OREANDA-NEWS. On 23 May 2008 was announced, X5 Retail Group N.V. (the “Company”), Russia's largest food retailer in terms of sales, invites its shareholders/holders of global depository receipts (“GDRs”) to its annual general meeting of shareholders to be held at Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands at 11.00 am CET on 16 June 2008 (hereinafter: the "AGM"). The record date for the AGM is 22 May 2008.

The key items that will be discussed at the AGM include the adoption of the financial statements for the financial year 2007, proposal to adjust the Employee Stock Option Plan in order to neutralise the economic effect of the Rights Offering completed in May 2008, and changes in the composition of the Supervisory Board, including the appointment of a new Supervisory Board member.

The Supervisory Board of X5 Retail Group proposes to the AGM to appoint Mr. Alexander Tynkovan as a third independent member of the Supervisory Board.

Mr. Tynkovan, a Russian citizen born in 1967 is the founder and CEO of M.Video, a leading Russian retail network for selling consumer electronics and home appliances with 13% of the federal market share. М.Video is the first and the only public company in its segment. Mr. Tynkovan graduated summa cum laude from the Moscow Power Engineering Institute, majoring in Aircraft Electric Equipment. Mr. Tynkovan has no shareholding in the Company. Commenting on Mr. Tynkovan’s nomination, Lev Khasis, Chief Executive Officer of X5 Retail Group N.V., said:

“I have known Alexander Tynkovan for many years and am sure that with his deep knowledge of Russian retail and proven track record in the industry Alexander will make an invaluable contribution to the overall development of X5 Retail Group. Moreover, the proposed appointment of a third independent Supervisory Board member will enable us to further enhance our corporate governance practices.”

A copy of the agenda of the AGM (including the explanatory notes to the agenda) can be found at www.x5.ru.