Management’s overall assessment of the risk and opportunity situation

The Management Board and the Supervisory Board of METRO AG are regularly informed about the company’s situation in terms of risks and opportunities. 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 can be borne or are at least 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 one 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. The Management Board of METRO AG does currently not expect any fundamental change in the situation concerning risks and opportunities.