X5 Retail Group N.V. http://www.alacrastore.com/company-snapshot/X5_Retail_Group_N_V-3307141 Sunday, November 23, 2008 8:37:14 AM 3307141 X5 Retail Group N.V. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/678824spcred/678824normThe latest Summary from S&Pglobal10/24/2008 10:35:15 AM175Summary678824NetherlandsFood RetailEurope, Middle East, AfricaGlobal IssuersCorporationsRetailSummaryThe rating on X5 Retail Group N.V., owner of Russia's largest grocery retail network, reflects the group's aggressive organic growth and the resulting need for increased capital. It also reflects the challenges of integrating assets acquired as part of the group's inorganic growth. In addition, X5 faces the risk of declining operating margins as a result of planned moves into new market segments. These risks are offset by the group's position as the largest grocery retailer in a robustly growing retail market, its proven effectiveness in cost control, and financial flexibility due to owner support. For the first nine months of 2008, X5 increased its selling space by 35% to 823,016 square meters, and continues to invest in opening newNLD30101030 301010 3010 30X5 Retail Group N.V.396974EUROMIDAFRFIVE@LISUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_164453_91200moodys/PR_164453_91200htmlGlobal Credit Research Announcement # OCT #### Announcement: Carrefour S.A. Moody's reports negative outlook for European retailers Weaker performance reflected in numerous negative rating actions in #### London, ## October #### --...10/10/2008 5:29:39 AMhtmlCarrefour S.A.X5 Retail Group N.V.A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KGSafeway LimitedDelhaize GroupAgrokor D.D.Hornbach Baumarkt AGKoninklijke Ahold N.V.Metro AGKingfisher plcMarks & Spencer p.l.c.DSG International plcNEXT plcTesco PlcJ Sainsbury plcA.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG; Agrokor D.D.; Carrefour S.A.; Delhaize Group; ...91200808801559807837375617356000618136000531556000485996000100936000082245943004635003081299027142401150.0000NewsAnnouncementPR_164453_91200Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660374spcred/660374normThe latest Full Report from S&Pglobal7/18/2008 1:16:33 PM400Full Report660374NetherlandsFood RetailEurope, Middle East, AfricaGlobal IssuersCorporationsRetailFull ReportLeading market position in Russia Sound market potential Effective cost control Financial flexibility through implicit owner support from Alfa Group Aggressive financial policy and increasing capital requirements Execution risks associated with organic growth Potential challenges of integrating recently acquired hypermarket chain Lower operating margins in the hypermarket segment The ratings on X5 Retail Group N.V., owner of Russia's largest grocery retail network, reflect the group's aggressive organic growth and the resulting need for increased capital. They also reflect the challenges of integrating assets acquired as part of the group's inorganic growth. In addition, X5 faces the risk of declining operating margins as a result of planned moves into new market segments. These risks are offset by the group's position asNLD30101030 301010 3010 30X5 Retail Group N.V.396974EUROMIDAFRFIVE@LIFULLRUS30101040 301010 3010 30X5 Finance LLCOOO Agrotorg396975421182EMERGINGEUROMIDAFRGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660377spcred/660377normThe latest Summary from S&Pglobal7/18/2008 1:16:33 PM175Summary660377NetherlandsFood RetailEurope, Middle East, AfricaGlobal IssuersCorporationsRetailSummaryThe ratings on X5 Retail Group N.V., owner of Russia's largest grocery retail network, reflect the group's aggressive organic growth and the resulting need for increased capital. They also reflect the challenges of integrating assets acquired as part of the group's inorganic growth. In addition, X5 faces the risk of declining operating margins as a result of planned moves into new market segments. These risks are offset by the group's position as the largest grocery retailer in a robustly growing retail market, its proven effectiveness in cost control, and financial flexibility due to owner support. In 2007, X5 increased its selling space by 31% to 609,000 square meters, and continues to invest in opening new stores. In June 2008, theNLD30101030 301010 3010 30X5 Retail Group N.V.396974EUROMIDAFRFIVE@LISUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/629681spcred/629681normThe latest Summary from S&P2/7/2008 4:39:21 AMSummary175global629681NetherlandsFood RetailEurope, Middle East, AfricaGlobal IssuersCorporationsRetailSummaryThe rating on X5 Retail Group N.V., owner of Russia's largest grocery retail network, reflects the group's aggressive growth appetite--which inevitably leads to an increasing need for capital--and X5's exposure to Russia's complex and opaque real estate industry. Moreover, the group is subject to the risk of declining operating margins due to planned moves into new market segments. Moderating these risks is the group's position as the largest grocery retailer in a growing retail market, X5's proven effectiveness in cost control, and 2007 plans to finance its further expansion through a second equity issue. X5 increased its selling space by 31% in 2007, and continues to invest in opening new stores. The group made several minor bolt-on acquisitions in 2007NLD30101030 301010 3010 30X5 Retail Group N.V.396974EUROMIDAFRFIVE@LISUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Research