Russian market

Europe’s second-largest grocery1 retail market in 5 years 1

Long-term fundamentals unchanged; strong 2015 performance despite economic slowdown

Retail sales growth

Grocery retail market growth 2

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Largest European grocery retail market by 2020($USbn)

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Underpenetration of modern grocery retail...3

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... with fragmented market share of top 5 largest players3

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Source: Euromonitor, Rosstat.

Notes:

1 Includes food and non-food products categories, all products sold by grocery retailing outlets. The definition does not include specialised non-food stores (i.e. clothing, electronics, etc.)

2 Constant 2015 prices, local currency

3 Based on grocery retail sales in 2015A