Investor Presentaiton

4 ...Imminently Shared with our Shareholders via Consistent Dividend Payments Flow Comments ■ Asset-light cash generative model underpinning significant dividend paying capacity Adjusted Net Income¹ (RUBm) Detsky Mir RETAIL CHAIN 5,7% 4,8% 3,2% 3,7% 3,6% - Dividends as major differentiator from the majority of Russian high- growth food retailers 5 501 Ability to consistently maintain sound leverage levels despite significant dividend payout 3 827 2 189 Dividend policy: payout of at least 50% of consolidated IFRS net profit of 1 685 the previous year 1 153 Historically, up to 100% of net income under RAS paid out Typically two dividend payments per year (9M interim and full year) 4.8bn RUB distributed in dividends in 2017 with respect to Q4 2016 and 9m 2017 Dividends as % of Adjusted EBITDA and Adjusted Net Income 36% 15% 136% 116% 110% 87% 54% 48% 42% 45% 2013 2014 Adjusted Net Income 1 2015 2016 2017 Adjusted Net Income margin History of Dividend Payments (cash flow basis) (RUBm) 6.8% 1 856 420 CAGR 2013-2017: 83% 4 427 4 767 2 973 2013 Source: Company datal 2014 2015 2016 2017 1 2 As % of current year Adjusted Net Income As % of current year Adjusted EBITDA 2013 2014 ■Total Dividends, RUBm 2015 2016 2017 Average dividend yield³ Note: The Company's consolidated financial statements for 2013 under US GAAP and 2014-2017 under IFRS. For the line items and the years presented, there was no difference between the calculation of numbers or presentation under GAAP vs IFRS. 1 Adjusted for the one-off effect relating to disposal of the building occupied by the Yakimanka Gallery in 2014 (together with related tax effects), as well as additional bonus accruals and Income received from partial termination of employees' right to receive shares under the LTI program 2 Adj. EBITDA is calculated as profit for the year before income tax, FX gain/loss, gain on acquisition of controlling interest in associate, impairment of goodwill, net finance expense, D&A, adjusted for the one-off effect relating to disposal of the Yakimanka building in 2014, as well as share-based compensation and cash bonuses under the LTI program 3 Calculated as dividend per share paid in 2017 (based on total dividends paid in 2017 of RUB4,767m, shares outstanding of 738.6m) divided by average share price in 2017. 24

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