Management’s overall assessment of opportunities and risks

The Management Board and the Supervisory Board of METRO AG are regularly informed about the company’s risk and opportunities situation. Our assessment of the company’s current situation went beyond an evaluation of isolated risks and opportunities. We have also analysed interdependencies and assessed them in terms of their likelihood of occurrence and implications. Our assessment indicates that the overall risks are manageable. The identified individual and cumulative risks do not present risks that could possibly compromise the continuity of the company due to illiquidity or excessive indebtedness within a period of at least 1 year. We are confident that METRO’s earnings performance offers a solid foundation for the sustainable positive development of our business and the utilisation of numerous opportunities. Our assessment is also reflected in the credit rankings assigned to METRO. The Management Board of METRO AG currently does not expect any fundamental change in the risk and opportunities situation.