Overall assessment of the risk situation by the company's management

The Management Board and the Supervisory Board of METRO AG are regularly informed about the company’s risk and opportunities situation. Overall, the risk and opportunities profile of METRO GROUP has improved slightly due to the slow recovery of the global economy during the reporting period. To evaluate the present risk situation, risks and opportunities were not only examined in isolation: the interdependencies between risks were analysed and rated according to their probability. Our assessment shows that the risks are generally manageable and that the identified individual and cumulative risks do not jeopardise the group as a going concern in terms of the risk of illiquidity or over-indebtedness over a reporting period of at least one year. We are confident that METRO GROUP’s earnings strength provides a solid foundation for sustained positive business developments and the exploitation of numerous opportunities. This assessment is mirrored by the ratings of the internationally leading, independent rating agencies that we have commissioned: both Moody’s and Standard & Poor’s have awarded METRO GROUP an investment grade rating with a stable outlook. The Management Board of METRO AG currently does not expect any fundamental change in the risk and opportunities situation.