)%

1.6%2.5%

1.6%3.1%

0.1%

1.8%

8.9%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

LFL basket, y-o-y Food CPI, %

31

2018 2019 2020

13.6%

2018 2019 2020 2018 2019 2020

2018 2019 2020 2018 2019 2020 2018 2019 2020

24.8%

Increase number of loyal customers and maximise share of their wallet:

− New CVP and further adaptation of assortment

− Leadership in NPS and service level

− Better personnel turnover andengagement

− Focus on operational efficiency, incl. shrinkage

− Roll-out of personalised promo

Improve efficiency and reduce costs:

− Further improvements in purchasing terms and opex per store/in logistics

− Lean and agile approach

− Higher share of direct import

− Higher share of private label to >20% during the next 3-5 years

− Improve efficiency of regional model

PYATEROCHKA PROXIMITY STORES SUMMARY (3/3)FORMAT STRATEGY HIGHLIGHTS

32

PEREKRESTOK SUPERMARKETS SUMMARY (1/4)RUSSIA’S #1 SUPERMARKET

Q4 2020 net retail sales ofRUB 91.9 bn, 16.7% increase y-o-y

Perekrestok of X5's Q4 2020 sales: ~17%

1,014 th. sq. m. of selling space as of 31 December 2020, 15.4% increase y-o-y

154 mln customers in Q4 2020,-4.8% y-o-y

Q4 2020 LFL Results Sales: (0.2%) Traffic: (15.2)% - COVID Basket: 17.8% - COVID

Avg. net selling space: 1,087 sq. m.

933 stores as of 31 December 2020, 10.0% increase y-o-y

The main supermarket in every neighbourhood

Average Perekrestok check (offline):RUB 650 (Q4 2020),15.9% increase y-o-y

Average number of SKUs:8,000 – 15,000

Capex per leased Perekrestok:RUB 50-60 mln

33

NPS 27 points in Q4 2020,6 p.p. increase y-o-y

PEREKRESTOK SUPERMARKETS SUMMARY (2/4)

Q4 2020 LFL sales:0.2% decrease y-o-y

Q4 2020 net retail sales: 16.7% increase y-o-y

Q4 2020 selling space:15.4% increase y-o-y

Q4 2020 sales densities:1.3% decrease y-o-y

Q4 2020 LFL traffic:15.2% decrease y-o-y

Q4 2020 LFL basket:17.8% increase y-o-y

Net sales growth (% y-o-y)

Total LFL sales growth (% y-o-y)

Net selling space growth (% y-o-y)

Total LFL traffic growth (% y-o-y) Total LFL basket growth (% y-o-y)

Net sales densities (th. RUB/sq. m[1])

25.5%

23.0%20.3%

18.1%18.0%17.2%

21.3%

12.6%

18.7%

16.7%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

24.4%22.6%

15.9%15.5%

17.2%

15.1%12.7%

19.4%

21.8%

15.4%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

327 326 329332 333 335

344 337 334 330

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

4.7%

7.5% 7.6%7.7% 7.6%

5.9%5.9%

(2.4)%

1.4%

(0.2)%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

6.7% 8.2% 7.8%6.3%

3.0% 3.1%1.4%

(10.8)%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4(1.8)%

(0.7)%(0.2)%

1.3%

4.4%2.7% 4.4%

13.6%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

LFL basket, y-o-y Food CPI, %Source: X5 data[1] − Total net sales from trailing four quarters divided by average selling space of trailing four quarters

34

(15.2)%

17.8%

(32.6)%

44.9%

2018 2019 2020 2018 2019 2020 2018 2019 2020

2018 2019 2020 2018 2019 2020 2018 2019 2020

PEREKRESTOK SUMMARY (3/4)FORMAT STRATEGY HIGHLIGHTS

Value proposition and adapting to customer needs:

− Further adaptation of assortment with focus on fresh, F&V, ready-to-eat

− Omni-channel development

− Targeted loyalty system and personalised promo

− Best-in-class service, further increase of NPS

− Comfort and positive emotions from shopping

− Chain expansion with aim of being closer to the customer

Improve efficiency and reduce costs:

− Further improvements in purchasing terms and opex

− Increase the share of private labels

− Increase the share of direct import

− Further improve logistics (forecasting, stock replenishment system)

35

PEREKRESTOK SUMMARY (4/4):ONLINE: ON TRACK TO BECOMING #1 IN RUSSIAN E-GROCERY

Average customer spending per month, RUB ths

5.6

6.06.7

11.6

Before Online launch After Online launch

Offline Online

x1.6

36

174 204 276636

891 867 922

1,6302,096

3,592

2,836

4,747

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

Q2

2020

Q3

2020

Q4

2020

52 64 93

200280 277 306

505591

885

846

1,295

3,832 3,7914,121

1,000

2,000

3,000

4,000

5,000

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

Q2

2020

Q3

2020

Q4

2020

Number of orders, ths Average ticket, RUB

RUB

Net sales, RUB mln

Number of orders and average ticket

Increase number of darkstores to 12 by 2022 (from 5 in Dec 2020)

Increase assortment and develop sales on external marketplaces

X5 online targets