16 December 2011

X5 Retail Group has converted the final tranche of its USD400 million debt to rubles, completing the process of transferring its debt portfolio to local currency. The conversion was made at a USD/RUB exchange rate of 30.74. X5 Retail Group CFO Kieran Balfe said in a statement: "Moving to a 100% ruble-denominated debt portfolio reduces risk for our shareholders by significantly minimising the impact of USD/RUB volatility on X5's reported financial results."