Debt Issuance Programme Prospectus METRO AG ... - Metro Group

Debt Issuance Programme Prospectus 

METRO AG 

(incorporated with limited liability in Düsseldorf, Federal Republic of Germany) 

Metro Finance B.V. 

(incorporated with limited liability in Venlo, The Netherlands) 

guaranteed by 


(incorporated with limited liability in Düsseldorf, Federal Republic of Germany) 

€ 6,000,000,000 

Debt Issuance Programme 

In relation to notes issued under this Programme (the "Notes"), application has been made to the 

Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand-Duchy of 

Luxembourg ("Luxembourg") in its capacity as competent authority (the "Competent 

Authority") under the Luxembourg Act on Securities Prospectuses (loi relative aux prospectus 

pour valeurs mobilières) (the "Luxembourg Act") for approval of this Prospectus (as defined 

below). 

In order to be able to conduct a public offer and/or listing on a regulated market in relation to 

certain issues of Notes, the Issuers intend to apply for a notification pursuant to Article 19 of the 

Luxembourg Act for an offer of such Notes in the Federal Republic of Germany ("Germany"). 

Each Issuer may request the CSSF to provide the relevant competent authority in additional host 

member states within the European Economic Area with a notification pursuant to Article 19 of 

the Luxembourg Act. 

This document constitutes two base prospectuses for the purposes of article 5.4 of Directive 

2003/71/EC of the European Parliament and the Council of 4 November 2003: (i) the base 

prospectus of METRO AG in respect of non-equity securities within the meaning of Art. 22 (6) 

no. 4 of the Commission Regulation (EC) No 809 / 2004 of 29 April 2004 and (ii) the base 

prospectus of Metro Finance B.V. in respect of non-equity securities within the meaning of Art. 

22 (6) no. 4 of the Commission Regulation (EC) No 809 / 2004 of 29 April 2004 (together, the 

"Debt Issuance Programme Prospectus" or the "Prospectus"). 

Arranger 

Deutsche Bank 

Citi 

Deutsche Bank 

J.P. Morgan 

The Royal Bank of Scotland 

Dealers 

Commerzbank 

HSBC 

Société Générale Corporate & Investment Banking 

UniCredit Bank 

13 May 2011

Table of Contents 

Table of Contents..............................................................................................................................2 

Responsibility Statement ..................................................................................................................3 

Documents incorporated by reference ..............................................................................................5 

Summary of the Prospectus (English Version).................................................................................7 

Summary of the Prospectus (German Version) ..............................................................................21 

Risk Factors ....................................................................................................................................36 

Forms of the Notes..........................................................................................................................43 

Terms and Conditions of the Notes (German Version) ..................................................................45 

Terms and Conditions of the Notes (English Version)...................................................................45 

Set A of the Terms and Conditions of the Notes (German Version) ..............................................47 

Set A of the Terms and Conditions (English Version) ...................................................................47 

Set B of the Terms and Conditions of the Notes (English Version).............................................104 

Pro Forma Final Terms.................................................................................................................131 

Form of Guarantee of METRO AG (German Version)................................................................155 

Form of Guarantee of METRO AG (English Version) ................................................................157 

Form of Undertaking of METRO AG (German Version) ............................................................159 

Form of Undertaking of METRO AG (English Version).............................................................162 

Description of METRO AG..........................................................................................................165 

Selected Consolidated Financial Information of METRO Group for 2010 and 2009..................182 

Selected Consolidated Financial Information of METRO Group for the period from 1 January to 

31 March of 2011 and 2010..........................................................................................................183 

Description of Metro Finance B.V. ..............................................................................................184 

Selected Financial Information of Metro Finance B.V. for 2010 and 2009 .................................186 

Financial Information of Metro Finance B.V. for 2010................................................................187 

Financial Information of Metro Finance B.V. for 2009................................................................219 

Taxation ........................................................................................................................................254 

Subscription and Sale ...................................................................................................................264 

General Information......................................................................................................................269 

Address List..................................................................................................................................272 

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Responsibility Statement 

Each of METRO AG and Metro Finance B.V. (each an "Issuer" and together the "Issuers") and 

METRO AG in its capacity as guarantor (the "Guarantor") accepts responsibility for the 

information contained in this Prospectus. The Issuers and the Guarantor declare that, having 

taken all reasonable care to ensure that this is the case, the information contained in this 

Prospectus is, to the best of its knowledge, in accordance with the facts and contains no 

omission likely to affect its import. 

Notice 

This Prospectus should be read and construed together with any supplements hereto and, in 

relation to any Tranche of Notes, should be read and construed together with the relevant Final 

Terms (as defined below), provided always that any such supplements and such Final Terms 

shall not form part of the listing particulars as contained in this document. 

Each of the Issuers and the Guarantor have confirmed to the Dealers named under "Subscription 

and Sale" below that this Prospectus (including for this purpose, each relevant Final Terms or 

Set A Terms and Conditions or Set B Terms and Conditions, as applicable) contains all 

information which is (in the context of the Programme, the issue, offering and sale of the Notes 

and the Guarantee of the Notes) material; that such information is true and accurate in all 

material respects and is not misleading in any material respect; that any opinions, predictions or 

intentions expressed herein are honestly held or made and are not misleading in any material 

respect; that this Prospectus does not omit to state any material fact necessary to make such 

information, opinions, predictions or intentions (in the context of the Programme, the issue, 

offering and sale of the Notes and the Guarantee of the Notes) not misleading in any material 

respect; and that all proper enquiries have been made to verify the foregoing. 

No person has been authorised to give any information or to make any representation not 

contained in or not consistent with this Prospectus or any other document entered into in 

relation to the Programme or any information supplied by either of the Issuers or the Guarantor 

or such other information as is in the public domain and, if given or made, such information or 

representation should not be relied upon as having been authorised by either of the Issuers, or 

the Guarantor or any Dealer. 

To the extent permitted by the laws of any relevant jurisdiction no representation or warranty is 

made or implied by the Dealers or any of their respective affiliates, and neither the Dealers nor 

any of their respective affiliates makes any representation or warranty or accepts any 

responsibility as to the accuracy or completeness of the information contained in this 

Prospectus. Neither the delivery of this Prospectus or any Final Terms nor the offering, sale or 

delivery of any Note shall, in any circumstances, create any implication that the information 

contained in this Prospectus is true subsequent to the date hereof or the date upon which this 

Prospectus has been most recently supplemented or that there has been no adverse change, or 

any event reasonably likely to involve any adverse change, in the condition (financial or 

otherwise) of the relevant Issuer or the Guarantor since the date thereof or, if later, the date upon 

which this Prospectus has been most recently supplemented or that any other information 

supplied in connection with the Programme is correct at any time subsequent to the date on 

which it is supplied or, if different, the date indicated in the document containing the same. 

The distribution of this Prospectus and any Final Terms or Set A Terms and Conditions or Set B 

Terms and Conditions, as applicable, and the offering, sale and delivery of the Notes in certain 

jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any 

Final Terms comes are required by each of the Issuers, the Guarantor and the Dealers to inform 

themselves about and to observe any such restrictions. For a description of certain restrictions 

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on offers, sales and deliveries of Notes and on the distribution of this Prospectus or any Final 

Terms and other offering material relating to the Notes, see "Subscription and Sale". In 

particular, Notes have not been and will not be registered under the United States Securities Act 

of 1933 (as amended) (the "Securities Act") and may be subject to U.S. tax law requirements. 

Subject to certain exceptions, Notes may not be offered, sold or delivered within the United 

States or to U.S. persons. 

The Prospectus is drawn up in the English language. The English language version shall prevail 

over any part of this Prospectus translated into the German language except for the Final Terms 

and Terms and Conditions in respect of the issue of any Tranche (as hereinafter defined) of 

Notes under the Programme in relation to which the prevailing language will be specified in 

such Final Terms and Terms and Conditions. The Issuers accept responsibility for the 

information contained in this Prospectus and confirm that the non-binding translation of the 

Final Terms and the Terms and Conditions of a Tranche of Notes, being the German or English 

language, as the case may be, correctly and adequately reflects the respective binding language 

version. 

Neither this Prospectus nor any Final Terms or Set A Terms and Conditions, as applicable, for 

its own constitutes an offer or an invitation to subscribe for or purchase any Notes and should 

not be considered as a recommendation by either of the Issuers, the Guarantor, the Dealers or 

any of them that any recipient of this Prospectus or any Final Terms or Set A Terms and 

Conditions or Set B Terms and Conditions, as applicable, should subscribe for or purchase any 

Notes. Each recipient of this Prospectus or any Final Terms shall be taken to have made its own 

investigation and appraisal of the condition (financial or otherwise) of the relevant Issuer and 

the Guarantor. 

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as 

the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the 

applicable Final Terms may over allot Notes or effect transactions with a view to supporting the 

market price of the Notes at a level higher than that which might otherwise prevail. However, 

there is no assurance that the stabilising manager(s) (or person(s) acting on behalf of the 

stabilising manager(s)) will undertake stabilisation action. Any stabilisation action may begin 

on or after the date on which adequate public disclosure of the terms of the offer of the relevant 

Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than 

the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the 

date of the allotment of the relevant Tranche of Notes. Any stabilisation action or overallotment 

shall be conducted in accordance with all applicable laws and rules. 

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Documents incorporated by reference 

The following documents mentioned in the table below shall be incorporated into this 

Prospectus: 

Document / Heading 

Page 

reference in 

the relevant 

financial 

report 

Included on 

page of 

Prospectus 


Quarterly Financial Report Q1 2011 of the METRO 

GROUP 

Income Statement 16 5 

Balance Sheet 18 5 

Cashflow Statement 19 5 

Notes to the Quarterly Financial Report 21 5 


Annual Report 2010 / 

Consolidated Financial Statements of the METRO GROUP 



Statement of changes in equity 148 5 


Notes to the Consolidated Financial Statements 151 5 

Auditor's Report 253 5 


Annual Report 2009 / 

Consolidated Financial Statements of the Metro Group 



Statement of changes in equity 134 5 


Notes to the Consolidated Financial Statements 137 5 

Auditor's Report 209 5 

Any document incorporated by reference (as specified in the table above under "Documents 

Incorporated by Reference") and this Prospectus will be available for inspection at the specified 

office of the relevant Issuer and at the specified office of the Luxembourg Paying Agent during 

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normal business hours, as long as any of the Notes are outstanding, and on the website of the 

Luxembourg Stock Exchange under "www.bourse.lu". 

Such documents may also be obtained free of charge at the registered office of METRO AG and 

are also available on the website of METRO AG (www.metrogroup.de). 

For the avoidance of doubt, such parts of the documents relating to METRO AG (which 

together with its affiliates is referred to as the "METRO GROUP", "METRO AG Group" or 

the "Group") for the financial years 2009 and 2010, respectively, or for the first quarter of 2011 

which are not explicitly listed in the table above, are not incorporated by reference into this 

Prospectus. Any information not listed above, but included in the documents incorporated by 

reference is given for information purposes only. 

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Summary of the Prospectus 

The following constitutes the summary (the "Summary") of the essential characteristics and 

risks associated with each Issuer and the Guarantor and the Notes to be issued under the 

Programme. This Summary should be read as an introduction to this Prospectus. Any decision 

by an investor to invest in the Notes should be based on consideration of this Prospectus as a 

whole, including the documents incorporated by reference, any supplements thereto and the 

relevant Final Terms. Where a claim relating to the information contained in this Prospectus, 

including the documents incorporated by reference, any supplements thereto and the relevant 

Final Terms is brought before a court, the plaintiff investor might, under the national 

legislation of such court, have to bear the costs of translating the Prospectus, including the 

documents incorporated by reference, any supplements thereto and the relevant Final Terms 

before the legal proceedings are initiated. Liability attaches to those persons who have tabled 

this Summary including any translation thereof, and has applied or will apply for its 

notification, but only if the Summary is misleading, inaccurate or inconsistent when read 

together with the other parts of this Prospectus. 

Summary Description of the Notes 

The following summary is qualified in its entirety by the remainder of this Prospectus. 

Issuers: 

METRO AG, Düsseldorf, Germany 

Metro Finance B.V., Venlo, The Netherlands 

Guarantor: 

Arranger: 

Dealers: 

METRO AG, Düsseldorf, Germany 

Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Germany 

Citigroup Global Markets Limited, London, United Kingdom 

Commerzbank Aktiengesellschaft, Frankfurt am Main, Germany 


HSBC Trinkaus & Burkhardt AG, Düsseldorf, Germany 

HSBC Bank plc, London, United Kingdom 

J.P. Morgan Securities Ltd., London, United Kingdom 

Société Générale, Paris, France 

The Royal Bank of Scotland plc, London, United Kingdom 

UniCredit Bank AG, Munich, Germany 

and any other Dealer appointed from time to time either generally in 

respect of the Programme or in relation to a particular Tranche (as 

defined below) of Notes. 

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Fiscal Agent: 

Luxembourg Listing 

and Paying Agent: 

Approval and 

Notifications: 


Deutsche Bank Luxembourg S.A., Luxembourg 

Application has been made to the Commission de Surveillance du 

Secteur Financier (the "CSSF") of the Grand-Duchy of Luxembourg 

("Luxembourg") in its capacity as competent authority under the 

Luxembourg Act on Securities Prospectuses (loi relative aux 

prospectus pour valeurs mobilières) (the "Luxembourg Act") for 

approval of this Prospectus. 

In order to be able to conduct a public offer and/or to arrange for 

listing on a regulated market in relation to certain issues of Notes, the 

Issuers intend to apply for a notification pursuant to Article 19 of the 

Luxembourg Act. Currently, it is envisaged to apply for a notification 

into Germany. The Issuer may from time to time arrange for a 

notification into other jurisdictions under Article 19 of the 

Luxembourg Act. 

Listing and Admission 

to Trading: 

Clearing Systems: 

Initial Programme 

Amount: 

Issuance in Series: 

Application may be made to list Notes issued under the Programme 

on the Official List of the Luxembourg Stock Exchange and to admit 

to trading such Notes on the Regulated Market of the Luxembourg 

Stock Exchange (Bourse de Luxembourg). The Luxembourg Stock 

Exchange's Regulated Market is a regulated market for the purposes 

of the Market and Financial Instruments Directive 2004/39/EC. The 

Programme provides that Notes may be listed on other or further 

stock exchanges, as may be agreed between the relevant Issuer and 

the relevant Dealer(s) in relation to each Series, as specified in the 

relevant Final Terms. Notes may further be issued under the 

Programme without being listed on any stock exchange. 

Either (i) Euroclear Bank SA/NV ("Euroclear") and/or Clearstream 

Banking, société anonyme, Luxembourg ("Clearstream, 

Luxembourg") or (ii) Clearstream Banking AG, Frankfurt am Main 

("Clearstream, Frankfurt") or (iii) in relation to any Tranche of 

Notes, any other clearing system as may be specified in the relevant 

Final Terms or, as the case may be, in the Set A Terms and 

Conditions (as defined below). 

Up to EUR 6,000,000,000 (or its equivalent in other currencies) 

aggregate principal amount of Notes outstanding and guaranteed at 

any one time. 

Notes will be issued in Series. Each Series may comprise one or more 

tranches ("Tranches", and each a "Tranche") issued on different 

issue dates. The Notes of each Series will all be subject to identical 

terms, except that the issue date (the "Issue Date"), the issue price, 

the interest commencement date and the first interest payment date 

may be different in respect of different Tranches. The Notes of each 

Tranche will all be subject to identical terms in all respects save that 

a Tranche may comprise Notes of different denominations. 

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Terms and Conditions: 

Each Tranche of Notes will be subject either to Set A Terms and 

Conditions ("Set A Terms and Conditions") or Set B Terms and 

Conditions ("Set B Terms and Conditions") (together, the "Terms 

and Conditions", and, in each case any reference to a numbered 

Condition shall be construed accordingly). 

Set A Terms and Conditions are primarily intended to be used for 

syndicated issues of Notes which are governed by German law. Set A 

Terms and Conditions will be amended and completed so as to 

constitute specific terms and conditions relating to the relevant 

Tranche of Notes, and will be annexed in full to, and thereby become 

part of, the relevant Global Note. Set A Terms and Conditions may 

also be used, subject to amendment and completion, for issues of 

Notes governed by laws other than German law. 

Set B Terms and Conditions are primarily intended to be used for 

non-syndicated and/or privately placed issues of Notes under German 

law. Set B Terms and Conditions will be issued with a minimum 

denomination of Euro 50,000 or EUR 100,000, as the case may be, 

subject to the revision of the prospectus directive 809/2004 and are 

subject to amendment and completion by, and are to be read together 

with, the Final Terms. In relation to each Tranche of Notes, such 

Final Terms may specify other terms and conditions. To the extent so 

specified, and to the extent of any inconsistency therewith, such other 

terms and conditions shall replace, supplement, or modify these terms 

and conditions for the purposes of such Tranche of Notes. In 

addition, however, such terms and conditions may be used for issues 

which are governed by laws other than German law. 

Final Terms: 

Forms of Notes: 

Each Tranche of Notes in respect of which the Set B Terms and 

Conditions are applicable will be the subject of the final terms 

("Final Terms") which, for the purposes of that Tranche only, 

supplements the Terms and Conditions and this Prospectus and must 

be read in conjunction with this Prospectus. The terms and conditions 

applicable to any particular Tranche of Notes in respect of which the 

Set B Terms and Conditions are applicable are the Terms and 

Conditions of the Notes as supplemented, amended and/or replaced 

by the final terms. The Final Terms will also be prepared for each 

Tranche of Notes in respect of which the Set A Terms and Conditions 

are applicable. Each such Final Terms will only amend or complete 

this Prospectus in the context of such Tranche of Notes. 

Notes may only be issued in bearer form. 

Each Tranche of Notes will initially be in the form of either a 

Temporary Global Note or a Permanent Global Note, in each case as 

specified in the relevant Final Terms or, as the case may be, in the Set 

A Terms and Conditions. Notes may be issued in new global note 

("NGN") or in classical global note ("CGN") form, both as stated in 

the relevant Final Term or, as the case may be, in the Set A Terms 

and Conditions. Each Global Note will be deposited on or around the 

relevant Issue Date with Clearstream, Frankfurt and/or, in the case of 

a Global Note which will be issued in CGN form, as stated in the 

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elevant Final Terms or, as the case may be, in the Set A Terms and 

Conditions, a depositary or a common depositary, as applicable, for 

Euroclear and/or Clearstream, Luxembourg and/or any other relevant 

clearing system. A Global Note which will be issued in NGN form, 

as stated in the relevant Final Terms or, as the case may be, in the Set 

A Terms and Conditions, may be delivered on or prior to the Issue 

Date to a common safekeeper for Euroclear and Clearstream, 

Luxembourg. Each Temporary Global Note will be exchangeable for 

a Permanent Global Note. If the TEFRA D Rules are specified in the 

relevant Final Terms or, as the case may be, in the Set A Terms and 

Conditions, as applicable, certification as to non-U.S. beneficial 

ownership will be a condition precedent to any exchange of an 

interest in a Temporary Global Note or receipt of any payment of 

interest in respect of a Temporary Global Note. 

Currencies: 

Status of the Notes: 

Notes may be denominated in any currency, subject to compliance 

with all applicable legal and/or regulatory and/or central bank 

requirements. Payments in respect of Notes may, subject to such 

compliance, be made in and/or linked to, any currency other than the 

currency in which such Notes are denominated. 

Notes will be issued on an unsecured and unsubordinated basis. 

Status of the Guarantee: Notes issued by Metro Finance B.V. will be unconditionally and 

irrevocably guaranteed by the Guarantor on an unsubordinated basis. 

Issue Price: 

Maturities: 

Redemption: 

Optional Redemption: 

Tax Redemption: 

Interest: 

Notes may be issued at any price and either on a fully or partly paid 

basis, as specified in the relevant Final Terms. 

Any maturity between 30 days and 30 years, subject, in relation to 

specific currencies, to compliance with all applicable legal and/or 

regulatory and/or central bank requirements. 

Notes may be redeemable at par or at such other Redemption Amount 

(detailed in a formula, index or otherwise) as may be specified in the 

relevant Final Terms or, as the case may be, in the Set A Terms and 

Conditions or the Set B Terms and Conditions. Notes may also be 

redeemable in two or more instalments on such dates and in such 

manner as may be specified in the relevant Final Terms or, as the 

case may be, in the Set A Terms and Conditions. 

Notes may be redeemed before their stated maturity at the option of 

the relevant Issuer in whole and the Noteholders to the extent (if at 

all) specified in the relevant Final Terms or, as the case may be, in 

the Set A Terms and Conditions or the Set B Terms and Conditions. 

Except as described in "Optional Redemption" above, early 

redemption will only be permitted for tax reasons as described in Set 

A Condition 5(b) or Set B Condition 9(b) as the case may be. 

Notes may be interest-bearing or non-interest bearing. Interest (if 

any) may accrue at a fixed rate or a floating rate or other variable rate 

or be index-linked and the method of calculating interest may vary 

between the Issue Date and the maturity date of the relevant Series. 

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Denominations: 

Notes issued by METRO AG and by Metro Finance B.V. will be 

issued in such denominations as may be agreed by the relevant Issuer 

and the relevant Dealer(s) and specified in the relevant Final Terms, 

save that the minimum denomination of the Notes will be Euro 1,000 

or, if any currency other than Euro, in an amount in such other 

currency equal to or exceeding the equivalent of Euro 1,000 at the 

time of the issue of the Notes. 

Where Notes have a maturity of less than one year and either (i) the 

issue proceeds are received by the Issuer in the United Kingdom or 

(ii) the activity of issuing the Notes is carried on from an 

establishment maintained by the Issuer in the United Kingdom, such 

Notes must (a) have a minimum denomination of £ 100,000 (or its 

equivalent in other currencies) and be issued only to persons whose 

ordinary activities involve them in acquiring, holding, managing or 

disposing of investments (as principal or agent) for the purposes of 

their businesses or (b) be issued in other circumstances which do not 

constitute a contravention of section 19 of the FSMA by the Issuer. 

Negative Pledge: 

Cross Default: 

Taxation: 

The Notes will have the benefit of a negative pledge as described in 

Set A Condition 3(a)(b) or Set B Condition 5 (Negative Pledge), as 

the case may be. 

The Notes will have the benefit of a cross default as described in Set 

A Condition 8(c) or Set B Condition 12(c) (Events of Default), as the 

case may be. 

All payments in respect of Notes will be made free and clear of 

withholding taxes of the Federal Republic of Germany or The 

Netherlands, as the case may be, unless the withholding is required 

by law. In that event, the relevant Issuer will (subject as provided in 

Set A Condition 7 or Set B Condition 11 (Taxation)), as the case may 

be, pay such additional amounts as will result in the Noteholders 

receiving such amounts as they would have received in respect of 

such Notes had no such withholding been required. The gross-up 

obligation does not apply to German withholding tax on interest 

income (Kapitalertragsteuer) including, if any, church tax, to be 

deducted or withheld pursuant to the German Income Tax Act 

(Einkommenssteuergesetz) in its applicable version even if the 

deduction or withholding has to be made by the Issuer or its 

representative or Solidaritätszuschlag (solidarity surcharge) imposed 

on payments made under the Notes in the Federal Republic of 

Germany. 

Resolutions of 

Noteholders: In accordance with the German Bond Act 

(Schuldverschreibungsgesetz), which came into effect on 

5 August 2009, the Notes governed by German law may contain 

provisions pursuant to which the Noteholders of each Series may 

agree with the Issuer by resolution to amend the Terms and 

Conditions relating to that Series and to decide upon certain other 

matters regarding the Notes relating to that Series including, without 

limitation, the appointment or removal of a common representative 

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Governing Law: 

Selling Restrictions: 

for the Noteholders. As set out in the relevant Terms and Conditions, 

resolutions providing for certain material amendments thereto require 

a qualified majority of not less than 75 per cent. of the rights to vote 

participating in the vote. 

The Notes will be governed by German or other law as specified in 

the relevant Final Terms or, if Set A Terms and Conditions apply, by 

German law or other law as specified therein. All other contractual 

documents relating to the Programme will be governed by German 

law. 

Any offers, sales and deliveries of Notes and on the distribution of 

offering material have to be in compliance with the applicable laws 

and regulations. 

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Summary Description of METRO AG 

The METRO GROUP was created in 1996 by the merger of leading trade and retail companies. 

The group is composed of independent individual companies and businesses. The group 

includes the Metro Cash & Carry sales brand, the hypermarket operator Real; consumer 

electronics sales brands, Media Markt and Saturn; and Galeria Kaufhof, the department store 

business. 

METRO GROUP is managed by METRO AG as the strategic management holding company. 

The consolidated financial information of METRO AG can be summarized as set forth in the 

below table. 

METRO GROUP in figures 1 2010 2009 

€ million € million 

Sales (net).......................................................................................... 

67,258 65,529 

EBITDA............................................................................................ 3,591 3,068 3 

EBITDA before special items ........................................................... 3,726 4 3,319 3,4 

EBIT.................................................................................................. 2,211 1,681 

EBIT before special items................................................................. 2,415 4 2,024 4 

Earnings before taxes........................................................................ 1,630 1,050 

Earnings before taxes and special items 1,834 4 1,393 4 

Net profit for the period .................................................................... 936 519 

thereof from continuing operations.............................................. 936 519 

thereof from discontinued operations .......................................... 0 0 

Net profit for the period before special items 5 .................................. 1,139 6 824 6 

Investments ....................................................................................... 1,683 1,517 

Total assets........................................................................................ 35,067 33,282 

Equity................................................................................................ 6,460 5,992 

__________ 

1 

Only continuing operations (discontinued operations 2009 Adler) 

2 

Adjustment due to revised disclosure 

3 

Adjustment due to netting of non-scheduled write-downs and write-ups in EBITDA totalling €9 million (Real), 

€6 million (Real Estate) and €–6 million (consolidation) 

4 

2010 (2009) adjusted for special items from Shape 2012: in EBITDA by €135 million (€251 million), including 

€11 million (€104 million) at Metro Cash & Carry, €11 million (€16 million) at Real, €58 million (€4 million) at 

Media Markt and Saturn, €–1 million (€57 million) at Galeria Kaufhof, €–14 million (€5 million) in the Real Estate 

segment, €41 million (€65 million) in the “others” segment and €29 million (€0 million) in the consolidation 

segment; in EBIT and earnings before taxes by €204 million (€343 million), including €10 million (€143 million) 

at Metro Cash & Carry, €27 million (€16 million) at Real, €133 million (€5 million) at Media Markt and Saturn, 

€0 million (€58 million) at Galeria Kaufhof, €–20 million (€15 million) in the Real Estate segment, €41 million 

(€106 million) in the “others” segment and €13 million (€0 million) in the consolidation segment 

5 

Including discontinued operations 

6 

2010 and 2009 adjusted for special items from Shape 2012 

Metro Cash & Carry 

Metro Cash & Carry is the international leader in self-service wholesale trade and one of 

METRO GROUP’s growth drivers. The sales division operates under the brand names Metro 

and Makro in 30 countries in Europe, Asia and Africa. In Germany, the portfolio is complemented 

by the C+C Schaper brand. With its multifaceted range of products and services, Metro 

Cash & Carry primarily serves the needs of professional customers: hotel and restaurant owners, 

catering companies, independent retailers, service providers and public authorities.Metro Cash 

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& Carry is the international market leader in the cash & carry business and a key driver of 

METRO GROUP’s growth. The sales division’s assortment, services and end-toend solutions 

are tailored to the requirements of professional customers: hotel, restaurant and kiosk operators, 

catering firms, small and medium-sized retailers, hospitals, public authorities as well as service 

providers. With a global presence in 30 countries under the brand names of Metro and Makro, 

Metro Cash & Carry is METRO GROUP’s most international sales division. The German offering 

is rounded off by the C+C Schaper brand. 

In fiscal year 2010, sales at Metro Cash & Carry's two brand name wholesale stores, Metro and 

Makro were approx. EUR 31.1 billion which represents 46.2% of total sales of METRO 

GROUP. 

Real 

The Real sales division operates 429 hypermarkets in Germany, Poland, Romania, Russia, 

Ukraine and Turkey. In stores with up to 15,000 square metres of selling space, customers can 

find every type of product they need in their daily lives. Up to 80,000 different products are 

available in every Real hypermarket. 

Sales at Real were approx. EUR 11.5 billion in 2010 (17.1% of METRO GROUP's total sales). 

Media Markt and Saturn 

Media Markt and Saturn is the second-largest sales division at METRO GROUP. 

In Europe, Media Markt and Saturn have already turned their vision into reality: being the No. 1 

in consumer electronics retailing. The sales brands already have 877 locations in 17 countries. 

In 2010 sales at Media Markt and Saturn were approx. EUR 20.8 billion which represents 30.9 

% of METRO GROUP's total sales. 

Galeria Kaufhof 

In Germany, the sales division does business under the names Galeria Kaufhof and Kaufhof. In 

Belgium, it is known as Galeria Inno. Its portfolio also includes Sportarena, a sales format that 

specialises in sporting goods and clothing. The service company Dinea operates the restaurant 

sections of the department stores. Its department stores are generally located in prime downtown 

locations. 

In fiscal year 2010 Galeria Kaufhof generated sales of approx. EUR 3.6 billion which represents 

5.3% of METRO GROUP's total sales. 

Real Estate 

With 688 retail locations in 30 countries, the real estate holdings of METRO GROUP represent 

the world‘s most international wholesale and retail portfolio. METRO Group Asset 

Management is charged with overseeing the real estate activities of the Group and its sales 

divisions. It implements a future-focused concept: active and valueenhancing portfolio 

management of real estate properties, visionary development, the construction and management 

of shopping centres as well as customised facility services and expert energy management. 

- 14 -

Others 

The "Others" segment comprises, among others, METRO AG as the strategic management 

holding company of METRO GROUP, the procurement organisation in Hong Kong, which also 

operates on behalf of third parties, as well as the logistics services and the gastronomy business. 

In fiscal year 2010 "Others" generated sales of approx. EUR 0.3 billion which represents 0.4% 

of METRO GROUP's total sales. 

- 15 -

Summary Description of Metro Finance B.V. 

METRO Finance B.V. operates as a finance company within the METRO AG Group. Its main 

activities consist of attracting loans for long-term funding of METRO AG Group companies and 

hedging of related interest rate and currency risks. METRO Finance B.V. has no subsidiaries. 

All liabilities of METRO Finance B.V. to third parties are guaranteed by METRO AG. 

In the fiscal year 2010, METRO Finance B.V. made a profit after taxes of approximately EUR 

3.8 million. The authorised share capital of METRO Finance B.V. consists of 700 ordinary 

shares of EUR 1,000 each. The issued and fully paid-up share capital consists of 453 shares of 

EUR 1,000. 

- 16 -

Summary Description of Risk Factors 

Risks relating to the Notes 

Prospective investors in the Notes are exposed to risks associated with the various specifications 

of the different types of Notes. The following describes risks relating to the Notes. 

As the Notes may not be widely distributed and for which there is currently no active trading 

market, there is no assurance as to the development or liquidity of any trading market for the 

Notes. 

The amount of principal and/or interest, if any, payable by the Issuer might be substantially less 

than the issue price or, as the case may be, the purchase price invested by the Noteholder and 

may even be zero in which case the Noteholder may lose his entire investment. 

The Issuer may have the right to redeem all outstanding Notes if the Issuer or the Guarantor 

would be obliged to increase the amounts payable in respect of any Notes due to any 

withholding or deduction for or on account of, any present or future taxes. Further, the Notes 

may be redeemable at the Issuer's option in certain other circumstances. 

As the Global Notes are held by or on behalf of Clearstream, Frankfurt or Euroclear and 

Clearstream, Luxembourg, investors will have to rely on their procedures for transfer, payment 

and communication with the Issuer and/or the Guarantor. 

Prospective investors should be aware that the payment of principal and/or interest, other 

interest than fixed rate interest, can be linked to different factors, like indices, equity assets, 

commodities and other assets or can be limited on the amounts received by the Issuer from a 

third party. Therefore, the risk of default with respect of such interest payment depends on the 

specific risks associated with the applicable type of reference asset. 

Prospective investors of the Notes should be aware that an investment in the Notes may involve 

exchange rate risks and should determine whether an investment in the Notes is appropriate in 

their particular circumstances. 

Prospective investors should be aware that the acquisition of the Notes by a prospective investor 

of the Notes, whether under the laws of the jurisdiction of its incorporation or the jurisdiction in 

which it operates (if different) may be unlawful. 

The market value of the Notes will be affected by the creditworthiness of the Issuer and the 

Guarantor and a number of additional factors, including but not limited to the value of the 

respective reference assets or the indices and prospects, market interest and yield rates and the 

time remaining to the maturity date of the Notes. The price at which a Noteholder will be able to 

sell the Notes prior to maturity may be at a discount, which could be substantial, from the issue 

price or the purchase price paid by such purchaser. 

In relation to Notes governed by German law, a Noteholder supporting a dissenting view on a 

matter is subject to the risk of losing rights vis-à-vis the Issuer against his will in the event that 

German Bond Act (Schuldverschreibungsgesetz) is applicable and the Noteholders agree 

pursuant to the Terms and Conditions with the Issuer to make certain amendments thereto by 

majority vote according to the German Bond Act. In the case of an appointment of a common 

representative for all Noteholders a particular Noteholder may lose, in whole or in part, the 

possibility to enforce and claim his rights against the Issuer regardless of other Noteholders. 

- 17 -

Presentation of the risk situation 

Business and sector risks 

Retail business 

The particularly intense competition in the German and Western European retail sector creates 

conditions that could influence business developments and represent natural business risks. A 

fundamental business risk is consumers’ fluctuating propensity to consume, a factor that depends 

on numerous economic, political and social parameters. Over the course of economic recovery, 

customers’ propensity to consume has recovered slightly in many countries. However, 

austerity measures aimed at reducing public debt, particularly in Europe, have placed additional 

burdens on private consumption. Overall, we expect spending on both consumer staples and 

such larger purchases as household appliances and consumer electronics to increase. 

Strategic company risks 

Locations 

METRO GROUP considers the setting-up and expansion of our presence in the major growth 

regions of Eastern Europe and Asia as critical investments in the future of our company. By entering 

these markets, METRO GROUP are exploiting its entrepreneurial opportunity to profit 

from the rising purchasing power of millions of consumers. METRO GROUP international position 

requires to address possible economic, legal and political risks. The situation in individual 

countries can change rapidly. Unrest, changes in political leadership, terrorist attacks and natural 

disasters can endanger METRO GROUP locations in the affected country. 

Portfolio changes 

In past years, the portfolio of METRO GROUP has continuously been optimised. All portfolio 

changes and the strategic and investment decisions related to them focus on value creation for 

the Company. As a result, risks associated with changes in the portfolio are minimised. 

Risks related to business performance 

Suppliers 

As a retail and wholesale company, METRO GROUP depends on external providers for the 

supply of goods and services. We place a high priority on both the quality of the supplied goods 

as well as on the reliability of our suppliers. Defective or unsafe products would cause extensive 

damage to the image of METRO GROUP and pose a long-range threat to the Company’s success. 

IT and logistics 

The highly diverse selection of goods in bricks-and-mortar retailing and the high stock turnover 

entail fundamental organisational, IT and logistics risks. METRO GROUP's international focus 

and concentration on national, regional and local product assortments add to these risks. Any 

disruptions in the supply chain, for example in the supply of goods, could lead to business interruptions. 

- 18 -

Human resources risks 

The expertise, dedication and motivation of METRO GROUP's employees are key success factors 

that have a decisive impact on its competitive position. One prerequisite to achieving strategic 

goals are highly qualified experts and managers. It is an ongoing challenge to recruit and 

retain such valuable employees for the Group, in particular in the face of demographic change 

and intense competition for the best people. 

Legal risks, tax risks 

Legal risks arise primarily from labour and civil law cases. In addition, risks for METRO 

GROUP may arise from preliminary investigations, for example in the context of possible infringements 

of cartel or competition law. Tax risks are mainly connected to external tax audits. 

Financial risks 

The finance department of METRO AG manages the financial risks of METRO GROUP. These 

include, in particular: 

• price risks 

• liquidity risks 

• creditworthiness risks and 

• cash flow risks. 

Price risks 

For METRO GROUP, price risks result from the impact of changes in market interest rates, foreign 

currency exchange rates , share price fluctuations or changes in commodity prices. 

Interest rate risks are caused by deteriorating cash flows from interest and potential changes in 

the fair value of a financial instrument due to changes in market interest rates. 

Share price risks result from share-based compensation of METRO GROUP executives. 

Liquidity risks 

METRO AG acts as financial coordinator for METRO GROUP companies to ensure that they 

are provided with the necessary financing to fund their operating and investing activities at all 

times and in the most cost-efficient manner possible. The necessary information is provided by 

means of a Group financial plan, which is updated monthly and checked monthly for deviations. 

This financial plan is complemented by a weekly rolling 14-day liquidity plan. 

Creditworthiness risks 

Creditworthiness risks arise from the total or partial loss of a counterparty, for example through 

bankruptcy or in connection with monetary investments and derivative financial instruments 

with positive market values. 

- 19 -

Cash flow risks 

A future change in interest rates may cause cash flow from variable interest rate asset and debt 

items to fluctuate. 

- 20 -

German Translation of the Summary of the Prospectus 

Zusammenfassung des Prospekts 

Die folgende Zusammenfassung (die „Zusammenfassung”) beschreibt die wesentlichen 

Merkmale und Risken in Verbindung mit den Emittentinnen und der Garantin und den 

Schuldverschreibungen, die im Rahmen des Programms emittiert werden. Diese 

Zusammenfassung ist als Einführung zu diesem Prospekt zu verstehen. Anleger sollten bei ihrer 

Investitionsentscheidung den gesamten Prospekt in ihre Erwägungen mit einbeziehen, 

einschließlich aller Dokumente, auf die in diesem Bezug genommen wird, Ergänzungen zu 

diesem und die maßgeblichen Endgültigen Bedingungen. Für den Fall, dass vor einem Gericht 

Ansprüche geltend gemacht werden, die auf den in diesem Prospekt enthaltenen Informationen 

einschließlich aller Dokumente, auf die in diesem Bezug genommen wird, Ergänzungen zu 

diesem und den maßgeblichen Endgültigen Bedingungen beruhen, könnte der als Kläger 

auftretende Anleger in Anwendung des jeweiligen nationalen Rechts die Kosten für die 

Übersetzung des Prospekts einschließlich aller Dokumente, auf die in diesem Bezug genommen 

wird, Ergänzungen zu diesem und die maßgeblichen Endgültigen Bedingungen vor 

Prozessbeginn zu tragen haben. Diejenigen Personen, die diese Zusammenfassung 

einschließlich Übersetzungen derselben eingebracht haben oder deren Notifizierung beantragt 

haben, können zwar für deren Inhalt haftbar gemacht werden, jedoch nur, falls die 

Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den 

anderen Teilen dieses Prospekts gelesen wird. 

Zusammenfassende Beschreibung der Schuldverschreibungen 

Die folgende Zusammenfassung steht in ihrer Gesamtheit im Zusammenhang mit dem restlichen 

Prospekt. 

Emittenten: 

METRO AG, Düsseldorf, Deutschland 

Metro Finance B.V., Venlo, Niederlande 

Garantin: 

METRO AG, Düsseldorf, Deutschland 

Arrangeur: Deutsche Bank Aktiengesellschaft, Frankfurt am Main, 

Deutschland 

Platzeure: 

Citigroup Global Markets Limited, London, Großbritannien 

Commerzbank Aktiengesellschaft, Frankfurt am Main, Deutschland 

Deutsche Bank Aktiengesellschaft, Frankfurt am Main, 

Deutschland 

HSBC Trinkaus & Burkhardt AG, Düsseldorf, Deutschland 

HSBC Bank plc, London, Großbritannien 

J.P. Morgan Securities Ltd., London, Großbritannien 

Société Générale, Paris, Frankreich 

The Royal Bank of Scotland plc, London, Großbritannien 

- 21 -

UniCredit Bank AG, München, Deutschland 

und andere jeweils allgemein für das Programm oder hinsichtlich 

einer bestimmte Tranche (wie unten definiert) von 

Schuldverschreibungen ernannte Platzeure. 

Fiscal Agent: Deutsche Bank Aktiengesellschaft, Frankfurt am Main, 

Deutschland 

Zahlstelle und Listing 

Agent in Luxemburg: 

Billigung und 

Notifizierungen: 

Deutsche Bank Luxembourg S.A., Luxemburg 

Es wurde ein Antrag auf Billigung dieses Prospektes bei der 

Commission de Surveillance du Secteur Financier (die „CSSF”) 

des Großherzogtums Luxemburg („Luxemburg”) in ihrer 

Eigenschaft als zuständiger Behörde gemäß dem Luxemburgischen 

Gesetz betreffend Wertpapierprospekte (loi relative aux prospectus 

pour valeurs mobilières) (das „Luxemburger Gesetz”) gestellt. 

Zum Zwecke der Durchführung von öffentlichen Angeboten oder 

einer Zulassung an einem regulierten Markt betreffend bestimmte 

Emissionen von Schuldverschreibungen beabsichtigen die 

Emittenten zudem, gemäß Artikel 19 des Luxemburger Gesetzes 

einen Antrag auf Notifizierung zu stellen. Derzeit ist beabsichtigt, 

eine Notifizierung für Deutschland zu beantragen. Zudem kann es 

sein, dass die Emittenten von Zeit zu Zeit die Notifizierung in 

weitere Jurisdiktionen gemäß Artikel 19 des Luxemburger Gesetzes 

beantragen wird. 

Börsenzulassung: 

Im Hinblick auf bestimmte Emissionen von Schuldverschreibungen 

unter dem Programm kann es sein, dass ein Antrag auf Aufnahme 

in die Offizielle Liste (Official List) der Wertpapierbörse 

Luxemburg (Bourse de Luxembourg) und die Zulassung zum 

Handel am Regulierten Markt (Regulated Market) der 

Wertpapierbörse Luxemburg gestellt wird. Der Regulierte Markt 

der Wertpapierbörse Luxemburg ist ein regulierter Markt im Sinne 

der Finanzmarktrichtlinie (Market and Financial Instruments 

Directive) 2004/39/EG. Das Programm sieht auch vor, dass für 

bestimmte Schuldverschreibungen eine Börsenzulassung an 

anderen bzw. weiteren Börsen beantragt werden kann, sofern 

jeweils zwischen der betreffenden Emittentin und dem/den 

betreffenden Platzeure(en) hinsichtlich der betreffenden Serie 

vereinbart, und wie in den jeweiligen Endgültigen Bedingungen 

angegeben. Schuldverschreibungen können unter dem Programm 

auch in der Weise emittiert werden, dass keine Zulassung an einer 

Börse erfolgt. 

- 22 -

Clearing-Systeme: 

Anfängliches 

Programmvolumen: 

Ausgabe in Serien: 

Emissionsbedingungen: 

Entweder (i) Euroclear Bank SA/NV („Euroclear”) und/oder 

Clearstream Banking, société anonyme, Luxemburg 

(„Clearstream, Luxemburg”), oder (ii) Clearstream Banking AG, 

Frankfurt am Main („Clearstream, Frankfurt”), oder (iii) in 

Bezug auf eine Tranche von Schuldverschreibungen ein anderes 

Clearing-System, das ggf. In den maßgeblichen Endgültigen 

Bedingungen bzw. In den Set A Emissionsbedingungen (wie 

nachstehend definiert) aufgeführt ist. 

Bis zu EUR 6.000.000.000 (oder dem entsprechenden Betrag in 

anderen Währungen) als Gesamtnennbetrag der ausstehenden und 

garantierten Schuldverschreibungen zu jedem beliebigen Zeitpunkt. 

Die Schuldverschreibungen werden in Serien ausgegeben. Jede 

Serie besteht aus einer oder mehreren an verschiedenen 

Ausgabedaten emittierte Tranchen („Tranchen”, bzw. einzeln die 

„Tranche”). Alle Wechsel einer jeden Serie sind Gegenstand 

derselben Konditionen, außer dass das Ausgabedatum (das 

„Ausgabedatum”), der Emissionspreis, der Verzinsungsbeginn und 

der erste Zinszahlungstag für die verschiedenen Tranchen 

unterschiedlich sein kann. Die Schuldverschreibungen einer jeden 

Tranche unterliegen in jeder Hinsicht denselben Konditionen, außer 

dass eine Tranche Schuldverschreibungen in verschiedene 

Stückelungen enthalten kann. 

Jede Tranche von Schuldverschreibungen unterliegt entweder den 

Set A Emissionsbedingungen („Set A Bedingungen und 

Konditionen”) oder den Set Emissionsbedingungen („Set B 

Bedingungen und Konditionen”) (zusammen die „Bedingungen 

und Konditionen” und in jedem einzelnen Fall sind Verweise auf 

nummerierte Konditionen dementsprechend zu verstehen). 

Die Set A Emissionsbedingungen gelten in erster Linie für 

Emissionen von Schuldverschreibungen durch ein Konsortium nach 

deutschem Recht. Die Set A Emissionsbedingungen werden 

entsprechend angepasst und vervollständigt, so dass sie konkrete 

Emissionsbedingungen für die jeweilige Tranche von 

Schuldverschreibungen bilden. Sie werden den jeweiligen globalen 

Schuldverschreibungen beigefügt und werden somit Bestandteil 

desselben. Die Set A Emissionsbedingungen können nach 

vorheriger Anpassung und Vervollständigung auch für die 

Emission von Schuldverschreibungen benutzt werden, die einem 

anderen Recht als dem deutschen unterliegen. 

Die Set B Emissionsbedingungen gelten in erster Linie für 

Emissionen von Schuldverschreibungen ohne Konsortium bzw. für 

privat zu platzierende Ausgaben von Schuldverschreibungen nach 

deutschem Recht. Die Set B Emissionsbedingungen werden mit 

einer Mindeststückelung von Euro 50.000 bzw. EUR 100.000, 

abhängig von der Reform der Prospektverordnung 809/2004, 

begeben und werden entsprechend angepasst und vervollständigt 

und sind zusammen mit den Endgültigen Bedingungen zu lesen. 

- 23 -

Diese Endgültigen Bedingungen können in Bezug auf jede Tranche 

von Schuldverschreibungen andere Emissionsbedingungen 

festlegen. Entstehen hierdurch ggf. Widersprüchlichkeiten, so 

werden diese anderen Konditionen die Set B Emissionsbedingungen 

für die jeweilige Tranche der Schuldverschreibungen 

ersetzen, ergänzen oder ändern. Darüber hinaus können die Set B 

Emissionsbedingungen auch für Emissionen benutzt werden, die 

einem anderen Recht als dem deutschen unterliegen. 

Endgültige Bedingungen: Jede Tranche von Schuldverschreibungen, für die die Set B 

Emissionsbedingungen gelten, unterliegen den Endgültigen 

Bedingungen („Endgültigen Bedingungen”), die bezogen auf die 

jeweilige Tranche die Bedingungen und Konditionen und diesen 

Prospekt ergänzen und zusammen mit diesem Prospekt gelesen 

werden müssen. Die für eine bestimmte Tranche von 

Schuldverschreibungen, auf die die Set B Emissionsbedingungen 

anwendbar sind, geltenden Bedingungen und Konditionen, sind die 

zu den Schuldverschreibungen gehörenden Konditionen in ihrer 

durch die Endgültigen Bedingungen ergänzten, angepassten bzw. 

ersetzten Fassung. Des Weiteren werden auch für jede Tranche von 

Schuldverschreibungen, auf die die Set A Emissionsbedingungen 

anwendbar sind, Endgültige Bedingungen aufgesetzt. Die 

jeweiligen Endgültigen Bedingungen ändern oder ergänzen diesen 

Prospekt nur im Zusammenhang mit der entsprechenden Tranche 

von Schuldverschreibungen. 

Arten von 

Schuldverschreibungen: 

Schuldverschreibungen können nur auf den Inhaber lautend 

ausgegeben werden. 

Jede Tranche von Schuldverschreibungen erfolgt zunächst entweder 

in Form einer Vorläufigen Globalurkunde oder einer 

Dauerglobalurkunde, wie jeweils in den maßgeblichen Endgültigen 

Bedingungen bzw. den Set A Emissionsbedingungen festgelegt. 

Die Schuldverschreibungen werden in Form einer new global note 

("NGN") oder einer classical global note ("CGN") ausgeben, wie 

jeweils in den maßgeblichen Endgültigen Bedingungen bzw. den 

Set A Emissionsbedinungen festgelegt. Jede Globalurkunde wird 

am oder um das maßgebliche Ausgabedatum bei Clearstream, 

Frankfurt und/oder, im Fall einer Globalurkunde, die in Form einer 

CGN begeben wird, wie jeweils in den maßgeblichen Endgültigen 

Bedingungen bzw. den Set A Emissionsbedinungen festgelegt, 

einem Verwahrer oder gemeinsamen Verwahrer für Euroclear 

und/oder Clearstream, Luxemburg und/oder einem anderen 

geeigneten Clearing-System hinterlegt. Eine Globalurkunde, die in 

Form einer NGN begeben wird, wie jeweils in den maßgeblichen 

Endgültigen Bedingungen bzw. den Set A Emissionsbedinungen 

festgelegt werden an oder vor dem Begebungstag bei einer 

gemeinsamen Sicherheitsverwahrstelle (common safekeeper) im 

Namen von Euroclear und Clearstream, Luxembourg eingeliefert. 

Jede Vorläufige Globalurkunde ist gegen eine Dauerglobalurkunde 

austauschbar. Werden in den maßgeblichen Endgültigen 

Bedingungen bzw. in den Set A Emissionsbedingungen die TEFRA 

D-Regeln als anwendbar angeführt, muss als Voraussetzung für 

- 24 -

einen solchen Austausch eines Anteils an einer Vorläufigen 

Globalurkunde oder den Erhalt von Zinszahlungen unter einer 

Vorläufigen Globalurkunde eine Bescheinigung vorgelegt werden, 

wonach der oder die wirtschaftlichen Eigentümer der durch die 

vorläufige Globalurkunde verbrieften Schuldverschreibungen keine 

U.S.-Personen sind. 

Währungen: 

Rang der 


Status der Garantie: 

Emissionspreis: 

Laufzeiten: 

Rückzahlung: 

Schuldverschreibungen können auf eine beliebige Währung lauten, 

vorausgesetzt, dass alle geltenden rechtlichen, aufsichtsrechtlichen 

und notenbankrechtlichen Vorschriften erfüllt werden. Zahlungen 

in Verbindung mit Schuldverschreibungen können – die Einhaltung 

der genannten. Vorschriften vorausgesetzt – in anderen Währungen 

als der Währung, auf die die Schuldverschreibungen lauten, 

erfolgen oder an diese gebunden werden. 

Die Schuldverschreibungen werden als nicht besicherte, nicht 

nachrangige Schuldverschreibungen ausgegeben. 

Von Metro Finance B.V. ausgegebene Schuldverschreibungen 

werden von der Garantiegeberin bedingungslos und unwiderruflich 

auf nicht nachrangiger Basis garantiert. 

Schuldverschreibungen können zu jedem beliebigen Preis sowie 

entweder auf voll oder teilweise bezahlter Basis ausgegeben 

werden, wie dies in den maßgeblichen Endgültigen Bedingungen 

festgelegt ist. 

Laufzeiten zwischen 30 Tagen und 30 Jahren, vorbehaltlich – im 

Hinblick auf bestimmte Währungen – der Einhaltung aller 

geltenden rechtlichen, aufsichtsrechtlichen und 

notenbankrechtlichen Vorschriften. 

Die Schuldverschreibungen sind zum Nennbetrag oder zu einem 

anderen Rückzahlungsbetrag (der in einer Formel, einem Index 

oder anderweitig angegeben ist) ggf. entsprechend der 

Bestimmungen in den maßgeblichen Endgültigen Bedingungen 

bzw. in den Set A Emissionsbedingungen oder Set B 

Emissionsbedingungen rückzahlbar. Schuldverschreibungen 

können auch in zwei oder mehreren Raten zu in den maßgeblichen 

Endgültigen Bedingungen bzw. zu den in den Set A 

Emissionsbedingungen genannten Terminen und Bedingungen 

rückzahlbar sein. 

Vorzeitige Rückzahlung: Schuldverschreibungen können nach Wahl der jeweiligen 

Emittentin im Ganzen und der Schuldverschreibungsinhaber vor 

ihrer angegebenen Fälligkeit zurückgezahlt werden, insoweit dies in 

den maßgeblichen Endgültigen Bedingungen bzw. in den Set A 

Emissionsbedingungen oder Set B Emissionsbedingungen 

vorgesehen ist. 

- 25 -

Rückzahlung aus 

Steuergründen: 

Zinsen: 

Stückelungen: 

Außer wie dies vorstehend unter „Vorzeitige Rückzahlung” 

beschrieben ist, ist eine vorzeitige Rückzahlung nur aus 

Steuergründen gemäß den Set A Emissionsbedingungen § 5(b) 

bzw. gemäß den Set B Emissionsbedingungen § 9(b) zulässig. 

Schuldverschreibungen können verzinst oder unverzinst sein. 

Zinsen fallen zu festen oder variablen oder indexgebundenen 

Sätzen an, und die Methode für die Berechnung von Zinsen kann 

sich zwischen dem Ausgabedatum und dem Fälligkeitsdatum der 

jeweiligen Serie ändern. 

Die Stückelung der von METRO AG und Metro Finance B.V. 

ausgegebenen Schuldverschreibungen entspricht den jeweiligen 

Vereinbarungen zwischen der jeweiligen Emittentin und dem(n) 

betreffenden Platzeur(en) und wird in den betreffenden Endgültigen 

Bedingungen angegeben, wobei die Mindeststückelung von 

Schuldverschreibungen Euro 1.000 oder, falls es sich um eine 

andere Währung als Euro handelt, einen Betrag in dieser anderen 

Währung, welcher zum Zeitpunkt der Emission der 

Schuldverschreibungen dem Gegenwert Euro 1.000 entspricht oder 

diesen übersteigt, betragen wird. 

Wenn Schuldverschreibungen eine Laufzeit von weniger als einem 

Jahr haben und entweder (i) der Emissionserlös von der Emittentin 

in Großbritannien angenommen wird, oder (ii) die Tätigkeit der 

Ausgabe der Schuldverschreibungen von einer durch die Emittentin 

in Großbritannien unterhaltenen Geschäftsstelle ausgeübt wird, 

müssen diese Schuldverschreibungen (a) eine Mindeststückelung 

von £ 100.000 (oder dem Gegenwert in anderen Währungen) 

aufweisen und dürfen nur an Personen ausgegeben werden, die im 

Rahmen ihrer gewöhnlichen Geschäftstätigkeit Vermögensanlagen 

erwerben, besitzen, verwalten oder veräußern (für eigene oder 

fremde Rechnung), oder (b) unter sonstigen Umständen ausgegeben 

werden, die keinen Verstoß seitens der Emittentin gegen § 19 

FMSA darstellen. 

Negativerklärung: 

Drittverzug: 

Steuern: 

Es wird für die Schuldverschreibungen eine Negativerklärung 

gemäß Set A Emissionsbedingungen § 3(a)(b) bzw. gemäß den Set 

B Emissionsbedingungen § 5 (Negativerklärung) gestellt. 

Es wird für die Schuldverschreibungen eine Drittverzugsklausel 

gemäß den Set A Emissionsbedingungen § 8(c) bzw. Set B 

Emissionsbedingungen § 12(c) (Drittverzugsklausel) 

aufgenommen. 

Alle Zahlungen auf die Schuldverschreibungen erfolgen frei von in 

der Bundesrepublik Deutschland bzw. den Niederlanden erhobenen 

Quellensteuern, es sei denn, deren Einbehaltung ist gesetzlich 

vorgeschrieben. In solchen Fällen wird die betroffene Emittentin 

(vorbehaltlich der Bestimmungen in den Set A 

Emissionsbedingungen § 7 bzw. in den Set B 

Emissionsbedingungen § 11 (Steuern)) eventuelle Mehrbeträge 

zahlen, so dass die Schuldverschreibungsinhaber dieselben Beträge 

- 26 -

erhalten, die sie hinsichtlich der Schuldverschreibungen 

vereinnahmt hätten, wenn eine solche Einbehaltung nicht 

vorgeschrieben wäre. Diese Bruttoertragsregelung gilt nicht für die 

deutsche Kapitalertragsteuer inklusive der gegebenenfalls hierauf 

entfallenden Kirchensteuer, die nach dem deutschen 

Einkommensteuergesetz in seiner jeweils geltenden Fassung 

abgezogen oder einbehalten wird, auch wenn der Abzug oder 

Einbehalt durch die Emittentin oder ihren Stellvertreter 

vorzunehmen ist oder den Solidaritätszuschlag, der auf Zahlungen 

aus den Schuldverschreibungen in der Bundesrepublik Deutschland 

erhoben wird. 

Beschlüsse der 

Anleihegläubiger: 

Geltendes Recht: 

Verkaufsbeschränkungen: 

Im Einklang mit dem Schuldverschreibungsgesetz, welches am 

5. August 2009 in Kraft trat, können die Schuldverschreibungen, 

die deutschem Recht unterliegen, Bedingungen enthalten, die die 

Anleihegläubiger jeder Serie mit der Emittentin zur Änderung der 

Emissionsbedingungen der jeweiligen Serie durch Beschluss 

berechtigen, sowie zu weiteren Beschlüssen im Zusammenhang mit 

den Schuldverschreibungen der jeweiligen Serie wie z.B. der 

Bestellung oder Abberufung eines gemeinsamen Vertreters der 

Anleihegläubiger. Im Einklang mit den Emissionsbedingungen ist 

für Beschlüsse über wesentliche Änderungen der 

Anleihebedingungen eine qualifizierte Stimmenmehrheit von 

mindestens 75% der an der Abstimmung teilnehmenden 

Stimmrechte erforderlich. 

Die Schuldverschreibungen unterliegen dem deutschen Recht oder 

einem anderen in den maßgeblichen Endgültigen Bedingungen 

bestimmten Recht; sofern die Set A Emissionsbedingungen 

angewandt werden, unterliegen die Schuldverschreibungen dem 

deutschen Recht oder einem anderen darin bestimmten Recht. Alle 

anderen vertraglichen Unterlagen in Verbindung mit dem 

Programm unterliegen deutschem Recht. 

Jegliche Angebote und Verkäufe sowie die Übertragung der 

Schuldverschreibungen sowie die Verbreitung von 

Angebotsmaterial haben in Einklang mit dem geltenden Recht und 

den anwendbaren Vorschriften zu erfolgen. 

- 27 -

Zusammenfassende Beschreibung der METRO AG 

Die METRO GROUP wurde 1996 durch die Fusion führender Handels- und 

Einzelhandelunternehmen gebildet. Der Konzern besteht aus unabhängigen Einzelunternehmen 

und -geschäften. Hierzu gehören die Metro Cash & Carry Verkaufsmarke, der 

Großmarktbetreiber Real, die Elektrofachhandelsmarken Media Markt und Saturn, sowie das 

Galeria Kaufhof Warenhaus. 

Die METRO GROUP wird von der METRO AG als strategische Management- 

Holdinggesellschaft geführt. 

Die Finanzinformationen auf Konzernbasis können wie in der folgenden Tabelle 

zusammengefasst werden. 1 2010 2009 2 

€ Mio. € Mio. 

Umsatz (netto)................................................................................... 67.258 65.529 

EBITDA............................................................................................ 3.591 3.068 3 

EBITDA vor Sonderfaktoren............................................................ 3.726 4 3.319 3,4 

EBIT.................................................................................................. 2.211 1.681 

EBIT vor Sonderfaktoren.................................................................. 2.415 4 2.024 4 

Ergebnis vor Steuern......................................................................... 1.630 1.050 

Ergebnis vor Steuern und vor Sonderfaktoren.................................. 1.834 4 1.393 4 

Periodenergebnis............................................................................... 936 519 

davon aus fortgeführten Aktivitäten ............................................ 936 519 

davon aus nicht fortgeführten Aktivitäten ................................... 0 0 

Periodenergebnis vor Sonderfaktoren 4 1.139 6 824 6 

Investitionen...................................................................................... 1.683 1.517 

Bilanzsumme..................................................................................... 35.067 33.282 

Eigenkapital ...................................................................................... 6.460 5.992 

__________ 

1 

Nur fortgeführte Aktivitäten (nicht fortgeführte Aktivitäten: 2009 Adler) 

2 

Adjustierung aufgrund geänderter Ausweise 

3 

Adjustierung aufgrund der saldierten Darstellung von außerplanmäßigen Abschreibungen und Zuschreibungen 

im EBITDA in Höhe von 9 Mio. € (Real), 6 Mio. € (Immobilien) und -6 Mio. € (Konsolidierung) 

4 

2010 (2009) bereinigt um Sonderfaktoren Shape 2012: im EBITDA um 135 Mio. € (251 Mio. €), davon entfallen 

11 Mio. € (104 Mio. €) auf Metro Cash & Carry, 11 Mio. € (16 Mio. €) auf Real, 58 Mio. € (4 Mio. €) auf Media 

Markt und Saturn, -1 Mio. € (57 Mio. €) auf Galeria Kaufhof, -14 Mio. € (5 Mio. €) auf Immobilien, 41 Mio. € 

(65 Mio. €) auf Sonstige sowie 29 Mio. € (0 Mio. €) auf Konsolidierung; im EBIT und im Ergebnis vor Steuern 

um 204 Mio. € (343 Mio. €), davon entfallen 10 Mio. € (143 Mio. €) auf Metro Cash & Carry, 27 Mio. € (16 

Mio. €) auf Real, 133 Mio. € (5 Mio. €) auf Media Markt und Saturn, 0 Mio. € (58 Mio. €) auf Galeria Kaufhof, - 

20 Mio. € (15 Mio. €) auf Immobilien, 41 Mio. € (106 Mio. €) auf Sonstige sowie 13 Mio. € (0 Mio. €) auf 

Konsolidierung 

5 

Einschließlich nicht fortgeführter Aktivitäten 

6 

2010 und 2009 bereinigt um Sonderfaktoren Shape 2012 


Metro Cash & Carry ist international führend im Selbstbedienungsgroßhandel und einer der 

Wachstumstreiber der METRO GROUP. Die Vertriebslinie operiert unter den Markennamen 

Metro und Makro in 30 Ländern Europas, Asiens und Afrikas. In Deutschland wird das 

Portfolio zudem durch die Marke C+C Schaper ergänzt. Mit seinem vielfältigen Produkt- und 

- 28 -

Service-Angebot richtet sich Metro Cash & Carry speziell an gewerbliche Kunden: Hotel- und 

Restaurantbesitzer, Cateringunternehmen, unabhängige Einzelhändler sowie Dienstleister und 

Behörden. 

Im Geschäftsjahr 2010 belief sich der Umsatz der beiden Großhandelsketten Metro und Makro 

auf ca. 31,1 Mrd. EUR und machte somit 46,2% des Gesamtumsatzes der METRO GROUP aus 

Real 

Die Vertriebslinie Real betreibt 429 SB-Warenhäuser in Deutschland, Polen, Rumänien, 

Russland, der Ukraine sowie in der Türkei. In den Märkten mit bis zu 15.000 Quadratmetern 

Verkaufsfläche finden Kunden alle Produkte des täglichen Bedarfs – an einem Ort und zu 

attraktiven Preisen. Bis zu 80.000 unterschiedliche Artikel sind in jedem Real SB-Warenhaus 

erhältlich. 

In 2010 beliefen sich die Umsätze von Real ca. 11,5 Mrd. EUR (17,1% des Gesamtumsatzes der 

METRO-GROUP). 

Media Markt und Saturn 

Gemessen am Umsatz und an der Zahl der Mitarbeiter ist Media Markt und Saturn die 

zweitgrößte Vertriebslinie der METRO GROUP. In Europa haben Media Markt und Saturn ihre 

Vision, die Nummer eins im Elektrofachhandel zu sein, bereits verwirklicht. Die 

Vertriebsmarken sind an 877 Standorten in 17 Ländern vertreten. 

In 2010 beliefen sich die Umsätze von Media Markt und Saturn auf ca. 20,8 Mrd. EUR, was 

30,9% des Gesamtumsatzes der METRO-GROUP ausmachte. 


In Deutschland tritt die Vertriebslinie unter den Namen Galeria Kaufhof und Kaufhof, in 

Belgien als Galeria Inno auf. Zum Portfolio gehört außerdem das auf Sportartikel und - 

bekleidung spezialisierte Vertriebsformat Sportarena. Die Servicegesellschaft Dinea betreibt die 

Gastronomie in den Warenhäusern. Ihre Warenhäuser befinden sich überwiegend in besten 

Innenstadtlagen. 

Im Geschäftsjahr 2010 erwirtschaftete Galeria Kaufhof einen Umsatz in Höhe von ca. 3,6 Mrd. 

EUR, was 5,3% des Gesamtumsatzes der METRO-GRUP ausmacht. 

Immobilien 

Mit 688 Handelsstandorten in 30 Ländern stellt das Immobilieneigentum der METRO GROUP 

weltweit das internationalste Groß- und Einzelhandelsportfolio dar. Für die Führung der 

Immobilienaktivitäten des Konzerns und seiner Vertriebslinien ist die METRO Group Asset 

Management zuständig. Sie setzt dabei ein zukunftsweisendes Konzept um: aktives und 

wertsteigerndes Portfoliomanagement der Immobilien, die visionäre Entwicklung, den Bau und 

das Management von Shopping-Centern sowie maßgeschneiderte Facility-Services und ein 

kompetentes Energiemanagement. 

- 29 -

Sonstige 

Das Segment Sonstige enthält neben der METRO AG als strategische Führungsholding der 

METRO GROUP unter anderem die Einkaufsorganisation in Hongkong, die auch für fremde 

Dritte tätig ist, sowie die Logistikdienstleistungen und das Gastronomiegeschäft. 

Im Geschäftsjahr 2010 erwirtschafteten “Sonstige”einen Umsatz in Höhe von ca. 0,3 Mrd. EUR, 

was 0,4% des Gesamtumsatzes der METRO-GROUP ausmacht. 

- 30 -

Kurzbeschreibung von Metro Finance B.V. 

Die METRO Finance B.V. fungiert als Finanzgesellschaft innerhalb der METRO AG Gruppe. 

Die Hauptaktivitäten sind die Mittelbeschaffung zur langfristigen Finanzierung der Gesellschaften 

der METRO AG Gruppe und die Sicherung der damit verbundenen Zins- und Währungsrisiken. 

Die METRO Finance B.V. verfügt über keine Tochtergesellschaften. Die METRO AG 

haftet für sämtliche Verpflichtungen der METRO Finance B.V. gegenüber Dritten. 

Im Geschäftsjahr 2010 erwirtschaftet die METRO Finance B.V. einen Gewinn nach Steuern in 

Höhe von ca. 3,8 Millionen EUR. Das Grundkapital der METRO Finance B.V. besteht aus 700 

Stammaktien im Wert von je 1.000 EUR. Das ausgegebene und voll eingezahlte Stammkapital 

besteht aus 453 Aktien im Wert von je 1.000 EUR. 

- 31 -

Kurzbeschreibung der Risikofaktoren 

Risiken betreffend die Schuldverschreibungen 

Potentielle Anleger in Schuldverschreibungen sind bestimmten Risiken im Zusammenhang mit 

den unterschiedlichen Spezifikationen der verschiedenen Anleihearten ausgesetzt. Diese Risiken 

sind weiter unten beschrieben. 

Da die Schuldverschreibungen nicht in großem Umfang ausgegeben werden dürfen und da für 

sie derzeit kein aktiver Börsenhandel besteht, gibt es auch keine Gewissheit bezüglich der 

Entwicklung oder Liquidität eines Börsenmarktes für solche Schuldverschreibungen. 

Die Höhe des von der Emittentin zu zahlenden Kapital- bzw. Zinsbetrages (falls zutreffend), 

könnte u.U. weitaus geringer ausfallen als der Emissionpreis oder (je nach Sachlage) als der 

vom Inhaber der Schuldverschreibung investierte Kaufpreis und kann sogar Null betragen. Im 

letzteren Fall kann der Inhaber der Schuldverschreibung seine gesamte Investitionssumme 

verlieren. 

Der Emittent kann das Recht haben, alle im Umlauf befindlichen Schuldverschreibungen 

zurückzukaufen, wenn er oder sein Garantiegeberin dann verpflichtet wären, die im Hinblick 

auf Schuldverschreibungen zu zahlenden Beträge wegen einbehaltenen Quellensteuern oder 

sonstigen Steuerabzügen, die zwischenzeitlich erhoben wurden oder künftig erhoben werden, zu 

erhöhen. Darüber hinaus können die Schuldverschreibungen auch unter anderen Umständen 

nach Wahl der Emittentin ablösbar sein. 

Da die Globalschuldverschreibungen durch oder im Namen von Clearstream (Frankfurt) oder 

Euroclear und Clearstream (Luxemburg) gehalten werden, müssen sich Investoren auf deren mit 

der Emittentin bzw. Garantiegeberin angewandtes Transfer-, Zahlungs-, und 

Kommunikationsverfahren verlassen. 

Potentielle Anleger sollten sich darüber im Klaren sein, dass die Zahlung des Kapital- bzw. 

Zinsbetrags und sonstiger Zinsen außer Festzinsen von verschiedenen Faktoren, wie z.B. 

Indizes, Eigenkapitalvermögen, Wirtschaftsgütern und sonstigen Vermögensgegenständen, 

abhängen kann, oder dass sie auf die Beträge beschränkt sein kann, die der Emittent von einem 

Dritten erhalten hat. Aus diesem Grund hängt das Verzugsrisiko bezüglich solcher 

Zinszahlungen von bestimmten Risiken im Zusammenhang mit der vereinbarten Referenz ab. 

Potentielle Anleger in Schuldverschreibungen sollten sich darüber im Klaren sein, dass eine 

Investition in Schuldverschreibungen auch Wechselkursrisiken beinhalten kann. Sie sollten 

deswegen prüfen, ob eine Anlage in Schuldverschreibungen in ihrem Fall Sinn macht. 

Mögliche Investoren sollten sich darüber im Klaren sein, dass eine Investition in 

Schuldverschreibungen, ob unter der Rechtsordnung des Sitzes oder unter einer davon 

unterschiedlichen Rechtsordnung, in dem ein Investor Geschäfte tätigt, für diesen Investor 

unzulässig sein kann. 

Der Marktwert der Schuldverschreibungen hängt auch von der Bonität der Emittentin und 

Garantiegeberin und von einer Reihe weiterer Faktoren ab, einschließlich u.a. vom Wert der 

vereinbarten Referenz oder von den Indizes und Aussichten, von den marktgängigen Zins- und 

Ertragsraten und vom verbleibenden Zeitraum bis zur Fälligkeit der Schuldverschreibungen. 

Der Preis, zu dem der Inhaber einer Schuldverschreibung seine Schuldverschreibungen vor 

ihrem Fälligkeitsdatum veräußern kann, kann (u.U. wesentlich) geringer sein als der 

Emissionspreis oder Kaufpreis, den ein solcher Käufer gezahlt hat. 

- 32 -

Im Fall von Schuldverschreibungen, die deutschem Recht unterliegen, ist ein Anleihegläubiger, 

der eine abweichende Ansicht vertritt, dem Risiko ausgesetzt, gegen seinen Willen Rechte 

gegenüber der Emittentin zu verlieren, falls das Schuldverschreibungsgesetz Anwendung findet 

und die Anleihegläubiger nach den Emissionsbedingungen durch Mehrheitsbeschluss nach 

Maßgabe des Schuldverschreibungsgesetzes Änderungen der Emissionsbedingungen 

zustimmen. Im Falle der Bestellung eines gemeinsamen Vertreters aller Anleihegläubiger kann 

ein einzelner Anleihegläubiger ganz oder teilweise die Möglichkeit verlieren, seine Rechte 

gegenüber der Emittentin unabhängig von anderen Anleihegläubigern geltend zu machen und 

durchzusetzen. 

Darstellung der Risikosituation 

Umfeld und Branchenrisiko 

Handelsgeschäft 

Vor allem in Deutschland und Westeuropa ist der Einzelhandel von einem intensiven 

Wettbewerb geprägt. Dadurch entstehen Faktoren, die den Geschäftsverlauf beeinflussen und 

natürliche Geschäftsrisiken darstellen können. Ein grundsätzliches Geschäftsrisiko ist die 

schwankende Konsumbereitschaft der Verbraucher. Diese hängt von den wirtschaftlichen, 

politischen und gesellschaftlichen Rahmenbedingungen ab. Im Zuge der Erholung von der 

Weltwirtschaftskrise hat sich die Konsumbereitschaft in vielen Ländern wieder erhöht. 

Belastungen des Konsums resultieren allerdings aus Maßnahmen zur Rückführung der 

Staatsverschuldung, insbesondere in Europa. Insgesamt erwarten wir aber, dass die Ausgaben 

für Gegenstände des täglichen Bedarfs ebenso ansteigen wie die für größere Anschaffungen, 

beispielsweise für Haushaltsgeräte oder Unterhaltungselektronik. 

Unternehmensstrategische Risiken 

Standorte 

METRO GROUP betrachtet es als eine entscheidende Investition in die Zukunft des 

Unternehmens, die Präsenz in den großen Wachstumsräumen Osteuropas und Asiens auf- und 

auszubauen. Damit nutzt METRO GROUP die Chance, von der steigenden Kaufkraft vieler 

Millionen Konsumenten zu profitieren. METRO GROUP′s internationale Aufstellung macht es 

erforderlich, mögliche volkswirtschaftliche, rechtliche und politische Risiken zu 

berücksichtigen. Die Rahmenbedingungen in einzelnen Ländern können sich zum Teil schnell 

verändern. Unruhen, Wechsel in der politischen Führung, Terroranschläge oder 

Naturkatastrophen können die Geschäfte der METRO GROUP in einem Land gefährden. 

Portfolioänderungen 

Das Portfolio der METRO GROUP wurde in den vergangenen Jahren stetig optimiert. Alle 

Änderungen und die damit verbundenen strategischen und investiven Entscheidungen 

orientieren sich grundsätzlich an der Wertschaffung für den Konzern. Mit Portfolio-Änderungen 

einhergehende Risiken werden dadurch minimiert. 

- 33 -

Leistungswirtschaftliche Risiken 

Lieferanten 

Als Handelsunternehmen ist die METRO GROUP auf externe Anbieter von Waren und 

Dienstleistungen angewiesen. Dabei haben die Qualität der gelieferten Waren sowie die 

Verlässlichkeit unserer Lieferanten für uns einen hohen Stellenwert. Fehlerhafte oder unsichere 

Produkte würden dem Ansehen der METRO GROUP großen Schaden zufügen und den 

Unternehmenserfolg nachhaltig gefährden. 

IT und Logistik 

Die große Vielfalt von Waren und Artikeln im stationären Handel sowie der hohe 

Warenumschlag sind mit organisatorischen, informationstechnischen und logistischen Risiken 

verbunden. Diese Risiken erhöhen sich durch die internationale Ausrichtung und die 

Konzentration auf nationale, regionale und lokale Warensortimente. Störungen in der 

Wertschöpfungskette, etwa bei der Lieferung von Waren, können zu Betriebsunterbrechungen 

führen. 

Personalrisiken 

Kompetenz, Engagement und Motivation der Beschäftigten bestimmen maßgeblich den Erfolg 

und die Wettbewerbschancen der METRO GROUP. Eine Voraussetzung für die Realisierung 

der strategischen Ziele sind qualifizierte Fach- und Führungskräfte. Diese Mitarbeiter zu 

gewinnen und zu binden, ist eine kontinuierliche Herausforderung, vor allem vor dem 

Hintergrund des demografischen Wandels und des intensiven Wettbewerbs um die besten 

Kräfte. 

Rechtliche Risiken, Steuerrisiken 

Rechtliche Risiken resultieren vor allem aus arbeits- und zivilrechtlichen Verfahren. Daneben 

können sich Risiken für die METRO GROUP auch aus Ermittlungsverfahren, wie 

beispielsweise im Rahmen etwaiger Verstöße gegen das Kartell- oder Wettbewerbsrecht, 

ergeben. Steuerrisiken ergeben sich vornehmlich im Rahmen von Außenprüfungen. 

Finanzwirtschaftliche Risiken 

Der Finanzbereich der METRO AG steuert die finanzwirtschaftlichen Risiken der METRO 

GROUP. Dies sind speziell: 

• Preisänderungsrisiken, 

• Liquiditätsrisiken, 

• Bonitätsrisiken und 

• Risiken aus Zahlungsstromschwankungen. 

Preisänderungsrisiken 

Preisänderungsrisiken resultieren für die METRO GROUP daraus, dass der Wert eines Finanzinstruments 

durch Änderungen der Marktzinssätze, der Wechselkurse, Aktienkurse oder aber 

der Rohstoffe beeinflusst wird. 

Zinsrisiken entstehen durch verschlechterte Cashflows aus Zinsen und durch mögliche 

Wertschwankungen eines Finanzinstruments aufgrund von Änderungen der Marktzinssätze. 

- 34 -

Währungsrisiken entstehen der METRO GROUP im internationalen Einkauf von Waren und 

aufgrund von Kosten sowie Finanzierungen, die in einer anderen Währung als der jeweiligen 

Landeswährung anfallen oder an die Entwicklung einer anderen Währung gebunden sind. 

Aktienkursrisiken entstehen aus einer aktienorientierten Vergütung der Führungskräfte der 

METRO GROUP. 

Liquiditätsrisiken 

Die METRO AG fungiert für die Gesellschaften der METRO GROUP als finanzwirtschaftlicher 

Koordinator, um eine möglichst kostengünstige und betragsmäßig stets ausreichende Deckung 

des Finanzbedarfs für das operative Geschäft und für Investitionen sicherzustellen. Die erforderlichen 

Informationen werden durch eine monatlich aktualisierte, Konzernfinanzplanung bereitgestellt 

und einer monatlichen Abweichungsanalyse unterzogen. Diese Finanzplanung wird zusätzlich 

durch eine wöchentlich rollierende 14-Tages-Liquiditätsplanung ergänzt. 

Bonitätsrisiken 

Bonitätsrisiken entstehen durch den vollständigen oder teilweisen Ausfall eines Kontrahenten, 

beispielsweise durch Insolvenz, im Rahmen von Geldanlagen sowie bei derivativen 

Finanzinstrumenten mit positiven Marktwerten. 

Risiken aus Zahlungsstromschwankungen 

Verursacht durch eine Änderung des zukünftigen Zinsniveaus, können sich bei variabel 

verzinslichen Vermögens- beziehungsweise Schuldposten Schwankungen der Zahlungsströme 

einstellen. 

- 35 -

Risk Factors 

Prospective investors should read the entire Prospectus. Investing in the Notes involves certain 

risks. Prospective investors should consider, among other things, the following: 

I. Risks relating to the Notes 

There is no active trading market for the Notes 

Notes issued under the Programme will be new securities which may not be widely distributed 

and for which there is currently no active trading market (unless in the case of any particular 

Tranche, such Tranche is to be consolidated with and form a single series with a Tranche of 

Notes which is already issued). If the Notes are traded after their initial issuance, they may trade 

at a discount to their initial offering price, depending upon prevailing interest rates, the market 

for similar securities, general economic conditions and the financial condition of the Issuer and 

the Guarantor. Although applications will be made for the Notes issued under the Programme to 

be admitted to the Official List of the Luxembourg Stock Exchange and to trading on the 

Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg), there is no 

assurance that such applications will be accepted, that any particular Tranche of Notes will be so 

admitted or that an active trading market will develop. Accordingly, there is no assurance as to 

the development or liquidity of any trading market for any particular Tranche of Notes. 

The Notes may be redeemed prior to maturity 

Unless in the case of any particular Tranche of Notes the relevant Final Terms specify 

otherwise, in the event that the Issuer or the Guarantor would be obliged to increase the amounts 

payable in respect of any Notes due to any withholding or deduction for or on account of, any 

present or future taxes, duties, assessments or governmental charges of whatever nature 

imposed, levied, collected, withheld or assessed by or on behalf of The Netherlands or the 

Federal Republic of Germany or any political subdivision thereof or any authority therein or 

thereof having power to tax, the Issuer may redeem all outstanding Notes in accordance with the 

Terms and Conditions. 

In addition, if in the case of any particular Tranche of Notes the relevant Final Terms specify 

that the Notes are redeemable at the Issuer's option in certain other circumstances the Issuer may 

choose to redeem the Notes at times when prevailing interest rates may be relatively low. In 

such circumstances an investor may not be able to reinvest the redemption proceeds in a 

comparable security at an effective interest rate as high as that of the relevant Notes. 

Because the Global Notes are held by or on behalf of Clearstream, Frankfurt or Euroclear 

and Clearstream, Luxembourg, investors will have to rely on their procedures for 

transfer, payment and communication with the Issuer and/or the Guarantor. 

Notes issued under the Programme may be represented by one or more Global Notes. Such 

Global Notes will be deposited with Clearstream, Frankfurt or, if not intended to be issued in 

new global note form, with a common depositary for Euroclear and Clearstream, Luxembourg. 

Global Notes intended to be issued in NGN form may be deposited on the issue date with a 

common safekeeper for Euroclear and Clearstream, Luxmbourg. Investors will not be entitled to 

receive definitive Notes. Clearstream, Frankfurt, Euroclear and Clearstream, Luxembourg will 

maintain records of the co-ownership participations in the Global Notes. While the Notes are 

represented by one or more Global Notes, investors will be able to trade their co-ownership 

participations only through Clearstream, Frankfurt, Euroclear and Clearstream, Luxembourg. 

- 36 -

While the Notes are represented by one or more Global Notes the Issuer and the Guarantor will 

discharge their payment obligations under the Notes by making payments to Clearstream, 

Frankfurt or to the common depositary or the common safekeeper (in the case of Notes issued in 

new global note form) for Euroclear and Clearstream, Luxembourg for distribution to their 

account holders. A holder of a co-ownership participation in a Global Note must rely on the 

procedures of Clearstream, Frankfurt, Euroclear and Clearstream, Luxembourg to receive 

payments under the relevant Notes. The Issuer and the Guarantor have no responsibility or 

liability for the records relating to, or payments made in respect of, the co-ownership 

participations in the Global Notes. 

Holders of co-ownership participations in the Global Notes will not have any right to vote in 

respect of the relevant Notes. 

Index Linked Notes 

Index Linked Notes are debt securities which do not provide for predetermined redemption 

amounts and/or interest payments but amounts due in respect of principal and/or interest will be 

dependent upon the performance of the index, which itself may contain substantial credit or 

interest rate risks. The amount of principal and/or interest, if any, payable by the Issuer might be 

substantially less than the issue price or, as the case may be, the purchase price invested by the 

Noteholder and may even be zero in which case the Noteholder may lose his entire investment. 

Index Linked Notes are not in any way sponsored, endorsed, sold or promoted by the index 

sponsor or the respective licensor of the index and such index sponsor or licensor makes no 

warranty or representation whatsoever, express or implied, either as to the results to be obtained 

from the use of the index and/or the figure at which the index stands at any particular time. Each 

index is determined, composed and calculated by its respective index sponsor or licensor, 

without regard to the Issuer or the Notes. None of the index sponsors or licensors is responsible 

for or has participated in the determination of the timing of, prices at, or quantities of the Notes 

to be issued or in determination or calculation of the equation by which the Notes settle into 

cash. None of the index sponsors or licensors has any obligation or liability in connection with 

the administration, marketing or trading of the Notes. The index sponsor or licensor of the index 

has no responsibility for any calculation agency adjustment made for the index. 

Provision of Information 

None of the Issuers, the Guarantor, the Dealer(s) or any of their respective affiliates makes any 

representation as to the index. Any of such persons may have acquired, or during the term of the 

Notes may acquire, non public information with respect to the index that is or may be material 

in the context of index Linked Notes. The issue of index Linked Notes will not create any 

obligation on the part of any such persons to disclose to the Noteholders or any other party such 

information (whether or not confidential). 

Potential Conflicts of Interest 

Each of the Issuers, the Guarantor, the Dealer(s) or their respective affiliates may deal with and 

engage generally in any kind of commercial or investment banking or other business with any 

issuer of the securities taken up in the index, their respective affiliates or any guarantor or any 

other person or entities having obligations relating to any issuer of the securities taken up in an 

index or their respective affiliates or any guarantor in the same manner as if any index Linked 

Notes issued under the Programme did not exist, regardless of whether any such action might 

have an adverse effect on an issuer of the securities taken up in the index, any of their respective 

affiliates or any guarantor. 

- 37 -

The Issuer may from time to time be engaged in transactions involving, the index or related 

derivatives which may affect the market price, liquidity or value of the Notes and which could 

be deemed to be adverse to the interests of the Noteholders. 

Potential conflicts of interest may arise between the Calculation Agent and the Noteholders, 

including with respect to certain discretionary determinations and judgements that the 

Calculation Agent may make pursuant to the Terms and Conditions that may influence the 

amount receivable upon redemption of the Notes. 

Exchange Rates 

Prospective investors of the Notes should be aware that an investment in the Notes may involve 

exchange rate risks. The reference assets or the Notes may be denominated in a currency other 

than the currency of the purchaser's home jurisdiction; and/or the reference assets or the Notes 

may be denominated in a currency other than the currency in which a purchaser wishes to 

receive funds. Exchange rates between currencies are determined by factors of supply and 

demand in the international currency markets which are influenced by macro economic factors, 

speculation and central bank and government intervention (including the imposition of currency 

controls and restrictions). Fluctuations in exchange rates may affect the value of the Notes or the 

reference assets. 

Legality of Purchase 

Neither the Issuers, the Guarantor, the Dealer(s) nor any of their respective affiliates has or 

assumes responsibility for the lawfulness of the acquisition of the Notes by a prospective 

investor of the Notes, whether under the laws of the jurisdiction of its incorporation or the 

jurisdiction in which it operates (if different), or for compliance by that prospective investor 

with any law, regulation or regulatory policy applicable to it. 

Taxation 

Potential purchasers and sellers of the Notes should be aware that they may be required to pay 

taxes or other documentary charges or duties in accordance with the laws and practices of the 

country where the Notes are transferred or other jurisdictions. In some jurisdictions, no official 

statements of the tax authorities or court decisions may be available for innovative financial 

instruments such as the Notes. Potential investors are advised not to rely upon the tax summary 

contained in this document and/or in the Final Terms but to ask for their own tax adviser's 

advice on their individual taxation with respect to the acquisition, sale and redemption of the 

Notes. Only these advisors are in a position to duly consider the specific situation of the 

potential investor for tax purposes. 

Independent Review and Advice 

Each prospective investor of Notes must determine, based on its own independent review and 

such professional advice as it deems appropriate under the circumstances, that its acquisition of 

the Notes is fully consistent with its (or if it is acquiring the Notes in a fiduciary capacity, the 

beneficiary's) financial needs, objectives and condition, complies and is fully consistent with all 

investment policies, guidelines and restrictions applicable to it (whether acquiring the Notes as 

principal or in a fiduciary capacity) and is a fit, proper and suitable investment for it (or if it is 

acquiring the Notes in a fiduciary capacity, for the beneficiary), notwithstanding the clear and 

substantial risks inherent in investing in or holding the Notes. 

- 38 -

A prospective investor may not rely on the Issuers, the Dealer(s) or any of their respective 

affiliates in connection with its determination as to the legality of its acquisition of the Notes or 

as to the other matters referred to above. 

Market Value of the Notes 

The market value of the Notes will be affected by the creditworthiness of the Issuer and the 

Guarantor and a number of additional factors, including the value of the reference assets or the 

index, including, but not limited to, the volatility of the reference assets or the index, or the 

dividend on the securities taken up in the index, market interest and yield rates and the time 

remaining to the Maturity Date. 

The value of the Notes, the reference assets or the index depends on a number of interrelated 

factors, including economic, financial and political events in the Federal Republic of Germany 

or elsewhere, including factors affecting capital markets generally and the stock exchanges on 

which the Notes, the reference assets, the securities taken up in the index, or the index are 

traded. The price at which a Noteholder will be able to sell the Notes prior to maturity may be at 

a discount, which could be substantial, from the issue price or the purchase price paid by such 

purchaser. The historical market prices of the reference assets or the index should not be taken 

as an indication of the reference assets' or the index's future performance during the term of any 

Note. 

No On-going Information 

Investors should appreciate that they cannot rely, and will not at any time in the future be able to 

rely, on the Issuers, the Guarantor, the Dealer(s) or any of their respective affiliates to provide 

them with any information relating to, or to keep under review on their behalf, the status of any 

index or to conduct any investigation or due diligence with respect to any such index. 

Amendments to the Terms and Conditions 

In relation to Notes governed by German law, a Noteholder supporting a dissenting view on a 

matter is subject to the risk of losing rights vis-à-vis the Issuer against his will in the event that 

German Bond Act (Schuldverschreibungsgesetz) is applicable and the Noteholders agree 

pursuant to the Terms and Conditions with the Issuer to make certain amendments thereto by 

majority vote according to the German Bond Act. In the case of an appointment of a common 

representative for all Noteholders a particular Noteholder may lose, in whole or in part, the 

possibility to enforce and claim his rights against the Issuer regardless of other Noteholders. 

Suitability 

Prospective investors should determine whether an investment in the Notes is appropriate in 

their particular circumstances and should consult with their legal, business and tax advisers to 

determine the consequences of an investment in the Notes and to arrive at their own evaluations 

of the investment. 

Investment in the Notes is only suitable for investors who: 

(i) 

(ii) 

have the requisite knowledge and experience in financial and business matters to evaluate 

the merits and risks of an investment in the Notes; 

are capable of bearing the economic risk of an investment in the Notes for an indefinite 

period of time; 

- 39 -

(iii) are acquiring the Notes for their own account for investment, not with a view to resale, 

distribution or other disposition of the Notes (subject to any applicable law requiring that 

the disposition of the investor's property be within its control); and 

(iv) 

who will recognise that it may not be possible to make any transfer of the Notes for a 

substantial period o time, if at all. 

II. Presentation of the risk situation 

Business and sector risks 

Retail business 

The particularly intense competition in the German and Western European retail sector creates 

conditions that could influence business developments and represent natural business risks. A 

fundamental business risk is consumers’ fluctuating propensity to consume, a factor that depends 

on numerous economic, political and social parameters. Over the course of economic recovery, 

customers’ propensity to consume has recovered slightly in many countries. However, 

austerity measures aimed at reducing public debt, particularly in Europe, have placed additional 

burdens on private consumption. Overall, we expect spending on both consumer staples and 

such larger purchases as household appliances and consumer electronics to increase. 

Strategic company risks 

Locations 

METRO GROUP considers the setting-up and expansion of our presence in the major growth 

regions of Eastern Europe and Asia as critical investments in the future of our company. By entering 

these markets, METRO GROUP are exploiting its entrepreneurial opportunity to profit 

from the rising purchasing power of millions of consumers. METRO GROUP international position 

requires to address possible economic, legal and political risks. The situation in individual 

countries can change rapidly. Unrest, changes in political leadership, terrorist attacks and natural 

disasters can endanger METRO GROUP locations in the affected country. 

Portfolio changes 

In past years, the portfolio of METRO GROUP has continuously been optimised. All portfolio 

changes and the strategic and investment decisions related to them focus on value creation for 

the Company. As a result, risks associated with changes in the portfolio are minimised. 

- 40 -

Risks related to business performance 

Suppliers 

As a retail and wholesale company, METRO GROUP depends on external providers for the 

supply of goods and services. We place a high priority on both the quality of the supplied goods 

as well as on the reliability of our suppliers. Defective or unsafe products would cause extensive 

damage to the image of METRO GROUP and pose a long-range threat to the Company’s success. 

IT and logistics 

The highly diverse selection of goods in bricks-and-mortar retailing and the high stock turnover 

rate entail fundamental organisational, IT and logistics risks. METRO GROUP's international 

focus and concentration on national, regional and local product assortments in the respective 

countries add to these risks. Any disruptions in the supply chain, for example in the supply of 

goods, could lead to business interruptions. 

Human resources risks 

The expertise, dedication and motivation of METRO GROUP's employees are key success factors 

that have a decisive impact on its competitive position.One prerequisite to achieve the strategic 

goals are highly qualified experts and managers. It is an ongoing challenge to recruit and 

retain such valuable employees for the Group, in particular in the face of intense competition for 

the best people. 

Legal risks, tax risks 

Legal risks arise primarily from labour and civil law cases. In addition, risks for METRO 

GROUP may arise from preliminary investigations, for example in the context of possible infringements 

of cartel or competition law. Tax risks are mainly connected to external tax audits. 

Financial risks 

The finance department of METRO AG manages the financial risks of METRO GROUP. These 

include, in particular: 

• price risks, 

• liquidity risks 

• creditworthiness risks and 

• cash flow risks. 

Price risks 

For METRO GROUP, price risks result from the impact of changes in market interest rates, foreign 

currency exchange rates , share price fluctuations or changes in commodity prices. 

Interest rate risks are caused by deteriorating cash flows from interest and potential changes in 

the fair value of a financial instrument due to changes in market interest rates. 

Share price risks result from share-based compensation of METRO GROUP executives. 

- 41 -

Liquidity risks 

METRO AG acts as financial coordinator for METRO GROUP companies to ensure that they 

are provided with the necessary financing to fund their operating and investing activities at all 

times and in the most cost-efficient manner possible. The necessary information is provided by 

means of a Group financial plan, which is updated monthly and checked monthly for deviations. 

This financial plan is complemented by a weekly rolling 14-day liquidity plan. 

Creditworthiness risks 

Creditworthiness risks arise from the total or partial loss of a counterparty, for example through 

bankruptcy or in connection with monetary investments and derivative financial instruments 

with positive market values. 

Cash flow risks 

A future change in interest rates may cause cash flow from variable interest rate asset and debt 

items to fluctuate. 

- 42 -

Forms of the Notes 

Each Tranche of Notes will initially be in the form of either a temporary global note (the 

"Temporary Global Note"), without interest coupons, or a permanent global note (the 

"Permanent Global Note"), without interest coupons, in each case as specified in the relevant 

Final Terms or, as the case may be, in the Set A Terms and Conditions. Notes may be issued in 

new global note ("NGN") or in classical global note ("CGN") form, both as stated in the 

relevant Final Terms or, as the case may be, in the Set A Terms and Conditions. Each 

Temporary Global Note or, as the case may be, Permanent Global Note (each a "Global Note") 

will be deposited on or around the Issue Date of the relevant Tranche of Notes with Clearstream 

Banking AG, Frankfurt am Main ("Clearstream, Frankfurt") or, in the case of a Global Note 

which will be issued in CGN form, as stated in the relevant Final Terms or, as the case may be, 

in the Set A Terms and Conditions, with a depositary or a common depositary, as applicable, for 

Euroclear Bank SA/NV ("Euroclear") and/or Clearstream Banking, société anonyme, 

Luxembourg ("Clearstream, Luxembourg") and/or any other relevant clearing system. A 

Global Note which will be issued in NGN form, as stated in the relevant Final Terms or, as the 

case may be, in the Set A Terms and Conditions, may be delivered on or prior to the Issue Date 

to a common safekeeper for Euroclear and Clearstream, Luxembourg. The relevant Final Terms 

or, as the case may be, the Set A Terms and Conditions will also specify whether United States 

Treasury Regulation §1.163-5(c)(2)(i)(C) (the "TEFRA C Rules") or United States Treasury 

Regulation §1.163-5(c)(2)(i)(D) (the "TEFRA D Rules") are applicable in relation to the Notes 

or, if the Notes do not have a maturity of more than 365 days, that neither the TEFRA C Rules 

nor the TEFRA D Rules are applicable. 

Temporary Global Note exchangeable for Permanent Global Note 

If the relevant Final Terms or, as the case may be, the Set A Terms and Conditions specify the 

form of Notes as being "Temporary Global Note exchangeable for a Permanent Global Note", 

then the Notes will initially be in the form of a Temporary Global Note which will be 

exchangeable, in whole or in part, for interests in a Permanent Global Note, without interest 

coupons, not earlier than 40 days after the Issue Date of the relevant Tranche of the Notes upon 

certification as to non-U.S. beneficial ownership. No payments will be made under the 

Temporary Global Note unless exchange for interests in the Permanent Global Note is 

improperly withheld or refused. In addition, interest payments in respect of the Notes cannot be 

collected without such certification of non-U.S. beneficial ownership. 

Whenever any interest in the Temporary Global Note is to be exchanged for an interest in a 

Permanent Global Note, the relevant Issuer shall procure (in the case of first exchange) the 

prompt delivery (free of charge to the bearer) of such Permanent Global Note to the bearer of 

the Temporary Global Note or (in the case of any subsequent exchange) an increase in the 

principal amount of the Permanent Global Note in accordance with its terms against: 

(i) 

presentation and (in the case of final exchange) surrender of the Temporary Global Note 

at the Specified Office of the Fiscal Agent (unless specified otherwise in the applicable 

Final Terms or Terms and Conditions); and 

(ii) receipt by the Fiscal Agent of a certificate or certificates of non-U.S. beneficial 

ownership, 

within 7 days of the bearer requesting such exchange. 

The principal amount of the Permanent Global Note shall be equal to the aggregate of the 

principal amounts specified in the certificates of non-U.S. beneficial ownership; provided, 

- 43 -

however, that in no circumstances shall the principal amount of the Permanent Global Note 

exceed the initial principal amount of the Temporary Global Note. 

Terms and Conditions applicable to the Notes 

The terms and conditions applicable to any Note in respect of which Set A Terms and 

Conditions apply will be endorsed on such Note and will consist of the terms and conditions set 

out under "Set A Terms and Conditions of the Notes" below. 

Legend concerning United States persons 

In the case of any Tranche of Notes having a maturity of more than 365 days, the Notes in 

global form will bear a legend to the following effect: 

"Any United States person who holds this obligation will be subject to limitations under 

the United States income tax laws, including the limitations provided in Sections 165(j) 

and 1287(a) of the Internal Revenue Code." 

The sections referred to in such legend provide that a United States person who holds a Note 

will generally not be allowed to deduct any loss realised on the sale, exchange or redemption of 

such Note and any gain (which might otherwise be characterised as capital gain) recognised on 

such sale, exchange or redemption will be treated as ordinary income. 

- 44 -

Emissionsbedingungen 

Nachfolgend sind zwei Sets von 

Emissionsbedingungen abgedruckt. 

Set (A) gilt in erster Linie für syndizierte 

Emissionen von Teilschuldverschreibungen 

unter deutschem Recht, die überarbeitet und 

ergänzt die gültigen Emissionsbedingungen 

für die jeweilige Tranche von Teilschuldverschreibungen 

darstellen und als solche 

vollständig der jeweiligen Globalurkunde 

beigefügt und somit Teil dieser werden. Set 

(A) kann vorbehaltlich der Anpassung und 

Ergänzung im Rahmen dieses Prospektes 

auch für nicht-syndizierte Emissionen von 

Teilschuldverschreibungen und/oder für 

Teilschuldverschreibungen, auf die ein 

anderes als das deutsche Recht Anwendung 

findet, verwendet werden. 

Set (B) ist hauptsächlich für nichtsyndizierte 

Emissionen von 

Teilschuldverschreibungen nach deutschem 

Recht vorgesehen. Set (B) wird mit einer 

Mindeststückelung von Euro 50.000 *) 

begeben und jeweils im Rahmen dieses 

Prospektes durch die Endgültigen 

Bedingungen ergänzt oder geändert und 

bildet mit diesem eine Einheit. Für jede 

einzelne Tranche von 

Teilschuldverschreibungen können die 

Endgültigen Bedingungen eigene 

Bedingungen vorsehen. Werden in den 

Endgültigen Bedingungen festgelegt, die 

von den Emissionsbedingungen des Set (B) 

abweichen, so ersetzen, ergänzen oder 

modifizieren die in den Endgültigen 

Terms and Conditions of the Notes 

Set out below are two sets of terms and 

conditions for the Notes. 

Set (A) represents terms and conditions 

which are primarily intended for 

syndicated issues of Notes under German 

law. They will be, as provided in this 

Prospectus, amended and completed so as 

to constitute specific terms and conditions 

for the relevant tranche of Notes and will 

be annexed in full to, and thereby become 

part of, the relevant Global Note. Set (A) 

may also be used, subject to amendment 

and completion, for non-syndicated issues 

of Notes and/or Notes which are governed 

by laws other than German law. 

Set (B) represents terms and conditions 

which are primarily intended to be used 

for non-syndicated issues of Notes under 

German law. Set (B) is to be issued with a 

minimum denomination of Euro 50,000 *) 

and, as provided in this Prospectus, subject 

to amendment and completion by, and are 

to be read together with, the Final Terms. 

In relation to each tranche of Notes, the 

Final Terms may specify other terms and 

conditions. To the extent so specified, and 

to the extent of any inconsistency with the 

Set (B) terms and conditions set out 

herein, such other terms and conditions of 

the Final Terms shall replace, complete or 

modify the Set (B) terms and conditions 

set out herein for the purposes of the 

*) 

Die Richtlinie 2010/73/EU (die "2010 PR Änderungsrichtlinie"), durch die Richtlinie 2003/71/EG (die 

"Prospektsrichtlinie") und Richtlinie 2004/109/EG geändert werden, erhöht die für die Einordnung eines 

Schuldtitels als ein Schuldtitel für Großanleger in Bezug auf die entsprechenden Offenlegungspflichten und die 

Ausnahmen gemäß der Prospektrichtlinie maßgebliche Schwelle der Mindeststückelung pro Schuldtitel von 

€50.000 auf €100.000, bzw. den entsprechenden Gegenwert in einer anderen Währung. Damit die erhöhte 

Schwelle der Mindeststückelung Anwendung findet, muss die 2010 PR Änderungsrichtlinie in das jeweilige 

nationale Recht der Rechtsordnungen, in die der Prospekt notifiziert wurde und/oder in denen eine 

Börsennotierung bzw. ein öffentliches Angebot und der Vertrieb der Schuldtitel erfolgen soll, umgesetzt werden. 

*) Directive 2010/73/EU (the "2010 PD Amending Directive") amending Directive 2003/71/EC (the "Prospectus 

Directive") and Directive 2004/109/EC increases the minimum denomination threshold per debt security from 

€50,000 to €100,000, or its equivalent in another currency, for the qualification of a debt security as wholesale 

debt with regard to the wholesale disclosure requirements and the exemptions under the Prospectus Directive. For 

the increased minimum denomination threshold to become applicable, the 2010 PD Amending Directive must be 

implemented into the relevant national law of the jurisdictions into which the Prospectus has been passported and 

in which Notes will be listed on a stock exchange and/or publicly offered and distributed. 

- 45 -

Bedingungen festgelegten Emissionsbedingungen 

diejenigen des Set (B) für die 

einzelne Tranche von 

Teilschuldverschreibungen. Darüber hinaus 

kann Set (B) der Emissionsbedingungen, 

ergänzt und modifiziert, auch für 

Emissionen verwendet werden, die einem 

anderen als dem deutschen Recht 

unterliegen. 

relevant tranche of Notes. These Set (B) 

terms and conditions may also be used, 

subject to amendment and completion, for 

issues of Notes which are governed by 

laws other than German law. 

- 46 -

Set A der Emissionsbedingungen 

Set (A) der Emissionsbedingungen kann im 

Fall einer individuellen Emission von 

Teilschuldverschreibungen selbstständig 

entweder in der deutschen oder in der 

englischen Sprache benutzt werden. Die 

bindende Sprache wird im Zeitpunkt der 

jeweiligen Emission festgelegt. 

Set A Terms and Conditions 

The Set (A) Terms and Conditions may, in 

the case of an individual issue of Notes, be 

used independently in the German or English 

language. It will be agreed at the time of 

each issue which language will be binding. 

1. Einführung 1. Introduction 

(a) Die Teilschuldverschreibungen: Die 

[Name der Emission einsetzen] (die 

„Teilschuldverschreibungen”) der 

[METRO AG/Metro Finance B.V.] (die 

„Anleiheschuldnerin”) werden im 

Rahmen des EUR 6.000.000.000 

Programms zur Begebung von 

Teilschuldverschreibungen emittiert. 

[Die Teilschuldverschreibungen sind 

durch die METRO AG, Düsseldorf, 

Bundesrepublik Deutschland (die 

„Garantin”) garantiert.] Die 

Teilschuldverschreibungen sind 

eingeteilt in untereinander 

gleichberechtigte Inhaberschuldverschreibungen 

im Nennbetrag von 

[jeweiligen Nennbetrag einsetzen]. [Die 

Teilschuldverschreibungen eines 

Nennbetrages sind nicht umtauschbar 

in Teilschuldverschreibungen eines 

anderen Nennbetrages.] Die 

Schuldverschreibungen werden in Form 

einer [classical global note („CGN”)] 

[new global note („NGN”)] begeben. 

(a) The Notes: The [insert title of issue] 

(the "Notes") of [METRO AG/Metro 

Finance B.V.] (the "Issuer") are 

issued pursuant to the EUR 

6,000,000,000 Debt Issuance 

Programme. [The Notes are 

guaranteed by METRO AG, 

Düsseldorf, Federal Republic of 

Germany (the "Guarantor").] The 

Notes are in bearer form, having the 

same rights among themselves, in the 

denomination(s) of [insert 

denomination(s)]. [Notes of one 

denomination will not be 

exchangeable for Notes of another 

denomination.] The Notes are issued 

in [classical global Note ("CGN")] 

[new global Note ("NGN")] form. 

Text für Teilschuldverschreibungen in Form 

einer dauerhaften Globalurkunde 

(b) Teilschuldverschreibungen in Form 

einer Globalurkunde: Die 

Teilschuldverschreibungen sind für ihre 

gesamte Laufzeit in einer dauerhaften 

Globalurkunde („Globalurkunde”) 

verbrieft, die bei der [Clearstream 

Banking AG, Frankfurt am Main 

(„Clearstream, Frankfurt”) / [Falls 

die Globalurkunde eine CGN ist, 

einfügen: bei einem gemeinsamen 

Verwahrer] [Falls die Globalurkunde 

eine NGN ist, einfügen: bei einer 

Text applicable to Notes represented by 

permanent global note 

(b) Notes in global form: The Notes are 

represented for the whole life of the 

Notes by a permanent global bearer 

Note (the "Global Note") which is 

deposited with [Clearstream Banking 

AG, Frankfurt am Main 

("Clearstream, Frankfurt") / [In 

case the Global Note is a CGN 

insert: a common depositary] [In 

case the Global Note is a NGN 

insert: a common safekeeper ] for 

Euroclear Bank SA/NV 

- 47 -

gemeinsamen 

Sicherheitenverwahrstelle (common 

safekeeper)] für Euroclear Bank 

SA/NV („Euroclear”) und Clearstream 

Banking, société anonyme 

(„Clearstream, Luxemburg”) 

[(Euroclear und Clearstream, 

Luxemburg jeweils ein „ICSD” und 

zusammen die „ICSDs”)] / [Name(n) 

und Definition(en) des/der sonstigen 

Clearing-System(s)(e) einsetzen] 

hinterlegt ist. Etwaige Zinsansprüche 

sind nicht gesondert verbrieft. Die 

Globalurkunde trägt die eigenhändigen 

Unterschriften von zwei 

Vertretungsberechtigten der Anleiheschuldnerin 

sowie die eigenhändige 

Unterschrift eines Kontrollbeauftragten 

des Fiscal Agent (wie definiert in 

Bedingung 1(d)). Teilschuldverschreibungen 

in effektiven 

Urkunden werden nicht ausgegeben. 

Ein Anspruch auf Ausdruck und 

Auslieferung 

von 

Teilschuldverschreibungen in 

effektiven Urkunden ist 

ausgeschlossen. 

Text für Teilschuldverschreibungen in Form 

einer vorläufigen Globalurkunde mit 

Austausch gegen Teilschuldverschreibungen 

in Form einer dauerhaften 

Globalurkunde 

(b) Teilschuldverschreibungen in Form 

einer Globalurkunde: Die Teilschuldverschreibungen 

sind anfänglich in 

einer vorläufigen Globalurkunde 

(„Vorläufige Globalurkunde”) 

verbrieft, die bei der [Clearstream 

Banking AG, Frankfurt am Main 

(„Clearstream, Frankfurt”) / [Falls 

die Globalurkunde eine CGN ist, 

einfügen: bei einem gemeinsamen 

Verwahrer] [Falls die Globalurkunde 

eine NGN ist, einfügen: bei einer 

gemeinsamen 

Sicherheitenverwahrstelle (common 

safekeeper)] für Euroclear Bank 

SA/NV („Euroclear”) und Clearstream 


(„Clearstream, Luxemburg”) 

[(Euroclear und Clearstream, 

("Euroclear") and Clearstream 


("Clearstream, Luxembourg") 

[(Euroclear and Clearstream, 

Luxembourg each an "ICSD" and 

together the "ICSDs")] / [insert name 

and definition of other clearing 

system(s)]. The rights to demand 

payment of interest (if any) are not 

evidenced by a separate document. 

The Global Note bears the manual 

signatures of two duly authorised 

officers of the Issuer as well as the 

manual signature of an authentication 

officer of the Fiscal Agent (as 

defined in condition 1(d)). No 

definitive Notes will be issued. The 

right to demand the printing and 

delivery of definitive Notes is 

excluded. 

Text applicable to Notes represented by 

temporary global note exchangeable for 

permanent global note 

(b) Notes in global form: The Notes are 

initially represented by a temporary 

global bearer Note (the "Temporary 

Global Note") which is deposited 

with [Clearstream Banking AG, 

Frankfurt am Main ("Clearstream, 

Frankfurt") / [In case the Global 

Note is a CGN insert: a common 

depositary] [In case the Global Note 

is a NGN insert: a common 

safekeeper ] for Euroclear Bank 

SA/NV ("Euroclear") and 

Clearstream Banking, société 

anonyme 

("Clearstream, 

Luxembourg") [(Euroclear and 

Clearstream, Luxembourg each an 

"ICSD" and together the "ICSDs")] / 

[insert name and definition of other 

clearing system(s)]. The Temporary 

- 48 -

Luxemburg jeweils ein „ICSD” und 

zusammen die „ICSDs”)] / [Name(n) 

und Definition(en) des/der sonstigen 

Clearing-System(s)(e) einsetzen] 

hinterlegt ist. Die Vorläufige 

Globalurkunde wird bei Vorlegung 

einer Bescheinigung, dass der bzw. die 

rechtliche(n) oder wirtschaftliche(n) 

Eigentümer keine U.S.-Person(en) 

entsprechend dem U.S.-Steuerrecht 

sind, frühestens jedoch 40 Tage nach 

Ausstellung der Vorläufigen 

Globalurkunde, gegen eine dauerhafte 

Globalurkunde („Dauerhafte 

Globalurkunde” und, zusammen mit 

der Vorläufigen Globalurkunde, 

„Globalurkunde”) ausgetauscht. 

Etwaige Zinsansprüche sind nicht 

gesondert verbrieft. Die Vorläufige und 

die Dauerhafte Globalurkunde tragen 

die eigenhändigen Unterschriften von 

zwei Vertretungsberechtigten der 

Anleiheschuldnerin sowie die 

eigenhändige Unterschrift eines 

Kontrollbeauftragten des Fiscal Agent 

(wie definiert in Bedingung 1(d)). 


effektiven Urkunden werden nicht 

ausgegeben. Ein Anspruch auf 

Ausdruck und Auslieferung von 


effektiven Urkunden ist 


Global Note will be exchangeable for 

a permanent global note (the 

"Permanent Global Note" and, 

together with the Temporary Global 

Note, the "Global Note") against 

certification of non-U.S. beneficial 

ownership in accordance with U.S. 

tax regulations no earlier than 40 

days after the issue of the Temporary 

Global Note. The rights to demand 

payment of interest (if any) are not 

evidenced by a separate document. 

The Temporary Global Note and the 

Permanent Global Note bear the 

manual signatures of two duly 

authorised officers of the Issuer as 

well as the manual signature of an 

authentication officer of the Fiscal 

Agent (as defined in condition 1(d)). 

No definitive Notes will be issued. 

The right to demand the printing and 

delivery of definitive Notes is 

excluded. 

Text für Teilschuldverschreibungen, die in 

Form einer NGN begeben werden 

Text applicable to Notes issued as NGN 

(c) 

Register der ICSDs: Der Nennbetrag 

der durch die Globalurkunde 

verbrieften 

Teilschuldverschreibungen entspricht 

dem jeweils in den Registern beider 

ICSDs eingetragenen Gesamtbetrag. 

Die Register der ICSDs (unter denen 

man die Register versteht, die jeder 

ICSD für seine Kunden über den 

Betrag ihres Anteils an den 

Teilschuldverschreibungen führt) sind 

schlüssiger Nachweis über den 

Nennbetrag der durch die 

Globalurkunde 

verbrieften 

Teilschuldverschreibungen, und eine 

(c) Record of the ICSDs: The principal 

amount of Notes represented by the 

Global Note shall be the aggregate 

amount from time to time entered in 

the records of both ICSDs. The 

records of the ICSDs (which 

expression means the records that 

each ICSD holds for its customers 

which reflect the amount of such 

customer's interest in the Notes) shall 

be conclusive evidence of the 

principal amount of Notes 

represented by the Global Note and, 

for these purposes, a statement 

issued by a ICSD stating the 

- 49 -

zu diesem Zweck von einem ICSD 

jeweils ausgestellte Bescheinigung 

mit dem Nennbetrag der so 

verbrieften 

Teilschuldverschreibungen ist ein 

schlüssiger Nachweis über den Inhalt 

des Registers des jeweiligen ICSD zu 

diesem Zeitpunkt. 

Bei Rückzahlung oder Zahlung einer 

Rate oder einer Zinszahlung 

bezüglich der durch die 

Globalurkunde 

verbrieften 

Teilschuldverschreibungen bzw. bei 

Kauf und Entwertung der durch die 

Globalurkunde 

verbrieften 

Teilschuldverschreibungen stellt die 

Anleiheschuldnerin sicher, dass die 

Einzelheiten über Rückzahlung und 

Zahlung bzw. Kauf und Löschung 

bezüglich der Globalurkunde 

entsprechend in die Unterlagen der 

ICSDs eingetragen werden, und dass 

nach dieser Eintragung vom 

Nennbetrag der in die Register der 

ICSDs aufgenommenen und durch die 

Globalurkunde 

verbrieften 

Schuldverschreibungen der 

Gesamtnennbetrag 

der 

zurückgekauften bzw. gekauften und 

entwerteten Schuldverschreibungen 

bzw. der Gesamtbetrag der so 

gezahlten Raten abgezogen wird. 

Text für Teilschuldverschreibungen in 

Form einer vorläufigen Globalurkunde, 

die als NGN begeben wird 

Bei Austausch eines Anteils von 

ausschließlich durch eine vorläufige 

Globalurkunde verbrieften 

Teilschuld¬verschreibungen wird die 

Anleiheschuldnerin sicherstellen, 

dass die Einzelheiten dieses 

Austauschs entsprechend in die 

Aufzeichnungen der ICSDs 

aufgenommen werden. 

principal amount of Notes so 

re¬presented at any time shall be 

conclusive evidence of the ¬records 

of the relevant ICSD at that time. 

On any redemption or payment of an 

instalment or interest being made in 

respect of, or purchase and 

cancellation of, any of the Notes 

represented by the Global Note the 

Issuer shall procure that details of 

any redemption, payment or 

purchase and cancellation (as the 

case may be) in respect of the Global 

Note shall be entered pro rata in the 

records of the ICSDs and, upon any 

such entry being made, the principal 

amount of the Notes recorded in the 

records of the ICSDs and represented 

by the Global Note shall be reduced 

by the aggregate principal amount of 

the Notes so redeemed or purchased 

and cancelled or by the aggregate 

amount of such instalment so paid. 

Text applicable to Notes represented 

by temporary global note issued as 

NGN 

On an exchange of a portion only of 

the Notes represented by a 

Temporary Global Note, the Issuer 

shall procure that details of such 

exchange shall be entered pro rata in 

the records of the ICSDs. 

- 50 -

Text für Teilschuldverschreibungen, die von 

Clearstream, Frankfurt verwahrt werden 

Text applicable to Notes in Clearstream, 

Frankfurt 

(d) 

Übertragung: Den Anleihegläubigern 

(wie in Bedingung 1[(g)] definiert) 

stehen Miteigentumsanteile an der 

Globalurkunde zu, die gemäß den 

Bestimmungen und Regeln der 

Clearstream, Frankfurt, und nach dem 

jeweils anwendbaren Recht 

übertragen werden können. 

(d) Transfer: The Noteholders (as 

defined in condition 1[(g)]) are 

entitled to co-ownership 

participations in the Global Note 

which are transferable in accordance 

with the rules and regulations of 

Clearstream, Frankfurt and with 

applicable law. 

Text für Teilschuldverschreibungen, die von 

Euroclear und Clearstream, Luxemburg 

bzw. einem oder mehreren anderen 

Clearing-System(en) verwahrt werden 

(d) Übertragung: Die Teilschuldverschreibungen 

sind gemäß den 

Bestimmungen und Regeln von 

Euroclear und Clearstream, Luxemburg / 

[sonstige(s) Clearing System(e) 

einsetzen] und nach dem jeweils 

anwendbaren Recht zu übertragen. 

Text applicable to Notes in Euroclear / 

Clearstream, Luxembourg or in one or 

more other clearing systems 

(d) Transfer: The Notes are transferable 

in accordance with the rules and 

regulations of Euroclear and 

Clearstream, Luxembourg / [insert 

other clearing system(s)] and with 

applicable law. 

(e) 

Issue and Paying Agency Agreement: 

Die Teilschuldverschreibungen sind 

Gegenstand einer Emissions- und 

Zahlstellenvereinbarung vom 

13. Mai 2011 (in der jeweils gültigen 

Fassung das „Issue and Paying 

Agency Agreement”) zwischen 

[unter anderem] der 

Anleiheschuldnerin[, der Garantin] 

und der Deutsche Bank 

Aktiengesellschaft, Frankfurt am 

Main, Bundesrepublik Deutschland, 

als Fiscal Agent (der „Fiscal Agent”; 

dieser Begriff schließt auch jeden 

zukünftigen Fiscal Agent ein, der im 

Zusammenhang mit den 

Teilschuldverschreibungen ernannt 

wird) und als Zahlstelle (die 

„Zahlstelle” – dieser Begriff schließt 

den Fiscal Agent ein – und, 

einschließlich aller Nachfolger oder 

zusätzlicher Zahlstellen, die im 

Zusammenhang mit den 

Teilschuldverschreibungen benannt 

werden, die „Zahlstellen”). 

(e) Issue and Paying Agency Agreement: 

The Notes are the subject of an issue 

and paying agency agreement dated 

13 May 2011 (as amended or 

supplemented from time to time, the 

"Issue and Paying Agency 

Agreement") between [among 

others] the Issuer[, the Guarantor] 

and Deutsche Bank 

Aktiengesellschaft, Frankfurt am 

Main, Federal Republic of Germany 

as fiscal agent (the "Fiscal Agent", 

which expression includes any 

successor fiscal agent appointed 

from time to time in connection with 

the Notes) and as paying agent (the 

"Paying Agent", which term shall 

include the Fiscal Agent, and, 

including any successor or additional 

paying agents appointed from time to 

time in connection with the Notes, 

the "Paying Agents"). 

- 51 -

Text für garantierte Teilschuldverschreibungen 

(f) Garantie: Die Teilschuldverschreibungen 

unterliegen einer 

Garantie vom 14. Mai 2010 (in der 

jeweils gültigen Fassung die 

„Garantie”), die von der Garantin 

übernommen wurde. 

(g) Verpflichtungserklärung: Die 

Teilschuldverschreibungen 

unterliegen einer von der Garantin 

abgegebenen Verpflichtungserklärung 

vom 14. Mai 2010 (in der jeweils 

gültigen Fassung die 

„Verpflichtungserklärung”). 

Text applicable to guaranteed Notes 

(f) Guarantee: The Notes are the subject 

of a guarantee (Garantie) dated 

14 May 2010 (as amended, 

supplemented or replaced from time 

to time, the "Guarantee") entered 

into by the Guarantor. 

(g) Undertaking: The Notes are the 

subject of an undertaking dated 

14 May 2010 executed by the 

Guarantor (as amended, 

supplemented or replaced from time 

to time, the "Undertaking"). 

[(h)] Kopien: Kopien des Issue and Paying 

Agency Agreement[, der Garantie und 

der Verpflichtungserklärung] können 

von den Anleihegläubigern 

(„Anleihegläubiger”) während der 

üblichen Geschäftszeiten bei den 

benannten Geschäftsstellen einer 

jeden Zahlstelle eingesehen werden; 

die anfänglich vorgesehenen 

Geschäftsstellen sind nachstehend 

aufgeführt. 

Kopien dieser Bedingungen[, der 

Garantie und der 

Verpflichtungserklärung] sind 

kostenlos am Gesellschaftssitz der 

Anleiheschuldnerin in [Düsseldorf / 

Venlo] [und am Gesellschaftssitz der 

Garantin in Düsseldorf] erhältlich. 

[(h)] Copies: Copies of the Issue and 

Paying Agency Agreement[, the 

Guarantee and the Undertaking] are 

available for inspection by holders of 

Notes ("Noteholders") during 

normal business hours at the 

specified offices of each of the 

Paying Agents, the initial specified 

offices of which are set out below. 

Copies of these conditions[, the 

Guarantee and the Undertaking] can 

be obtained free of charge at the 

Issuer's registered office in 

[Düsseldorf / Venlo] [and at the 

Guarantor's registered office in 

Düsseldorf]. 

2. Status [und Garantie] 2. Status [and Guarantee] 

[(a) Status der 

Teilschuldverschreibungen:] Die 

Teilschuldverschreibungen begründen 

direkte, unbedingte und unbesicherte 

Verpflichtungen 

der 

Anleiheschuldnerin, die jederzeit 

gleichrangig untereinander und 

mindestens gleichrangig mit allen 

anderen gegenwärtigen und 

zukünftigen 

unbesicherten 

Verpflichtungen 

der 

Anleiheschuldnerin bestehen. Hiervon 

sind solche Verpflichtungen 

[(a) Status of the Notes:] The Notes 

constitute direct, unconditional and 

unsecured obligations of the Issuer 

which will at all times rank pari 

passu among themselves and at least 

pari passu with all other present and 

future unsecured obligations of the 

Issuer, save for such obligations as 

may be preferred by provisions of 

law that are both mandatory and of 

general application. 

- 52 -

ausgenommen, die aufgrund 

zwingender und allgemein 

anwendbarer gesetzlicher Bestimmungen 

vorrangig sind. 


(b) Garantie für die von der Metro Finance 

B.V. begebenen Teilschuldverschreibungen: 

Die Zahlungsverpflichtungen 

der Metro Finance 

B.V. aus den von ihr begebenen 

Teilschuldverschreibungen werden 

gemäß der Garantie unbedingt und 

unwiderruflich durch die Garantin 

garantiert. 

Die Garantie begründet einen Vertrag 

zugunsten der Anleihegläubiger als 

begünstigte Dritte gemäß § 328 (1) 

BGB, der jedem Anleihegläubiger das 

Recht einräumt, die Erfüllung der durch 

die Garantin eingegangenen 

Verpflichtungen zu verlangen und 

gegen die Garantin durchzusetzen. 

Die Garantie unterliegt dem Recht der 

Bundesrepublik Deutschland. 

Erfüllungsort und nichtausschließlicher 

Gerichtsstand für alle 

sich aus den in der Garantie geregelten 

Rechtsverhältnissen ergebenden 

Rechtsstreitigkeiten mit der Garantin ist 

grundsätzlich Frankfurt am Main. Der 

Gerichtsstand ist hingegen 

ausschließlich, soweit es sich um 

Rechtsstreitigkeiten handelt, die von 

Kaufleuten, juristischen Personen des 

öffentlichen Rechts, öffentlichrechtlichen 

Sondervermögen und 

Personen ohne allgemeinen 

Gerichtsstand in der Bundesrepublik 

Deutschland angestrengt werden. 

(c) Status der Garantie: Die Garantie für 

die von der Metro Finance B.V. 

begebenen Teilschuldverschreibungen 


(b) Guarantee of Notes issued by Metro 

Finance B.V.: The payment 

obligations of Metro Finance B.V. in 

respect of the Notes issued by it have 

been guaranteed unconditionally and 

irrevocably by the Guarantor 

pursuant to the Guarantee. 

The Guarantee constitutes a contract 

in favour of the Noteholders as third 

party beneficiaries pursuant to 

§ 328(1) of the German Civil Code 

entitling each Noteholder to require 

performance of the obligations 

undertaken by the Guarantor and to 

enforce such obligations against the 

Guarantor. 

The Guarantee is governed by the 

laws of the Federal Republic of 

Germany. Place of performance and 

place of non-exclusive jurisdiction 

for all litigation with the Guarantor 

arising from the legal relations 

established in the Guarantee is 

Frankfurt am Main, provided, 

however, that the place of jurisdiction 

is exclusive for all litigation which is 

brought by merchants (Kaufleute), 

legal persons under public law 

(juristische Personen des öffentlichen 

Rechts), special funds under public 

law 

(öffentlich-rechtliche 

Sondervermögen) and persons not 

subject to general jurisdiction of the 

courts of the Federal Republic of 

Germany (Personen ohne 

allgemeinen Gerichtsstand in der 

Bundesrepublik Deutschland). 

(c) Status of the Guarantee: The 

Guarantee of Notes issued by Metro 

Finance B.V. constitutes direct, 

unconditional and unsecured 

- 53 -

egründet direkte, unbedingte und 

unbesicherte Verpflichtungen der 

Garantin, die jederzeit mindestens 

gleichrangig mit allen anderen 

gegenwärtigen und zukünftigen 

unbesicherten Verpflichtungen der 

Garantin bestehen. Hiervon sind solche 

Verpflichtungen ausgenommen, die 

aufgrund zwingender und allgemein 

anwendbarer gesetzlicher Bestimmungen 

vorrangig sind. 

obligations of the Guarantor which 

will at all times rank at least pari 

passu with all other present and 

future unsecured obligations of the 

Guarantor, save for such obligations 

as may be preferred by provisions of 

law that are both mandatory and of 


3. Negativverpflichtung [und 

Verpflichtungserklärung] 

3. Negative Pledge [and Undertaking] 

(a) Negativverpflichtung 

der 

Anleiheschuldnerin: Solange eine 

Teilschuldverschreibung aussteht, wird 

die Anleiheschuldnerin weder in Bezug 

auf die Gesamtheit noch auf einen Teil 

ihrer gegenwärtigen und zukünftigen 

Vermögensgegenstände, -werte oder 

Einnahmen (einschließlich des nicht 

eingeforderten Kapitals), mit 

Ausnahme der Zulässigen 

Sicherungsrechte, Sicherungsrechte 

begründen oder zulassen, dass 

Sicherungsrechte weiterbestehen, und 

die Anleiheschuldnerin wird dafür 

Sorge tragen, dass ihre 

Tochtergesellschaften gleichermaßen 

keine Sicherungsrechte begründen oder 

zulassen, dass Sicherungsrechte 

weiterbestehen, um Verbindlichkeiten 

oder Garantieverpflichtungen zu 

sichern, ohne dass die 

Anleiheschuldnerin oder ihre 

Tochtergesellschaften zur gleichen Zeit 

oder vorher die Teilschuldverschreibungen 

gleichwertig und 

anteilsmäßig besichert haben. 

(a) 

Negative Pledge of Issuer: So long as 

any Note remains outstanding, the 

Issuer shall not, and the Issuer shall 

procure that its Subsidiaries shall not, 

create or permit to subsist any Security 

Interest other than a Permitted Security 

Interest upon the whole or any part of 

its present or future assets or revenues 

(including uncalled capital) to secure 

any Indebtedness or guarantee of 

Indebtedness without at the same time 

or prior thereto securing the Notes 

equally and rateably therewith. 


(b) Negativverpflichtung der Garantin: In 

der Verpflichtungserklärung 

verpflichtet sich die Garantin, so lange 

eine Teilschuldverschreibung aussteht, 

weder in Bezug auf die Gesamtheit 

noch auf einen Teil ihrer 


(b) Negative Pledge of Guarantor: The 

Guarantor has in the Undertaking 

undertaken that, so long as any Note 

remains outstanding, the Guarantor 

shall not, and the Guarantor shall 

procure that its Subsidiaries shall not, 

- 54 -

gegenwärtigen und zukünftigen 

Vermögensgegenstände, -werte oder 

Einnahmen (einschließlich des nicht 

eingeforderten Kapitals), mit 

Ausnahme der Zulässigen 

Sicherungsrechte, Sicherungsrechte zu 

begründen oder zuzulassen, dass 

Sicherungsrechte weiterbestehen, und 

die Garantin wird dafür Sorge tragen, 

dass ihre Tochtergesellschaften 

gleichermaßen keine Sicherungsrechte 

begründen oder zulassen, dass 

Sicherungsrechte weiterbestehen, um 

Verbindlichkeiten oder Garantieverpflichtungen 

zu sichern, ohne dass 

die Garantin oder ihre 

Tochtergesellschaften zur gleichen Zeit 

oder vorher die Teilschuldverschreibungen 

gleichwertig und 

anteilsmäßig besichert haben. 

(c) Verpflichtungserklärung: Die 

Verpflichtungserklärung begründet 

einen Vertrag zugunsten der 

Anleihegläubiger als begünstigte Dritte 

gemäß § 328 (1) BGB, der jedem 

Anleihegläubiger das Recht einräumt, 

die Erfüllung der durch die Garantin 

damit eingegangenen Verpflichtungen 

zu verlangen und gegen die Garantin 

durchzusetzen. Die Verpflichtungserklärung 

unterliegt dem Recht der 

Bundesrepublik Deutschland. 

Erfüllungsort und nichtausschließlicher 


sich aus den in der 

Verpflichtungserklärung geregelten 

Rechtsverhältnissen ergebenden 

Rechtsstreitigkeiten mit der Garantin ist 

grundsätzlich Frankfurt am Main. Der 

Gerichtsstand ist hingegen ausschließlich, 

soweit es sich um 








create or permit to subsist any 

Security Interest other than a 

Permitted Security Interest upon the 

whole or any part of its present or 

future assets or revenues (including 

uncalled capital) to secure any 

Indebtedness or guarantee of 

Indebtedness without at the same 

time or prior thereto securing the 

Notes equally and rateably therewith. 

(c) Undertaking: The Undertaking 

constitutes a contract in favour of the 

Noteholders as third party 

beneficiaries pursuant to § 328(1) of 

the German Civil Code entitling each 

Noteholder to require performance of 

the obligations undertaken by the 

Guarantor therein and to enforce such 

obligations against the Guarantor. 

The Undertaking is governed by the 

laws of the Federal Republic of 

Germany. Place of performance and 

place of non-exclusive jurisdiction 

for all litigation with the Guarantor 

arising from the legal relations 

established in the Undertaking is 

Frankfurt am Main, provided, 

however, that the place of jurisdiction 

is exclusive for all litigation which is 

brought by merchants (Kaufleute), 

legal persons under public law 

(juristische Personen des öffentlichen 

Rechts), special funds under public 

law 








[(d)] „Garantieverpflichtung” ist in Bezug 

[(d)] "guarantee" means, in relation to any 

- 55 -

auf jedwede Verbindlichkeit einer 

Person die Verpflichtung 

(einschließlich in Form einer 

Bürgschaft) einer anderen Person, diese 

Verbindlichkeit zu begleichen, 

einschließlich (ohne Einschränkung): 

(i) der Verpflichtung, eine derartige 

Verbindlichkeit zu erwerben; 

(ii) der Verpflichtung, Geld zu leihen, 

Aktien oder andere Wertpapiere zu 

erwerben oder zu zeichnen oder 

Vermögenswerte 

oder 

Dienstleistungen zu erwerben, um 

die Mittel für die Zahlung 

derartiger Verbindlichkeiten 

bereitzustellen; 

(iii) jeder Freistellung gegen die 

Auswirkungen eines Zahlungsverzugs 

einer solchen 

Verbindlichkeit; und 

(iv) jeder anderen Vereinbarung über 

die Haftung für eine derartige 

Verbindlichkeit. 

„Sicherungsrecht” ist jede Hypothek, 

Grundschuld, jedes Pfand- oder 

sonstige dingliche Sicherungsrecht 

unter den Gesetzen der jeweils 

maßgeblichen Rechtsordnung. 

„Tochtergesellschaft” ist in Bezug auf 

eine Person (die „erste Person”) zu 

jedem bestimmten Zeitpunkt jede 

andere Person (die „zweite Person”): 

(i) deren Angelegenheiten und 

Geschäftspolitik von der ersten 

Person kontrolliert werden oder 

kontrolliert werden können, 

entweder durch Halten der 

Mehrheit des Anteilskapitals oder 

der Stimmrechte, durch Vertrag 

oder die Befugnis, Mitglieder des 

Vorstands der zweiten Person zu 

ernennen oder abzuberufen; 

und 

(ii) (a) deren gesamte Vermögensgegenstände 

oder (falls die zweite 

Indebtedness of any person, any 

obligation (including in the form of a 

suretyship) of another person to pay 

such Indebtedness including (without 

limitation): 

(i) any obligation to purchase such 

Indebtedness; 

(ii) any obligation to lend money, to 

purchase or subscribe shares or 

other securities or to purchase 

assets or services in order to 

provide funds for the payment 

of such Indebtedness; 

(iii) any indemnity against the 

consequences of a default in the 

payment of such Indebtedness; 

and 

(iv) any other agreement to be 

responsible for such 

Indebtedness. 

"Security Interest" means any 

mortgage, charge, pledge, lien or 

other security interest under the laws 

of any applicable jurisdiction. 

"Subsidiary" means, in relation to any 

person (the "first person") at any 

particular time, any other person (the 

"second person"): 

(i) whose affairs and policies the 

first person controls or has the 

power to control, whether by 

ownership of the majority of 

share capital or voting rights, 

contract or the power to appoint 

or remove members of the 

governing body of the second 

person; 

and 

(ii) (a) the value of whose total 

assets or (in case the second 

- 56 -

Person 

selbst 

Tochtergesellschaften hat) deren 

gesamte 

konsolidierte 

Vermögensgegenstände 3 % des 

Wertes der gesamten 

konsolidierten 

Vermögensgegenstände 

der ersten 

Person übersteigen, so wie es bei 

dem letzten geprüften 

(konsolidierten) Jahresabschluss 

der ersten Person und dieser 

Tochtergesellschaft festgestellt 

wurde; oder (b) deren Einnahmen 

oder (falls die zweite Person selbst 

Tochtergesellschaften hat) deren 

konsolidierte Einnahmen 3 % der 

konsolidierten Netto-Einnahmen 

der ersten Person übersteigen, so 

wie sie bei dem letzten geprüften 

(konsolidierten) Jahresabschluss 

der ersten Person und dieser 

Tochtergesellschaft festgestellt 

wurden. 

„Verbindlichkeit” ist jede Geldschuld, 

die in Form einer Schuldverschreibung 

oder eines sonstigen Wertpapiers 

verbrieft ist, und an einer Börse oder an 

einem anderen Wertpapiermarkt 

(einschließlich des außerbörslichen 

Handels) eingeführt ist, notiert oder 

gehandelt wird oder werden kann, jedes 

von einer Bank, einer Versicherung 

oder einem anderen Finanzinstitut 

ausgereichte Darlehen (einschließlich, 

aber ohne darauf beschränkt zu sein, 

Schuldscheindarlehen) sowie jede 

Garantieverpflichtung oder sonstige 

Gewährleistung in Bezug auf eine 

solche Geldschuld oder ein solches 

Darlehen. 

„Zulässige Sicherungsrechte” sind: 

person itself has Subsidiaries) 

the total consolidated assets 

exceed 3 per cent. of the total 

consolidated assets of the first 

person, as determined from the 

most recent audited 

(consolidated) financial 

statements of the first person 

and such Subsidiary; or (b) 

whose revenues or (in case the 

second person itself has 

Subsidiaries) consolidated 

revenues exceeds 3 per cent. of 

the consolidated net revenues of 

the first person, as determined 

from the most recent audited 

(consolidated) financial 

statements of the first person 

and such Subsidiary. 

"Indebtedness" means any monetary 

indebtedness which is represented by 

a bond or other debt security and 

which is or is capable of being 

admitted to or listed or traded on a 

stock exchange or other securities 

market (including any over-thecounter 

market), any loan advanced 

by a bank, an insurance company or 

any other financial institution 

(including, without limitation, 

assignable 

loans 

(Schuldscheindarlehen)) and any 

guarantee or suretyship in respect of 

any such monetary indebtedness or 

such loan. 

"Permitted Security Interest" means: 

(i) alle Sicherungsrechte, die am 

Begebungstag der Teilschuldverschreibungen 

bestehen, soweit 

sie an diesem Tag ausstehende 

Verbindlichkeiten absichern; 

hiervon sind Sicherungsrechte 

ausgenommen, soweit solche 

Verbindlichkeiten nach Bestellung 

der 

Sicherungsrechte 

(i) 

any Security Interest in existence 

on the date of issue of the Notes 

to the extent that it secures 

Indebtedness outstanding on 

such date and, for the avoidance 

of doubt, excluding any such 

Security Interest to the extent 

that any such Indebtedness is 

subsequently repaid or redeemed 

- 57 -

zurückgezahlt oder getilgt werden 

und/oder die Sicherungsrechte 

nach Bestellung erlöschen oder 

ersetzt werden; 

(ii) alle Sicherungsrechte, die kraft 

Gesetzes oder im Rahmen der 

gewöhnlichen Geschäftstätigkeit 

der Anleiheschuldnerin [oder der 

Garantin] oder einer ihrer 

[jeweiligen] Tochtergesellschaften 

entstehen (einschließlich aller 

Sicherungsrechte in Form eines 

Eigentumsvorbehaltes oder 

anderer Sicherungsrechte, die 

aufgrund von Geschäfts- oder 

üblichen Bedingungen der 

Gegenpartei, in Übereinstimmung 

mit der üblichen Marktpraxis 

entstehen); 

(iii) alle Sicherungsrechte, die nach 

dem Begebungstag der 

Teilschuldverschreibungen an neu 

erworbenen Vermögensgegenständen 

oder 

Vermögenswerten bestellt werden, 

einzig zum Zweck der 

Besicherung der übernommenen 

Verpflichtungen, die dem Zweck 

(a) der Finanzierung des 

Kaufpreises eines solchen 

erworbenen Vermögensgegenstandes 

oder Vermögenswertes 

oder (b) der Begründung, 

Entwicklung oder Verbesserung 

eines solchen Vermögensgegenstandes 

oder Vermögenswertes 

dienen; 

(iv) alle Sicherungsrechte, die auf den 

Vermögensgegenständen, -werten 

oder Anteilen neu erworbener 

Tochtergesellschaften der 

Anleiheschuldnerin [oder der 

Garantin] lasten und die nach dem 

Begebungstag der Teilschuldverschreibungen 

gekauft werden; 

(v) alle Sicherungsrechte, die bestehen 

oder begründet sind zu Gunsten 

der Anleiheschuldnerin, der 

Garantin oder ihrer 

Tochtergesellschaften; und 

(ii) 

and/or such Security Interest is 

subsequently discharged or 

replaced; 

any Security Interest arising by 

operation of law or in the 

ordinary course of business of 

the Issuer [or the Guarantor] or 

any of [its / their respective] 

Subsidiaries (including any 

Security Interest in the form of a 

retention of title arrangement or 

other Security Interest entered 

into on the counterparty's 

standard or usual terms in 

accordance with customary 

market practice); 

(iii) any Security Interest created 

over a newly acquired asset after 

the date of the issue of the Notes 

which is solely for the purpose 

of securing indebtedness 

incurred for the purpose of (a) 

financing the purchase price of 

the acquisition of such asset or 

(b) constructing, developing or 

improving such asset; 

(iv) any Security Interest existing 

over the assets or shares of 

newly acquired Subsidiaries of 

the Issuer [or the Guarantor] 

acquired after the date of issue 

of the Notes; 

(v) any Security Interest created or 

existing for the benefit of the 

Issuer, the Guarantor and its 

Subsidiaries; and 

- 58 -

(vi) alle Sicherungsrechte, die bestehen 

oder begründet werden, um 

Verpflichtungen zu sichern, die in 

Zusammenhang mit dem Gesetz 

zur Förderung eines gleitenden 

Überganges in den Ruhestand 

(Altersteilzeitgesetz) eingegangen 

werden. 

Eine Teilschuldverschreibung gilt als 

'ausstehend', sofern nicht einer oder 

mehrere der folgenden Fälle eingetreten 

ist oder sind: 

(A) Rückzahlung oder Kauf: die 

Teilschuldverschreibung wurde 

vollständig zurückgezahlt oder 

gemäß Bedingung 5[(g)] 

(Rückzahlung, vorzeitige Rückzahlung 

und Kauf – Kauf) gekauft 

und jeweils gemäß der Bedingung 

5[(h)] (Rückzahlung, vorzeitige 

Rückzahlung und Kauf- 

Entwertung) entwertet; 

(vi) any Secutity Interest created or 

existing to secure any 

obligations incurred in order to 

comply with the German Act on 

Old-Age Part- Time (Gesetz zur 

Förderung eines gleitenden 

Übergangs in den Ruhestand). 

A Note shall be considered to be 

"outstanding" unless one or more of 

the following events has occurred: 

(A) 

Redeemed or purchased: such 

Note has been redeemed in 

full, or purchased under 

condition 5[(g)] (Redemption, 

Early Redemption and 

Purchase – Purchase) and in 

either case has been cancelled 

in accordance with condition 

5[(h)] (Redemption, Early 

Redemption and Purchase – 

Cancellation); 

(B) Fälligkeitstag: der Fälligkeitstag 

für die vollständige Rückzahlung 

der Teilschuldverschreibung ist 

eingetreten, und der Fiscal Agent 

hat alle fälligen Beträge auf eine 

solche Teilschuldverschreibung 

(einschließlich der aufgelaufenen 

Zinsen) erhalten, und diese sind 

für die Zahlung der vorgelegten 

Teilschuldverschreibung 

verfügbar; oder 

(C) Verjährung usw.: alle Ansprüche 

auf den Kapitalbetrag und die 

Zinsen aus einer solchen 

Teilschuldverschreibung sind 

gemäß Bedingung 9 (Vorlegung, 

Verjährung und Hinterlegung) 

erloschen oder verjährt, oder 

können aus anderen Gründen nach 

diesen Bedingungen nicht mehr 

geltend gemacht werden. 

(B) 

(C) 

Due date: the due date for 

redemption of such Note in 

full has occurred and all sums 

due in respect of such Note 

(including all accrued interest) 

have been received by the 

Fiscal Agent and remain 

available for payment against 

presentation of such Note; or 

Prescription etc: all claims for 

principal and interest in 

respect of such Note are under 

condition 9 (Presentation, 

Prescription and Deposit) 

extinguished or prescribed, or 

cease to be enforceable for any 

other reason under these 

conditions. 

Text für festverzinsliche Teilschuldverschreibungen 

Text applicable to fixed rate Notes 

- 59 -

4. Zinsen 4. Interest 

(a) Zinslauf: Die Teilschuldverschreibungen 

sind vom 

Verzinsungsbeginn [Datum einsetzen] 

(der „Verzinsungsbeginn”) an zu dem 

nachträglich an jedem 

[Zinszahlungstage einsetzen] (jeweils 

ein „Zinszahlungstag”) zahlbaren 

Zinssatz von [Zinssatz einsetzen] (der 

„Zinssatz”), vorbehaltlich der 

Bedingung 6 (Zahlungen), zu 

verzinsen. Die Verzinsung der 

Teilschuldverschreibungen endet am 

Fälligkeitstag für die vollständige 

Rückzahlung. Wenn die Emittentin eine 

fällige Zahlung auf die 

Schuldverschreibungen 

aus 

irgendeinem Grund nicht leistet, wird 

der ausstehende Betrag von dem 

Fälligkeitstag (einschließlich) bis zum 

Tag der vollständigen Zahlung an die 

Anleihegläubiger (ausschließlich) mit 

dem gesetzlich bestimmten 

Verzugszins verzinst. ∗) 

(b) Berechnung des Zinsbetrages: Der auf 

jede Teilschuldverschreibung zu 

zahlende Zinsbetrag für die 

entsprechende Zinsperiode wird 

ermittelt durch Anwendung des 

Zinssatzes auf den Kapitalbetrag der 

Teilschuldverschreibung [und durch 

Division des Ergebnisses durch die 

Anzahl der Zinsperioden eines jeden 

Einjahreszeitraums[; bei dieser 

Division wird der Einjahreszeitraum 

nicht berücksichtigt, in den die im 

folgenden Satz beschriebene 

Zinsperiode fällt. Der auf jede 

Teilschuldverschreibung zu zahlende 

Zinsbetrag für die Zinsperiode [, die an 

dem (und einschließlich des) 

Verzinsungsbeginn(s) beginnt / , die an 

dem (aber ausschließlich des) 

[Endfälligkeitsdatum einsetzen] endet] 

(a) Accrual of interest: The Notes bear 

interest from the interest 

commencement date, [insert date], 

(the "Interest Commencement 

Date") at [insert interest rate] (the 

"Rate of Interest") payable in arrear 

on each [insert interest payment 

dates] (each an "Interest Payment 

Date"), subject as provided in 

condition 6 (Payments). Each Note 

will cease to bear interest from the 

due date for final redemption. If the 

Issuer for any reason fails to effect 

any due payment on the Notes, 

interest shall accrue on the 

outstanding amount as from 

(including) the due date of such 

payment to (excluding) the date of 

actual payment at the default rate of 

interest established by law. ∗) 

(b) Calculation of interest: The amount 

of interest payable in respect of each 

Note for any Interest Period shall be 

calculated by applying the Rate of 

Interest to the principal amount of 

such Note [and dividing the product 

by the number of Interest Periods in 

any period of one year[, ignoring for 

this purpose any period of one year in 

which the Interest Period referred to 

in the following sentence may fall. 

The amount of interest payable in 

respect of each Note for the Interest 

Period [beginning on (and including) 

the Interest Commencement Date / 

ending on (but excluding) [insert 

maturity date] shall be [insert interest 

amount for each denomination]]. If 

interest is required to be calculated 

∗) 

∗) 

Der gesetzliche Verzugszinssatz beträgt zum Datum dieses Prospekts fünf Prozentpunkte über dem von der 

Deutsche Bundesbank von Zeit zu Zeit festgelegten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB. 

The default rate of interest established by law is, as of the date of this Offering Circular, five percentage points 

above the basic rate of interest published by the Deutsche Bundesbank from time to time, Sec. 288 (1), 247 (1) 

German Civil Code. 

- 60 -

ist [Zinsbetrag für jeden Nennbetrag 

einsetzen]]. Sofern der Zinsbetrag für 

einen anderen Zeitraum zu ermitteln ist, 

berechnet sich dieser durch 

Anwendung des Zinssatzes auf den 

Kapitalbetrag der jeweiligen 

Teilschuldverschreibung und 

Multiplikation des Ergebnisses mit dem 

Zinstagequotient. 

„Zinsperiode” in diesen Bedingungen 

ist jeder Zeitraum ab dem (und 

einschließlich des) Verzinsungsbeginn(s) 

oder eines Zinszahlungstages 

bis zu dem (aber ausschließlich des) 

nächsten Zinszahlungstag(es). 

Der „Zinstagequotient” besteht aus 

Text für die 30E/360 (Eurobond) Option 

der Anzahl der Tage in dem 

maßgeblichen Zeitraum (berechnet auf 

Basis eines Jahres zu 360 Tagen, 

bestehend aus 12 Monaten zu jeweils 

30 Tagen und, im Falle eines nicht 

vollständigen Monats, der tatsächlichen 

Anzahl der abgelaufenen Tage) geteilt 

durch 360. 

Text für die Actual/Actual (ICMA) Option 

for any other period, it will be 


Interest to the principal amount of 

such Note and multiplying the 

product by the Day Count Fraction. 

"Interest Period" means each period 

beginning on (and including) the 

Interest Commencement Date or any 

Interest Payment Date and ending on 

(but excluding) the next Interest 

Payment Date. 

"Day Count Fraction" means[:] 

Text for 30E/360 (Eurobond) option 

the number of days in the relevant 

period (calculated on the basis of a 

year of 360 days consisting of 12 

months of 30 days each and, in the 

case of an incomplete month, the 

actual number of days elapsed) 

divided by 360. 

Text for Actual/Actual (ICMA) option 

folgender Berechnung: 

(i) wenn der maßgebliche Zeitraum in 

eine Reguläre Periode fällt, wird die 

Anzahl der Tage des betreffenden 

Zeitraums geteilt durch das Produkt 

aus (A) der Anzahl der Tage in 

dieser Regulären Periode und (B) 

der Anzahl der Regulären Perioden 

eines jeden Einjahreszeitraums; und 

(ii) falls der betreffende Zeitraum in 

einer Regulären Periode beginnt und 

in der nächsten darauffolgenden 

Regulären Periode endet, werden 

die folgenden Quotienten addiert: 

(A) die Anzahl der Tage in dem 

betreffenden Zeitraum, die in 

diese erste Reguläre Periode 

fallen, geteilt durch das 

Produkt aus (1) der Anzahl der 

(i) if the relevant period falls during a 

Regular Period, the number of days 

in the relevant period divided by the 

product of (A) the number of days in 

the Regular Period in which the 

relevant period falls and (B) the 

number of Regular Periods in any 

period of one year; and 

(ii) if the relevant period begins in one 

Regular Period and ends in the next 

succeeding Regular Period, interest 

will be calculated on the basis of the 

sum of: 

(A) the number of days in the 

relevant period falling within 

the first such Regular Period 

divided by the product of (1) the 

number of days in the first such 

- 61 -

Tage in dieser ersten Regulären 

Periode und (2) der Anzahl der 

Regulären Perioden eines jeden 

Einjahreszeitraums; und 

(B) die Anzahl der Tage in dem 

betreffenden Zeitraum, die in 

diese zweite Reguläre Periode 

fallen, geteilt durch das 

Produkt aus (1) der Anzahl der 

Tage in dieser zweiten 

Regulären Periode und (2) der 

Anzahl der Regulären Perioden 

eines jeden Einjahreszeitraums. 

„Reguläre Periode” ist jeder Zeitraum ab 

einem Regulären Tag, der in ein beliebiges 

Jahr fällt, bis zu dem nächsten Regulären 

Tag. 

„Regulärer Tag” ist der Tag und der Monat 

(aber nicht das Jahr), auf die ein 

Zinszahlungstag fällt [(ausgenommen für 

diesen Zweck [Endfälligkeitsdatum 

einsetzen])]. 

(c) Anzahl der Tage: Zum Zwecke dieser 

Bedingung 4 wird die Anzahl der Tage 

in jedem Zeitraum auf Basis der 

tatsächlichen Kalendertage vom ersten 

Tag und einschließlich dieses Tages des 

betreffenden Zeitraums bis zum, aber 

ausschließlich des letzten Tag(es) des 

betreffenden Zeitraums ermittelt. 

Regular Period and (2) the 

number of Regular Periods in 

any period of one year; and 

(B) the number of days in the 

relevant period falling within 

the second such Regular Period 

divided by the product of (1) the 

number of days in the second 

such Regular Period and (2) the 

number of Regular Periods in 

any period of one year. 

"Regular Period" means each period 

from and including a Regular Date falling 

in any year to but excluding the next 

succeeding Regular Date. 

"Regular Date" means the day and month 

(but not the year) on which any Interest 

Payment Date falls [(excluding for this 

purpose [insert maturity date])]. 

(c) Number of days: For the purposes of 

this condition 4, the number of days 

in any period shall be calculated on 

the basis of actual calendar days from 

and including the first day of the 

relevant period to but excluding the 

last day of the relevant period. 

Ende des Textes, der auf festverzinsliche 

Teilschuldverschreibungen anwendbar ist. 

End of text applicable to fixed rate Notes 

- 62 -

Text, der auf variabel verzinsliche 

Teilschuldverschreibungen anwendbar ist 

4. Zinsen 

(a) Zinslauf: Die Teilschuldverschreibungen 

sind vom 

Verzinsungsbeginn [Datum einsetzen] 

(der „Verzinsungsbeginn”) an 

nachträglich an jedem [Zinszahlungstage 

einsetzen] [die gemäß der 

Business Day Convention angepasst 

werden] (jeweils ein 

„Zinszahlungstag”), vorbehaltlich der 

Bedingung 6 (Zahlungen), zu 

verzinsen. Die Verzinsung der 

Teilschuld-verschreibungen endet am 

Fälligkeitstag für die vollständige 

Rückzahlung. Wenn die Emittentin eine 

fällige Zahlung auf die 


aus 

irgendeinem Grund nicht leistet, wird 

der ausstehende Betrag von dem 






„Business Day Convention” bedeutet, 

dass: 

Text für die Following Business Day 

Convention 

der maßgebliche Tag auf den 

nächstfolgenden Geschäftstag verschoben 

wird. 

Text für die Modified Following Business 

Day Convention 

der maßgebliche Tag auf den 

nächstfolgenden Geschäftstag verschoben 

wird, es sei denn, dieser Tag 

Text applicable to floating rate Notes 

4. Interest 

(a) Accrual of interest: The Notes bear 

interest from the interest 

commencement date, [insert date], 

(the "Interest Commencement 

Date") payable in arrear on each 

[insert interest payment dates] as the 

same may be adjusted in accordance 

with the Business Day Convention 

(each an "Interest Payment Date"), 

subject as provided in condition 6 

(Payments). Each Note will cease to 

bear interest from the due date for 

final redemption. If the Issuer for any 

reason fails to effect any due 

payment on the Notes, interest shall 

accrue on the outstanding amount as 

from (including) the due date of such 




"Business Day Convention" means 

that 

Text for Following Business Day 

Convention 

the relevant date shall be postponed 

to the first following Business Day. 

Text for Modified Following Business Day 

Convention 

the relevant date shall be postponed 

to the first following day that is a 

Business Day unless that day falls in 

∗) 

∗) 






- 63 -

würde dadurch in den nächsten 

Kalendermonat fallen; in diesem Fall ist 

der maßgebliche Tag der unmittelbar 

vorausgehende Geschäftstag. 

Text für die Preceding Business Day 

Convention 

der maßgebliche Tag auf den unmittelbar 

vorausgehenden Geschäftstag vorgezogen 

wird. 

„Geschäftstag” ist 

Text für Teilschuldverschreibungen, die in 

Euro denominiert sind 

ein TARGET-Abrechnungstag [und ein 

Tag, an dem Geschäftsbanken und 

Devisenmärkte Zahlungen grundsätzlich 

in jedem Zusätzlichen Geschäftszentrum 

vornehmen]. 

Text für Teilschuldverschreibungen, die nicht 

in Euro denominiert sind 

ein Tag, an dem Geschäftsbanken und 

Devisenmärkte Zahlungen grundsätzlich 

in [London][, / und] in dem 

Hauptfinanzzentrum der Währung der 

Teilschuldverschreibungen [und in 

jedem Zusätzlichen Geschäftszentrum] 

vornehmen. 

the next calendar month in which 

case the relevant date will be the first 

preceding day that is a Business Day. 

Text for Preceding Business Day 

Convention 

the relevant date shall be brought 

forward to the first preceding day 

that is a Business Day. 

"Business Day" means: 

Text applicable to Notes denominated in 

Euro 

a TARGET Settlement Day [and a 

day on which commercial banks and 

foreign exchange markets settle 

payments generally in each 

Additional Business Centre]. 

Text applicable to Notes not denominated 

in Euro 

a day on which commercial banks 

and foreign exchange markets settle 

payments generally in [London][, / 

and] in the Principal Financial 

Centre of the relevant currency [and 

in each Additional Business Centre]. 

„Hauptfinanzzentrum” ist 

Text für die Option jede Währung, 

ausgenommen Euro, Australische Dollar 

oder Neuseeländische Dollar 

in Bezug auf [die Währung ist zu 

benennen] das Hauptfinanzzentrum 

dieser Währung. 

Text für die Option Euro 

in Bezug auf Euro das 

Hauptfinanzzentrum eines Mitgliedsstaates 

der Europäischen Union, das [im 

Falle einer Zahlung] durch den 

Zahlungsempfänger oder [(im Fall einer 

Berechnung) durch die 

Berechnungsstelle] bestimmt wird. 

"Principal Financial Centre" means 

Text for option: any currency except euro, 

Australian dollars or New Zealand dollars 

in relation to [specify currency], the 

principal financial centre for that 

currency. 

Text for option: euro 

in relation to euro, the principal 

financial centre of such Member 

State of the European Communities 

as is selected [(in the case of a 

payment)] by the payee [or (in the 

case of a calculation) by the 

Calculation Agent]. 

- 64 -

Text für die Option Australische Dollar 

in Bezug auf Australische Dollar 

entweder Sydney oder Melbourne, so 

wie es [(im Falle einer Zahlung)] durch 

den Zahlungsempfänger [oder (im Falle 

einer Berechnung) durch die 


Text für die Option Neuseeländische Dollar 

in Bezug auf Neuseeländische Dollar 

entweder Wellington oder Auckland, so 

wie es [(im Falle einer Zahlung)] durch 

den Zahlungsempfänger [oder (im Falle 

einer Berechnung) durch die 


Text for option: Australian dollars 

in relation to Australian dollars, 

either Sydney or Melbourne, as is 

selected [(in the case of a payment)] 

by the payee [or (in the case of a 

calculation) by the Calculation 

Agent]. 

Text for option: New Zealand dollars 

in relation to New Zealand dollars, 

either Wellington or Auckland, as is 

selected [(in the case of a payment)] 

by the payee [or (in the case of a 

calculation) by the Calculation 

Agent]. 

[„TARGET-Abrechnungstag” ist jeder 

Tag, an dem das Trans-European 

Automated Real-Time Gross Settlement 

Express Transfer System 2 (TARGET 2) 

oder jedes Nachfolgesystem 

(„TARGET”) in Betrieb ist.] 

„Zinsperiode” ist jeder Zeitraum, ab 

dem (und einschließlich des) 

Verzinsungsbeginn(s) oder eines 

Zinszahlungstag(es) bis zu dem (aber 

ausschließlich des) nächsten 

Zinszahlungstag(es). 

[„Zusätzliche(s) Geschäftszentrum(en)” 

ist [Stadt oder Städte angeben].] 

Text, der auf die Bildschirmfeststellung des 

Zinssatzes anwendbar ist 

["TARGET Settlement Day" means 

any day on which the Trans- 

European Automated Real-Time 

Gross Settlement Express Transfer 

system 2 (TARGET 2) or any 

successor system thereto 

("TARGET") is operating.] 

"Interest Period" means each period 

beginning on (and including) the 

Interest Commencement Date or any 

Interest Payment Date and ending on 

(but excluding) the next Interest 

Payment Date. 

["Additional Business Centre(s)" 

means [insert city or cities].] 

Text applicable to screen rate 

determination 

(b) 

Bildschirmfeststellung des Zinssatzes: 

Der auf die Teilschuldverschreibungen 

anwendbare Zinssatz für jede 

Zinsperiode wird durch den [Fiscal 

Agent / andere Person] (die 

„Berechnungsstelle”; dieser Begriff 

schließt jede nachfolgende 

Berechnungsstelle ein, die von Zeit zu 

Zeit in Zusammenhang mit den 

Teilschuldverschreibungen bestimmt 

worden ist) auf folgender Basis 

festgestellt: 

(b) Screen Rate Determination: The 

Rate of Interest applicable to the 

Notes for each Interest Period will be 

determined by [the Fiscal Agent / 

other person] (the "Calculation 

Agent", which expression includes 

any successor calculation agent 

appointed from time to time in 

connection with the Notes) on the 

following basis: 

- 65 -

(i) wenn der Referenzsatz ein 

zusammengesetzter Preis ist 

oder üblicherweise durch eine 

Stelle zur Verfügung gestellt 

wird, setzt die 

Berechnungsstelle den 

Referenzsatz fest, der in der 

Maßgeblichen Zeit am 

betreffenden Zinsfeststellungstag 

auf der Maßgeblichen 

Bildschirmseite erscheint; 

(i) 

if the Reference Rate is a 

composite quotation or 

customarily supplied by one 

entity, the Calculation Agent 

will determine the Reference 

Rate which appears on the 

Relevant Screen Page as of the 

Relevant Time on the relevant 

Interest Determination Date; 

(ii) 

(iii) 

in jedem anderen Fall wird die 

Berechnungsstelle das 

arithmetische Mittel aus den 

Referenzsätzen festsetzen, die in 

der Maßgeblichen Zeit am 

betreffenden 

Zinsfeststellungstag auf der 

Maßgeblichen Bildschirmseite 

erscheinen; 

wenn im Fall von (i) ein solcher 

Referenzsatz nicht auf der 


erscheint oder im Fall von (ii) 

weniger als zwei solcher 

Referenzsätze auf der 


erscheinen, oder wenn in jedem 

Fall die Maßgebliche 

Bildschirmseite nicht verfügbar 

ist, wird die Berechnungsstelle: 

(A) die Hauptgeschäftsstelle 

jeder Referenzbank im 

Maßgeblichen 

Finanzzentrum 

auffordern, ungefähr zu 

der Maßgeblichen Zeit am 

Zinsfeststellungstag von 

erstklassigen Banken im 

Interbankenmarkt des 

Maßgeblichen 

Finanzzentrums für einen 

Betrag, der zu diesem 

Zeitpunkt in diesem 

Markt repräsentativ für 

eine Einzeltransaktion ist, 

einen Referenzsatz 

einzuholen; und 

(B) das arithmetische Mittel 

(ii) in any other case, the 

Calculation Agent will 

determine the arithmetic mean 

of the Reference Rates which 

appear on the Relevant Screen 

Page as of the Relevant Time 

on the relevant Interest 

Determination Date; 

(iii) if, in the case of (i) above, 

such rate does not appear on 

that page or, in the case of (ii) 

above, fewer than two such 

rates appear on that page or if, 

in either case, the Relevant 

Screen Page is unavailable, the 

Calculation Agent will: 

(A) request the principal 

Relevant Financial Centre 

office of each of the 

Reference Banks to 

provide a quotation of the 

Reference Rate at 

approximately the 

Relevant Time on the 

Interest Determination 

Date to prime banks in the 

Relevant Financial Centre 

interbank market in an 

amount that is 

representative for a single 

transaction in that market 

at that time; and 

(B) determine the arithmetic 

- 66 -

solcher 

festsetzen; 

Referenzsätze 

mean of such quotations; 

(iv) wenn weniger als zwei 

Referenzsätze wie verlangt 

vorliegen, wird die 

Berechnungsstelle das arithmetische 

Mittel der Sätze 

festsetzen (die sich am nächsten 

zu dem von der 

Berechnungsstelle festgesetzten 

Referenzsatz befinden), welche 

angesehene Banken, die von der 

Berechnungsstelle bestimmt 

werden, im Hauptfinanzzentrum 

der [die Währung der 

Teilschuldverschreibung] gegen 

11.00 Uhr vormittags (Ortszeit 

im Hauptfinanzzentrum dieser 

Währung), benennen, und zwar 

am ersten Tag der betreffenden 

Zinsperiode für Kredite in dieser 

Währung an führende 

europäische Banken mit einer 

Laufzeit, die der betreffenden 

Zinsperiode entspricht und in 

einer Höhe, die zu diesem 

Zeitpunkt repräsentativ für eine 

Einzeltransaktion in diesem 

Markt ist, 

und der Zinssatz für eine solche 

Zinsperiode ist die Summe aus Marge 

und Referenzsatz oder gegebenenfalls 

dem so festgesetzten arithmetischen 

Mittel. Ist die Berechnungsstelle 

jedoch nicht in der Lage, in 

Übereinstimmung mit den oben 

genannten Bestimmungen in Bezug 

auf eine Zinsperiode einen 

Referenzsatz festzustellen oder 

gegebenenfalls ein arithmetisches 

Mittel, ist der auf die 

Teilschuldverschreibungen für eine 

solche Zinsperiode anwendbare 

Zinssatz die Summe aus Marge und 

Referenzsatz oder gegebenenfalls dem 

arithmetischen Mittel, der/das in 

Bezug auf die Teilschuldverschreibungen 

zuletzt für eine 

vorhergehende Zinsperiode festgesetzt 

wurde. 

„Marge” ist [Definition einsetzen]. 

(iv) if fewer than two such 

quotations are provided as 

requested, the Calculation 

Agent will determine the 

arithmetic mean of the rates 

(being the nearest to the 

Reference Rate, as determined 

by the Calculation Agent) 

quoted by major banks in the 

Principal Financial Centre of 

[the currency of the Notes], 

selected by the Calculation 

Agent, at approximately 11.00 

a.m. (local time in the 

Principal Financial Centre of 

such currency) on the first day 

of the relevant Interest Period 

for loans in such currency to 

leading European banks for a 

period equal to the relevant 

Interest Period and in an 

amount that is representative 

for a single transaction in that 

market at that time, 

and the Rate of Interest for such 

Interest Period shall be the sum of the 

Margin and the rate or (as the case 

may be) the arithmetic mean so 

determined, provided, however, that 

if the Calculation Agent is unable to 

determine a rate or (as the case may 

be) an arithmetic mean in accordance 

with the above provisions in relation 

to any Interest Period, the Rate of 

Interest applicable to the Notes 

during such Interest Period will be 

the sum of the Margin and the rate (or 

as the case may be) the arithmetic 

mean last determined in relation to 

the Notes in respect of a preceding 

Interest Period. 

"Margin" means [insert definition]. 

- 67 -

„Maßgebliche Bildschirmseite” ist 

[einzusetzen ist die Seite, der Abschnitt 

oder eine sonstige Bezugnahme auf 

einen bestimmten Informationsdienst 

(einschließlich, ohne Ein-schränkung, 

der Reuter Monitor Money Rates 

Service und der Moneyline Telerate 

Service)], oder eine andere Seite, ein 

Abschnitt oder eine sonstige 

Bezugnahme, die diese Seite bei 

diesem oder einem anderen 

Informationsdienst ersetzen kann, in 

jedem Fall, wie es die Person 

bestimmt, die die dort erscheinende 

Information zu dem Zwecke 

bereitstellt oder finanziert, um 

Zinssätze oder Kurse anzuzeigen, die 

mit dem Referenzsatz vergleichbar 

sind. 

„Maßgebliches Finanzzentrum” ist 

[Definition einsetzen]. 

„Maßgebliche Zeit” ist [Definition 

einsetzen]. 

„Referenzbanken” sind [Definition 

einsetzen] / [vier [wenn das 

Hauptfinanzzentrum Helsinki ist, fünf] 

angesehene Banken, bestimmt durch 

die Berechnungsstelle in dem Markt, 

der am nächsten mit dem Referenzsatz 

verbunden ist]. 

„Referenzsatz” ist [Definition 

einsetzen]. 

„Zinsfestlegungstag” ist [Definition 

einsetzen]. 

Text für die Maximalzinssatz- / 

Mindestzinssatzoption 

"Relevant Screen Page" means 

[specify page, section or other part of 

a particular information service 

(including, without limitation, the 

Reuter Monitor Money Rates Service 

and the Moneyline Telerate Service)], 

or such other page, section or other 

part as may replace it on that 

information service or such other 

information service, in each case, as 

may be nominated by the person 

providing or sponsoring the 

information appearing there for the 

purpose of displaying rates or prices 

comparable to the Reference Rate. 

"Relevant Financial Centre" means 

[insert definition]. 

"Relevant Time" means [insert 

definition]. 

"Reference Banks" means [insert 

definition] / [four [if the Principal 

Financial Centre is Helsinki, five] 

major banks selected by the 

Calculation Agent in the market that 

is most closely connected with the 

Reference Rate]. 

"Reference Rate" means [insert 

definition]. 

"Interest Determination Date" 

means [insert definition]. 

Text for maximum / minimum rate option 

(c) 

[Maximal- / Mindest-] Zinssatz: Der 

Zinssatz wird in keinem Fall [höher als 

[Höchstzinssatz einsetzen]] / [niedriger 

als [Mindestzinssatz einsetzen] sein. 

(c) [Maximum / Minimum] Rate of 

Interest: The Rate of Interest shall in 

no event be [greater than [specify 

maximum rate]] / [less than [specify 

minimum rate]. 

[(d)] Berechnung des Zinsbetrages: Die 

Berechnungsstelle wird so schnell wie 

[(d)] Calculation of Interest Amount: The 

Calculation Agent will, as soon as 

- 68 -

praktikabel, nachdem der Zinssatz für 

die Zinsperiode festgesetzt wurde, den 

bezüglich jeder Teilschuldverschreibung 

zu zahlenden Zinsbetrag 

(der „Zinsbetrag”) für die 

entsprechende Zinsperiode berechnen. 

Der Zinsbetrag wird ermittelt durch 

Anwendung des für diese Zinsperiode 

geltenden Zinssatzes auf den 

Kapitalbetrag der Teilschuldverschreibung 

während dieser 

Zinsperiode und durch Multiplikation 

des Produktes mit dem 

Zinstagequotienten. 

„Zinstagequotient” in Bezug auf die 

Berechnung eines Betrages für 

jedweden Zeitraum besteht aus 

Text für die Actual/360 Option 

der tatsächlichen Anzahl der Tage in 

diesem Zeitraum geteilt durch 360. 

Text für die Actual/365 Option 

der tatsächlichen Anzahl der Tage in 

diesem Zeitraum geteilt durch 365 

(oder, wenn irgendein Teil dieses 

Zeitraums in ein Schaltjahr fällt, der 

Summe von (A) der tatsächlichen 

Anzahl der Tage des Teils des 

Zeitraums, der in das Schaltjahr fällt, 

geteilt durch 366 und (B) der 

tatsächlichen Anzahl der Tage des 

Teils des Zeitraums, der nicht in das 

Schaltjahr fällt, geteilt durch 365). 

Text für die Option, die anwendbar ist, wenn 

die Berechnungsstelle sonstige Beträge 

ermittelt 

[(e)] Berechnung sonstiger Beträge: Die 

Berechnungsstelle wird so schnell wie 

praktikabel, nachdem der jeweilige 

sonstige Betrag festzulegen ist, [der/die 

sonstige(n) zu berechnende(n) 

Betrag/Beträge einsetzen] in der 

folgenden Weise berechnen: 

[Art und Weise ist zu spezifizieren] 

[(f)] Veröffentlichung: Die Berechnungsstelle 

wird veranlassen, dass jeder von 

practicable after the time at which the 

Rate of Interest is to be determined in 

relation to each Interest Period, 

calculate the amount of interest (the 

"Interest Amount") payable in 

respect of each Note for such Interest 

Period. The Interest Amount will be 


Interest for such Interest Period to the 

principal amount of such Note during 

such Interest Period and multiplying 

the product by the relevant Day Count 

Fraction. 

"Day Count Fraction" means, in 

respect of the calculation of an 

amount for any period of time, 

Text for Actual/360 option 

the actual number of days in such 

period divided by 360. 

Text for Actual/365 option 

the actual number of days in such 

period divided by 365 (or, if any 

portion of such period falls in a leap 

year, the sum of (A) the actual number 

of days in that portion of such period 

falling in a leap year divided by 366 

and (B) the actual number of days in 

that portion of such period falling in a 

non-leap year divided by 365. 

Option applicable where Calculation 

Agent to calculate other amounts 

[(e)] Calculation of other amounts: The 

Calculation Agent will, as soon as 

practicable after the time or times at 

which any such amount is to be 

determined, calculate [specify other 

amount(s) to be calculated] in the 

following manner: 

[specify manner] 

[(f)] Publication: The Calculation Agent 

will cause each Rate of Interest and 

- 69 -

ihr festgesetzte Zinssatz und 

Zinsbetrag, zusammen mit dem 

maßgeblichen Zinszahlungstag [und 

jedem/n anderen Betrag/Beträgen, 

der/die erforderlicherweise von ihr, 

zusammen mit dem/n maßgeblichen 

Zahlungstag(en) 

festgestellt 

wird/werden] so schnell wie 

praktikabel nach Festsetzung den 

Zahlstellen und jeder Börse, an der die 

Teilschuldverschreibungen dann notiert 

werden, bekannt gemacht wird, aber 

(im Fall eines jeden Zinssatzes, 

Zinsbetrages und Zinszahlungstages) in 

keinem Fall später als [Tag angeben]. 

[Eine Bekanntmachung erfolgt 

ebenfalls unverzüglich gegenüber den 

Anleihegläubigern.] Die Berechnungsstelle 

ist berechtigt, ohne Mitteilung 

jeden Zinsbetrag bei einer 

Verlängerung oder Verkürzung der 

betreffenden Zinsperiode neu (auf 

Basis der vorhergehenden 

Bestimmungen) zu berechnen. 

[(g)] Benachrichtigungen usw.: Alle 

Benachrichtigungen, Meinungen, 

Festsetzungen, Bescheinigungen, 

Berechnungen, Referenzzinssätze und 

Entscheidungen, die von der 

Berechnungsstelle zum Zwecke dieser 

Bedingung 4 abgegeben, ausgedrückt, 

ausgefertigt oder beschafft werden, 

sind (sofern es sich nicht um einen 

offensichtlichen Irrtum handelt) für die 

Anleiheschuldnerin, [die Garantin,] die 

Zahlstellen und die Anleihegläubiger 

bindend. Die Berechnungsstelle haftet 

im Zusammenhang mit der Ausübung 

oder Nicht-Ausübung ihrer Befugnisse, 

Pflichten und ihrer Ermessensspielräume 

für die Zwecke dieser 

Bedingung 4 nur für grobe 

Fahrlässigkeit und Vorsatz unabhängig 

davon, ob die Anleiheschuldnerin, [die 

Garantin,] die Zahlstelle oder die 

Anleihegläubiger haften. 

Ende des Textes, der auf variabel verzinsliche 


Interest Amount determined by it, 

together with the relevant Interest 

Payment Date [, and any other 

amount(s) required to be determined 

by it together with any relevant 

payment date(s)] to be notified to the 

Paying Agents and each stock 

exchange (if any) on which the Notes 

are then listed as soon as practicable 

after such determination but (in the 

case of each Rate of Interest, Interest 

Amount and Interest Payment Date) 

in any event not later than [specify 

day]. [Notice thereof shall also 

promptly be given to the 

Noteholders.] The Calculation Agent 

will be entitled to recalculate any 

Interest Amount (on the basis of the 

foregoing provisions) without notice 

in the event of an extension or 

shortening of the relevant Interest 

Period. 

[(g)] Notifications etc: All notifications, 

opinions, determinations, certificates, 

calculations, quotations and decisions 

given, expressed, made or obtained 

for the purposes of this condition 4 

by the Calculation Agent will (in the 

absence of manifest error) be binding 

on the Issuer, [the Guarantor,] the 

Paying Agents and the Noteholders. 

The Calculation Agent shall be liable 

in connection with the exercise or 

non-exercise of its powers, duties and 

discretions for the purposes of this 

condition 4 only for gross negligence 

and wilful default, regardless of any 

liability of the Issuer, [the 

Guarantor,] any Paying Agent or the 

Noteholders. 

End of text applicable to floating rate 

Notes 

Text, der auf Nullkupon- 

Teilschuldverschreibungen anwendbar ist (an 

Text applicable to zero coupon Notes (in 

lieu of the corresponding "Interest" 

- 70 -

Stelle der entsprechenden Regelung „Zinsen” 

bei festverzinslichen Teilschuldverschreibungen 

oder variabel verzinslichen 

Teilschuldverschreibungen) 

4. Verspätete Zahlung des 

Rückzahlungsbetrages 

(a) Es erfolgen keine periodischen 

Zinszahlungen auf die 

Schuldverschreibungen. 

(b) Wenn die Emittentin eine fällige 

Zahlung auf die Schuldverschreibungen 

aus irgendeinem Grund nicht leistet, 

wird der ausstehende Betrag von dem 






[„Hauptfinanzzentrum” ist 

Text für die Option jede Währung, 

ausgenommen Euro, Australische Dollar 

oder Neuseeländische Dollar 

in Bezug auf [ die Währung ist zu 

benennen ] das Hauptfinanzzentrum dieser 

Währung.] 


in Bezug auf Euro das Hauptfinanzzentrum 

eines Mitgliedsstaates der Europäischen 

Union, das [im Falle einer Zahlung] durch 

den Zahlungsempfänger oder [(im Fall einer 

Berechnung) durch die Berechnungsstelle] 

bestimmt wird.] 

Text für die Option Australische Dollar 

in Bezug auf Australische Dollar entweder 

Sydney oder Melbourne, so wie es [(im 

Falle einer Zahlung)] durch den 

provision for fixed rate Notes and floating 

rate Notes) 

4. Late Payment of Redemption 

Amount 

(a) There will not be any periodic 

payments of interest on the Notes. 

(b) If the Issuer for any reason fails to 

effect any due payment on the Notes, 

interest shall accrue on the 

outstanding amount as from 

(including) the due date of such 




["Principal Financial Centre" means 

Text for option: any currency except euro, 

Australian dollars or New Zealand dollars 

in relation to [ specify currency ], the 

principal financial centre for that 

currency.] 

Text for option: euro 

in relation to euro, the principal financial 

centre of such Member State of the 

European Communities as is selected [(in 

the case of a payment)] by the payee [or 

(in the case of a calculation) by the 

Calculation Agent].] 

Text for option: Australian dollars 

in relation to Australian dollars, either 

Sydney or Melbourne, as is selected [(in 


∗) 

∗) 






- 71 -

Zahlungsempfänger [oder (im Falle einer 



Text für die Option Neuseeländische Dollar 

in Bezug auf Neuseeländische Dollar 

entweder Wellington oder Auckland, so wie 

es [(im Falle einer Zahlung)] durch den 

Zahlungsempfänger [oder (im Falle einer 



Ende des Textes, der auf Nullkupon- 


5. Rückzahlung, vorzeitige 

Rückzahlung und Kauf 

(a) Rückzahlung bei Endfälligkeit: 

Sofern die Teilschuldverschreibungen 

nicht vorzeitig 

zurückgezahlt/ gekauft und 

entwertet werden, werden sie am 

[Endfälligkeitsdatum einsetzen / 

Zinszahlungstag, der in [Monat 

und Jahr einsetzen] fällt,] gemäß 

Bedingung 6 (Zahlungen) zu 

[ihrem Nennbetrag / anderer 

Betrag] zurückgezahlt. 

(b) Rückzahlung aus Steuergründen: 

Die Teilschuldverschreibungen 

können nach Wahl der 

Anleiheschuldnerin ganz, aber 

nicht teilweise, [jederzeit / an 

jedem Zinszahlungstag] durch 

eine unwiderrufliche Mitteilung 

gegenüber den Anleihegläubigern 

mit einer Kündigungsfrist von 

nicht weniger als 30 und nicht 

mehr als 60 Tagen, in Höhe des 

Vorzeitigen Rückzahlungsbetrages 

(Steuern), zusammen 

mit den gegebenenfalls 

aufgelaufenen Zinsen bis zu dem 

für die Rückzahlung 

vorgesehenen Tag zurückgezahlt 

werden, wenn[:] 

[(A)] (1) die Anleiheschuldnerin 

verpflichtet wurde oder 

wird, zusätzliche Beträge 

gemäß Bedingung 7 



Text for option: New Zealand dollars 

in relation to New Zealand dollars, either 

Wellington or Auckland, as is selected [(in 




End of text applicable to zero coupon 

Notes 

5. Redemption, Early Redemption and 

Purchase 

(a) Scheduled redemption: Unless 

previously redeemed /purchased and 

cancelled, the Notes will be 

redeemed at [their principal amount / 

other amount] on [insert maturity 

date / the Interest Payment Date 

falling in [insert month and year], 

subject as provided in condition 6 

(Payments). 

(b) Redemption for tax reasons: The 

Notes may be redeemed at the option 

of the Issuer in whole, but not in part, 

[at any time / on any Interest 

Payment Date], on giving not less 

than 30 nor more than 60 days' notice 

to the Noteholders (which notice 

shall be irrevocable), at their Early 

Redemption Amount (Tax), together 

with interest accrued (if any) to the 

date fixed for redemption, if[:] 

[(A)] (1) the Issuer has or will 

become obliged to pay 

additional amounts as 

- 72 -

(Besteuerung) infolge 

einer Änderung oder 

Ergänzung der Gesetze 

oder Vorschriften der 

[Bundesrepublik 

Deutschland] [oder gegebenenfalls 

der 

Niederlande] oder einer 

Gebietskörperschaft oder 

einer dazugehörigen 

Behörde, die die Befugnis 

zur Besteuerung oder zu 

einer Änderung der 

Anwendung oder 

offiziellen Auslegung 

derartiger Gesetze und 

Vorschriften hat 

(einschließlich der Entscheidung 

eines zuständigen 

Gerichts), und 

deren Änderung oder 

Ergänzung an oder nach 

dem [Datum des Zahltages 

einsetzen] in Kraft tritt, zu 

zahlen, und (2) die 

Anleiheschuldnerin durch 

angemessene und ihr zur 

Verfügung stehende Maßnahmen 

diese Verpflichtung 

nicht vermeiden 

kann [; oder 

(B) (1) die Garantin 

verpflichtet wurde oder 

wird (sofern unter der 

Garantie für die 


eine Inanspruchnahme 

erfolgen würde), zusätzliche 

Beträge gemäß 

Bedingung 7 

(Besteuerung) infolge 

einer Änderung oder 

Ergänzung der Gesetze 

oder Vorschriften der 

Bundesrepublik 

Deutschland oder einer 

Gebietskörperschaft oder 

einer dazugehörigen 

Behörde, die die Befugnis 

zur Besteuerung oder zu 

einer Änderung der 

Anwendung oder 

offiziellen Auslegung 

provided or referred to in 

condition 7 (Taxation) as a 

result of any change in, or 

amendment to, the laws or 

regulations of the Federal 

Republic of Germany [or The 

Netherlands, as the case may 

be,] or any political 

subdivision or any authority 

thereof or therein having 

power to tax, or any change in 

the application or official 

interpretation of such laws or 

regulations (including a 

holding by a court of 

competent jurisdiction), which 

change or amendment 

becomes effective on or after 

[insert date of issue]; and (2) 

such obligation cannot be 

avoided by the Issuer taking 

reasonable measures available 

to it[; or 

(B) (1) the Guarantor has or (if a 

demand was made under the 

Guarantee) would become 

obliged to pay additional 

amounts as provided or 

referred to in condition 7 

(Taxation) as a result of any 

change in, or amendment to, 

the laws or regulations of the 

Federal Republic of Germany 

or any political subdivision or 

any authority thereof or 

therein having power to tax, or 

any change in the application 

or official interpretation of 

such laws or regulations 

(including a holding by a court 

of competent jurisdiction), 

which change or amendment 

becomes effective on or after 

[insert date of issue]; and (2) 

- 73 -

derartiger Gesetze und 

Vorschriften hat (einschließlich 

der Entscheidung 

eines zuständigen 

Gerichts), und 

deren Änderung oder 

Ergänzung an oder nach 

dem [Datum des Zahltages 

einsetzen] in Kraft tritt, zu 

zahlen, und (2) die 

Garantin 

durch 

angemessene und ihr zur 

Verfügung stehende Maßnahmen 

diese 

Verpflichtung nicht 

vermeiden kann], 

wobei eine solche Mitteilung über die 

Rückzahlung nicht früher gegeben wird als 

Text, der anwendbar ist, wenn die 

Teilschulverschreibungen jederzeit 

zurückgezahlt werden können 

90 Tage vor dem frühestmöglichen Termin, 

an dem die Anleiheschuldnerin [oder 

gegebenenfalls die Garantin] verpflichtet 

wäre, solche zusätzlichen Beträge zu zahlen 

oder solche Abzüge oder Einbehalte von 

Kapital und Zinsen in Bezug auf die 


[oder 

gegebenenfalls eine Inanspruchnahme unter 

der Garantie für die Teilschuldverschreibungen 

vorläge] vorzunehmen. 

Außerdem muss zu dem Zeitpunkt, zu dem 

die Kündigung erfolgt, die Verpflichtung 

zur Zahlung von zusätzlichen Beträgen oder 

zur Vornahme der genannten Abzüge oder 

Einbehalte noch wirksam sein, wenn eine 

Zahlung in Bezug auf die 


[oder 



vorläge] dann fällig wäre. 

Text, der anwendbar ist, wenn die 

Teilschuldverschreibungen nur am 

Zinszahlungstag zurückgezahlt werden 

können 

60 Tage vor dem Zinszahlungstag, der 

unmittelbar vor dem frühesten Zeitpunkt 

liegt, an dem die Anleiheschuldnerin [oder 


such obligation cannot be 

avoided by the Guarantor 

taking reasonable measures 

available to it], 

provided, however, that no such notice of 

redemption shall be given earlier than 

Text applicable where Notes may be 

redeemed at any time 

90 days prior to the earliest date on which 

the Issuer [or the Guarantor (as 

applicable)] would be obliged to pay such 

additional amounts or to make such 

withholdings or deductions from principal 

and interest in respect of the Notes [or (as 

the case may be) a demand under the 

Guarantee were then made]. In addition, at 

the time that the relevant notice is given 

the obligation to pay additional amounts or 

to make such withholdings or deductions 

must still be in effect, assuming that a 

payment in respect of the Notes [or (as the 

case may be) a demand under the 

Guarantee regarding the Notes] were then 

due. 

Text applicable where Notes may be 

redeemed only on Interest Payment Date 

60 days prior to the Interest Payment Date 

occurring immediately before the earliest 

date on which the Issuer [or the Guarantor 

(as applicable)] would be obliged to pay 

- 74 -

wäre, solche zusätzlichen Beträge zu zahlen 

oder solche Abzüge oder Einbehalte von 

Kapital und Zinsen in Bezug auf die 


[oder 



vorläge] vorzunehmen. 

Außerdem muss zu dem Zeitpunkt, zu dem 

die Kündigung erfolgt, die Verpflichtung 

zur Zahlung von zusätzlichen Beträgen oder 

zur Vornahme der genannten Abzüge oder 

Einbehalte noch wirksam sein, wenn eine 

Zahlung in Bezug auf die Teilschuldverschreibungen 

[oder gegebenenfalls eine 

Inanspruchnahme unter der Garantie für die 

Teilschuldverschreibungen vorläge] dann 

fällig wäre. 

such additional amounts or to make such 

withholdings or deductions from principal 

or interest in respect of the Notes if a 

payment in respect of the Notes were then 

due [or (as the case may be) a demand 

under the Guarantee were then made]]. In 

addition, at the time that the relevant 

notice is given the obligation to pay 

additional amounts or to make such 

withholdings or deductions must still be in 

effect, assuming that a payment in respect 

of the Notes [or (as the case may be) a 

demand under the Guarantee regarding the 

Notes] were then due. 

Vor Veröffentlichung einer Rückzahlungsbekanntmachung 

gemäß dieses Abschnitts 

wird die Anleiheschuldnerin dem Fiscal 

Agent (1) eine von der Anleiheschuldnerin 

unterschriebene Bestätigung des Inhalts, 

dass die Anleiheschuldnerin berechtigt ist, 

eine derartige Rückzahlung durchzuführen, 

und eine Darlegung des Sachverhalts, die 

aufzeigt, dass die vorhergehenden 

Bedingungen für das Recht der 

Anleiheschuldnerin, in dieser Form 

zurückzuzahlen, eingetreten sind, und (2) 

ein Rechtsgutachten eines unabhängigen 

Rechtsberaters von anerkanntem Ruf mit der 

Aussage, dass die Anleiheschuldnerin [oder 


wurde oder wird, solche zusätzlichen 

Beträge als Ergebnis einer derartigen 

Änderung oder Ergänzung zu zahlen, 

vorlegen. Nach Ablauf der Kündigungsfrist 

gemäß dieser Bedingung 5(b) ist die 

Anleiheschuldnerin [oder gegebenenfalls die 

Garantin] daran gebunden, die 

Teilschuldverschreibungen in Übereinstimmung 

mit dieser Bedingung 5(b) 

zurückzuzahlen. 

„Vorzeitiger Rückzahlungsbetrag 

(Steuern)” ist in Bezug auf jede 

Teilschuldverschreibung [ihr Kapitalbetrag / 

ein anderer Betrag]. 

Text für die Call-Option 

Prior to the publication of any notice of 

redemption pursuant to this paragraph, the 

Issuer shall deliver to the Fiscal Agent (1) 

a certificate signed by the Issuer stating 

that the Issuer is entitled to effect such 

redemption and setting forth a statement of 

facts showing that the conditions 

precedent to the right of the Issuer so to 

redeem have occurred and (2) an opinion 

of independent legal advisers of 

recognised standing to the effect that the 

Issuer [or the Guarantor (as applicable)] 

has or will become obliged to pay such 

additional amounts as a result of such 

change or amendment. Upon the expiry of 

any such notice as is referred to in this 

condition 5(b), the Issuer [or the Guarantor 

(as applicable)] shall be bound to redeem 

the Notes in accordance with this 

condition 5(b). 

"Early Redemption Amount (Tax)" 

means, in respect of any Note, [its 

principal amount / other amount]. 

Text for call option 

- 75 -

(c) Rückzahlung nach Wahl der 

Anleiheschuldnerin: 

Die 

Teilschuldverschreibungen können 

nach Wahl der Anleiheschuldnerin im 

Ganzen an einem Optionalen 

Rückzahlungstag (Call) mit dem 

maßgeblichen Optionalen Rückzahlungsbetrag 

(Call) aufgrund einer 

schriftlichen Kündigung der 

Anleiheschuldnerin gegenüber den 

Anleihegläubigern mit einer Frist von 

nicht weniger als 20 und nicht mehr als 

60 Tagen zurückgezahlt werden (diese 

Kündigung ist unwiderruflich und 

verpflichtet die Anleiheschuldnerin, die 

Teilschuldverschreibungen an dem 

maßgeblichen Optionalen Rückzahlungstag 

(Call) mit dem Optionalen 

Rückzahlungsbetrag (Call) und 

gegebenenfalls mit den bis zu diesem 

Tag aufgelaufenen Zinsen 

zurückzuzahlen). 

„Optionaler Rückzahlungsbetrag (Call)” 

ist in Bezug auf jede Teilschuldverschreibung 

[ihr Kapitalbetrag / ein 

anderer Betrag]. 

„Optionaler Rückzahlungstag (Call)” ist 


(c) 

Redemption at the option of the 

Issuer: The Notes may be redeemed 

at the option of the Issuer in whole 

on any Optional Redemption Date 

(Call) at the relevant Optional 

Redemption Amount (Call) on the 

Issuer's giving not less than 20 nor 

more than 60 days' notice to the 

Noteholders (which notice shall be 

irrevocable and shall oblige the 

Issuer to redeem the Notes on the 

relevant Optional Redemption Date 

(Call) at the Optional Redemption 

Amount (Call) plus accrued interest 

(if any) to such date). 

"Optional Redemption Amount 

(Call)" means, in respect of any 

Note, [its principal amount / other 

amount]. 

"Optional Redemption Date 

(Call)" means [insert definition]. 

Text für die Put-Option 

[(d)] Rückzahlung nach Wahl der 

Anleihegläubiger: 

Die 

Anleiheschuldnerin wird nach Wahl der 

Anleihegläubiger deren Teilschuldverschreibungen 

an einem Optionalen 

Rückzahlungstag (Put), der in einer 

betreffenden Put-Options-Mitteilung 

näher erläutert ist, zu einem 

maßgeblichen Optionalen Rückzahlungsbetrag 

(Put), zusammen mit 

den gegebenenfalls bis zu diesem Tag 

aufgelaufenen Zinsen, zurückzahlen. 

Zur Ausübung der in dieser Bedingung 

5[(d)] beschriebenen Option, muss der 

Anleihegläubiger einen Nachweis über 

die entsprechende Teilschuldverschreibung 

nicht weniger als 30 und 

nicht mehr als 60 Tage vor dem 

betreffenden Optionalen Rückzahlungstag 

(Put) bei einer Zahlstelle 

Text for put option 

[(d)] Redemption at the option of 

Noteholders: The Issuer shall, at the 

option of the holder of any Note, 

redeem such Note on the Optional 

Redemption Date (Put) specified in 

the relevant Put Option Notice at the 

relevant Optional Redemption 

Amount (Put) together with interest 

(if any) accrued to such date. In order 

to exercise the option contained in 

this condition 5[(d)], the holder of a 

Note must, not less than 30 nor more 

than 60 days before the relevant 

Optional Redemption Date (Put), 

deposit with any Paying Agent a 

proof of entitlement to such Note and 

a duly completed Put Option Notice 

in the form obtainable from any 

Paying Agent. The Paying Agent 

with which a proof of entitlement to a 

- 76 -

hinterlegen, zusammen mit einer 

ordnungsgemäß ergänzten Put-Options- 

Mitteilung in der Form, die bei jeder 

Zahlstelle erhältlich ist. Die Zahlstelle, 

bei der der Nachweis über die 

Teilschuldverschreibung in dieser 

Weise hinterlegt ist, gibt dem 

hinterlegenden Anleihegläubiger eine 

ordnungsgemäß ausgefertigte Put- 

Options-Empfangsbescheinigung. Ein 

Nachweis über eine Teilschuldverschreibung, 

die in Übereinstimmung 

mit dieser Bedingung 5[(d)] einmal mit 

einer ordnungsgemäß ergänzten Put- 

Options-Mitteilung hinterlegt wurde, 

kann nicht zurückgefordert werden. 

Wird jedoch eine derartige 

Teilschuldverschreibung vor dem 

betreffenden 

Optionalen 

Rückzahlungstag (Put) vorzeitig fällig 

und zahlbar oder bei rechtzeitiger 

Vorlegung einer solchen Teilschuldverschreibung 

am betreffenden 

Optionalen Rückzahlungstag (Put) die 

Zahlung der Rückzahlungsbeträge 

unberechtigt zurückgehalten oder 

verweigert, benachrichtigt die 

betreffende Zahlstelle den Hinterleger 

per Post, gerichtet an die Adresse, die 

von dem Anleihegläubiger in der 

betreffenden Put-Options-Mitteilung 

angegeben wurde. 

„Empfangsbestätigung für eine Put- 

Option” ist eine von der Zahlstelle 

ausgestellte Empfangsbestätigung für 

den Anleihegläubiger, der das Recht 

auf Rückzahlung einer Teilschuldverschreibung 

nach seiner Wahl 

ausüben will. 

„Mitteilung über eine Put-Option” ist 

eine Mitteilung, die der Zahlstelle von 

jedem Anleihegläubiger übersandt 

werden muß, der das Recht auf 

Rückzahlung einer Teilschuldverschreibung 

nach seiner Wahl 

ausüben will. 

„Optionaler Rückzahlungsbetrag 

(Put)” ist in Bezug auf jede Teilschuldverschreibung 


anderen Betrag]. 

Note is so deposited shall deliver a 

duly completed Put Option Receipt to 

the depositing Noteholder. No proof 

of entitlement to a Note, once 

deposited with a duly completed Put 

Option Notice in accordance with 

this condition 5[(d)], may be 

withdrawn, provided, however, that 

if, prior to the relevant Optional 

Redemption Date (Put), any such 

Note becomes immediately due and 

payable or, upon due presentation of 

any such Note on the relevant 

Optional Redemption Date (Put), 

payment of the redemption moneys is 

improperly withheld or refused, the 

relevant Paying Agent shall mail 

notification thereof to the depositing 

Noteholder at such address as may 

have been given by such Noteholder 

in the relevant Put Option Notice. 

"Put Option Receipt" means a 

receipt issued by a Paying Agent to a 

Noteholder wanting to exercise a 

right to redeem a Note at the option 

of the Noteholder. 

"Put Option Notice" means a notice 

which must be delivered to a Paying 

Agent by any Noteholder wanting to 

exercise a right to redeem a Note at 

the option of the Noteholder. 

"Optional Redemption Amount 

(Put)" means, in respect of any Note, 

[its principal amount / other amount]. 

- 77 -

„Optionaler Rückzahlungstag (Put)” 

ist [Definition einsetzen]. 

[(e)] Keine sonstige Rückzahlung: Die 

Anleiheschuldnerin ist nicht berechtigt, 

die Teilschuldverschreibungen in einer 

anderen Form zurückzuzahlen, als es in 

den oben angeführten Abschnitten (a) 

bis [(d)] vorgegeben ist. 

"Optional Redemption Date (Put)" 

means [insert definition]. 

[(e)] No other redemption: The Issuer 

shall not be entitled to redeem the 

Notes otherwise than as provided in 

paragraphs (a) to [(d)] above. 

Text, der auf Nullkupon- 


[(f)] Vorzeitige Rückzahlung der 

Teilschuldverschreibungen: 

Option 1 

Der Rückzahlungsbetrag, der bei 

Rückzahlung einer Teilschuldverschreibung 

vor dem Fälligkeitstag 

zu zahlen ist, setzt sich zusammen aus: 

(i) dem Referenzpreis; und 

(ii) dem Produkt der Aufgelaufenen 

Rendite (auf jährlicher Basis), das 

ab dem (und einschließlich des) 

Begebungstag(es) auf den 

Referenzpreis angewandt wird, bis 

zum (aber ausschließlich des) 

festgelegten Tag(es) der 

Rückzahlung oder gegebenenfalls 

bis zu dem Tag, an dem die 

Teilschuldverschreibung fällig und 

zahlbar wird. 

Wenn eine solche Berechnung für 

einen Zeitraum erfolgt, der nicht eine 

ganze Reihe von Jahren umfasst, wird 

diese Berechnung für den Zeitraum, der 

kleiner als ein Jahr ist, auf Basis der 

Zinstagequotienten vorgenommen. 

„Referenzpreis” bedeutet [Definition 

einsetzen]. 

„Aufgelaufene Rendite” bedeutet 


Text applicable to zero coupon Notes 

[(f)] Early redemption of Notes: 

Option 1 

The redemption amount payable on 

redemption of a Note at any time before 

the Maturity Date shall be an amount 

equal to the sum of: 

(i) the Reference Price; and 

(ii) the product of the Accrual Yield 

(compounded annually) being applied 

to the Reference Price from (and 

including) [insert issue date] to (but 

excluding) the date fixed for 

redemption or (as the case may be) 

the date upon which the Note 

becomes due and payable. 

Where such calculation is to be made for a 

period which is not a whole number of 

years, the calculation in respect of the 

period of less than a full year shall be 

made on the basis of the Day Count 

Fraction. 

"Reference Price" means [insert 

definition]. 

"Accrual Yield" means [insert definition]. 

Option 2 Option 2 

- 78 -

[Sonstige auf die vorzeitige Rückzahlung 

von Nullkupon- Teilschuldverschreibungen 

anwendbare Bestimmungen sind zu 

spezifizieren] 

[Specify other provision applicable on 

early redemption of Zero Coupon Notes] 

[(g)] Kauf: Die Anleiheschuldnerin[, die 

Garantin] oder eine ihrer [jeweiligen] 

Tochtergesellschaften können zu jeder 

Zeit auf dem offenen Markt oder 

anderweitig und zu jedem Preis 

Teilschuldverschreibungen kaufen. 

[(h)] Entwertung: Alle von der 

Anleiheschuldnerin [oder der Garantin] 

zurückgezahlten 

Teilschuldverschreibungen werden 

entwertet. Alle von der 


gekauften Teilschuldverschreibungen 

können entwertet oder wieder verkauft 

werden. Von den jeweiligen 

Tochtergesellschaften 

der 


erworbene Teilschuldverschreibungen 

können wieder verkauft werden. 

Entwertete Teilschuldverschreibungen 

können nicht neu begeben oder 

verkauft werden. 

[(g)] Purchase: The Issuer[, the 

Guarantor] or any of [its / their 

respective] Subsidiaries may at any 

time purchase Notes in the open 

market or otherwise and at any price. 

[(h)] Cancellation: All Notes redeemed by 

the Issuer [or the Guarantor] shall be 

cancelled. All Notes purchased by the 

Issuer [or the Guarantor] may be 

cancelled or resold. Notes purchased 

by a Subsidiary of the Issuer [or the 

Guarantor] may be resold. Cancelled 

Notes may not be reissued or resold. 

6. Zahlungen 6. Payments 

(a) Zahlungen an Anleihegläubiger: 

Zahlungen in Bezug auf die 

Teilschuldverschreibungen erfolgen 

gegen Vorlegung der 

Teilschuldverschreibungen bei der 

benannten Geschäftsstelle einer 

Zahlstelle außerhalb der Vereinigten 

Staaten an oder an Order des/der 

jeweiligen Clearing System(s)(e) zu 

Gunsten der Anleihegläubiger durch 

Überweisung auf ein von diesen 

angegebenes Konto. 

(b) Zahlungen unterliegen Steuergesetzen: 

Alle Zahlungen auf die 

Teilschuldverschreibungen unterliegen 

in allen Fällen am Zahlungsort den 

anwendbaren Steuer- oder anderen 

Gesetzen und Vorschriften, 

unbeschadet den Bestimmungen der 

Bedingung 7 (Besteuerung). Den 

Anleihegläubigern werden von keiner 

(a) Payments to Noteholders: Payments 

in respect of the Notes shall be made 

against presentation of Notes at the 

specified office of any Paying Agent 

outside the United States to or to the 

order of the relevant clearing 

system(s) for the account of the 

Noteholders by transfer to an account 

specified by them. 

(b) Payments subject to fiscal laws: All 

payments in respect of the Notes are 

subject in all cases to any applicable 

fiscal or other laws and regulations in 

the place of payment, but without 

prejudice to the provisions of 

condition 7 (Taxation). No 

commissions or expenses shall be 

charged by any Paying Agent to the 

- 79 -

Zahlstelle Provisionen oder Kosten auf 

solche Zahlungen belastet. 

(c) Zahlungen an Zahlungstagen: Ist der 

Fälligkeitstag für die Zahlung eines 

Betrages auf die Teilschuldverschreibungen 

am Ort der Vorlegung 

kein Zahlungstag, hat der 

Anleihegläubiger erst am 

nächstfolgenden Zahlungstag an diesem 

Ort einen Anspruch auf Auszahlung. 

Der Anspruch auf Zahlung zusätzlicher 

Zins- oder anderer Beträge aufgrund 

einer solchen späteren Auszahlung ist 


[„TARGET-Abrechnungstag” ist 

jeder Tag, an dem das Trans-European 

Automated Real-Time Gross 

Settlement Express Transfer System 2 

(TARGET 2) oder jedes 

Nachfolgesystem („TARGET”) in 

Betrieb ist.] 

„Zahlungstag” ist 


jeder Tag, der ein TARGET- 

Abrechnungstag ist [, und an dem 

Geschäfte in ausländischen Währungen 

durchgeführt werden in jedem 

Zusätzlichen Finanzzentrum]. 

Noteholders in respect of such 

payments. 

(c) Payments on payment business days: 

If the due date for payment of any 

amount in respect of any Note is not 

a Payment Business Day in the place 

of presentation, the holder shall not 

be entitled to payment in such place 

of the amount due until the next 

succeeding Payment Business Day in 

such place and shall not be entitled to 

any further interest or other payment 

in respect of any such delay. 

["TARGET Settlement Day" means 

any day on which the Trans- 

European Automated Real-Time 

Gross Settlement Express Transfer 

system 2 (TARGET 2) or any 

successor system thereto 

("TARGET")is operating.] 

"Payment Business Day" means 

Text for the option: euro 

any day which is TARGET 

Settlement Day [and a day on which 

dealings in foreign currencies may be 

carried on in each Additional 

Financial Centre]. 

Text für die Option sonstige Währung 

jeder Tag ein Tag, an dem im 

Finanzzentrum der Währung, in 

welcher die Zahlung vorgenommen 

wird, [und in jedem Zusätzlichen 

Finanzzentrum] Geschäfte in 

ausländischen Währungen ausgeführt 

werden dürfen. 

[„Zusätzliche(s) Finanzzentrum(en)” 

ist [Stadt oder Städte angeben].] 

Text for option: other currencies 

any day which is a day on which 

dealings in foreign currencies may be 

carried on in the Principal Financial 

Centre of the currency of payment 

[and in each Additional Financial 

Centre]. 

["Additional Financial Centre(s)" 

means [specify city or cities].] 

7. Besteuerung 7. Taxation 

(a) Bruttoertrag: Alle Zahlungen von 

Kapital und Zinsen durch die (oder im 

(a) Gross up: All payments of principal 

and interest in respect of the Notes by 

- 80 -

Namen der) Anleiheschuldnerin [oder 

die Garantin] auf die 

Teilschuldverschreibungen erfolgen 

ohne Einbehalt oder Abzug an der 

Quelle von irgendwelchen Steuern, 

Gebühren oder Abgaben, die von oder 

in der Bundesrepublik Deutschland 

[oder gegebenenfalls von oder in den 

Niederlanden] oder irgendeiner ihrer 

Gebietskörperschaften oder Behörden 

mit Steuerhoheit erhoben werden, 

sofern nicht eine solche Einbehaltung 

oder ein Abzug gesetzlich 

vorgeschrieben ist. In diesem Fall 

wird die Anleiheschuldnerin [oder 

gegebenenfalls die Garantin] 

zusätzliche Beträge zahlen, was dazu 

führt, dass die Anleihegläubiger die 

Beträge erhalten, die sie auch erhalten 

hätten, wenn keine solche 

Einbehaltung oder kein solcher 

Abzug vorgenommen worden wäre, 

mit der Ausnahme, dass keine 

zusätzlichen Beträge zu zahlen sind: 

(i) im Zusammenhang mit jeder 

Zahlung auf jede Teilschuldverschreibung, 

die auf andere 

Weise als durch Abzug oder 

Einbehalt an der Quelle aus 

Zahlungen von Kapital oder 

Zinsen zu entrichten sind; 

(ii) wenn der entsprechende 

Anleihegläubiger aufgrund seiner 

Verbindungen 

zur 

Bundesrepublik Deutschland 

[oder gegebenenfalls den 

Niederlanden], die über den 

reinen Besitz der Teilschuldverschreibung 

hinausgehen, zu 

irgendwelchen Steuern, 

Gebühren oder Abgaben 

veranlagt wird; 

(iii) wenn ein solcher Einbehalt oder 

Abzug hinsichtlich einer Zahlung 

an eine Einzelperson erhoben 

wird und dies entsprechend der 

Richtlinie 2003/48/EU der 

Europäischen Union oder einer 

anderen Richtlinie, welche die 

Beschlüsse des Treffens des 

ECOFIN-Rats vom 26. bis 27. 

or on behalf of the Issuer [or the 

Guarantor] shall be made free and 

clear of, and without withholding or 

deduction for, any taxes, duties, 

assessments or governmental charges 

of whatsoever nature imposed, levied, 

collected, withheld or assessed by the 

Federal Republic of Germany [or The 

Netherlands, as the case may be,] or 

any political subdivision or any 

authority thereof or therein having 

power to tax, unless such withholding 

or deduction is required by law. In 

that event, the Issuer [or the 

Guarantor (as applicable)] shall pay 

such additional amounts as will result 

in the receipt by the Noteholders of 

such amounts as would have been 

received by them if no such 

withholding or deduction had been 

required, except that no such 

additional amounts shall be payable: 

(i) in relation to any payment in 

respect of any Note which is to 

be paid on payments of principal 

or interest by any means other 

than withholding at source or 

deduction at source; 

(ii) if the relevant Noteholder is 

liable to such taxes, duties, 

assessments or governmental 

charges by reason of its having 

some connection with the 


[or The Netherlands, as the case 

may be,] other than the mere 

holding of the relevant Note; 

(iii) where such withholding or 

deduction is imposed on a 

payment to an individual and is 

required to be made pursuant to 

European Council Directive 

2003/48/EC or any other 

Directive implementing the 

conclusions of the ECOFIN 

Council Meeting of 26–27 

- 81 -

November 2000 über die 

Besteuerung von Kapitaleinkünften 

umsetzt, oder 

entsprechend jeder anderen 

Rechtsnorm, welche diese 

Richtlinie umsetzt oder mit 

dieser übereinstimmt oder 

erlassen wird, um dieser 

Richtlinie zu entsprechen, 

erforderlich ist; 

(iv) hinsichtlich jeder Teilschuldverschreibung, 

die durch oder für 

einen Inhaber zur Zahlung 

vorgelegt wird, der in der Lage 

gewesen wäre, einen solchen 

Einbehalt oder Abzug durch 

Vorlegung der jeweiligen 

Teilschuldverschreibung bei 

einer anderen Zahlstelle in einem 

Mitgliedstaat der EU zu 

vermeiden; 

(v) wenn die Teilschuldverschreibung 

zur Zahlung mehr 

als 30 Tage nach dem 

Maßgeblichen Tag vorgelegt 

wird, ausgenommen in dem 

Umfang, in dem der betreffende 

Inhaber zu solchen zusätzlichen 

Beträgen berechtigt wäre, wenn 

er die Teilschuldverschreibung 

am letzten Tag dieses Zeitraums 

von 30 Tagen vorgelegt hätte; 

(vi) wenn der Abzug oder Einbehalt 

aufgrund oder in Auswirkung 

oder als Ergebnis eines 

internationalen Vertrages, dem 

die Bundesrepublik Deutschland 

[oder gegebenfalls die 

Niederlande] beigetreten ist, oder 

einer aufgrund eines solchen 

Vertrages ergangenen Direktive 

oder Ausführungsbestimmung 

vorgenommen wird; oder 

(vii) wenn der Abzug oder Einbehalt 

im Fall einer Kombination der in 

den Absätzen (i) bis (vi) 

beschriebenen 

Fälle 

vorgenommen wird. 

Die Bruttoertragsregelung dieser 

November 2000 on the taxation 

of savings income or any law 

implementing or complying 

with, or introduced in order to 

conform, to such Directive; 

(iv) in respect of any Note presented 

for payment by or on behalf of a 

holder who would have been 

able to avoid such withholding 

or deduction by presenting the 

relevant Note to another Paying 

Agent in a Member State of the 

EU; 

(v) in respect of any Note presented 

for payment more than 30 days 

after the Relevant Date except to 

the extent that the relevant 

holder would have been entitled 

to such additional amounts if it 

had presented such Note on the 

last day of such period of 30 

days; 

(vi) in respect of any withholding or 

deduction pursuant to or as a 

consequence or result of an 

international treaty to which the 


[or The Netherlands, as the case 

may be,] is a party, or pursuant 

to a directive or implementing 

regulation adopted pursuant to 

such a treaty; or 

(vii) in respect of any withholding or 

deduction in the case of any 

combination of circumstances 

described in paragraphs (i) to 

(vi). 

- 82 -

Bedingung 7(a) findet keine 

Anwendung in Bezug auf die 

deutsche Kapitalertragsteuer 

(inklusive der gegebenenfalls hierauf 

entfallenden Kirchensteuer), die nach 

dem 

deutschen 

Einkommensteuergesetz in seiner 

jeweils anzuwendenen Fassung 

abgezogen oder einbehalten wird, 

auch wenn der Abzug oder Einbehalt 

durch die Emittentin oder ihren 

Stellvertreter vorzunehmen ist, und 

den deutschen Solidaritätszuschlag 

oder jede andere Steuer, welche die 

deutsche Kapitalertragsteuer bzw. den 

Solidaritätszuschlag ersetzen oder 

erhöhen sollte. 

„Maßgeblicher Tag” ist in Bezug auf 

jede Zahlung entweder (a) der Tag, an 

dem die betreffende Zahlung fällig 

wird oder (b) wenn der Fiscal Agent 

den gesamten, zahlbaren Betrag nicht 

an oder vor einem solchen 

Fälligkeitstag erhalten hat, der Tag, 

an dem eine entsprechende Mitteilung 

(über den Erhalt des gesamten 

Betrages) an die Anleihegläubiger 

gegeben wird, je nachdem, welcher 

der beiden Tage der spätere ist. 

(b) Bedeutung von Kapital und Zinsen: 

(b) 

The gross-up obligation of this 

condition 7(a) does not apply to 

German withholding tax on interest 

income (including, if any, church tax) 

to be deducted or withheld pursuant 

to the German Income Tax Act in its 

applicable version even if the 

deduction or withholding has to be 

made by the Issuer or its 

representative, and the German 

Solidarity 

Surcharge 

(Solidaritätszuschlag) or any other 

tax which may substitute or increase 

the German Kapitalertragsteuer or 

Solidaritätszuschlag, as the case may 

be. 

"Relevant Date" means, in relation 

to any payment, whichever is the 

later of (a) the date on which the 

payment in question first becomes 

due and (b) if the full amount payable 

has not been received by the Fiscal 

Agent on or prior to such due date, 

the date on which (the full amount 

having been so received) notice to 

that effect has been given to the 

Noteholders. 

Meaning of principal and interest: 

(i) Jede Bezugnahme auf „Kapital” 

schließt einen etwaigen 

Rückzahlungsbetrag, [etwaige 

gemäß Bedingung 4 (Verspätete 

Zahlung des Rückzahlungsbetrages) 

zusätzlich 

zahlbare Beträge,] etwaiges zu 

zahlendes Aufgeld auf eine 

Teilschuldverschreibung und 

jeden anderen gemäß diesen 

Bedingungen zahlbaren Betrag 

mit Kapitalcharakter ein. 

(ii) Jede Bezugnahme auf „Zinsen” 

wird so behandelt als schließe sie 

[alle gemäß Bedingung 4 

(Verspätete Zahlung des 

Rückzahlungsbetrages) 

zusätzlich zahlbare Beträge auf 

Zinsen und] alle [anderen] 

gemäß diesen Bedingungen zu 

(i) 

(ii) 

Any reference to "principal" 

shall include any redemption 

amount, [any additional amounts 

in respect of principal which 

may be payable under condition 

4 (Late Payment of Redemption 

Amount),] any premium payable 

in respect of a Note and any 

other amount in the nature of 

principal payable pursuant to 

these conditions. 

Any reference to "interest" shall 

be deemed to include [any 

additional amounts in respect of 

interest which may be payable 

under condition 4 (Late Payment 

of Redemption Amount) and] any 

[other] amount in the nature of 

interest payable pursuant to 

- 83 -

zahlenden Beträge mit 

Zinscharakter ein. 

(c) Steuerhoheit: Sofern die 

Anleiheschuldnerin [oder die 

Garantin] zu irgendeinem Zeitpunkt 

einer anderen Steuerhoheit als der der 

Bundesrepublik Deutschland [oder 

gegebenenfalls der Niederlande] 

unterliegt, sind die Hinweise in diesen 

Bedingungen auf die Bundesrepublik 

Deutschland [oder gegebenenfalls die 

Niederlande] als Hinweise auf die 

Bundesrepublik Deutschland [oder 

gegebenenfalls die Niederlande] 

und/oder auf die jeweilige andere 

Steuerhoheit anzusehen. 

8. Kündigungsgründe für die 

Anleihegläubiger 

Wenn eines der folgenden Ereignisse auftritt 

und andauert: 

(c) 

these conditions. 

Taxing jurisdiction: If the Issuer [or 

the Guarantor] becomes subject at any 

time to any taxing jurisdiction other 

than the Federal Republic of Germany 

[or The Netherlands, as the case may 

be], references in these conditions to 

The Federal Republic of Germany [or 

The Netherlands, as the case may be,] 

shall be construed as references to the 

Federal Republic of Germany [or The 

Netherlands, as the case may be] 

and/or such other jurisdiction. 

8. Events of Default 

If any of the following events occurs and 

is continuing: 

(a) 

(b) 

(c) 

Nichtzahlung: die Anleiheschuldnerin 

zahlt den jeweiligen Kapitalbetrag der 

Teilschuldverschreibungen am 

Fälligkeitstag für die Zahlung von 

Kapital nicht oder entrichtet nicht den 

jeweiligen Zinsbetrag in Bezug auf 

die Teilschuldverschreibungen 

innerhalb von 10 Tagen nach dem 

Fälligkeitstag für die Zahlung von 

Zinsen; oder 

Verletzung sonstiger Verpflichtungen: 

die Anleiheschuldnerin [oder die 

Garantin] gerät bei der Erfüllung und 

Einhaltung ihrer sonstigen 

wesentlichen Verpflichtungen unter 

den Teilschuldverschreibungen [oder 

gegebenenfalls unter der Garantie 

oder der Verpflichtungserklärung] in 

Verzug und ein derartiger Verzug 

dauert länger als 30 Tage, nachdem 

hierüber eine schriftliche Mitteilung 

eines Anleihegläubigers, adressiert an 

die Anleiheschuldnerin [und die 

Garantin], der Anleiheschuldnerin 

[und der Garantin] zugestellt wurde; 

oder 

Drittverzug der Anleiheschuldnerin[, 

der Garantin] oder einer 

(a) Non-payment: the Issuer fails to pay 

any amount of principal in respect of 

the Notes on the due date for 

payment thereof or fails to pay any 

amount of interest in respect of the 

Notes within 10 days of the due date 

for payment thereof; or 

(b) Breach of other obligations: the 

Issuer [or the Guarantor] defaults in 

the performance or observance of any 

of its other obligations in any 

material respect under the Notes [or 

(as the case may be) the Guarantee or 

the Undertaking] and such default 

remains unremedied for 30 days after 

written notice thereof, addressed to 

the Issuer [and the Guarantor] by any 

Noteholder, has been delivered to the 

Issuer [and the Guarantor]; or 

(c) Cross-default of Issuer[, Guarantor] 

or Subsidiary: 

- 84 -

Tochtergesellschaft: 

(i) eine wie in Bedingung 3[(d)] 

definierte Verbindlichkeit der 

Anleiheschuldnerin[, der 


[jeweiligen] 


(wie in Bedingung 

3 [(d)] definiert) wird bei 

Fälligkeit oder gegebenenfalls 

innerhalb einer ursprünglich 

vereinbarten und anwendbaren 

Nachfrist nicht beglichen; 

(ii) eine derartige Verbindlichkeit 

wird aufgrund einer Nicht- oder 

Schlechterfüllung 

der 

Anleiheschuldnerin [der 


[jeweiligen] 


vor ihrem 

ursprünglichen angegebenem 

Fälligkeitstermin bzw. einer 

gewährten Nachfrist fällig und 

zahlbar; oder 

(iii) die Anleiheschuldnerin[, die 

Garantin] oder eine ihrer 

[jeweiligen] 


versäumen es, 

innerhalb von 10 Tagen aus einer 

fällig gewordenen Garantieverpflichtung 

Zahlung für eine 

Verbindlichkeit zu leisten, es sei 

denn, die Anleiheschuldnerin 

[oder gegebenenfalls die 

Garantin] bestreitet in gutem 

Glauben, dass die 

Zahlungsverpflichtung besteht 

oder fällig ist bzw. die Garantieverpflichtung 

berechtigterweise 

geltend gemacht wird; 

vorausgesetzt, dass der Betrag der 

Verbindlichkeiten, auf die unter (i) 

und/oder unter (ii) Bezug genommen 

wird und/oder der unter einer 

Garantieverpflichtung zahlbare 

Betrag, auf den unter (iii) Bezug 

genommen wird, einzeln oder 

insgesamt EUR 75.000.000 (oder den 

Gegenwert in einer oder mehreren 

Währungen) übersteigt; oder 

(i) any Indebtedness (as defined in 

condition 3[(d)]) of the Issuer[, 

the Guarantor] or any of [its / 

their respective] Subsidiaries (as 

defined in condition 3 [(d)] is 

not paid when due or (as the 

case may be) within any 

originally agreed and applicable 

grace period; 

(ii) any such Indebtedness becomes 

due and payable prior to its 

original stated maturity or any 

further period for performance 

(Nachfrist) that may be granted 

as a result of non-performance 

(Nichterfüllung) or defective 

performance (Schlechterfüllung) 

by the Issuer [the Guarantor] or 

any of [its/their respective] 

Subsidiaries; or 

(iii) the Issuer[, the Guarantor] or 

any of [its / their respective] 

Subsidiaries fails to pay within 

10 days of the due date any 

amount payable by it under any 

guarantee of any Indebtedness 

unless the Issuer [or, as the case 

may be, the Guarantor] is 

disputing in good faith that it is 

obliged to make such payment 

or that such payment is due or 

that such guarantee has been 

properly demanded; 

provided that the amount of 

Indebtedness referred to in subparagraph 

(i) and/or sub-paragraph 

(ii) above and/or the amount payable 

under any guarantee referred to in 

sub-paragraph (iii) above 

individually or in the aggregate 

exceeds EUR 75,000,000 (or its 

equivalent in any other currency or 

currencies); or 

- 85 -

(d) Nicht erfülltes Urteil: ein oder 

mehrere Urteil(e) oder 

Verfügung(en), gegen die nach dem 

anwendbaren Recht keine weiteren 

Berufungen oder gerichtliche 

Überprüfungen zulässig sind, 

wird/werden gegen die 

Anleiheschuldnerin[, die Garantin] 

oder ihre [jeweiligen] 

Tochtergesellschaften für Zahlungen 

in einem Gesamtbetrag erwirkt, der 

EUR 75.000.000 (oder den 

Gegenwert in einer oder mehreren 

Währung(en)) übersteigt und dieser 

wird in einem Zeitraum von 30 Tagen 

nach Rechtskraft, oder, falls das/ die 

Urteil(e) oder die Verfügung(en) 

einen späteren Zahlungstermin 

vorsieht/vorsehen, bis zu diesem 

benannten Zahlungstag, nicht bezahlt 

oder die Zahlungsaufforderung nicht 

ausgesetzt wird; oder 

(e) Insolvenz, usw.: (i) gegen die 

Anleiheschuldnerin [, die Garantin] 

oder eine ihrer [jeweiligen] 

Tochtergesellschaften, deren 

Bilanzsumme jeweils ein Prozent der 

konsolidierten Bilanzsumme des 

METRO AG Konzerns übersteigt, 

wird ein Insolvenz- oder 

Vergleichsverfahren (oder ähnliches 

Verfahren) gerichtlich eröffnet, das 

nicht innerhalb von 20 Tagen nach 

dessen Eröffnung aufgehoben oder 

ausgesetzt worden ist; oder (ii) die 

Anleiheschuldnerin[, die Garantin] 

oder eine ihrer [jeweiligen] 





beantragt ein solches Verfahren oder 

stellt ihre Zahlungen ein oder bietet 

einen generellen Vergleich mit der 

Gesamtheit ihrer Gläubiger an; oder 

(iii) die Anleiheschuldnerin[, die 

Garantin] oder eine ihrer [jeweiligen] 





stellt ihren gesamten Betrieb oder 

einen wesentlichen Teil des Betriebes 

(d) Unsatisfied judgment: one or more 

judgment(s) or order(s) from which 

no further appeal or judicial review is 

permissible under applicable law for 

the payment of an aggregate amount 

in excess of EUR 75,000,000 (or its 

equivalent in any other currency or 

currencies) is rendered against the 

Issuer[, the Guarantor] or any of [its / 

their respective] Subsidiaries and 

continue(s) unsatisfied and unstayed 

for a period of 30 days after the 

date(s) on which it or they become(s) 

final or, if later, the date therein 

specified for payment; or 

(e) Insolvency etc: (i) insolvency or 

bankruptcy proceedings (or similar 

proceedings) are commenced by any 

court of law against the Issuer[, the 


respective] Subsidiaries, the total 

assets of which exceed one per cent 

of the consolidated total assets of the 

METRO AG Group, and are not 

dismissed or stayed within 20 days of 

their commencement; or (ii) the 

Issuer[, the Guarantor] or any of [its / 

their respective] Subsidiaries, the 

total assets of which exceed one per 

cent of the consolidated total assets 

of the METRO AG Group, applies 

for such proceedings to be 

commenced or declares a cessation of 

payments or proposes a general 

composition with all its creditors; or 

(iii) the Issuer[, the Guarantor] or any 

of [its / their respective] Subsidiaries, 

the total assets of which exceed one 

per cent of the consolidated total 

assets of the METRO AG Group, 

ceases or announces its intention to 

cease to carry on all or a substantial 

part of its business operations or sells 

or disposes of its assets or a 

substantial part thereof and (A) 

thereby diminishes materially the 

- 86 -

(f) 

ein oder kündigt die Einstellung ihres 

gesamten oder eines wesentlichen 

Teils ihres Betriebes an oder verkauft 

oder verfügt über alle ihre 

Vermögenswerte oder einen 

wesentlichen Teil davon und (A) 

verringert damit wesentlich den Wert 

ihrer Vermögenswerte und (B) aus 

diesem Grund wird es wahrscheinlich, 

dass die Anleiheschuldnerin [oder die 

Garantin] ihre Zahlungsverpflichtungen 

gegenüber den 

Anleihegläubigern nicht erfüllt 

(ausgenommen im Falle einer 

Tochtergesellschaft 

der 

Anleiheschuldnerin [oder einer 

Tochtergesellschaft der Garantin] 

zwecks oder gemäß einer Fusion, 

Sanierung oder Umstrukturierung, 

während sie zahlungsfähig ist); oder 

Abwicklung usw.: eine Verfügung 

oder ein rechtswirksamer Beschluss 

ergeht über die Abwicklung, 

Liquidation oder Auflösung der 

Anleiheschuldnerin[, der Garantin] 

oder einer ihrer [jeweiligen] 





ausgenommen (i) im Falle einer 

Tochtergesellschaft der Anleiheschuldnerin 

[oder einer 

Tochtergesellschaft der Garantin] 



während sie zahlungsfähig ist; oder 

(ii) im Falle der Anleiheschuldnerin 

[und gegebenenfalls der Garantin], 



während sie zahlungsfähig ist, und die 

neue Gesellschaft (im Falle der 

Anleiheschuldnerin) übernimmt alle 

Verpflichtungen, die sich aus diesen 

Bedingungen und dem Issue and 

Paying Agency Agreement ergeben[, 

und (im Falle der Garantin), dass sie 

alle Verpflichtungen, die sich aus der 

Garantie, der Verpflichtungserklärung 

und des Issue and Paying Agency 

Agreement ergeben, übernimmt]; oder 

value of its assets and (B) for this 

reason it becomes likely that the 

Issuer [or the Guarantor] may not 

fulfil its payment obligations to the 

Noteholders (otherwise than, in the 

case of a Subsidiary of the Issuer [or 

a Subsidiary of the Guarantor], for 

the purposes of or pursuant to an 

amalgamation, reorganisation or 

restructuring whilst solvent); or 

(f) Winding up etc: an order is made or 

an effective resolution is passed for 

the winding up, liquidation or 

dissolution of the Issuer[, the 


respective] Subsidiaries, the total 

assets of which exceed one per cent 

of the consolidated total assets of the 

METRO AG Group, otherwise than, 

(i) in the case of a Subsidiary of the 

Issuer [or a Subsidiary of the 

Guarantor], for the purposes of or 

pursuant to an amalgamation, 

reorganisation or restructuring whilst 

solvent, or (ii) in the case of the 

Issuer [and the Guarantor (as 

applicable)], otherwise than for the 

purposes of or pursuant to an 

amalgamation, reorganisation or 

restructuring whilst solvent and the 

new company (in the case of the 

Issuer) assumes all obligations arising 

from these conditions and the Issue 

and Paying Agency Agreement [and 

(in the case of the Guarantor) 

assumes all obligations arising from 

the Guarantee, the Undertaking and 

the Issue and Paying Agency 

Agreement]; or 

- 87 -

(g) 

Gesetzwidrigkeit: die Erfüllung oder 

Einhaltung einer ihrer Verpflichtungen 

aus den Teilschuldverschreibungen[, 

der Garantie oder der 

Verpflichtungserklärung] ist oder wird 

für die Anleiheschuldnerin [oder die 

Garantin] eine gesetzwidrige 

Handlung; [oder] 

(g) Unlawfulness: it is or will become 

unlawful for the Issuer [or the 

Guarantor] to perform or comply 

with any of its obligations arising 

out of the Notes[, the Guarantee or 

the Undertaking]; [or] 


(h) Unwirksamkeit der Garantie/der 

Verpflichtungserklärung: die Garantie 

oder die Verpflichtungserklärung ist 

nicht mehr uneingeschränkt wirksam 

(oder die Garantin erklärt, dass die 

Garantie oder die Verpflichtungserklärung 

nicht mehr uneingeschränkt 

wirksam ist) 

kann durch eine schriftliche Mitteilung 

des jeweiligen Anleihegläubigers, 

adressiert an die Anleiheschuldnerin 

[und die Garantin], die der 

Anleiheschuldnerin [und der Garantin] 

zugestellt wird, jede 

Teilschuldverschreibung ab Zugang 

der schriftlichen Mitteilung als 

unverzüglich fällig und für zahlbar 

erklärt werden, worauf sie 

unverzüglich und ohne jede weitere 

Handlung oder Formalität fällig und 

mit ihrem Vorzeitigen 

Kündigungsbetrag, zusammen mit den 

gegebenenfalls aufgelaufenen Zinsen, 

zahlbar wird. 

„Vorzeitiger Kündigungsbetrag” ist 

in Bezug auf jede Teilschuldverschreibung 


anderer Betrag]. 

9. Vorlegung, Verjährung und 

Hinterlegung 


(h) Guarantee/Undertaking not in force: 

the Guarantee or the Undertaking is 

not (or is claimed by the Guarantor 

not to be) in full force and effect, 

then any Note may, by written 

notice addressed by the holder 

thereof to the Issuer [and the 

Guarantor] and delivered to the 

Issuer [and the Guarantor], be 

declared immediately due and 

payable, and it shall upon receipt of 

such written notice become 

immediately due and payable at its 

Early Termination Amount together 

with accrued interest (if any) without 

further action or formality. 

"Early Termination Amount" 

means, in respect of any Note, [its 

principal amount / other amount]. 

9. Presentation, Prescription and 

Deposit 

(a) Vorlegungsfrist: Die Frist für die der 

Teilschuldverschreibungen gemäß §801 

Absatz 1, Satz 1 BGB wird auf 10 Jahre 

verkürzt. 

(a) Presentation period: The period for 

presentation of Notes due, as 

established in Section 801 paragraph 

1 sentence 1 of the German Civil 

Code, is reduced to ten years. 

- 88 -

(b) Verjährungsfrist: Die Frist für die 

Verjährung der Teilschuldverschreibungen, 

die während der 

Vorlegungsfrist zur Zahlung vorgelegt 

werden, beträgt zwei Jahre, beginnend 

mit dem Ende des entsprechenden 

Vorlegungszeitraums. 

(c) Hinterlegung: Die Anleiheschuldnerin 

[oder gegebenenfalls die Garantin] kann 

beim Amtsgericht der Stadt Frankfurt 

am Main Kapitalbeträge und Zinsen 

hinterlegen, die von den 

Anleihegläubigern nicht innerhalb von 

12 Monaten nach dem Maßgeblichen 

Tag beansprucht wurden, und auf ihr 

Rücknahmerecht für eine derartige 

Hinterlegung verzichten. Die 

Hinterlegung erfolgt auf Gefahr und 

Kosten der entsprechenden 

Anleihegläubiger. Alle Ansprüche der 

entsprechenden Anleihegläubiger gegen 

die Anleiheschuldnerin [und/oder 

gegebenenfalls die Garantin] erlöschen 

durch die Hinterlegung. 

(b) Prescription period: The period for 

prescription for Notes presented for 

payment during the presentation 

period shall be two years beginning 

at the end of the relevant 

presentation period. 

(c) Deposit: The Issuer [or the 

Guarantor, as the case may be,] may 

deposit with the "Amtsgericht" 

(lower court) of Frankfurt am Main 

principal and interest not claimed by 

Noteholders within twelve months 

after the Relevant Date and waive its 

right to withdraw such deposit. Such 

deposit will be at the risk and cost of 

such Noteholders. Upon such deposit 

all claims of such Noteholders 

against the Issuer [and/ or, as the 

case may be, the Guarantor] shall 

cease. 

10. Beauftragte 10. Agents 

In Ausführung ihrer Aufgaben gemäß des 

Issue and Paying Agency Agreement und im 

Zusammenhang mit den Teilschuldverschreibungen 

handeln die Zahlstellen als 

alleinige Beauftragte der Anleiheschuldnerin 

[und gegebenenfalls der Garantin] und 

übernehmen keine Verpflichtungen und 

stehen in keinem Vertretungs- oder 

Treuhandverhältnis für oder mit den 

Anleihegläubigern. 

Die anfänglichen Zahlstellen und ihre 

anfänglich benannten Geschäftsstellen 

[sowie die anfängliche Berechnungsstelle] 

sind nachstehend aufgeführt. Die 

Anleiheschuldnerin [und die Garantin] 

behalten sich das Recht vor, jederzeit die 

Ernennung einer jeglichen Zahlstelle anders 

zu regeln oder zu beenden und einen anderen 

Fiscal Agent oder eine andere Berechnungsstelle 

und zusätzliche oder andere Zahlstellen 

zu ernennen, vorausgesetzt jedoch, dass: 

(a) die Anleiheschuldnerin [und die 

Garantin] zu jeder Zeit einen Fiscal 

Agent unterhält; [und] 

In acting under the Issue and Paying 

Agency Agreement and in connection 

with the Notes, the Paying Agents act 

solely as agents of the Issuer [and the 

Guarantor (as applicable)] and do not 

assume any obligations towards or 

relationship of agency or trust for or with 

any of the Noteholders. 

The initial Paying Agents and their initial 

specified offices[, as well as the initial 

Calculation Agent,] are listed below. The 

Issuer [and the Guarantor] reserve[s] the 

right at any time to vary or terminate the 

appointment of any Paying Agent and to 

appoint a successor fiscal agent or 

calculation agent and additional or 

successor paying agents, provided, 

however, that: 

(a) the Issuer [and the Guarantor] shall 

at all times maintain a Fiscal Agent; 

[and] 

- 89 -

Text, der anwendbar ist, wenn es eine 

Berechnungsstelle gibt 

(b) die Anleiheschuldnerin [und die 

Garantin] zu jeder Zeit eine 

Berechnungsstelle unterhält; [und] 

[(c)] wenn und so lange die 

Teilschuldverschreibungen an einer 

Börse, zum Handel und/oder zur 

Kursfeststellung durch eine 

Börsenzulassungsstelle, Börse 

und/oder ein Kursfeststellungssystem 

zugelassen sind, welche die 

Ernennung einer Zahlstelle an einem 

bestimmten Ort erfordern, wird die 

Anleiheschuldnerin [und die Garantin] 

eine Zahlstelle an dem von der 

Börsenzulassungsstelle, der Börse 

oder einem Kursfeststellungssystem 

vorgeschriebenen Ort unterhalten; 

[und] 

(d) die Anleiheschuldnerin [und die 

Garantin] sicherstellen [wird] 

[werden], dass sie eine Zahlstelle in 

einem Mitgliedstaat der EU 

(vorausgesetzt, ein solcher 

Mitgliedstaat der EU existiert) 

[unterhält][unterhalten], der nicht 

entsprechend der Richtlinie zur 

Besteuerung von Kapitaleinkünften 

verpflichtet sein wird, Steuern 

einzubehalten oder abzuziehen, falls 

die Richtlinie 2003/48/EU oder eine 

andere Richtlinie, welche die 

Beschlüsse des ECOFIN-Rats vom 

26. bis 27. November 2000 umsetzt, in 

Kraft tritt. 

Die Anleihegläubiger werden unverzüglich 

über eine etwaige Änderung der Zahlstellen 

oder ihrer benannten Geschäftsstellen 

informiert. 

Der Fiscal Agent: 

Deutsche Bank Aktiengesellschaft 

Grosse Gallusstrasse 10-14 

60272 Frankfurt am Main 

Deutschland 

Text applicable where there is a 

calculation agent 

(b) the Issuer [and the Guarantor] shall 

at all times maintain a Calculation 

Agent; [and] 

[(c)] if and for so long as the Notes are 

admitted to listing, trading and/or 

quotation by any listing authority, 

stock exchange and/or quotation 

system which requires the 

appointment of a Paying Agent in 

any particular place, the Issuer [and 

the Guarantor] shall maintain a 

Paying Agent in the place required 

by such listing authority, stock 

exchange and/or quotation system; 

[and] 

(d) if European Council Directive 

2003/48/EC or any other Directive 

implementing the conclusions of the 

ECOFIN council meeting of 26–27 

November 2000 is brought into 

force, the Issuer [and the Guarantor] 

will ensure that [it][they] maintain[s] 

a Paying Agent in an EU member 

state (provided there will be such an 

EU member state) that will not be 

obliged to withhold or deduct tax 

pursuant to the Savings Directive. 

Notice of any change in any of the Paying 

Agents or in their specified offices shall 

promptly be given to the Noteholders. 

The Fiscal Agent: 




Germany 

- 90 -

Die Zahlstelle in Luxemburg: 

Deutsche Bank Luxembourg S.A. 

2 Boulevard Konrad Adenauer 

1115 Luxemburg 

Luxemburg 

11. Begebung weiterer 


Die Anleiheschuldnerin kann ohne 

Zustimmung der Anleihegläubiger weitere 

Schuldverschreibungen mit in jeder Hinsicht 

identischen Bedingungen (oder in jeder 

Hinsicht mit Ausnahme der ersten 

Zinszahlung) begeben, die eine einzige Serie 

mit den Teilschuldverschreibungen bilden. 

The Paying Agent in Luxembourg: 



1115 Luxembourg 

Luxembourg 

11. Further Issues 

The Issuer may from time to time, 

without the consent of the Noteholders, 

create and issue further notes having the 

same terms and conditions as the Notes in 

all respects (or in all respects except for 

the first payment of interest) so as to form 

a single series with the Notes. 

12. Ersetzung der Anleiheschuldnerin 12. Substitution of the Issuer 

(a) Die Anleiheschuldnerin ist jederzeit 

berechtigt, ohne Zustimmung der 

Anleihegläubiger [bei von der Metro 

Finance B.V. begebenen 

Teilschuldverschreibungen: die 

Garantin] [bei von der METRO AG 

begebenen Teilschuldverschreibungen: 

die Metro Finance B.V.] als 

Anleiheschuldnerin (die „Neue 

Anleiheschuldnerin”) hinsichtlich aller 

Verpflichtungen aus oder in Verbindung 

mit den Teilschuldverschreibungen an 

die Stelle der Anleiheschuldnerin zu 

setzen, sofern: 

(a) The Issuer shall be entitled at any 

time without the consent of the 

Noteholders to be substituted as 

Issuer by [in the case of Notes issued 

by Metro Finance B.V.: the 

Guarantor] [in the case of Notes 

issued by METRO AG: Metro 

Finance B.V.] (the "New Issuer") in 

respect of all obligations arising 

from or in connection with the 

Notes, if: 

(i) 

(ii) 

die Neue Anleiheschuldnerin alle 

Verpflichtungen der Anleiheschuldnerin 

aus oder in 

Verbindung mit den 


übernimmt; 


etwa notwendigen Genehmigungen 

von den zuständigen 

Behörden erhalten hat, wonach 


Beträge, die zur Erfüllung der aus 

oder in Verbindung mit den 


entstehenden Zahlungsverpflichtungen 

erforderlich sind, 

in der Emissionswährung oder 

einer anderen erforderlichen 

(i) the New Issuer assumes all 

obligations of the Issuer arising 

from or in connection with the 

Notes; 

(ii) the New Issuer has obtained any 

necessary authorisation from 

the competent authorities to the 

effect that the New Issuer may 

transfer to the relevant Paying 

Agent in the Issue Currency or 

other relevant currency without 

the withholding at source or 

deduction at source of any 

taxes, fees, duties, assessments 

or other governmental charges 

- 91 -

Währung ohne Einbehalt an der 

Quelle oder Abzug an der Quelle 

von Steuern, Gebühren oder 

Abgaben an die jeweilige 

Zahlstelle transferieren darf; 

[Des Weiteren gilt im Fall einer 

Schuldnerersetzung bei von der METRO 

AG begebenen Teilschuldverschreibungen: 

(iii) die Garantin unbedingt und 

unwiderruflich die Verpflichtungen 

der Neuen 

Anleiheschuldnerin garantiert.] 

(b) Im Falle einer solchen 

Schuldnerersetzung gilt jede in diesen 

Bedingungen enthaltene Bezugnahme 

auf die Anleiheschuldnerin fortan als 

auf die Neue Anleiheschuldnerin 

bezogen, und jede Bezugnahme auf das 

Land der Anleiheschuldnerin in den 

Bedingungen 5 (b) und 7 gilt als 

Bezugnahme auf das Land, in dem die 

Neue Anleiheschuldnerin ihren Sitz hat 

oder, falls abweichend, als 

Steuerinländerin gilt. 

[Des Weiteren gilt im Fall einer 

Schuldnerersetzung bei von der METRO 

AG begebenen Teilschuldverschreibungen: 

all amounts required for the 

performance of the payment 

obligations arising from or in 

connection with the Notes; 

[Furthermore, in the event of such 

substitution in the case of Notes 

issued by METRO AG the following 

shall apply: 

(iii) the Guarantor irrevocably and 

unconditionally guarantees such 

obligations of the New Issuer.] 

(b) In the event of such substitution, any 

reference in these Terms and 

Conditions to the Issuer shall from 

then on be deemed to refer to the 

New Issuer and any reference to the 

Issuer's country of domicile in 

Condtions 5 (b) and 7 shall from 

then on be deemed to refer to the 

country where the New Issuer is 

domiciled or, if different, is treated 

as resident for tax purposes. 

[Furthermore, in the event of such 

substitution in the case of Notes 

issued by METRO AG the following 

shall apply: 

(i) 

(ii) 

in Bedingung 5 (b) und 7 gilt eine 

Bezugnahme auf die 

Bundesrepublik als aufgenommen 

(zusätzlich zu der Bezugnahme 

nach Maßgabe des vorstehenden 

Satzes auf das Land, in dem die 

Neue Anleiheschuldnerin ihren 

Sitz hat oder, falls abweichend, 

als Steuerinländerin gilt); 

in Bedingung 8 (b) – (g) gilt eine 

Bezugnahme auf die Anleiheschuldnerin 

in ihrer Eigenschaft 

als Garantin aufgenommen 

(zusätzlich zu der Bezugnahme 

auf die Neue Anleiheschuldnerin); 

(i) in Condition 5 (b) and 7 a 

reference to the Federal 

Republic of Germany shall be 

deemed to have been included 

in addition to the reference 

according to the preceding 

sentence to the country where 

the New Issuer is domiciled or, 

if different, is treated as 

resident for tax purposes; 

(ii) in Condition 8 (b) – (g) a 

reference to the Issuer in its 

capacity as guarantor shall be 

deemed to have been included 

in addition to the reference to 

the New Issuer; 

(iii) in Bedingung 8 gilt als 

(iii) in Condition 8 the following 

- 92 -

Bedingung 8 (h) folgender Text 

für garantierte Teilschuldverschreibungen 

als 

aufgenommen: 

„Unwirksamkeit der Garantie/ 

Verpflichtungserklärung: die 

Garantie oder die Verpflichtungserklärung 

ist nicht mehr 

uneingeschränkt wirksam (oder 

die Garantin erklärt, dass die 

Garantie oder die 

Verpflichtungserklärung nicht 

mehr uneingeschränkt wirksam 

ist)”; 

(iv) in Bedingung 16 gilt als 

Bedingung 16 (c) und (d) 

folgender Text für garantierte 

Teilschuldverschreibungen als 

aufgenommen: 

„(c) Weiterer Gerichtsstand: Die 

Anleihegläubiger sind auch 

berechtigt, ihre Ansprüche 

gegenüber der Anleiheschuldnerin 

vor Gerichten in 

den Niederlanden geltend zu 

machen. In diesen Fällen ist 

das Recht der 


anzuwenden. 

(d) Zustellungsbevollmächtigter: 

Für etwaige 

Rechtsstreitigkeiten, die 

zwischen den Anleihegläubigern 

und der 

Anleiheschuldnerin vor 

Gerichten in der 


geführt werden, hat die 

Anleiheschuldnerin die 

METRO AG, Schlüterstraße 

1, 40235 Düsseldorf, 


Deutschland, 

zur 

Zustellungsbevollmächtigten 

bestellt.”] 

(c) Eine Schuldnerersetzung gemäß Absatz 

(a) ist für die Anleihegläubiger bindend 

und ist unverzüglich gemäß Bedingung 

13 bekannt zu machen. 

text applicable to guaranteed 

Notes shall be deemed to be 

included as Condition 8 (h): 

"Guarantee/Undertaking not in 

force: the Guarantee or the 

Undertaking is not (or is 

claimed by the Guarantor not to 

be) in full force and effect"; 

(iv) in Condition 16 the following 

text applicable to guaranteed 

Notes shall be deemed to be 

included as Condition 16 (c) 

and (d): 

"(c) Further jurisdiction: The 

Noteholders are also 

entitled to assert their 

claims against the Issuer 

before courts in The 

Netherlands. In such cases 

the laws of the Federal 

Republic of Germany shall 

be applied. 

(d) Process agent: For 

litigation, if any, between 

the Noteholders and the 

Issuer which is brought 

before courts in the 

Federal Republic of 

Germany, the Issuer has 

appointed METRO AG, 

Schlüterstraße 1, 40235 

Düsseldorf, Federal 

Republic of Germany, as 

agent for service of 

process."] 

(c) Any substitution effected in 

accordance with paragraph (a) shall 

be binding on the Noteholders and 

shall be notified promptly in 

- 93 -

accordance with Condition 13. 

(d) Im Übrigen gelten durch eine solche 

Ersetzung die Teilschuldverschreibungen 

insoweit als abgeändert, als es 

für die Wirksamkeit der Ersetzung 

erforderlich ist. 

(d) As of the rest of the issues, upon any 

such substitution, the Notes shall be 

deemed to be modified to the extent 

necessary for rendering the 

substitution effective. 

13. Bekanntmachungen 13. Notices 

[Im Fall von Schuldverschreibungen, die an 

einer Börse notiert sind, einfügen: 

(a) Bekanntmachung. Alle die 

Teilschuldverschreibungen betreffenden 

Mitteilungen sind [im elektronischen 

Bundesanzeiger sowie] in einer 

führenden Tageszeitung mit allgemeiner 

Verbreitung in [Deutschland] 

[Luxemburg] [London] [anderen Ort 

einfügen], voraussichtlich [die Börsen- 

Zeitung] [das Luxemburger Wort] [das 

Tageblatt] [die Financial Times] 

[andere Zeitung mit allgemeiner 

Verbreitung einfügen] in deutscher oder 

englischer Sprache zu veröffentlichen 

[und werden über die Website der 

Luxemburger Börse unter 

"www.bourse.lu" veröffentlicht]. Jede 

derartige Mitteilung gilt am dritten Tag 

nach ihrer Veröffentlichung (oder bei 

mehreren Veröffentlichungen am dritten 

Tag nach dem Tag der ersten solchen 

Veröffentlichung) als wirksam erfolgt.] 

[Sofern eine Mitteilung durch Elektronische 

Publikation auf der Website der betreffenden 

Börse möglich ist, einfügen: 

(a) Bekanntmachung. Alle die 


Mitteilungen erfolgen durch 

elektronische Publikation auf der 

Website der [betreffende Börse 

einfügen] (www. [Internetadresse 

einfügen]). Jede derartige Mitteilung gilt 

am dritten Tag nach dem Tag der 

Veröffentlichung (oder bei mehreren 

Veröffentlichungen am dritten Tag nach 

dem Tag der ersten solchen 

Veröffentlichung) als wirksam erfolgt.] 

[In the case of Notes which are listed on 

a Stock Exchange insert: 

(a) Notices. All notices concerning the 

Notes shall be published [in the 

electronic version of the 

Bundesanzeiger and] in a leading 

daily newspaper having general 

circulation in [Germany] 

[Luxembourg] [London] [specify 

other location]. These newspapers 

are expected to be the [Börsen- 

Zeitung] [Luxemburger Wort] 

[Tageblatt] [Financial Times] [insert 

other applicable newspaper having 

general circulation] in the German 

or English language [and will be 

published on the website of the 

Luxembourg Stock Exchange under 

"www.bourse.lu"]. Any notice so 

given will be deemed to have been 

validly given on the third day after 

the date of such publication (or, if 

published more than once, on the 

third day after the date of the first 

such publication).] 

[if notices may be given by means of 

electronic publication on the website of 

the relevant stock exchange insert: 

(a) Notices. All notices concerning the 

Notes will be made by means of 

electronic publication on the internet 

website of the [insert relevant stock 

exchange] (www.[insert internet 

address]). Any notice so given will 

be deemed to have been validly 

given on the day of such publication 

(or, if published more than once, on 

the third day after the date of the 

first such publication).] 

- 94 -

(b) Mitteilung an das Clearing-System. 

[im Fall von Teilschuldverschreibungen, die 

nicht notiert sind, einfügen: 

Die Emittentin wird alle die 


Mitteilungen an das Clearing-System 

zur Weiterleitung an die 

Anleihegläubiger übermitteln. Jede 

derartige Mitteilung gilt am siebten Tag 

nach dem Tag der Mitteilung an das 

Clearing System als den 

Anleihegläubigern mitgeteilt.] 

[Im Fall von Teilschuldverschreibungen, die an 

der Luxemburger Börse notiert sind, einfügen: 

Solange Teilschuldverschreibungen an der 

Luxemburger Börse notiert sind, findet 

Absatz (a) Anwendung. Soweit dies 

Mitteilungen über den Zinssatz betrifft oder 

die Regeln der Luxemburger Börse dies 

zulassen, kann die Emittentin eine 

Veröffentlichung nach Absatz 1 durch eine 

Mitteilung an das Clearing-System zur 

Weiterleitung an die Anleihegläubiger 

ersetzen; jede derartige Mitteilung gilt am 

siebten Tag nach dem Tag der Mitteilung 

an das Clearing-System als den 

Anleihegläubigern mitgeteilt.] 

[Im Fall von Schuldverschreibungen, die an 

einer anderen Börse als der Luxemburger Börse 

notiert sind, einfügen: 

(b) Notification to Clearing System. 

[in the case of Notes which are unlisted 

insert: 

The Issuer shall deliver all notices 

concerning the Notes to the clearing 

system for communication by the 

clearing system to the Noteholders. 

Any such notice shall be deemed to 

have been given to the Noteholders 

on the seventh day after the day on 

which said notice was given to the 

clearing system.] 


the Luxembourg Stock Exchange insert: 

So long as any Notes are listed on 

the Luxembourg Stock Exchange, 

paragraph (a) shall apply. In the case 

of notices regarding the Rate of 

Interest or, if the Rules of the 

Luxembourg Stock Exchange so 

permit, the Issuer may deliver the 

relevant notice to the clearing system 

for communication by the clearing 

system to the Noteholders in lieu of 

publication in the newspapers set 

forth in subparagraph (1) above; any 

such notice shall be deemed to have 

been given to the Noteholders on the 

seventh day after the day on which 

the said notice was given to the 

clearing system.] 


a Stock Exchange other than the 

Luxembourg Stock Exchange insert: 

Die Emittentin ist berechtigt, eine 

Veröffentlichung nach Absatz (a) durch 

eine Mitteilung an das Clearing-System zur 

Weiterleitung an die Anleihegläubiger zu 

ersetzen, vorausgesetzt, dass die Regeln der 

Börse, an der die 

Teilschuldverschreibungen notiert sind, 

diese Form der Mitteilung zulassen. Jede 

derartige Mitteilung gilt am siebten Tag 

nach dem Tag der Mitteilung an das 

Clearing-System als den Anleihegläubigern 

mitgeteilt.] 

The Issuer may, in lieu of 

publication set forth in paragraph (a) 

above, deliver the relevant notice to 

the clearing system, for 

communication by the clearing 

system to the Noteholders, provided 

that the rules of the stock exchange 

on which Notes are listed permit 

such form of notice. Any such notice 

shall be deemed to have been given 

to the Noteholders on the seventh 

day after the day on which said 

- 95 -

14. Rundungen 14. Rounding 

notice was given to the clearing 

system.] 

Zum Zweck von Berechnungen, auf die in 

diesen Bedingungen Bezug genommen wird 

(sofern sie in diesen Bedingungen nicht 

anders spezifiziert sind), werden (a) alle 

Prozentsätze, die sich aus solchen 

Berechnungen ergeben, gerundet, wenn es 

erforderlich ist, auf das nächste 1/100.000 

eines Prozentpunktes (wobei 0,000005 

Prozent auf 0,00001 Prozent aufgerundet 

werden), [(b) alle bei solchen Berechnungen 

benutzten oder sich ergebenden Yen-Beträge 

auf den nächstniedrigeren ganzen Yen- 

Betrag abgerundet,] und [(c)] alle Beträge, 

[die einen Nominalwert in einer anderen 

Währung besitzen und] die bei diesen 

Berechnungen benutzt werden oder sich 

ergeben, auf die ersten zwei Dezimalstellen 

der maßgeblichen Währung gerundet, wobei 

0,005 aufgerundet wird. 

[15.] Änderung der Anleihebedingungen 

For the purposes of any calculations 

referred to in these conditions (unless 

otherwise specified in these conditions), 

(a) all percentages resulting from such 

calculations will be rounded, if 

necessary, to the nearest 1/100,000 of a 

percentage point (with 0.000005 per cent. 

being rounded up to 0.00001 per cent.)[,] 

[(b)] all Japanese Yen amounts used in or 

resulting from such calculations will be 

rounded downwards to the next lower 

whole Japanese Yen amount] and [(c)] all 

amounts [denominated in any other 

currency] used in or resulting from such 

calculations will be rounded to the 

nearest two decimal places in the relevant 

currency, with 0.005 being rounded 

upwards. 

[15.] Amendments to the Conditions 

(a) 

Schuldverschreibungsgesetz: §§ 5 ff. 

des Gesetzes über 

Schuldverschreibungen aus 

Gesamtemissionen 

(Schuldverschreibungsgesetz, 

"SchVG") vom 31. Juli 2009, 

welches am 5. August 2009 in Kraft 

trat, finden auf die 

Schuldverschreibungen Anwendung. 

Infolgedessen kann die Emittentin 

durch Zustimmung eines 

Mehrheitsbeschlusses 

der 

Anleihegläubiger diese Bedingungen 

ändern. 

(a) Governing law: §§ 5 et seq. of the 

German Bond Act (Gesetz über 

Schuldverschreibungen aus 

Gesamtemissionen ("SchVG") vom 

31. Juli 2009), which came into 

effect on 5 August 2009, shall be 

applicable in relation to the Notes. 

Thus, the Issuer may amend these 

conditions with consent by majority 

resolution of the Noteholders. 

(b) Beschlussgegenstände: Die 

Anleihegläubiger können durch 

Mehrheitsbeschluss insbesondere 

folgenden Maßnahmen zustimmen: 

(b) Matters of Resolutions: Noteholders 

may in particular agree by majority 

resolution to the following: 

(i) der Veränderung der 

(i) a change of the due date for 

Fälligkeit, der Verringerung 

payment of interest, the 

oder dem Ausschluss der 

reduction, or the 

Zinsen; 

cancellation, of interest; 

(ii) der Veränderung der (ii) a change of the due date for 

- 96 -

Fälligkeit 

der 

Hauptforderung; 

(iii) der Verringerung der 

Hauptforderung; 

(iv) dem Nachrang der 

Forderungen aus den 

Schuldverschreibungen im 

Insolvenzverfahren der 

Emittentin; 

(iii) 

(iv) 

payment of principal; 

a reduction of principal; 

a subordination of claims 

arising from the Notes in 

insolvency proceedings of 

the Issuer; 

(v) 

der Umwandlung oder dem 

Umtausch 

der 

Schuldverschreibungen in 

Gesellschaftsanteile, andere 

Wertpapiere oder andere 

Leistungsversprechen; 

(v) 

a conversion of the Notes 

into, or the exchange of the 

Notes for, shares, other 

securities or obligations; 

(vi) dem Austausch und der 

Freigabe von Sicherheiten; 

(vi) 

an exchange or release of 

security; 

(vii) 

der Änderung der Währung 

der Schuldverschreibungen; 

(vii) 

a change of the currency of 

the Notes; 

(viii) dem Verzicht auf das 

Kündigungsrecht der 

Gläubiger oder dessen 

Beschränkung; 

(viii) 

a waiver or restriction of 

Noteholders' rights to give 

notice of termination under 

the Notes; 

(ix) der Änderung oder 

Aufhebung 

von 

Nebenbestimmungen der 

Schuldverschreibungen; und 

(ix) an amendment or a 

rescission of ancillary 

provisions of the Notes; and 

(x) die Bestellung oder 

Abberufung eines 

gemeinsamen Vertreters der 

Gläubiger. 

(x) 

an appointment or a removal 

of a common representative 

for the Holders. 

(c) 

Eine Verpflichtung zur Leistung kann 

für die Anleihegläubiger durch 

Mehrheitsbeschluss nicht begründet 

werden. 

Versammlung der Anleihegläubiger: 

Die Anleihegläubiger beschließen im 

Wege der Abstimmung ohne 

Versammlung gemäß § 18 SchVG. 

Die Versammlung der 

Anleihegläubiger wird von der 

Emittentin oder von dem 

Gemeinsamen Vertreter (wie in 

nachstehendem Absatz g definiert) der 

Anleihegläubiger einberufen. Gemäß 

No obligation to make any payment 

or to render any other performance 

shall be imposed on any Noteholder 

by majority resolution. 

(c) Meeting of Noteholders: Pursuant to 

§ 18 SchVG, Noteholders shall pass 

resolutions by vote taken without a 

physical meeting. 

A meeting of Noteholders will be 

called for by the Issuer or the 

Common Representative (as defined 

in g) below). Pursuant to § 9 (1) 

sent. (1) SchVG, a meeting of 

Noteholders must be called if 

- 97 -

(e) 

§ 9 Abs. (1) Satz 1 i.V.m. § 18 SchVG 

ist sie einzuberufen, wenn 

Anleihegläubiger, deren Schuldverschreibungen 

5 % des Nennwertes der 

ausstehenden Schuldverschreibungen 

erreichen, dies schriftlich unter 

Angabe eines der in § 9 Abs. (1) Satz 

1 SchVG aufgeführten Gründe 

verlangen. 

(d) Mehrheitsprinzip: Vorbehaltlich des 

nachstehenden Satzes und der Erreichung 

der erforderlichen Beschlussfähigkeit 

entscheiden die Anleihegläubiger mit der 

einfachen Mehrheit der an der 

Abstimmung teilnehmenden Stimmrechte. 

In den Fällen dieser Bedingung 

15 Absatz (b) (i) bis (x) bedürfen zu 

ihrer Wirksamkeit einer Mehrheit von 

mindestens 75 % der an der 

Abstimmung teilnehmenden Stimmrechte. 

Stimmrecht: An Abstimmungen der 

Anleihegläubiger nimmt jeder 

Anleihegläubiger nach Maßgabe des 

Nennwerts oder des rechnerischen 

Anteils seiner Berechtigung an den 

ausstehenden Schuldverschreibungen 

teil. Das Stimmrecht ruht, solange die 

Anteile der Emittentin oder einem mit 

ihr verbundenen Unternehmen (§ 271 

Absatz (2) Handelsgesetzbuch) 

zustehen oder für Rechnung der 

Emittentin oder eines mit ihr 

verbundenen Unternehmens gehalten 

werden. Die Emittentin darf 

Schuldverschreibungen, deren Stimmrechte 

ruhen, einem anderen nicht zu 

dem Zweck überlassen, die 

Stimmrechte an ihrer Stelle 

auszuüben; dies gilt auch für ein mit 

der Emittentin verbundenes 

Unternehmen. Niemand darf das 

Stimmrecht zu dem in Satz 3 erster 

Halbsatz bezeichneten Zweck 

ausüben. 

Noteholders holding Notes 

amounting to 5 per cent. of the 

outstanding principal amount of the 

Notes request so, in writing, with 

reference to one of the reasons set 

out in § 9 (1) sent. (1) SchVG. 

(d) Majority Vote: Except as provided 

in the following sentence and 

provided that the requisite quorum is 

present, a resolution of the 

Noteholders will be passed by 

simple majority of the rights to vote 


In the cases of this condition 15(b) 

(i) through (x), in order to be passed, 

resolutions require a majority of not 

less than 75 per cent. of the rights to 

vote participating in the vote. 

(e) Right to Vote: Each Noteholder 

participating in any vote shall cast 

votes in accordance with the 

nominal amount or the notional 

fraction of its entitlement to the 

outstanding Notes. As long as the 

entitlement to the Notes lies with, or 

the Notes are held for the account of, 

the Issuer or any of its affiliates (§ 

271(2) of the German Commercial 

Code (Handelsgesetz-buch)), the 

right to vote in respect of such Notes 

shall be suspended. The Issuer may 

not transfer Notes, of which the 

voting rights are so suspended, to 

another person for the purpose of 

exercising such voting rights in the 

place of the Issuer; this shall also 

apply to any affiliate of the Issuer. 

No person shall be permitted to 

exercise such voting right for the 

purpose stipulated in sent. (3), first 

half sentence, herein above. 

(f) Verbindlichkeit: Die Mehrheitsbeschlüsse 

der Anleihegläubiger sind 

für alle Anleihegläubiger 

gleichermaßen verbindlich. Ein 

(f) Binding Effect: Majority resolutions 

shall be binding on all Noteholders. 

Resolutions which do not provide 

for identical conditions for all 

- 98 -

Mehrheitsbeschluss der Anleihegläubiger, 

der nicht gleiche 

Bedingungen für alle Anleihegläubiger 

vorsieht, ist unwirksam, es 

sei denn die benachteiligten 

Anleihegläubiger stimmen ihrer 

Benachteiligung ausdrücklich zu. 

(g) Bestellung eines Gemeinsamen 

Vertreters: Die Anleihegläubiger 

können durch Mehrheitsbeschluss zur 

Wahrnehmung ihrer Rechte einen 

gemeinsamen Vertreter (der 

"Gemeinsame Vertreter") für alle 

Anleihgläubiger bestellen. Zum 

gemeinsamen Vertreter kann jede 

geschäftsfähige Person oder eine 

sachkundige juristische Person bestellt 

werden. Eine Person, welche 

(i) Mitglied des Vorstands, des 

Aufsichtsrats, des Verwaltungsrats 

oder eines ähnlichen Organs, 

Angestellter oder sonstiger 

Mitarbeiter der Emittentin oder 

eines mit dieser verbundenen 

Unternehmens ist; 

(ii) am Stamm- oder Grundkapital der 

Emittentin oder eines mit dieser 

verbundenen Unternehmens mit 

mindestens 20% beteiligt ist; 

(iii) Finanzgläubiger der Emittentin 

oder eines mit dieser verbundenen 

Unternehmens mit einer Forderung 

in Höhe von mindestens 20% der 

ausstehenden 

Schuldverschreibungen oder 

Organmitglied, Angestellter oder 

sonstiger Mitarbeiter dieses 

Finanzgläubigers ist; oder 

(iv) auf Grund einer besonderen 

persönlichen Beziehung zu den in 

den Nummern (i) bis (iii) 

aufgeführten Personen unter deren 

bestimmenden Einfluss steht 

gemeinsamen Vertreter die 

maßgeblichen Umstände offen legen. 

Der Gemeinsame Vertreter hat die 

Anleihegläubiger unverzüglich in 

geeigneter Form darüber zu 

Noteholders are void, unless 

Noteholders who are disadvantaged 

have expressly consented to their 

being treated disadvantageously. 

(g) Appointment of Common 

Representative: The Noteholders 

may by majority resolution appoint a 

common representative (the 

"Common Representative") to 

exercise the Noteholders' rights on 

behalf of each Noteholder. Any 

natural person having legal capacity 

or any qualified legal person may act 

as Common Representative. Any 

person who: 

(i) is a member of the 

management board, the 

supervisory board, the board of 

directors or any similar body, 

or an officer or employee, of 

the Issuer or any of its 

affiliates; 

(ii) holds an interest of at least 20 

per cent. in the share capital of 

the Issuer or of any of its 

affiliates; 

(iii) is a financial creditor of the 

Issuer or any of its affiliates, 

holding a claim in the amount 

of at least 20 per cent. of the 

outstanding Notes, or is a 

member of a corporate body, 

an officer or other employee of 

such financial creditor; or 

(iv) is subject to the control of any 

of the persons set forth in items 

(i) to (iii) above by reason of a 

special personal relationship 

with such person. 

must disclose the relevant 

circumstances to the Noteholders 

prior to being appointed as a 

Common Representative. If any 

such circumstances arise after the 

- 99 -

unterrichten, wenn in seiner Person 

solche Umstände nach der Bestellung 

eintreten. 

(h) Aufgaben und Befugnisse: Der 

Gemeinsame Vertreter hat die 

Aufgaben und Befugnisse, welche 

ihm durch Gesetz oder von den 

Anleihegläubigern 

durch 

Mehrheitsbeschluss eingeräumt 

wurden. Er hat die Weisungen der 

Anleihegläubiger zu befolgen. 

Soweit er zur Geltendmachung von 

Rechten der Anleihegläubiger 

ermächtigt ist, sind die einzelnen 

Anleihegläubiger zur selbständigen 

Geltendmachung dieser Rechte nicht 

befugt, es sei denn der 

Mehrheitsbeschluss sieht dies 

ausdrücklich vor. Über seine 

Tätigkeit hat der Gemeinsame 

Vertreter den Anleihegläubigern zu 

berichten. 

(h) 

appointment of a Common 

Representative, the Common 

Representative shall inform the 

Noteholders promptly in 

appropriate form and manner. 

Duties and Powers: The Common 

Representative shall have the duties 

and powers provided by law or 

granted by majority resolution of 

the Noteholders. The Common 

Representative shall comply with 

the instructions of the Noteholders. 

To the extent that the Common 

Representative has been authorised 

to assert certain rights of the 

Noteholders, the Noteholders shall 

not be entitled to assert such rights 

themselves, unless explicitly 

provided for in the relevant 

majority resolution. The Common 

Representative shall provide reports 

to the Noteholders on its activities. 

(i) 

Haftung: Der Gemeinsame Vertreter 

haftet den Anleihegläubigern als 

Gesamtgläubiger für die 

ordnungsgemäße Erfüllung seiner 

Aufgaben; bei seiner Tätigkeit hat er 

die Sorgfalt eines ordentlichen und 

gewissenhaften Geschäftsleiters 

anzuwenden. Die Haftung des 

gemeinsamen Vertreters kann durch 

Beschluss der Anleihegläubiger 

beschränkt werden. Über die 

Geltendmachung 

von 

Ersatzansprüchen 

der 

Anleihegläubiger gegen den 

gemeinsamen Vertreter entscheiden 

die Anleihegläubiger. 

(i) Liability: The Common 

Representative shall be liable for the 

performance of its duties towards the 

Noteholders who shall be joint and 

several creditors (Gesamtgläubiger); 

in the performance of its duties it 

shall act with the diligence and care 

of a prudent business manager. The 

liability of the Common 

Representative may be limited by a 

resolution passed by the 

Noteholders. The Noteholders shall 

decide upon the assertion of claims 

for compensation of the Noteholders 

against the Common Representative. 

(j) Abberufung: Der Gemeinsame 

Vertreter kann von den 

Anleihegläubigern jederzeit ohne 

Angabe von Gründen abberufen 

werden. Der Gemeinsame Vertreter 

kann von der Emittentin verlangen, 

alle Auskünfte zu erteilen, die zur 

Erfüllung der ihm übertragenen 

Aufgaben erforderlich sind. Die 

durch die Bestellung eines 

Gemeinsamen 

Vertreters 

(j) Removal: The Common 

Representative may be removed 

from office at any time by the 

Noteholders without specifying any 

reasons. The Noteholders' furnish all 

information required for the 

performance of the duties entrusted 

to it. The Issuer shall bear the costs 

and expenses arising from the 

appointment of a Common 

Representative, including reasonable 

- 100 -

(k) 

entstehenden Kosten und 

Aufwendungen, einschließlich einer 

angemessenen Vergütung des 

Gemeinsamen Vertreters, trägt die 

Emittentin. 

Ersetzung: Die Vorschriften dieser 

Bedingung 15 finden auf eine 

Ersetzung der Emittentin gemäß 

Bedingung 12 keine Anwendung. Im 

Falle einer solchen Ersetzung 

erstrecken sie sich jedoch auf eine 

gemäß Bedingung 12(a) (iii) 

abzugebende Garantie. 

remuneration of the Common 

Representative. 

(k) Substitution: The provisions of this 

condition 15 do not apply to a 

substitution pursuant to condition 

12. In the event of such substitution, 

they do however apply to a 

guarantee to be given pursuant to 

condition 12(a) (iii). 

[16.] Anwendbares Recht und 

Gerichtsstand 

(a) Anwendbares Recht: Die 

Teilschuldverschreibungen und alle 

daraus resultierenden Rechte und 

Pflichten unterliegen ausschließlich dem 

Recht der Bundesrepublik Deutschland. 

Erfüllungsort ist Frankfurt am Main. 

[16.] Governing Law and Jurisdiction 

(a) Governing law: The Notes as well as 

all the rights and duties arising 

therefrom are governed exclusively 

by the laws of the Federal Republic 

of Germany. Place of performance is 

Frankfurt am Main. 

(b) Gerichtsstand: Grundsätzlich ist nichtausschließlicher 


sich aus den in diesen Bedingungen 

geregelten Rechtsverhältnissen 

ergebenden Rechtsstreitigkeiten mit der 

Anleiheschuldnerin Frankfurt am Main. 

[Vorbehaltlich Absatz (c) ist dieser] 

[Dieser] Gerichtsstand [ist] hingegen 

ausschließlich, soweit es sich um 








Text für garantierte Teilschuldverschreibung 

(c) Weiterer Gerichtsstand: Die 

Anleihegläubiger sind auch berechtigt, 

ihre Ansprüche gegenüber der 

Anleiheschuldnerin vor Gerichten in 

(b) Jurisdiction: The competent courts 

of Frankfurt am Main have nonexclusive 

jurisdiction for all 

litigation with the Issuer arising 

from the legal relations established 

in these conditions; provided, 

however, that [, subject to paragraph 

(c),] Frankfurt am Main shall be 

exclusive place of jurisdiction for all 

litigation which is brought by 

merchants (Kaufleute), legal persons 

under public law (juristische 

Personen des öffentlichen Rechts), 

special funds under public law 









(c) Further jurisdiction: The 

Noteholders are also entitled to 

assert their claims against the Issuer 

before courts in The Netherlands. In 

- 101 -

den Niederlanden geltend zu machen. In 

diesen Fällen ist das Recht der 


Deutschland 

anzuwenden. 

(d) Zustellungsbevollmächtigter: Für 

etwaige Rechtsstreitigkeiten, die 

zwischen den Anleihegläubigern und 

der Anleiheschuldnerin vor Gerichten in 

der Bundesrepublik Deutschland geführt 

werden, hat die Anleiheschuldnerin die 

METRO AG, Schlüterstraße 1, 40235 

Düsseldorf, 


Deutschland, zur Zustellungsbevollmächtigten 

bestellt. 

such cases the laws of the Federal 

Republic of Germany shall be 

applied. 

(d) Process agent: For litigation, if any, 

between the Noteholders and the 

Issuer which is brought before courts 

in the Federal Republic of Germany, 

the Issuer has appointed METRO 

AG, Schlüterstraße 1, 40235 

Düsseldorf, Federal Republic of 

Germany, as agent for service of 

process. 

[17.] Sprache [17.] Language 

[Falls die Emissionsbedingungen in 

deutscher Sprache mit einer Übersetzung in 

die englische Sprache abgefasst sind, 

einfügen: 

Diese Emissionsbedingungen sind in 

deutscher Sprache abgefaßt. Eine 

Übersetzung in die englische Sprache ist 

beigefügt. Der deutsche Text ist bindend 

und maßgeblich. Die Übersetzung in die 

englische Sprache ist unverbindlich.] 

[Falls die Emissionsbedingungen in 

englischer Sprache mit einer Übersetzung in 

die deutsche Sprache abgefasst sind, 

einfügen: 

Diese Emissionsbedingungen sind in 

englischer Sprache abgefaßt. Eine 

Übersetzung in die deutsche Sprache ist 

beigefügt. Der englische Text ist 

bindend und maßgeblich. Die 

Übersetzung in die deutsche Sprache ist 

unverbindlich.] 

[Falls die Emissionsbedingungen 

ausschließlich in deutscher Sprache 

abgefasst sind, einfügen: 

Diese Emissionsbedingungen sind 

ausschließlich in deutscher Sprache 

abgefaßt.] 

[Falls die Emissionsbedingungen 

ausschließlich in englischer Sprache 

[If the Terms and Conditions shall be in 

the German language with an English 

language translation insert: 

These Terms and Conditions are 

written in the German language and 

provided with an English language 

translation. The German text shall be 

controlling and binding. The English 

language translation is provided for 

convenience only.] 


the English language with a German 

language translation insert: 


written in the English language and 

provided with a German language 

translation. The English text shall be 

controlling and binding. The 

German language translation is 

provided for convenience only.] 


the German language only insert: 


written in the German language 

only.] 


the English language only insert: 

- 102 -

abgefasst sind, einfügen: 

Diese Emissionsbedingungen sind 

ausschließlich in englischer Sprache 

abgefaßt.] 


written in the English language 

only.] 

[18.] Teilunwirksamkeit [18.] Partial Invalidity 

Sollte eine der Bestimmungen dieser 

Bedingungen unwirksam oder 

undurchführbar sein oder werden, so 

bleibt die Wirksamkeit oder die 

Durchführbarkeit der übrigen 

Bestimmungen hiervon unberührt. 

Anstelle der unwirksamen Bestimmung 

soll, soweit rechtlich möglich, eine dem 

Sinn und Zweck dieser Bedingungen 

zum Zeitpunkt der Begebung der 


entsprechende Regelung gelten. Unter 

Umständen, unter denen sich diese 

Bedingungen als unvollständig 

erweisen, soll eine ergänzende 

Auslegung, die dem Sinn und Zweck 

dieser Bedingungen entspricht, unter 

angemessener Berücksichtigung der 

beteiligten Parteien erfolgen. 

If any of the provisions contained in these 

conditions is or becomes invalid or 

unenforceable, the validity or 

enforceability of the remaining 

provisions shall not in any way be 

affected or impaired thereby. The invalid 

provision shall be replaced by a provision 

which, to the extent legally possible, 

provides for an interpretation in keeping 

with the economic purpose of the 

conditions at the time of the issue of the 

Notes. Where these conditions prove to 

be incomplete, a supplementary 

interpretation in accordance with the 

economic purpose of these conditions 

giving due consideration to the legitimate 

interests of the parties involved shall be 

applied. 

- 103 -

Set B Terms and Conditions of the Notes 

1. Introduction 

(a) 

(b) 

(c) 

(d) 

(e) 

(f) 

(g) 

Programme: METRO AG and Metro Finance B.V. (each in relation to the Notes issued 

by it, an "Issuer", and, together, the "Issuers") have established a Debt Issuance 

Programme (the "Programme") for the issuance of up to EUR 6,000,000,000 in 

aggregate principal amount of notes (the "Notes"). Notes issued by Metro Finance B.V. 

are guaranteed by METRO AG, Düsseldorf, Federal Republic of Germany (the 

"Guarantor"). 

Final Terms: Notes issued under the Programme are issued in series (each a "Series") and 

each Series may comprise one or more tranches (each a "Tranche") of Notes. Each 

Tranche to which Set B Terms and Conditions apply is the subject of the final terms (the 

"Final Terms") which completes these conditions. The terms and conditions applicable 

to any particular Tranche of Notes to which Set B Terms and Conditions apply are these 

conditions as supplemented, amended and/or replaced by the relevant Final Terms, all as 

provided in this Prospectus. In the event of any inconsistency between these conditions 

and the relevant Final Terms, the relevant Final Terms shall prevail. 

Issue and Paying Agency Agreement: The Notes are the subject of an issue and paying 

agency agreement dated 13 May 2011 (as amended or supplemented from time to time, 

the "Issue and Paying Agency Agreement") between the Issuers, the Guarantor, 

Deutsche Bank as fiscal agent (the "Fiscal Agent", which expression includes any 

successor fiscal agent appointed from time to time in connection with the Notes) and as 

paying agent (the "Paying Agent", which term shall include the Fiscal Agent, and, 

including any successor or additional paying agents appointed from time to time in 

connection with the Notes, the "Paying Agents"). 

Guarantee: Notes issued by Metro Finance B.V. are the subject of a guarantee dated 

14 May 2010 (as amended, supplemented or replaced from time to time, the 

"Guarantee") entered into by the Guarantor. 

Undertaking: Notes issued by Metro Finance B.V. are the subject of an undertaking dated 

14 May 2010 executed by the Guarantor (as amended, supplemented or replaced from 

time to time, the "Undertaking"). 

The Notes: All subsequent references in these Set B Terms and Conditions to "Notes" are 

to the Notes which are the subject of the relevant Final Terms. Copies of the relevant 

Final Terms are available for inspection by Noteholders during normal business hours at 

the Specified Office of the Fiscal Agent, the initial Specified Office of which is set out 

below. 

Summaries: Certain provisions of these conditions are summaries of the Issue and Paying 

Agency Agreement and the Guarantee and are subject to their detailed provisions. The 

holders of the Notes (the "Noteholders") have the benefit of all the provisions of the 

Issue and Paying Agency Agreement, the Guarantee and the Undertaking applicable to 

them. Copies of the Issue and Paying Agency Agreement, the Guarantee and the 

Undertaking are available for inspection by Noteholders during normal business hours at 

the Specified Offices of each of the Paying Agents, the initial Specified Offices of which 

are set out below and at the registered office of METRO AG in Düsseldorf or at the 

registered office of Metro Finance B.V. in Venlo-Blerick (as the case may be). 

- 104 -

2. Interpretation 

(a) 

Definitions: In these conditions the following expressions have the following meanings: 

"Accrual Yield" has the meaning given in the relevant Final Terms; 

"Additional Business Centre(s)" means the city or cities specified as such in the relevant 

Final Terms; 

"Additional Financial Centre(s)" means the city or cities specified as such in the 

relevant Final Terms; 

"Business Day" means: 

(i) 

(ii) 

in relation to any sum payable in euro, a TARGET Settlement Day and a day on 

which commercial banks and foreign exchange markets settle payments generally 

in each (if any) Additional Business Centre; and 

in relation to any sum payable in a currency other than euro, a day on which 

commercial banks and foreign exchange markets settle payments generally in 

London, in the Principal Financial Centre of the relevant currency and in each (if 

any) Additional Business Centre; 

"Business Day Convention", in relation to any particular date, has the meaning given in 

the relevant Final Terms and, if so specified in the relevant Final Terms, may have 

different meanings in relation to different dates and, in this context, the following 

expressions shall have the following meanings: 

(i) 

(ii) 

(iii) 

(iv) 

"Following Business Day Convention" means that the relevant date shall be 

postponed to the first following day that is a Business Day; 

"Modified Following Business Day Convention" or "Modified Business Day 

Convention" means that the relevant date shall be postponed to the first following 

day that is a Business Day unless that day falls in the next calendar month in which 

case that date will be the first preceding day that is a Business Day; 

"Preceding Business Day Convention" means that the relevant date shall be 

brought forward to the first preceding day that is a Business Day; 

"FRN Convention", "Floating Rate Convention" or "Eurodollar Convention" 

means that each relevant date shall be the date which numerically corresponds to 

the preceding such date in the calendar month which is the number of months 

specified in the relevant Final Terms as the Specified Period after the calendar 

month in which the preceding such date occurred, provided, however, that: 

(A) 

(B) 

if there is no such numerically corresponding day in the calendar month 

in which any such date should occur, then such date will be the last day 

which is a Business Day in that calendar month; 

if any such date would otherwise fall on a day which is not a Business 

Day, then such date will be the first following day which is a Business 

Day unless that day falls in the next calendar month, in which case it will 

be the first preceding day which is a Business Day; and 

- 105 -

(C) 

if the preceding such date occurred on the last day in a calendar month 

which was a Business Day, then all subsequent such dates will be the last 

day which is a Business Day in the calendar month which is the specified 

number of months after the calendar month in which the preceding such 

date occurred; and 

(v) 

"No Adjustment" means that the relevant date shall not be adjusted in accordance 

with any Business Day Convention; 

"Calculation Agent" means the Fiscal Agent or such other Person specified in the 

relevant Final Terms as the party responsible for calculating the Rate(s) of Interest and 

Interest Amount(s) and/or such other amount(s) as may be specified in the relevant Final 

Terms; 

"Day Count Fraction" means (subject as provided in condition 6), in respect of the 

calculation of an amount for any period of time (the "Calculation Period"), such day 

count fraction as may be specified in these conditions or the relevant Final Terms and: 

(i) 

(ii) 

(iii) 

(iv) 

(v) 

if "Actual/365" or "Actual/Actual" is so specified, means the actual number of 

days in the Calculation Period divided by 365 (or, if any portion of the Calculation 

Period falls in a leap year, the sum of (A) the actual number of days in that portion 

of the Calculation Period falling in a leap year divided by 366 and (B) the actual 

number of days in that portion of the Calculation Period falling in a non-leap year 

divided by 365); 

if "Actual/365 (Fixed)" is so specified, means the actual number of days in the 

Calculation Period divided by 365; 

if "Actual/360" is so specified, means the actual number of days in the Calculation 

Period divided by 360; 

if "30/360" is so specified, means the number of days in the Calculation Period 

divided by 360 (the number of days to be calculated on the basis of a year of 360 

days with 12 30-day months (unless (i) the last day of the Calculation Period is the 

31st day of a month but the first day of the Calculation Period is a day other than 

the 30th or 31st day of a month, in which case the month that includes that last day 

shall not be considered to be shortened to a 30-day month, or (ii) the last day of the 

Calculation Period is the last day of the month of February, in which case the 

month of February shall not be considered to be lengthened to a 30-day month)); 

and 

if "30E/360" or "Eurobond Basis" is so specified, means, the number of days in 

the Calculation Period divided by 360 (the number of days to be calculated on the 

basis of a year of 360 days with 12 30-day months, without regard to the date of 

the first day or last day of the Calculation Period unless, in the case of the final 

Calculation Period, the date of final maturity is the last day of the month of 

February, in which case the month of February shall not be considered to be 

lengthened to a 30-day month); 

"Deutsche Bank" means Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Federal 

Republic of Germany; 

- 106 -

"Early Redemption Amount (Tax)" means, in respect of any Note, its principal amount 

or such other amount as may be specified in, or determined in accordance with, the 


"Early Termination Amount" means, in respect of any Note, its principal amount or 

such other amount as may be specified in, or determined in accordance with, these 

conditions or the relevant Final Terms; 

"Final Redemption Amount" means, in respect of any Note, its principal amount or such 

other amount as may be specified in, or determined in accordance with, the relevant Final 

Terms; 

"Fixed Coupon Amount" has the meaning given in the relevant Final Terms; 

"guarantee" means, in relation to any Indebtedness of any Person, any obligation 

(including in the form of a suretyship) of another Person to pay such Indebtedness 

including (without limitation): 

(i) 

(ii) 

any obligation to purchase such Indebtedness; 

any obligation to lend money, to purchase or subscribe shares or other securities or 

to purchase assets or services in order to provide funds for the payment of such 

Indebtedness; 

(iii) any indemnity against the consequences of a default in the payment of such 

Indebtedness; and 

(iv) 

any other agreement to be responsible for such Indebtedness; 

"Indebtedness" means any monetary indebtedness which is represented by a bond or 

other debt security and which is or is capable of being admitted to or listed or traded on a 

stock exchange or other securities market (including any over-the-counter market), any 

loan advanced by a bank, an insurance company or any other financial institution 

(including, without limitation, assignable loans (Schuldscheindarlehen)) and any 

guarantee or suretyship in respect of any such monetary indebtedness or such loan; 

"Interest Amount" means, in relation to a Note and an Interest Period, the amount of 

interest payable in respect of that Note for that Interest Period; 

"Interest Commencement Date" means the Issue Date of the Notes or such other date as 

may be specified as the Interest Commencement Date in the relevant Final Terms; 

"Interest Determination Date" has the meaning given in the relevant Final Terms; 

"Interest Payment Date" means the date or dates specified as such in, or determined in 

accordance with the provisions of, the relevant Final Terms and, if a Business Day 

Convention is specified in the relevant Final Terms: 

(i) 

(ii) 

as the same may be adjusted in accordance with the relevant Business Day 

Convention; or 

if the Business Day Convention is the FRN Convention, Floating Rate Convention 

or Eurodollar Convention and an interval of a number of calendar months is 

specified in the relevant Final Terms as being the Specified Period, each of such 

- 107 -

dates as may occur in accordance with the FRN Convention, Floating Rate 

Convention or Eurodollar Convention at such Specified Period of calendar months 

following the Interest Commencement Date (in the case of the first Interest 

Payment Date) or the previous Interest Payment Date (in any other case); 

"Interest Period" means each period beginning on (and including) the Interest 

Commencement Date or any Interest Payment Date and ending on (but excluding) the 

next Interest Payment Date; 

"ISDA Definitions" means the 2006 ISDA Definitions (as amended and updated as at the 

date of issue of the first Tranche of the Notes of the relevant Series (as specified in the 

relevant Final Terms) as published by the International Swaps and Derivatives 

Association, Inc.); 

"Issue Date" has the meaning given in the relevant Final Terms; 

"Maximum Redemption Amount" has the meaning given in the relevant Final Terms; 

"Margin" has the meaning given in the relevant Final Terms; 

"Maturity Date" has the meaning given in the relevant Final Terms; 

"Minimum Redemption Amount" has the meaning given in the relevant Final Terms; 

"Optional Redemption Amount (Call)" means, in respect of any Note, its principal 

amount or such other amount as may be specified in, or determined in accordance with, 

the relevant Final Terms; 

"Optional Redemption Amount (Put)" means, in respect of any Note, its principal 

amount or such other amount as may be specified in, or determined in accordance with, 

the relevant Final Terms; 

"Optional Redemption Date (Call)" has the meaning given in the relevant Final Terms; 

"Optional Redemption Date (Put)" has the meaning given in the relevant Final Terms; 

"Participating Member State" means a Member State of the European Communities 

which adopts the euro as its lawful currency in accordance with the Treaty; 

"Payment Business Day" means: 

(i) 

if the currency of payment is euro, any day which is: 

(A) a day on which banks in the relevant place of presentation are open for 

presentation and payment of bearer debt securities and for dealings in 

foreign currencies; and 

(B) 

in the case of payment by transfer to an account, a TARGET Settlement Day 

and a day on which dealings in foreign currencies may be carried on in each 

(if any) Additional Financial Centre; or 

(ii) 

if the currency of payment is not euro, any day which is: 

- 108 -

(A) a day on which banks in the relevant place of presentation are open for 

presentation and payment of bearer debt securities and for dealings in 

foreign currencies; and 

(B) 

in the case of payment by transfer to an account, a day on which dealings in 

foreign currencies may be carried on in the Principal Financial Centre of the 

currency of payment and in each (if any) Additional Financial Centre; 

"Permitted Security Interest" means: 

(i) 

(ii) 

(iii) 

any Security Interest in existence on the date of issue of the Notes to the extent that 

it secures Indebtedness outstanding on such date and, for the avoidance of doubt, 

excluding any such Security Interest to the extent that any such Indebtedness is 

subsequently repaid or redeemed and/or such Security Interest is subsequently 

discharged or replaced; 

any Security Interest arising by operation of law or in the ordinary course of 

business of the Issuer or the Guarantor (as applicable) or any of their respective 

Subsidiaries (including any Security Interest in the form of a retention of title 

arrangement or other Security Interest entered into on the counterparty's standard 

or usual terms in accordance with customary market practice); 

any Security Interest created over a newly acquired asset after the date of the issue 

of the Notes which is solely for the purpose of securing indebtedness incurred for 

the purpose of (a) financing the purchase price of the acquisition of such asset or 

(b) constructing, developing or improving such asset; 

(iv) any Security Interest existing over the assets or shares of newly acquired 

Subsidiaries of the Issuer or the Guarantor (as applicable) acquired after the date of 

issue of the Notes; 

(v) 

(vi) 

any Security Interest created or existing for the benefit of the Issuer, the Guarantor 

and its Subsidiaries; and 

any Security Interest created or existing to secure any obligations incurred in order 

to comply with the German Act on Old-Age Part- Time (Gesetz zur Förderung 

eines gleitenden Übergangs in den Ruhestand). 

"Person" means any individual, company, corporation, firm, partnership, joint venture, 

association, organisation, state or agency of a state or other entity, whether or not having 

separate legal personality; 

"Principal Financial Centre" means, in relation to any currency, the principal financial 

centre for that currency provided, however, that: 

(i) 

(ii) 

in relation to euro, it means the principal financial centre of such Member State of 

the European Community as is selected (in the case of a payment) by the payee or 

(in the case of a calculation) by the Calculation Agent; and 

in relation to Australian dollars, it means either Sydney or Melbourne and, in 

relation to New Zealand dollars, it means either Wellington or Auckland; in each 

case as is selected (in the case of a payment) by the payee or (in the case of a 

calculation) by the Calculation Agent; 

- 109 -

"Put Option Notice" means a notice which must be delivered to a Paying Agent by any 

Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

"Put Option Receipt" means a receipt issued by a Paying Agent to a depositing 

Noteholder upon deposit of a Note with such Paying Agent by any Noteholder wanting to 

exercise a right to redeem a Note at the option of the Noteholder; 

"Rate of Interest" means the rate or rates (expressed as a percentage per annum) of 

interest payable in respect of the Notes specified in relevant Final Terms or calculated or 

determined in accordance with the provisions of these conditions and/or the relevant Final 

Terms or, if any payment is improperly withheld as specified under condition 6 (b) or 7 

(b), as the case may be, when due on a German law Note, the default rate of interest 

established by Law ∗) ; 

"Redemption Amount" means, as appropriate, the Final Redemption Amount, the Early 

Redemption Amount (Tax), the Optional Redemption Amount (Call), the Optional 

Redemption Amount (Put), the Early Termination Amount or such other amount in the 

nature of a redemption amount as may be specified in, or determined in accordance with 

the provisions of, the relevant Final Terms; 

"Reference Banks" has the meaning given in the relevant Final Terms, if none, four (or if 

the Principal Financial Centre is Helsinki, five) major banks selected by the Calculation 

Agent in the market that is most closely connected with the Reference Rate; 

"Reference Price" has the meaning given in the relevant Final Terms; 

"Reference Rate" has the meaning given in the relevant Final Terms; 

"Relevant Date" means, in relation to any payment, whichever is the later of (a) the date 

on which the payment in question first becomes due and (b) if the full amount payable 

has not been received by the Fiscal Agent on or prior to such due date, the date on which 

(the full amount having been so received) notice to that effect has been given to the 

Noteholders; 

"Relevant Financial Centre" has the meaning given in the relevant Final Terms; 

"Relevant Screen Page" means the page, section or other part of a particular information 

service (including, without limitation, the Reuter Monitor Money Rates Service and the 

Moneyline Telerate Service) specified as the Relevant Screen Page in the relevant Final 

Terms, or such other page, section or other part as may replace it on that information 

service or such other information service, in each case, as may be nominated by the 

Person providing or sponsoring the information appearing there for the purpose of 

displaying rates or prices comparable to the Reference Rate; 

"Relevant Time" has the meaning given in the relevant Final Terms; 

"Security Interest" means any mortgage, charge, pledge, lien or other security interest 

under the laws of any applicable jurisdiction; 

∗) 




- 110 -

"Specified Currency" has the meaning given in the relevant Final Terms; 

"Specified Denomination(s)" has the meaning given in the relevant Final Terms; 

"Specified Office" has the meaning given in the Issue and Paying Agency Agreement; 

"Specified Period" has the meaning given in the relevant Final Terms; 

"Subsidiary" means, in relation to any person (the "first person") at any particular time, 

any other person (the "second person"): 

(i) 

whose affairs and policies the first person controls or has the power to control, 

whether by ownership of the majority of share capital or voting rights, contract or 

the power to appoint or remove members of the governing body of the second 

person; 

and 

(ii) 

(a) the value of whose total assets or (in case the second person itself has 

Subsidiaries) the total consolidated assets exceed 3 per cent. of the total 

consolidated assets of the first person, as determined from the most recent audited 

(consolidated) financial statements of the first person and such Subsidiary; or (b) 

whose revenues or (in case the second person itself has Subsidiaries) consolidated 

revenues exceeds 3 per cent. of the consolidated net revenues of the first person, as 

determined from the most recent audited (consolidated) financial statements of the 

first person and such Subsidiary. 

"TARGET Settlement Day" means any day on which the Trans-European Automated 

Real-Time Gross Settlement Express Transfer system 2 (TARGET 2) or any successor 

system thereto ("TARGET") is operating; 

"Treaty" means the Treaty establishing the European Communities, as amended by the 

Treaty on European Union; 

"Zero Coupon Note" means a Note specified as such in the relevant Final Terms; 

(b) 

Interpretation: In these conditions: 

(i) 

(ii) 

any reference to principal shall include the Redemption Amount, any additional 

amounts in respect of principal which may be payable under condition 8 (Zero 

Coupon Notes), any premium payable in respect of a Note and any other amount in 

the nature of principal payable pursuant to these conditions; 

any reference to interest shall be deemed to include any additional amounts in 

respect of interest which may be payable under condition 8 (Zero Coupon Notes) 

and any other amount in the nature of interest payable pursuant to these conditions; 

(iii) references to Notes being "outstanding" shall be construed in accordance with the 

Issue and Paying Agency Agreement; and 

(iv) if an expression is stated in condition 2(a) to have the meaning given in the 

relevant Final Terms, but the relevant Final Terms give no such meaning or specify 

that such expression is "not applicable" then such expression is not applicable to 

the Notes. 

- 111 -

3. Form, Denomination and Title 

The Notes are in bearer form in the Specified Denomination(s) and are serially numbered. The 

Notes bear the manual signature of an authentication officer of the Fiscal Agent. If the relevant 

Final Terms specify that the Notes are governed by German law, the Notes shall be executed 

manually by or on behalf of the relevant Issuer. In the case of a Series of Notes with more than 

one Specified Denomination, Notes of one Specified Denomination will not be exchangeable 

for Notes of another Specified Denomination. If the relevant Final Terms specify that the Notes 

are governed by German law, title to the Notes will pass upon (i) the execution by the transferor 

and the transferee of a transfer agreement setting out such transfer of title and (ii) by delivery. 

The holder of any Note shall (except as otherwise required by law) be treated as its absolute 

owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, 

trust or any other interest therein, any writing thereon or any notice of any previous loss or theft 

thereof) and no Person shall be liable for so treating such holder. 

4. Status and Guarantee 

(a) 

(b) 

Status of the Notes: The Notes constitute direct, unconditional and unsecured obligations 

of the Issuer which will at all times rank pari passu among themselves and at least pari 

passu with all other present and future unsecured obligations of the Issuer, save for such 

obligations as may be preferred by provisions of law that are both mandatory and of 


Guarantee of Notes issued by Metro Finance B.V.: The payment obligations of Metro 

Finance B.V. in respect of the Notes issued by it have been guaranteed unconditionally 

and irrevocably by the Guarantor pursuant to the Guarantee. 

The Guarantee constitutes a contract in favour of the Noteholders as third party 

beneficiaries pursuant to § 328(1) of the German Civil Code entitling each Noteholder to 

require performance of the obligations undertaken by the Guarantor and to enforce such 

obligations against the Guarantor. 

The Guarantee is governed by the laws of the Federal Republic of Germany. Place of 

performance and place of non-exclusive jurisdiction for all litigation with the Guarantor 

arising from the legal relations established in the Guarantee is Frankfurt am Main, 

provided, however, that the place of jurisdiction is exclusive for all litigation which is 

brought by merchants (Kaufleute), legal persons under public law (juristische Personen 

des öffentlichen Rechts), special funds under public law (öffentlich- rechtliche 

Sondervermögen) and persons not subject to general jurisdiction of the courts of the 

Federal Republic of Germany (Personen ohne allgemeinen Gerichtsstand in der 


(c) 

Status of the Guarantee: The Guarantee of Notes issued by Metro Finance B.V. 

constitutes direct, unconditional and unsecured obligations of the Guarantor which will at 

all times rank at least pari passu with all other present and future unsecured obligations of 

the Guarantor, save for such obligations as may be preferred by provisions of law that are 

both mandatory and of general application. 

5. Negative Pledge and Undertaking 

(a) 

Negative Pledge of Issuer: So long as any Note remains outstanding, the Issuer shall not, 

and the Issuer shall procure that its Subsidiaries shall not, create or permit to subsist any 

Security Interest other than a Permitted Security Interest upon the whole or any part of its 

- 112 -

present or future assets or revenues (including uncalled capital) to secure any 

Indebtedness or guarantee of Indebtedness without at the same time or prior thereto 

securing the Notes equally and rateably therewith. 

(b) 

(c) 

Negative Pledge of Guarantor (if applicable): The Guarantor has in the Undertaking 

undertaken that, so long as any Note issued by Metro Finance B.V. remains outstanding, 

the Guarantor shall not, and the Guarantor shall procure that its Subsidiaries shall not, 

create or permit to subsist any Security Interest other than a Permitted Security Interest 

upon the whole or any part of its present or future assets or revenues (including uncalled 

capital) to secure any Indebtedness or guarantee of Indebtedness without at the same time 

or prior thereto securing the Notes equally and rateably therewith. 

Undertaking: The Undertaking constitutes a contract in favour of the Noteholders as third 

party beneficiaries pursuant to § 328(1) of the German Civil Code entitling each 

Noteholder to require performance of the obligations undertaken by the Guarantor therein 

and to enforce such obligations against the Guarantor. The Undertaking is governed by 

the laws of the Federal Republic of Germany and is applicable in respect of Notes for 

which the relevant Final Terms specify that German law is the governing law. Place of 

performance and place of non-exclusive jurisdiction for all litigation with the Guarantor 

arising from the legal relations established in the Undertaking is Frankfurt am Main, 

provided, however, that the place of jurisdiction is exclusive for all litigation which is 

brought by merchants (Kaufleute), legal persons under public law (juristische Personen 

des öffentlichen Rechts), special funds under public law (öffentlich-rechtliche 

Sondervermögen) and persons not subject to general jurisdiction of the courts of the 

Federal Republic of Germany (Personen ohne allgemeinen Gerichtsstand in der 


6. Fixed Rate Note Provisions 

(a) 

(b) 

(c) 

(d) 

Application: This condition 6 (Fixed Rate Note Provisions) is applicable to the Notes 

only if the Fixed Rate Note Provisions are specified in the relevant Final Terms as being 

applicable. 

Accrual of interest: The Notes bear interest from the Interest Commencement Date at the 

Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in 

condition 10 (Payments). Each Note will cease to bear interest from the due date for final 

redemption unless, upon due presentation, payment of the Redemption Amount is 

improperly withheld or refused, in which case it will cease to bear interest in accordance 

with this condition 6 (as well after as before judgment) on whichever is the earlier of (i) 

the day which precedes the day on which all sums due in respect of such Note are 

received by the relevant Noteholder and (ii) the day which is seven days after the Fiscal 

Agent has notified the Noteholders that it has received all sums due in respect of the 

Notes up to such seventh day (except to the extent that there is any subsequent default in 

payment). 

Fixed Coupon Amount: The amount of interest payable in respect of each Note for any 

Interest Period shall be the relevant Fixed Coupon Amount and, if the Notes are in more 

than one Specified Denomination, shall be the relevant Fixed Coupon Amount in respect 

of the relevant Specified Denomination. 

Regular Interest Periods: If all of the Interest Payment Dates fall at regular intervals 

between the Issue Date and the Maturity Date, then: 

- 113 -

(i) 

(ii) 

(iii) 

the Notes shall for the purposes of this condition 6 be "Regular Interest Period 

Notes"; 

the day and month (but not the year) on which any Interest Payment Date falls shall 

for the purposes of this condition 6 be a "Regular Date"; and 

each period from and including a Regular Date falling in any year to but excluding 

the next succeeding Regular Date shall for the purposes of this condition 6 be a 

"Regular Interest Period". 

(e) 

Irregular first or last Interest Periods: If the Notes would be Regular Interest Period 

Notes but for the fact that either or both of: 

(i) 

(ii) 

the interval between the Issue Date and the first Interest Payment Date; and 

the interval between the Maturity Date and the immediately preceding Interest 

Payment Date 

is longer or shorter than a Regular Interest Period, then the Notes shall nevertheless be 

deemed to be Regular Interest Period Notes, provided, however, that if the interval 

between the Maturity Date and the immediately preceding Interest Payment Date is 

longer or shorter than a Regular Interest Period, the day and month on which the Maturity 

Date falls shall not be a Regular Date. 

(f) 

(g) 

Irregular interest amount: If the Notes are Regular Interest Period Notes, the amount of 

interest payable in respect of each Note for any period which is not a Regular Interest 

Period shall be calculated by applying the Rate of Interest to the principal amount of such 

Note, multiplying the product by the relevant Day Count Fraction and rounding the 

resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being 

rounded upwards). For this purpose a "sub-unit" means, in the case of any currency other 

than euro, the lowest amount of such currency that is available as legal tender in the 

country of such currency and, in the case of euro, means one cent. 

Day Count Fraction: In respect of any period which is not a Regular Interest Period the 

relevant day count fraction (the "Day Count Fraction") shall be determined in 

accordance with the following provisions: 

(i) if the Day Count Fraction is specified in the relevant Final Terms as being 30/360, 

the relevant Day Count Fraction will be the number of days in the relevant period 

(calculated on the basis of a year of 360 days consisting of 12 months of 30 days 

each and, in the case of an incomplete month, the actual number of days elapsed) 

divided by 360; 

(ii) 

if the Day Count Fraction is specified in the relevant Final Terms as being 

Actual/Actual (ICMA) and the relevant period falls during a Regular Interest 

Period, the relevant Day Count Fraction will be the number of days in the relevant 

period divided by the product of (A) the number of days in the Regular Interest 

Period in which the relevant period falls and (B) the number of Regular Interest 

Periods in any period of one year; and 

(iii) if the Day Count Fraction is specified in the relevant Final Terms as being 

Actual/Actual (ICMA) and the relevant period begins in one Regular Interest 

Period and ends in the next succeeding Regular Interest Period, interest will be 

calculated on the basis of the sum of: 

- 114 -

(A) the number of days in the relevant period falling within the first such 

Regular Interest Period divided by the product of (1) the number of days in 

the first such Regular Interest Period and (2) the number of Regular Interest 

Periods in any period of one year; and 

(B) 

the number of days in the relevant period falling within the second such 

Regular Interest Period divided by the product of (1) the number of days in 

the second such Regular Interest Period and (2) the number of Regular 

Interest Periods in any period of one year. 

(h) 

(i) 

Number of days: For the purposes of this condition 6, unless the Day Count Fraction is 

specified in the relevant Final Terms as being 30/360 (in which case the provisions of 

paragraph (g)(i) above shall apply), the number of days in any period shall be calculated 

on the basis of actual calendar days from and including the first day of the relevant period 

to but excluding the last day of the relevant period. 

Irregular Interest Periods: If the Notes are not Regular Interest Period Notes and interest 

is required to be calculated for any period other than an Interest Period, interest shall be 

calculated on such basis as is described in the relevant Final Terms. 

7. Floating Rate Note and Index-Linked Interest Note Provisions 

(a) 

(b) 

(c) 

Application: This condition 7 (Floating Rate Note and Index-Linked Interest Note 

Provisions) is applicable to the Notes only if the Floating Rate Note Provisions or the 

Index-Linked Interest Note Provisions are specified in the relevant Final Terms as being 

applicable. 

Accrual of interest: The Notes bear interest from the Interest Commencement Date at the 

Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in 

condition 10 (Payments). Each Note will cease to bear interest from the due date for final 

redemption unless, upon due presentation, payment of the Redemption Amount is 

improperly withheld or refused, in which case it will cease to bear interest in accordance 

with this condition 7 (as well after as before judgment) on whichever is the earlier of (i) 

the day which precedes the day on which all sums due in respect of such Note are 

received by the relevant Noteholder and (ii) the day which is seven days after the Fiscal 

Agent has notified the Noteholders that it has received all sums due in respect of the 

Notes up to such seventh day (except to the extent that there is any subsequent default in 

payment). 

Screen Rate Determination: If Screen Rate Determination is specified in the relevant 

Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the 

Rate of Interest applicable to the Notes for each Interest Period will be determined by the 

Calculation Agent on the following basis: 

(i) 

(ii) 

if the Reference Rate is a composite quotation or customarily supplied by one 

entity, the Calculation Agent will determine the Reference Rate which appears on 

the Relevant Screen Page as of the Relevant Time on the relevant Interest 

Determination Date; 

in any other case, the Calculation Agent will determine the arithmetic mean of the 

Reference Rates which appear on the Relevant Screen Page as of the Relevant 

Time on the relevant Interest Determination Date; 

- 115 -

(iii) 

if, in the case of (i) above, such rate does not appear on that page or, in the case of 

(ii) above, fewer than two such rates appear on that page or 

if, in either case, the Relevant Screen Page is unavailable, the Calculation Agent 

will: 

(A) 

(B) 

request the principal Relevant Financial Centre office of each the Reference 

Banks to provide a quotation of the Reference Rate at approximately the 

Relevant Time on the Interest Determination Date to prime banks in the 

Relevant Financial Centre interbank market in an amount that is 

representative for a single transaction in that market at that time; and 

determine the arithmetic mean of such quotations; and 

(iv) 

if fewer than two such quotations are provided as requested, the Calculation Agent 

will determine the arithmetic mean of the rates (being the nearest to the Reference 

Rate, as determined by the Calculation Agent) quoted by major banks in the 

Principal Financial Centre of the Specified Currency, selected by the Calculation 

Agent, at approximately 11.00 a.m. (local time in the Principal Financial Centre of 

the Specified Currency) on the first day of the relevant Interest Period for loans in 

the Specified Currency to leading European banks for a period equal to the relevant 

Interest Period and in an amount that is representative for a single transaction in 

that market at that time, 

and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or 

(as the case may be) the arithmetic mean so determined, provided, however, that if the 

Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in 

accordance with the above provisions in relation to any Interest Period, the Rate of Interest 

applicable to the Notes during such Interest Period will be the sum of the Margin and the rate 

(or as the case may be) the arithmetic mean last determined in relation to the Notes in respect of 

a preceding Interest Period. 

(d) 

ISDA Determination: If ISDA Determination is specified in the relevant Final Terms as 

the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest 

applicable to the Notes for each Interest Period will be the sum of the Margin and the 

relevant ISDA Rate where "ISDA Rate" in relation to any Interest Period means a rate 

equal to the Floating Rate (as defined in the ISDA Definitions) that would be determined 

by the Calculation Agent under an interest rate swap transaction if the Calculation Agent 

were acting as Calculation Agent for that interest rate swap transaction under the terms of 

an agreement incorporating the ISDA Definitions and under which: 

(i) 

(ii) 

the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the 


the Designated Maturity (as defined in the ISDA Definitions) is a period specified 

in the relevant Final Terms; and 

(iii) the relevant Reset Date (as defined in the ISDA Definitions) is either (A) if the 

relevant Floating Rate Option is based on the London inter-bank offered rate 

(LIBOR) for a currency, the first day of that Interest Period or (B) in any other 

case, as specified in the relevant Final Terms. 

(e) 

Index-Linked Interest: If the Index-Linked Interest Note Provisions are specified in the 

relevant Final Terms as being applicable, the Rate(s) of Interest applicable to the Notes 

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for each Interest Period will be determined in the manner specified in the relevant Final 

Terms. 

(f) 

(g) 

(h) 

(i) 

(j) 

Maximum or Minimum Rate of Interest: If any Maximum Rate of Interest or Minimum 

Rate of Interest is specified in the relevant Final Terms, then the Rate of Interest shall in 

no event be greater than the maximum or be less than the minimum so specified. 

Calculation of Interest Amount: The Calculation Agent will, as soon as practicable after 

the time at which the Rate of Interest is to be determined in relation to each Interest 

Period, calculate the Interest Amount payable in respect of each Note for such Interest 

Period. The Interest Amount will be calculated by applying the Rate of Interest for such 

Interest Period to the principal amount of such Note during such Interest Period and 

multiplying the product by the relevant Day Count Fraction. 

Calculation of other amounts: If the relevant Final Terms specify that any other amount 

is to be calculated by the Calculation Agent, the Calculation Agent will, as soon as 

practicable after the time or times at which any such amount is to be determined, calculate 

the relevant amount. The relevant amount will be calculated by the Calculation Agent in 

the manner specified in the relevant Final Terms. 

Publication: The Calculation Agent will cause each Rate of Interest and Interest Amount 

determined by it, together with the relevant Interest Payment Date, and any other 

amount(s) required to be determined by it together with any relevant payment date(s) to 

be notified to the Paying Agents and each stock exchange (if any) on which the Notes are 

then listed as soon as practicable after such determination but (in the case of each Rate of 

Interest, Interest Amount and Interest Payment Date) in any event not later than the first 

day of the relevant Interest Period. Notice thereof shall also promptly be given to the 

Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount 

(on the basis of the foregoing provisions) without notice in the event of an extension or 

shortening of the relevant Interest Period. 

Notifications etc: All notifications, opinions, determinations, certificates, calculations, 

quotations and decisions given, expressed, made or obtained for the purposes of this 

condition by the Calculation Agent will (in the absence of manifest error) be binding on 

the Issuer, the Guarantor, the Paying Agents and the Noteholders. The Calculation Agent 

shall be liable in connection with the exercise or non- exercise of its powers, duties and 

discretions for the purpose of this condition 7 only for gross negligence and wilful 

default, regardless of any liability of the Issuer, the Guarantor, any Paying Agent or the 

Noteholders. 

8. Zero Coupon Note Provisions 

(a) 

(b) 

Application: This condition 8 (Zero Coupon Note Provisions) is applicable to the Notes 

only if the Zero Coupon Note Provisions are specified in the relevant Final Terms as 

being applicable. 

Late payment on Zero Coupon Notes: If the Redemption Amount payable in respect of 

any Zero Coupon Note is improperly withheld or refused, the Redemption Amount shall 

thereafter be an amount equal to the sum of the Redemption Amount and an amount 

calculated by appying the Interest Rate to the outstanding amount and multiplying the 

product with the Day Count Fraction. 

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9. Redemption, Early Redemption and Purchase 

(a) 

(b) 

Scheduled redemption: Unless previously redeemed/purchased and cancelled, the Notes 

will be redeemed at their Final Redemption Amount on the Maturity Date, subject as 

provided in condition 10 (Payments). 

Redemption for tax reasons: The Notes may be redeemed at the option of the Issuer in 

whole, but not in part: 

(i) 

(ii) 

at any time (if neither the Floating Rate Note Provisions or the Index-Linked 

Interest Note Provisions are specified in the relevant Final Terms as being 

applicable); or 

on any Interest Payment Date (if the Floating Rate Note Provisions or the Index- 

Linked Interest Note Provisions are specified in the relevant Final Terms as being 

applicable), 

on giving not less than 30 nor more than 60 days' notice to the Noteholders (which notice 

shall be irrevocable), at their Early Redemption Amount (Tax), together with interest 

accrued (if any) to the date fixed for redemption, if: 

(A) (1) the Issuer has or will become obliged to pay additional amounts as provided or 

referred to in condition 11 (Taxation) as a result of any change in, or amendment 

to, the laws or regulations of the Federal Republic of Germany or The Netherlands, 

as the case may be, or any political subdivisionor any authority thereof or 

therein having power to tax, or any change in the application or official 

interpretation of such laws or regulations (including a holding by a court of competent 

jurisdiction), which change or amendment becomes effective on or after 

the date of issue of the first Tranche of the Notes; and (2) such obligation cannot 

be avoided by the Issuer taking reasonable measures available to it; or 

(B) (1) the Guarantor (as applicable) has or (if a demand was made under the Guarantee) 

would become obliged to pay additional amounts as provided or referred to in 

condition 11 (Taxation) as a result of any change in, or amendment to, the laws or 

regulations of the Federal Republic of Germany or any political subdivision or 

any authority thereof or therein having power to tax, or any change in the 

application or official interpretation of such laws or regulations (including a 

holding by a court of competent jurisdiction), which change or amendment 

becomes effective on or after the date of issue of the first Tranche of the Notes 

and (2) such obligation cannot be avoided by the Guarantor taking reasonable 

measures available to it, 

provided, however, that no such notice of redemption shall be given earlier than: 

(1) where the Notes may be redeemed at any time, 90 days prior to the earliest date on 

which the Issuer or the Guarantor (as applicable) would be obliged to pay such 

additional amounts or to make such withholdings or deductions from principal or 

interest in respect of the Notes or (as the case may be) a demand under the 

Guarantee were then made. In addition, at the time that the relevant notice is given 

the obligation to pay additional amounts or to make such withholdings or 

deductions must still be in effect assuming that a payment in respect of the Notes or 

(as the case may be) a demand under the Guarantee were then due; or 

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(2) where the Notes may be redeemed only on an Interest Payment Date, 60 days prior 

to the Interest Payment Date occurring immediately before the earliest date on 

which the Issuer or the Guarantor (as applicable) would be obliged to pay such 

additional amounts or to make such withholdings or deductions from principal or 

interest in respect of the Notes or (as the case may be) a demand under the 

Guarantee were then made. In addition, at the time that the relevant notice is given, 

the obligation to pay additional amounts or to make such withholdings or 

deductions must still be in effect, assuming that a payment in respect of the Notes 

or (as the case may be) a demand under the Guarantee were then due. 

Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer 

shall deliver to the Fiscal Agent (1) a certificate signed by the Issuer stating that the 

Issuer is entitled to effect such redemption and setting forth a statement of facts showing 

that the conditions precedent to the right of the Issuer so to redeem have occurred and (2) 

an opinion of independent legal advisers of recognised standing to the effect that the 

Issuer or the Guarantor (as applicable) has or will become obliged to pay such additional 

amounts as a result of such change or amendment. Upon the expiry of any such notice as 

is referred to in this condition 9(b), the Issuer or the Guarantor (as applicable) shall be 

bound to redeem the Notes in accordance with this condition 9(b). 

(c) 

(d) 

(e) 

Redemption at the option of the Issuer: If the Call Option is specified in the relevant Final 

Terms as being applicable, the Notes may be redeemed at the option of the Issuer in 

whole on any Optional Redemption Date (Call) at the relevant Optional Redemption 

Amount (Call) on the Issuer's giving not less than 20 nor more than 60 days' notice to the 

Noteholders (which notice shall be irrevocable and shall oblige the Issuer to redeem the 

Notes on the relevant Optional Redemption Date (Call) at the Optional Redemption 

Amount (Call) plus accrued interest (if any) to such date). 

Redemption at the option of Noteholders: If the Put Option is specified in the relevant 

Final Terms as being applicable, the Issuer shall, at the option of the holder of any Note 

redeem such Note on the Optional Redemption Date (Put) specified in the relevant Put 

Option Notice at the relevant Optional Redemption Amount (Put) together with interest 

(if any) accrued to such date. In order to exercise the option contained in this condition 

9(d), the holder of a Note must, not less than 30 nor more than 60 days before the relevant 

Optional Redemption Date (Put), deposit with any Paying Agent such Note and a duly 

completed Put Option Notice in the form obtainable from any Paying Agent. The Paying 

Agent with which a Note is so deposited shall deliver a duly completed Put Option 

Receipt to the depositing Noteholder. No Note, once deposited with a duly completed Put 

Option Notice in accordance with this condition 9(d), may be withdrawn, provided, 

however, that if, prior to the relevant Optional Redemption Date (Put), any such Note 

becomes immediately due and payable or, upon due presentation of any such Note on the 

relevant Optional Redemption Date (Put), payment of the redemption moneys is 

improperly withheld or refused, the relevant Paying Agent shall mail notification thereof 

to the depositing Noteholder at such address as may have been given by such Noteholder 

in the relevant Put Option Notice and shall hold such Note at its Specified Office for 

collection by the depositing Noteholder against surrender of the relevant Put Option 

Receipt. For so long as any outstanding Note is held by a Paying Agent in accordance 

with this condition 9(d), the depositor of such Note and not such Paying Agent shall be 

deemed to be the holder of such Note for all purposes. 

No other redemption: The Issuer shall not be entitled to redeem the Notes otherwise than 

as provided in paragraphs (a) to (d) above. 

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(f) 

Early redemption of Zero Coupon Notes: Unless otherwise specified in the relevant Final 

Terms, the Redemption Amount payable on redemption of a Zero Coupon Note at any 

time before the Maturity Date shall be an amount equal to the sum of: 

(i) 

(ii) 

the Reference Price; and 

the product of the Accrual Yield (compounded annually) being applied to the 

Reference Price from (and including) the Issue Date to (but excluding) the date 

fixed for redemption or (as the case may be) the date upon which the Note becomes 

due and payable. 

Where such calculation is to be made for a period which is not a whole number of years, 

the calculation in respect of the period of less than a full year shall be made on the basis 

of such Day Count Fraction as may be specified in the Final Terms for the purposes of 

this condition 9(f) or, if none is so specified, a Day Count Fraction of 30E/360. 

(g) 

(h) 

Purchase: The Issuer, the Guarantor (as applicable) or any of their respective Subsidiaries 

may at any time purchase Notes in the open market or otherwise and at any price. 

Cancellation: All Notes so redeemed by the Issuer or the Guarantor (as applicable) shall 

be cancelled. All Notes so purchased by the Issuer or the Guarantor (as applicable) may 

be cancelled or resold. Notes purchased by a Subsidiary of the Issuer or the Guarantor (as 

applicable) may be resold. Cancelled Notes may not be reissued or resold. 

10. Payments 

(a) 

(b) 

(c) 

(d) 

Payments to Noteholders: Payments in respect of the Notes shall be made only against 

presentation and (provided that payment is made in full) surrender of Notes at the 

Specified Office of any Paying Agent outside the United States by cheque drawn in the 

currency in which the payment is due on a bank in the Principal Financial Centre of that 

currency (in the case of a sterling cheque, a town clearing branch of a bank in the City of 

London) or by transfer to an account specified by such payee. 

Payments subject to fiscal laws: All payments in respect of the Notes are subject in all 

cases to any applicable fiscal or other laws and regulations in the place of payment, but 

without prejudice to the provisions of condition 11 (Taxation). No commissions or 

expenses shall be charged by any paying agent to the Noteholders in respect of such 

payments. 

Payments on payment business days: If the due date for payment of any amount in respect 

of any Note is not a Payment Business Day in the place of presentation, the holder shall 

not be entitled to payment in such place of the amount due until the next succeeding 

Payment Business Day in such place and shall not be entitled to any further interest or 

other payment in respect of any such delay. 

Partial payments: If a Paying Agent makes a partial payment in respect of any Note 

presented to it for payment, such Paying Agent will endorse thereon a statement 

indicating the amount and date of such payment. 

11. Taxation 

(a) 

Gross up: All payments of principal and interest in respect of the Notes by or on behalf of 

the Issuer or the Guarantor (as applicable) shall be made free and clear of, and without 

withholding or deduction for, any taxes, duties, assessments or governmental charges of 

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whatsoever nature imposed, levied, collected, withheld or assessed by the Federal 

Republic of Germany or The Netherlands, as the case may be, or any political subdivision 

or any authority thereof or therein having power to tax, unless such withholding or 

deduction is required by law. In that event, the Issuer or the Guarantor (as applicable) 

shall pay such additional amounts as will result in the receipt by the Noteholders of such 

amounts as would have been received by them if no such withholding or deduction had 

been required, except that no such additional amounts shall be payable: 

(i) 

(ii) 

(iii) 

in relation to any payment in respect of any Note which is to be paid on payments 

of principal or interest by any means other than withholding at source or deduction 

at source; 

in respect of any Note presented for payment by a holder which is liable to such 

taxes, duties, assessments or governmental charges in respect of such Note by 

reason of its having some connection with the Federal Republic of Germany or The 

Netherlands, as the case may be, other than the mere holding of such Note; 

where such withholding or deduction is imposed on a payment to an individual and 

is required to be made pursuant to European Council Directive 2003/48/EC or any 

other Directive implementing the conclusions of the ECOFIN Council Meeting of 

26–27 November 2000 on the taxation of savings income or any law implementing 

or complying with, or introduced in order to conform to, such Directive; 

(iv) in respect of any Note presented for payment by or on behalf of a holder who 

would have been able to avoid such withholding or deduction by presenting the 

relevant Note to another Paying Agent in a Member State of the EU; 

(v) 

in respect of any Note presented for payment more than 30 days after the Relevant 

Date except to the extent that the relevant holder would have been entitled to such 

additional amounts if it had presented such Note on the last day of such period of 

30 days; 

(vi) in respect of any withholding or deduction pursuant to or as a consequence or 

result of an international treaty to which the Federal Republic of Germany or The 

Netherlands, as the case may be, is a party, or pursuant to a directive or 

implementing regulation adopted pursuant to such a treaty; or 

(vii) in respect of any withholding or deduction in the case of any combination of 

circumstances described in paragraphs (i) to (vi). 

For the avoidance of doubt, the gross-up obligation of this condition 11(a) does not apply 

to the German withholding tax on interest income (including, if any, church tax) to be 

deducted or withheld pursuant to the German Income Tax Act in its applicable version, 

even if the deduction or withholding has to be made by the Issuer or its representative, 

and the German Solidarity Surcharge (Solidaritätszuschlag) or any other tax which may 

substitute or increase the German Kapitalertragsteuer or Solidaritätszuschlag, as the case 

may be. 

(b) 

Taxing jurisdiction: If the Issuer or the Guarantor (as applicable) becomes subject at any 

time to any taxing jurisdiction other than the Federal Republic of Germany or The 

Netherlands, as the case may be, references in these conditions to The Federal Republic 

of Germany or The Netherlands, as the case may be, shall be construed as references to 

the Federal Republic of Germany or The Netherlands, as the case may be and/or such 

other jurisdiction. 

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12. Events of Default 

If any of the following events occurs and is continuing: 

(a) 

(b) 

(c) 

Non-payment: the Issuer fails to pay any amount of principal in respect of the Notes on 

the due date for payment thereof or fails to pay any amount of interest in respect of the 

Notes within 10 days of the due date for payment thereof; or 

Breach of other obligations: the Issuer or the Guarantor (as applicable) defaults in the 

performance or observance of any of its other obligations in any material respect under 

the Notes or (as the case may be) the Guarantee or the Undertaking and such default 

remains unremedied for 30 days after written notice thereof, addressed to the Issuer and 

the Guarantor (as applicable) by any Noteholder, has been delivered to the Issuer and the 

Guarantor (as applicable); or 

Cross-default of Issuer, Guarantor or Subsidiary: 

(i) 

(ii) 

(iii) 

any Indebtedness of the Issuer, the Guarantor (as applicable) or any of their 

respective Subsidiaries is not paid when due or (as the case may be) within any 

originally agreed and applicable grace period; 

any such Indebtedness becomes due and payable prior to its original stated maturity 

or any further period for performance (Nachfrist) that may be granted as a result of 

non-performance (Nichterfüllung) or defective performance (Schlechterfüllung) by 

the Issuer, the Guarantor (as applicable) or any of [its/their respective] subsidiaries; 

or 

the Issuer, the Guarantor (as applicable) or any of their respective Subsidiaries fails 

to pay within 10 days of the due date any amount payable by it under any 

guarantee of any Indebtedness unless the Issuer or the Guarantor (as applicable) is 

disputing in good faith that it is obliged to make such payment or that such 

payment is due or that such guarantee has been properly demanded; 

provided that the amount of Indebtedness referred to in sub-paragraph (i) and/or subparagraph 

(ii) above and/or the amount payable under any guarantee referred to in subparagraph 

(iii) above individually or in the aggregate exceeds EUR 75,000,000 (or its 

equivalent in any other currency or currencies); or 

(d) 

(e) 

Unsatisfied judgment: one or more judgment(s) or order(s) from which no further appeal 

or judicial review is permissible under applicable law for the payment of an aggregate 

amount in excess of EUR 75,000,000 (or its equivalent in any other currency or 

currencies) is rendered against the Issuer, the Guarantor (as applicable) or any of their 

respective Subsidiaries and continue(s) unsatisfied and unstayed for a period of 30 days 

after the date(s) on which it or they become(s) final or, if later, the date therein specified 

for payment; or 

Insolvency etc: (i) insolvency or bankruptcy proceedings (or similar proceedings) are 

commenced by any court of law against the Issuer, the Guarantor (as applicable) or any of 

their respective Subsidiaries, the total assets of which exceed one per cent. of the 

consolidated total assets of the METRO AG Group, and are not dismissed or stayed 

within 20 days of their commencement; or (ii) the Issuer, the Guarantor (as applicable) or 

any of their respective Subsidiaries, the total assets of which exceed one per cent. of the 

consolidated total assets of the METRO AG Group, applies for such proceedings to be 

- 122 -

commenced or declares a cessation of payments or proposes a general composition with 

all its creditors; or (iii) the Issuer, the Guarantor (as applicable) or any of their respective 

Subsidiaries, the total assets of which exceed one per cent. of the consolidated total assets 

of the METRO AG Group, ceases or announces its intention to cease to carry on all or 

substantially all of its business operations or sells or disposes of its assets or a substantial 

part thereof and (A) thereby diminishes materially the value of its assets and (B) for this 

reason it becomes likely that the Issuer or the Guarantor (as applicable) may not fulfil its 

payment obligations to the Noteholders (otherwise than, in the case of a Subsidiary of the 

Issuer or a Subsidiary of the Guarantor, for the purposes of or pursuant to an 

amalgamation, reorganisation or restructuring whilst solvent); or 

(f) 

(g) 

(h) 

Winding up etc: an order is made or an effective resolution is passed for the winding up, 

liquidation or dissolution of the Issuer, the Guarantor (as applicable) or any of their 

respective Subsidiaries, the total assets of which exceed one per cent. of the consolidated 

total assets of the METRO AG Group, otherwise than, (i) in the case of a Subsidiary of 

the Issuer or a Subsidiary of the Guarantor (as applicable), for the purposes of or pursuant 

to an amalgamation, reorganisation or restructuring whilst solvent, or (ii) in the case of 

the Issuer and the Guarantor (as applicable), otherwise than for the purposes of or 

pursuant to an amalgamation, reorganisation or restructuring whilst solvent and the new 

company (in the case of the Issuer) assumes all obligations arising from these conditions 

and the Issue and Paying Agency Agreement and (in the case of the Guarantor) assumes 

all obligations arising from the Guarantee, the Undertaking and the Issue and Paying 

Agency Agreement; or 

Unlawfulness: it is or will become unlawful for the Issuer or the Guarantor (as applicable) 

to perform or comply with any of its obligations under or in respect of the Notes, the 

Undertaking or the Guarantee; or 

Guarantee/Undertaking not in force: if applicable, the Guarantee or the Undertaking is 

not (or is claimed by the Guarantor not to be) in full force and effect; 

then any Note may, by written notice addressed by the holder thereof to the Issuer and the 

Guarantor (as applicable) and delivered to the Issuer and the Guarantor (as applicable), be 

declared immediately due and payable, and it shall upon receipt of such written notice become 

immediately due and payable at its Early Termination Amount together with accrued interest (if 

any) without further action or formality. 

13. Presentation, Prescription and Deposit 

If the relevant Final Terms specify that the Notes are governed by German law, this condition 

13 shall apply. 

(i) 

(ii) 

(iii) 

Presentation period: The period for presentation of Notes due, as established in Section 

801 paragraph 1 sentence 1 of the German Civil Code, is reduced to ten years. 

Prescription period: The period for prescription for Notes presented for payment during 

the presentation period shall be two years beginning at the end of the relevant 

presentation period. 

Deposit: The Issuer or the Guarantor, as the case may be, may deposit with the 

"Amtsgericht" (lower court) of Frankfurt am Main principal and interest not claimed by 

Noteholders within twelve months after the Relevant Date and waive its right to withdraw 

such deposit. Such deposit will be at the risk and cost of such Noteholders. Upon such 

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deposit all claims of such Noteholders against the Issuer and/or, as the case may be, the 

Guarantor shall cease. 

14. Agents 

In acting under the Issue and Paying Agency Agreement and in connection with the Notes, the 

Paying Agents act solely as agents of the Issuer and the Guarantor (as applicable) and do not 

assume any obligations towards or relationship of agency or trust for or with any of the 

Noteholders. 

The initial Paying Agents and their initial Specified Offices are listed below. The initial 

Calculation Agent (if any) is specified in the relevant Final Terms. The Issuer and the Guarantor 

(as applicable) reserve the right at any time to vary or terminate the appointment of any Paying 

Agent and to appoint a successor fiscal agent or calculation agent and additional or successor 

paying agents, provided, however, that: 

(a) 

(b) 

(c) 

(d) 

the Issuer and the Guarantor (as applicable) shall at all times maintain a Fiscal Agent; and 

if a Calculation Agent is specified in the relevant Final Terms, the Issuer and the 

Guarantor (as applicable) shall at all times maintain a Calculation Agent; and 

if and for so long as the Notes are admitted to listing, trading and/or quotation by any 

listing authority, stock exchange and/or quotation system which requires the appointment 

of a Paying Agent in any particular place, the Issuer and the Guarantor (as applicable) 

shall maintain a Paying Agent having its Specified Office in the place required by such 

listing authority, stock exchange and/or quotation system; and 

if European Council Directive 2003/48/EC or any other Directive implementing the 

conclusions of the ECOFIN council meeting of 26–27 November 2000 is brought into 

force, the Issuer and the Guarantor will ensure that they maintain a Paying Agent in an 

EU member state (provided there will be such an EU member state) that will not be 

obliged to withhold or deduct tax pursuant to the Savings Directive. 

Notice of any change in any of the Paying Agents or in their Specified Offices shall promptly be 

given to the Noteholders. 

The Fiscal Agent: 

The Paying Agent 

in Luxembourg: 




Germany 




Luxembourg 

15. Modification 

The Notes, these conditions and the Guarantee may be amended without the consent of the 

Noteholders to correct a manifest error. In addition, the parties to the Issue and Paying Agency 

Agreement may agree to modify any provision thereof, but the Issuer and the Guarantor (as 

applicable) shall not agree, without the consent of the Noteholders, to any such modification 

unless it is of a formal, minor or technical nature, it is made to correct a manifest error or it is, in 

the opinion of such parties, not materially prejudicial to the interests of the Noteholders. 

- 124 -

16. Further Issues 

The Issuer may from time to time, without the consent of the Noteholders, create and issue 

further notes having the same terms and conditions as the Notes in all respects (or in all respects 

except for the first payment of interest) so as to form a single series with the Notes. 

17. Substitution of the Issuer 

(a) 

The Issuer shall be entitled at any time without the consent of the Noteholders to be 

substituted as Issuer by [in the case of Notes issued by Metro Finance B.V.: the 

Guarantor] [in the case of Notes issued by METRO AG: Metro Finance B.V.] (the "New 

Issuer") in respect of all obligations arising from or in connection with the Notes, if: 

(i) 

(ii) 

the New Issuer assumes all obligations of the Issuer arising from or in connection 

with the Notes; 

the New Issuer has obtained any necessary authorisation from the competent 

authorities to the effect that the New Issuer may transfer to the relevant Paying 

Agent in the Issue Currency or other relevant currency without the withholding at 

source or deduction at source of any taxes, fees, duties, assessments or other 

governmental charges all amounts required for the performance of the payment 

obligations arising from or in connection with the Notes; 

[Furthermore, in the event of such substitution in the case of Notes issued by METRO AG 

the following shall apply: 

(iii) the Guarantor irrevocably and unconditionally guarantees such obligations of the 

New Issuer.] 

(b) 

(c) 

(d) 

In the event of such substitution, any reference in these Terms and Conditions to the 

Issuer shall from then on be deemed to refer to the New Issuer and any reference to the 

Issuer's country of domicile in Condtions 9 (b) and 11 shall from then on be deemed to 

refer to the country where the New Issuer is domiciled or, if different, is treated as 

resident for tax purposes. 

Any substitution effected in accordance with paragraph 1 shall be binding on the 

Noteholders and shall be notified promptly in accordance with Condition 18. 

As of the rest of the issues, upon any such substitution, the Notes shall be deemed to be 

modified to the extent necessary for rendering the substitution effective. 

18. Notices 

All notices concerning the Notes shall be published [in the electronic version of the 

Bundesanzeiger and] in a leading daily newspaper having general circulation in [Germany] 

[Luxembourg] [London] [specify other location]. These newspapers are expected to be the 

[Börsen-Zeitung] [Luxemburger Wort] [Tageblatt] [Financial Times] [insert other applicable 

newspaper having general circulation] in the German or English language [and will be 

published on the website of the Luxembourg Stock Exchange under "www.bourse.lu"]. Any 

notice so given will be deemed to have been validly given on the third day after the date of such 

publication (or, if published more than once, on the third day after the date of the first such 

publication). 

- 125 -

[If notices may be given by means of electronic publication on the website of the relevant stock 

exchange insert: All notices concerning the Notes will be made by means of electronic 

publication on the internet website of the [insert relevant stock exchange] (www.[insert internet 

address]). Any notice so given will be deemed to have been validly given on the day of such 

publication (or, if published more than once, on the third day after the date of the first such 

publication).] 

[In the case of Notes which are listed on the Luxembourg Stock Exchange insert: So long as any 

Notes are listed on the Luxembourg Stock Exchange, paragraph (a) shall apply. In the case of 

notices regarding the Rate of Interest or, if the Rules of the Luxembourg Stock Exchange so 

permit, the Issuer may deliver the relevant notice to the clearing system for communication by 

the clearing system to the Noteholders in lieu of publication in the newspapers set forth in 

subparagraph (1) above; any such notice shall be deemed to have been given to the Noteholders 

on the seventh day after the day on which the said notice was given to the clearing system.] 

[In the case of Notes which are listed on a Stock Exchange other than the Luxembourg Stock 

Exchange insert: The Issuer may, in lieu of publication set forth in paragraph (a) above, deliver 

the relevant notice to the clearing system, for communication by the clearing system to the 

Noteholders, provided that the rules of the stock exchange on which Notes are listed permit such 

form of notice. Any such notice shall be deemed to have been given to the Noteholders on the 

seventh day after the day on which said notice was given to the clearing system.] 

19. Rounding 

For the purposes of any calculations referred to in these conditions (unless otherwise specified 

in these conditions or the relevant Final Terms), (a) all percentages resulting from such 

calculations will be rounded, if necessary, to the nearest 1/100,000 of a percentage point (with 

0.000005 per cent. being rounded up to 0.00001 per cent.), (b) all Japanese Yen amounts used 

in or resulting from such calculations will be rounded downwards to the next lower whole 

Japanese Yen amount, and (c) all amounts denominated in any other currency used in or 

resulting from such calculations will be rounded to the nearest two decimal places in such 

currency, with 0.005 being rounded upwards. 

20. Amendments to the Conditions 

If the relevant Final Terms specify that the German Bond Act 

(Schuldverschreibungsgesetz), which came into effect on 5 August 2009, is applicable 

and the Notes are governed by German law, the provision of this condition 20 shall 

apply. 

(a) 

(b) 

German Bond Act: §§ 5 et seq. of the German Bond Act (Gesetz über 

Schuldverschreibungen aus Gesamtemissionen ("SchVG") vom 31. Juli 2009), 

which came into effect on 5 August 2009, shall be applicable in relation to the 

Notes. Thus, the Issuer may amend these conditions with consent by majority 

resolution of the Noteholders. 

Matters of Resolutions: Noteholders may in particular agree by majority 

resolution to the following: 

(i) 

(ii) 

a change of the due date for payment of interest, the reduction, or the 

cancellation, of interest; 

a change of the due date for payment of principal; 

- 126 -

(iii) 

(iv) 

(v) 

(vi) 

(vii) 

(viii) 

(ix) 

(x) 

a reduction of principal; 

a subordination of claims arising from the Notes in insolvency 

proceedings of the Issuer; 

a conversion of the Notes into, or the exchange of the Notes for, shares, 

other securities or obligations; 

an exchange or release of security; 

a change of the currency of the Notes; 

a waiver or restriction of Noteholders' rights to give notice of 

termination under the Notes; 

an amendment or a rescission of ancillary provisions of the Notes; and 

an appointment or a removal of a common representative for the 

Holders. 

No obligation to make any payment or to render any other performance shall be 

imposed on any Noteholder by majority resolution. 

(c) 

Meeting of Noteholders: Pursuant to § 18 SchVG, Noteholders shall pass 

resolutions by vote taken without a physical meeting. 

A meeting of Noteholders will be called for by the Issuer or the Common 

Representative (as defined in g) below). Pursuant to § 9 (1) sent. (1) SchVG, a 

meeting of Noteholders must be called if Noteholders holding Notes amounting 

to 5 per cent. of the outstanding principal amount of the Notes request so, in 

writing, with reference to one of the reasons set out in § 9 (1) sent. (1) SchVG. 

(d) 

Majority Vote: Except as provided in the following sentence and provided that 

the requisite quorum is present, a resolution of the Noteholders will be passed 

by simple majority of the rights to vote participating in the vote. 

In the cases of this condition 20(b) (i) through (x), in order to be passed, 

resolutions require a majority of not less than 75 per cent. of the rights to vote 


(e) 

(f) 

Right to Vote: Each Noteholder participating in any vote shall cast votes in 

accordance with the nominal amount or the notional fraction of its entitlement 

to the outstanding Notes. As long as the entitlement to the Notes lies with, or 

the Notes are held for the account of, the Issuer or any of its affiliates (§ 271(2) 

of the German Commercial Code (Handelsgesetzbuch)), the right to vote in 

respect of such Notes shall be suspended. The Issuer may not transfer Notes, of 

which the voting rights are so suspended, to another person for the purpose of 

exercising such voting rights in the place of the Issuer; this shall also apply to 

any affiliate of the Issuer. No person shall be permitted to exercise such voting 

right for the purpose stipulated in sent. (3), first half sentence, herein above. 

Binding Effect: Majority resolutions shall be binding on all Noteholders. 

Resolutions which do not provide for identical conditions for all Noteholders 

- 127 -

are void, unless Noteholders who are disadvantaged have expressly consented 

to their being treated disadvantageously. 

(g) 

Appointment of Common Representative: The Noteholders may by majority 

resolution appoint a common representative (the "Common Representative") 

to exercise the Noteholders' rights on behalf of each Noteholder. Any natural 

person having legal capacity or any qualified legal person may act as Common 

Representative. Any person who: 

(i) 

(ii) 

(iii) 

(iv) 

is a member of the management board, the supervisory board, the board 

of directors or any similar body, or an officer or employee, of the Issuer 

or any of its affiliates; 

holds an interest of at least 20 per cent. in the share capital of the Issuer 

or of any of its affiliates; 

is a financial creditor of the Issuer or any of its affiliates, holding a 

claim in the amount of at least 20 per cent. of the outstanding Notes, or 

is a member of a corporate body, an officer or other employee of such 

financial creditor; or 

is subject to the control of any of the persons set forth in items (i) to 

(iii) above by reason of a special personal relationship with such person 

must disclose the relevant circumstances to the Noteolders prior to being 

appointed as a Common Representative. If any such circumstances arise after 

the appointment of a Common Representative, the Common Representative 

shall inform the Noteholders promptly in appropriate form and manner. 

(h) 

(i) 

(j) 

Duties and Powers: The Common Representative shall have the duties and 

powers provided by law or granted by majority resolution of the Noteholders. 

The Common Representative shall comply with the instructions of the 

Noteholders. To the extent that the Common Representative has been 

authorised to assert certain rights of the Noteholders, the Noteholders shall not 

be entitled to assert such rights themselves, unless explicitly provided for in the 

relevant majority resolution. The Common Representative shall provide reports 

to the Noteholders on its activities. 

Liability: The Common Representative shall be liable for the performance of its 

duties towards the Noteholders who shall be joint and several creditors 

(Gesamtgläubiger); in the performance of its duties it shall act with the 

diligence and care of a prudent business manager. The liability of the Common 

Representative may be limited by a resolution passed by the Noteholders. The 

Noteholders shall decide upon the assertion of claims for compensation of the 

Noteholders against the Common Representative. 

Removal: The Common Representative may be removed from office at any 

time by the Noteholders without specifying any reasons. The Noteholders' 

furnish all information required for the performance of the duties entrusted to it. 

The Issuer shall bear the costs and expenses arising from the appointment of a 

Common Representative, including reasonable remuneration of the Common 

Representative. 

- 128 -

(k) 

Substitution: The provisions of this condition 20 do not apply to a substitution 

pursuant to condition 17. In the event of such substitution, they do however 

apply to a guarantee to be given pursuant to condition 17(a) paragraph (iii). 

21. Governing Law and Jurisdiction 

(a) 

German Law 

If the relevant Final Terms specify that the Notes are governed by German law, the 

provision of this condition 21(a) shall apply. 

(i) 

(ii) 

(iii) 

(iv) 

Governing law: The form and content of the Notes, the Guarantee and the 

Undertaking as well as all the rights and duties arising therefrom are governed 

exclusively by the laws of the Federal Republic of Germany. Place of performance 

is Frankfurt am Main. 

Jurisdiction: The competent courts of Frankfurt am Main have non-exclusive 

jurisdiction for all litigation with the Issuer arising from the legal relations 

established in these conditions; provided, however, that, subject to paragraph (iii), 

Frankfurt am Main shall be exclusive place of jurisdiction for all litigation which is 

brought by merchants (Kaufleute), legal persons under public law (juristische 

Personen des öffentlichen Rechts), special funds under public law (öffentlichrechtliche 

Sondervermögen) and persons not subject to general jurisdiction of the 

courts of the Federal Republic of Germany (Personen ohne allgemeinen 

Gerichtsstand in der Bundesrepublik Deutschland). 

Further jurisdictions: The Noteholders are also, entitled to assert their claims 

against the Issuer before courts in The Netherlands. In such cases the laws of the 

Federal Republic of Germany shall be applied. 

Process agent: For litigation, if any, between the Noteholders and the Issuer (if 

Metro Finance B.V.) which is brought before courts in the Federal Republic of 

Germany, the Issuer (if Metro Finance B.V.) has appointed METRO AG, 

Schlüterstraße 1, 40235 Düsseldorf, Federal Republic of Germany, as agent for 

service of process. 

(b) 

Other Law 

The Notes may be governed by any other law, if and to the extent specified in the Final 

Terms. 

22. Language 

These Terms and Conditions are written in the English language only. 

23. Partial Invalidity 

If any of the provisions contained in these conditions is or becomes invalid or 

unenforceable, the validity or enforceability of the remaining provisions shall not in any 

way be affected or impaired thereby. The invalid provision shall be replaced by a 

provision which, to the extent legally possible, provides for an interpretation in keeping 

with the economic purpose of the conditions at the time of the issue of the Notes. Where 

these conditions prove to be incomplete, a supplementary interpretation in accordance 

- 129 -

with the economic purpose of these conditions giving due consideration to the legitimate 

interests of the parties involved shall be applied. 

- 130 -

Pro Forma Final Terms 

Vorläufige Endgültige Bedingungen 

The Final Terms in respect of each Tranche of Notes will be substantially in the following form, 

duly amended (if necessary) and completed to reflect the particular terms of the relevant Notes 

and their issue. Text in this section appearing in italics does not form part of the Pro Forma 

Final Terms but denotes directions for completing the Final Terms. 

Die Endgültigen Bedingungen für jede Tranche von Schuldverschreibungen werden im 

Wesentlichen die nachstehende Form haben. Sie werden ordnungsgemäß ergänzt (falls 

notwendig), geändert (falls notwendig) sowie vervollständigt, um die jeweiligen Bedingungen 

der einzelnen Schuldverschreibungen und ihrer Emission widerzuspiegeln. Kursiv gedruckte 

Textteile in diesem Abschnitt sind nicht Teil der Vorläufigen Endgültigen Bedingungen, sondern 

Anweisungen zur Vervollständigung der Endgültigen Bedingungen. 

Final Terms dated [insert date] 

Endgültige Bedingungen vom [Datum einfügen] 

[METRO AG] 

[Metro Finance B.V.] 

ISIN: [insert] 

ISIN: [einfügen] 

Issue of [Aggregate Nominal Amount of Tranche] [Title of Notes] 

Emission von [Gesamtnennbetrag der Tranche] [Bezeichnung der Schuldverschreibungen] 

[Guaranteed by 

[Garantiert durch die 

METRO AG] 

under the EUR 6,000,000,000 

unter dem EUR 6.000.000.000 

Debt Issuance Programme 

This document constitutes the Final Terms relating to the issue of Notes described therein. 

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions [Set 

A/B] set forth in the Prospectus dated 13 May 2011 [and the supplement to the Prospectus dated 

[insert date]] (the "Prospectus"). These Final Terms contain the final terms of the Notes. Full 

information on the Issuer[, the Guarantor] and the Notes is only available on the basis of a combination 

of these Final Terms and the Prospectus. The Prospectus is available for viewing [at 

[address] where copies may be obtained] [and] /at [website] [and copies may be obtained from 

[address]. 

Dieses Dokument stellt die Endgültigen Bedingungen in Bezug auf die Emission der darin 

beschriebenen Schuldverschreibungen dar. Begriffe, die in diesem Dokument verwendet 

werden, haben dieselbe Bedeutung wie in den in dem Prospekt vom 13. Mai 2011 [und dem 

Nachtrag zum Prospekt vom [Datum einfügen]] (der „Prospekt“) enthaltenen Bedingungen [Set 

A/B]. Diese Endgültigen Bedingungen enthalten die endgültigen Bedingungen der 

Schuldverschreibungen. Ausführliche Informationen über die Emittentin[, die Garantin] und die 

Schuldverschreibungen sind ausschließlich auf der Grundlage der Kombination dieser 

Endgültigen Bedingungen und des Prospekts erhältlich. Der Prospekt wird zur Einsichtnahme 

[bei [Anschrift] wo auch Kopien erhältlich sind,] [sowie] auf [Internetseite] bereitgehalten.[ 

Zudem sind auch Kopien erhältlich bei [Anschrift]]. 

- 131 -

The following alternative language applies if the first tranche of an issue which is being increased 

was issued under an Prospectus with an earlier date. 

Die nachstehende alternative Formulierung ist anzuwenden, wenn die erste Tranche einer 

Emission, die aufgestockt wird, gemäß einem Prospekt mit einem früheren Datum begeben 

wurde. 

This document contains the Final Terms relating to the issue of Notes described herein. Terms 

used herein shall be deemed to be defined as such for the purposes of the Conditions [Set A/B] 

(the "Conditions") set forth in the Prospectus dated 13 May 2011. These Final Terms contain 

the final terms of the Notes and must be read in conjunction with the Prospectus dated [current 

date] [and the supplement to the Prospectus dated [insert date], save in respect of the Conditions 

which are extracted from the Prospectus dated [original date] and are attached hereto]. Full information 

on the Issuer[, the Guarantor] and the Notes is only available on the basis of a combination 

of these Final Terms and the Prospectus. The Prospectus is available for viewing [at [address] 

where copies may be obtained] [and] /at [website] [and copies may be obtained from [address]. 

Dieses Dokument enthält die Endgültigen Bedingungen in Bezug auf die Emission der darin 

beschriebenen Schuldverschreibungen. Begriffe, die in diesem Dokument verwendet werden, 

haben dieselbe Bedeutung wie in den in dem Prospekt vom 13. Mai 2011 enthaltenen 

Bedingungen [Set A/B] (die „Bedingungen“). Diese Endgültigen Bedingungen enthalten die 

endgültigen Bedingungen der Schuldverschreibungen und sind in Verbindung mit dem Prospekt 

vom [aktuelles Datum][ und dem Nachtrag zum Prospekt vom [Datum einfügen], außer in 

Bezug auf die Bedingungen, die einen Auszug aus dem Prospekt vom [ursprüngliches Datum] 

darstellen und diesem Prospekt beigefügt sind] zu lesen. Ausführliche Informationen über die 

Emittentin[, die Garantin] und die Schuldverschreibungen sind ausschließlich auf der Grundlage 

der Kombination dieser Endgültigen Bedingungen und des Prospekts erhältlich. Der Prospekt 

wird zur Einsichtnahme [bei [Anschrift] wo auch Kopien erhältlich sind,] [sowie] auf 

[Internetseite] bereitgehalten.[ Zudem sind auch Kopien erhältlich bei [Anschrift]]. 

[In relation to each item, unless specified otherwise, include the relevant details or specify as 

"Not Applicable". Note that the numbering should remain as set out below, even if "Not Applicable" 

is indicated for individual paragraphs or sub-paragraphs. Italics denote directions for 

completing the Final Terms.] 

[In Bezug auf jeden Punkt die jeweiligen Einzelheiten angeben oder als “Nicht anwendbar” 

kennzeichnen, soweit nicht etwas anderes angegeben ist. Dabei ist zu beachten, dass die 

nachstehende Nummerierung beizubehalten ist, auch wenn einzelne Absätze oder Unterabsätze 

als “Nicht anwendbar” gekennzeichnet sind. Kursiv gesetzte Textteile sind Anweisungen zur 

Vervollständigung der Endgültigen Bedingungen.] 

- 132 -

A: General Information 

A: General Information 

1. [(i)] Issuer: 

[(i)] Emittentin: 

[(ii) Guarantor: 

[(ii) Garantin: 

2. [(i)] Series Number: 

[(i)] Seriennummer: 

[(ii) Tranche Number: 

(If fungible with an existing Series, 

details of that Series, including the date 

on which the Notes become fungible).] 

[(ii) Tranchennummer: 

(Bei Fungibilität mit einer bestehenden 

Serie, nähere Angaben zu dieser Serie, 

einschließlich des Tages, zu dem die 

Schuld-verschreibungen fungibel 

werden).] 

3. Language of Conditions: 

Sprache der Bedingungen: 

4. Specified Currency or Currencies: 

Festgelegte Währung(en): 

[METRO AG/Metro Finance B.V.] 

METRO AG] 

[ ] 

[ ] 

[ ] 

[ ] 

[German only] 

[Englisch only] (Conditions Set B will always 

be in English only) 

[German and English (German controlling)] 

[English and German (English controlling)] 

[ausschließlich Deutsch] 

[ausschließlich Englisch] (Bedingungen Set B 

sind stets ausschließlich Englisch) 

[Deutsch und Englisch (deutscher Text 

maßgeblich)] 

[Englisch und Deutsch (englischer Text 

maßgeblich)] 

[ ] 

[ ] 

5. Aggregate Nominal Amount: 

Gesamtnennbetrag: 

[(i)] Series: 

[(i)] der Serie: 

[ ] 

[ ] 

[(ii) 

[(ii) 

Tranche: 

der Tranche: 

[ ]] 

[ ]] 

6. [(i)] Issue Price: 

[(i)] Emissionspreis: 

[ ] per cent. of the Aggregate Nominal 

Amount [plus accrued interest from [insert 

date] (in the case of fungible issues only, if 

applicable)] 

[ ] Prozent des Gesamtnennbetrags [zuzüglich 

- 133 -

[(ii) 

[(ii) 

Net proceeds: 

Nettoerlös: 

aufgelaufener Zinsen zum [Datum einfügen] 

(nur im Fall einer fungiblen Emission, falls 

anwendbar)] 

[ ] (Required only for listed issues)] 

[ ] (Nur bei börsennotierten Emissionen 

erforderlich)] 

7. Specified Denominations: 

Festgelegte Stückelung: 

[ ] 

[ ] 

[Notes issued by METRO AG and by Metro 

Finance B.V. will be in such denominations as 

may be specified in the relevant Final Terms 

or, as the case may be, in the Terms and 

Conditions, subject to compliance with all 

applicable legal and/or regulatory and/or 

central bank requirements. 

[Von der METRO AG und der Metro Finace 

B.V. begebene Schuldverschreibungen haben 

die in den maßgeblichen Endgültigen 

Bedingungen bzw. den Emissionsbedingungen 

festgelegte Stückelung, vorausgesetzt, dass 

sämtliche anwendbaren rechtlichen und/oder 

aufsichtsrechtlichen 

und/oder 

notenbankrechtlichen Vorschriften erfüllt 

werden. 

Notes (including Notes denominated in 

Sterling) in respect of which the issue proceeds 

are to be accepted by the issuer in the UK or 

whose issue otherwise constitutes a 

contravention of § 19 FSMA and which have a 

maturity of less than one year must have a 

minimum redemption value of £100,000 (or its 

equivalent in other currencies).] 

Schuldverschreibungen (einschließlich 

Schuldverschreibungen, die auf Pfund Sterling 

lauten), deren Emissionserlös von der 

Emittentin im Vereinigten Königreich zu 

vereinnahmen ist, oder deren Emission 

anderweitig einen Verstoß des § 19 FSMA 

darstellt und die eine Fälligkeit von unter 

einem Jahr haben, müssen einen Mindest- 

Rückzahlungswert von £ 100.000 (oder dem 

Gegenwert in anderen Währungen) aufweisen.] 

8. [(i)] Issue Date: 

[(i)] Tag der Begebung: 

[ ] 

[ ] 

[(ii) 

[(ii) 

Interest Commencement Date: 

Verzinsungsbeginn: 

[ ]] 

[ ]] 

9. Maturity Date: [specify date or (for Floating Rate Notes) 

Interest Payment Date falling in or nearest to 

- 134 -

Fälligkeitstag: 

10. Interest Basis: 

Zinsmodalität: 

11. Redemption/Payment Basis: 

Rückzahlungsmodalität: 

12. Change of Interest or 

Redemption/Payment Basis: 

Wechsel der Zins- oder der 

Rückzahlungsmodalität: 

13. Put/Call Options: 

Vorzeitige Rückzahlung nach Wahl der 

Gläubiger/der Emittentin: 

the relevant month and year] 

[Den Tag oder (für variabel verzinsliche 

Schuldverschreibungen) den Zinszahlungstag 

angeben, der in den maßgeblichen Monat/das 

maßgebliche Jahr fällt oder diesem am 

nächsten ist] 

[ % Fixed Rate] 

[ % Festzinssatz] 

[[specify reference rate] +/– % Floating Rate] 

[[Referenzzinssatz angeben] +/– % variabler 

Zinssatz] 

[Zero Coupon] 

[Nullkupon] 

[Index-Linked Interest] 

[indexgebundene Verzinsung] 

[Other (specify)] 

(further particulars specified below) 

[Sonstiges (ausführen)] 

(weitere Einzelheiten siehe unten) 

[Redemption at par] 

[Rückzahlung zum Nennbetrag] 

[Index-Linked Redemption] 

[indexgebundene Rückzahlung] 

[Partly Paid] 

[Teileingezahlt] 

[Instalment] 

[Rückzahlung in Teilbeträgen] 

[Other (specify)] 

[Sonstiges (ausführen)] 

[Specify details of any provision for 

convertibility of Notes into another interest or 

redemption/ payment basis] 

[Angaben zu Bestimmungen bezüglich der 

Umwandlungsfähigkeit 

von 

Schuldverschreibungen in eine andere Zinsoder 

Rückzahlungsmodalität] 

[Investor Put] 

[Vorzeitige Rückzahlung nach Wahl der 

Gläubiger] 

[Issuer Call] 

[Vorzeitige Rückzahlung nach Wahl der 

Emittentin] 

[(further particulars specified below)] 

[(weitere Einzelheiten siehe unten)] 

14. (i) Status of the Notes: [Senior/[Dated/Perpetual] 

- 135 -

(i) 

(ii) 

(ii) 

Rang der Schuldverschreibungen: 

Status of the Guarantee: 

Status der Garantie: 

[vorrangig/[datiert/endlos] 

[Senior/[Dated/Perpetual] 

[vorrangig/[datiert/endlos] 

15. (i) Listing 

(i) Listing 

(ii) Admission to trading and 

estimated expenses relating to 

admission to trading: 

(ii) Zulassung zum Handel und damit 

verbundene Kosten (geschätzt): 

16. Method of distribution: 

Vertriebsmethode: 

[specify] 

[ausführen] 

[Luxembourg/other (specify)/None/specify 

estimate] 

[Luxemburg/anderer Börsenplatz 

(ausführen)/Keine/Schätzung ausführen] 

[Syndicated/Non-syndicated] 

[Syndiziert/Nicht syndiziert] 

Provisions relating to interest (if any) payable 

Bestimmungen zur Verzinsung 

17. Fixed Rate Note Provisions 

Festzinsmodalitäten 

[Applicable/Not Applicable] 

[anwendbar/nicht anwendbar] 

(If not applicable, delete the remaining subparagraphs 

of this paragraph) 

(Falls nicht anwendbar, die weiteren 

Unterabsätze dieses Absatzes streichen) 

(i) 

(i) 

(ii) 

(ii) 

Rate[(s)] of Interest: 

Zinssatz [(Zinssätze)]: 

Interest Payment Date(s): 

Zinszahlungstag(e): 

[ ] per cent. per annum [payable 

[annually/semi- annually/quarterly/monthly] in 

arrear] 

[ ] Prozent p. a. [zahlbar 

[jährlich/halbjährlich/vierteljährlich/monatlich] 

nachträglich] 

[ ] in each year [adjusted in accordance with 

[specify Business Day Convention and any 

applicable Business Centre(s) for the definition 

of "Business Day"]/ not adjusted] 

[ ] jedes Jahres [angepasst gemäß der 

[Geschäftstag-Konvention sowie jegliche(n) 

maßgeblichen Finanzplatz (Finanzplätze) für 

die Begriffsbestimmung von „Geschäftstag“ 

angeben]/nicht angepasst] 

- 136 -

(iii) 

(iii) 

(iv) 

(iv) 

(v) 

(v) 

Fixed Coupon Amount[(s)]: 

Festzinsbetrag 

[(Festzinsbeträge)] 

Day Count Fraction: 

Zinstagequotient: 

Broken Amount(s): 

Stückzinsen: 

[ ] [per [ ] in Nominal Amount 

[ ] [je [ ] des Nennbetrags 

[30/360/other]/Actual/Actual (ICMA)/other] 

[30/360/sonstiger]/Actual/Actual 

(ICMA)/sonstiger] 

[Insert particulars of any initial or final broken 

interest amounts which do not correspond with 

the Fixed Coupon Amount[(s)]] 

[Einzelheiten zu anfänglichen oder endgültigen 

Stückzinsen angeben, die nicht dem 

Festzinsbetrag [(den Festzinsbeträgen)] 

entsprechen] 

(vi) Other terms relating to the method 

of calculating interest for Fixed 

Rate Notes: 

(vi) Sonstige Bestimmungen zur 

Zinsberechnungsmethode bei 

festverzinslichen Schuldverschreibungen: 

18. Floating Rate Note Provisions 

Modalitäten bei variabler Verzinsung 

[Not Applicable/give details] 

[nicht anwendbar/Einzelheiten angeben] 




of this paragraph.) 



(i) 

(i) 

(ii) 

(ii) 

(iii) 

(iii) 

(iv) 

(iv) 

Specified Period(s): 

Festgelegter Zeitraum 

(Festgelegte Zeiträume): 

Interest Payment Dates: 

Zinszahlungstage: 

Business Day Convention: 

Geschäftstag-Konvention: 

Additional Business Centre(s): 

Zusätzliche(r) Finanzplatz 

(Finanzplätze): 

[ ] 

[ ] 

[ ] 

[ ] 

[Floating Rate Convention/Following Business 

Day Convention/Modified Following Business 

Convention/ Preceding Business Day 

Convention/other (give details)] 

[Floating-Rate-Konvention/Folgender- 

Geschäftstag-Konvention/Modifizierte 

Folgender-Geschäftstag-Konvention/ 

Vorangegangener-Geschäftstag- 

Konvention/sonstige (Einzelheiten angeben)] 



(v) Manner in which the Rate(s) of 

- 137 -

(v) 

Interest is/are to be determined: 

Art und Weise der Festlegung des 

Zinssatzes/der Zinssätze: 

[Screen Rate Determination/ISDA 

Determination/other (give details)] 

[Bildschirmfeststellung/ISDA- 

Feststellung/Sonstiges (Einzelheiten angeben)] 

(vi) Party responsible for calculating 

the Rate(s) of Interest and Interest 

Amount(s) (if not the [Fiscal 

Agent]): 

(vi) 

Verantwortlich für die Berechnung 

des Zinssatzes (der Zinssätze) und 

des Zinsbetrags/der Zinsbeträge 

(außer [dem Fiscal Agent]): 

[[Name] shall be the Calculation Agent (no 

need to specify if the Fiscal Agent is to 

perform this function)] 

[[Name] ist die Berechnungsstelle (keine 

Angabe erforderlich, wenn der Fiscal Agent 

diese Rolle übernimmt)] 

(vii) Screen Rate Determination: 

(vii) Bildschirmfeststellung: 

– Reference Rate: 

– Referenzzinssatz: 

– Relevant Screen Page: 

– Maßgebliche Bildschirmseite: 

– Interest Determination Date(s): 

– Zinsfestlegungstag(e): 

– Relevant Time: 

– Maßgeblicher Zeitpunkt: 

– Relevant Financial Centre: 

– Maßgeblicher Finanzplatz: 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[For example, 11.00 a.m. London time/Brussels 

time] 

[z.B. 11.00 Uhr Londoner Zeit/Brüsseler Zeit] 

[For example, London/Euro-zone (where Eurozone 

means the region comprised of the 

countries whose lawful currency is the euro)] 

[z. B. London/Eurozone (dabei bezeichnet 

Eurozone das diejenigen Länder umfassende 

Gebiet , deren gesetzliche Währung der Euro 

ist)] 

(viii) ISDA Determination: 

(viii) ISDA-Feststellung: 

– Floating Rate Option: 

– Option bei variabler Verzinsung: 

– Designated Maturity: 

– Vorherbestimmte Laufzeit: 

[ ] 

[ ] 

[ ] 

- 138 -

(ix) 

(ix) 

(x) 

(x) 

(xi) 

(xi) 

– Reset Date: 

– Neufestsetzungstag: 

Margin(s): 

Marge(n): 

Minimum Rate of Interest: 

Mindestzinssatz: 

Maximum Rate of Interest: 

Höchstzinssatz: 

[ ] 

[ ] 

[ ] 

[+/–][ ] per cent. per annum 

[+/–][ ] Prozent p. a. 

[ ] per cent. per annum 

[ ] Prozent p. a. 



(xii) Day Count Fraction: 

(xii) Zinstagequotient: 

(xiii) Fall back provisions, rounding 

provisions, denominator and any 

other terms relating to the method 

of calculating interest on Floating 

Rate Notes, if different from those 

set out in the conditions: 

(xiii) Ausweichbestimmungen, 

Rundungsvorgaben, Nenner und 

andere Bedingungen in Bezug auf 

die Berechnungsmethode der 

Zinsen auf variabel verzinsliche 

Schuldverschreibungen (falls von 

der in den Emissionsbedingungen 

dargelegten Weise abweichend): 

19. Zero Coupon Note Provisions 

Nullkupon-Modalitäten: 

[ ] 

[ ] 

[ ] 

[ ] 







(i) 

(i) 

(ii) 

(ii) 

[Amortisation/Accrual] Yield: 

[Emissions-/aufgelaufene 

]Rendite: 

Reference Price: 

Referenzpreis: 



[ ] 

[ ] 

(iii) Any other formula/basis of 

determining amount payable: 

(iii) Sonstige Formel oder Grundlage 

für die Feststellung des zu 

zahlenden Betrags: 

20. Index-Linked Interest Note 

Provisions: 

[ ] 

[ ] 


- 139 -

Modalitäten für Schuldverschreibungen 

mit indexgebundener 

Verzinsung: 


(If not applicable, delete the remaining 

subparagraphs of this paragraph) 



(i) 

(i) 

Index/Formula: 

Index/Formel: 

[Give or annex details] 

[Einzelheiten angeben oder beifügen] 

(ii) Calculation Agent responsible for 

calculating the interest due: 

(ii) Für die Ermittlung der fälligen 

Zinsen zuständige Berechnungsstelle: 

(iii) Provisions for determining Coupon 

where calculation by reference to 

Index and/or Formula is impossible 

or impracticable: 

(iii) Modalitäten der Ermittlung des 

Kuponbetrages, wenn die 

Berechnung durch Bezugnahme 

auf einen Index und/oder eine 

Formel unmöglich oder 

undurchführbar ist: 

(iv) Interest Period(s): 

(iv) Zinszahlungszeitraum 

(Zinszahlungszeiträume): 

[Give name and address] 

[Name und Anschrift angeben] 

[Insert a description of any market disruption 

or settlement disruption event that affect the 

underying and any adjustment rules with 

respect to such event] 

[Beschreibung etwaiger Vorfälle, die eine 

Marktstörung oder eine Unterbrechung der 

Abrechnung bewirken und die sich auf den 

zugrundeliegenden Basiswert auswirken, und 

Anpassungsregeln bei solchen Vorfällen 

einfügen] 

[ ] 

[ ] 

(v) 

(v) 

Interest Payment Dates: 

Zinszahlungstage: 

[ ] 

[ ] 

(vi) Business Day Convention: 

(vi) Geschäftstag-Konvention: 

[Floating Rate Convention/Following Business 

Day Convention/Modified Following Business 

Convention/ Preceding Business Day 

Convention/other (give details)] 

[Floating-Rate-Konvention/Folgender- 

Geschäftstag-Konvention/Modifizierte 

Folgender-Geschäftstag-Konvention/ 

Vorangegangener-Geschäftstag- 

Konvention/sonstige (Einzelheiten angeben)] 

(vii) Additional Business Centre(s): [ ] 

- 140 -

(vii) Zusätzliche(r) Finanzplatz 

(Finanzplätze): [ ] 

(viii) Minimum Rate of Interest: 

(viii) Mindestzinssatz: 

(ix) Maximum Rate of Interest: 

(ix) Höchstzinssatz: 





(x) 

(x) 

Day Count Fraction: 

Zinstagequotient: 

[ ] 

[ ] 

Provisions relating to Redemption 

Rückzahlungsmodalitäten 

21. Call Option 

Vorzeitige Rückzahlung nach Wahl der 

Emittentin: 

(i) Optional Redemption Date(s) 

(Call): 

(i) Tag(e) der Vorzeitigen 

Rückzahlung (Call): 

(ii) Optional Redemption Amount(s) 

(Call) of each Note and method, if 

any, of calculation of such 

amount(s): 

(ii) Betrag (Beträge) bei vorzeitiger 

Rückzahlung (Call) je 

Schuldverschreibung und, falls 

zutreffend, Methode zu dessen 

(deren) Berechnung: 

(iii) Notice period (if other than as set 

out in the conditions): 

(iii) Kündigungsfrist (falls von der in 

den Emissionsbedingungen 

dargelegten Weise abweichend): 

22. Put Option 

Vorzeitige Rückzahlung nach Wahl 

der Gläubiger: 







[ ] 

[ ] 

[ ] per Note of [ ] specified denomination 

[ ] je Schuldverschreibung in einer 

Festgelegten Stückelung von [ ] 

[ ] 

[ ] 







(i) Optional Redemption Date(s): [ ] 

- 141 -

(i) 

Tag(e) der Vorzeitigen 

Rückzahlung: [ ] 

(ii) 

(ii) 

(iii) 

(iii) 

Optional Redemption Amount(s) 

of each Note and method, if any, of 

calculation of such amount(s): 

Betrag (Beträge) bei vorzeitiger 

Rückzahlung je 

Schuldverschreibung und, falls 

zutreffend, Methode zu dessen 

(deren) Berechnung: 

Notice period: 

Kündigungsfrist: 

[ ] per Note of [ ] specified denomination 

[ ] je Schuldverschreibung in einer 

Festgelegten Stückelung von [ ] 

[ ] 

[ ] 

23. Final Redemption Amount of each 

Note 

Rückzahlungsbetrag bei Endfälligkeit der 

einzelnen Schuldverschreibungen: 

[ [ ] per Note of [ ] specified 

denomination/other/seeAppendix] 

[ [ ] je Schuldverschreibung in einer 

Festgelegten Stückelung von [ ]/sonstiges/siehe 

Anhang 

24. Early Redemption Amount 

Vorzeitiger Rückzahlungsbetrag 

Early Redemption Amount(s) of each 

Note payable on redemption for taxation 

reasons or on event of default and/or the 

method of calculating the same (if 

required or if different from that set out 

in the conditions): 

Vorzeitige(r ) Rückzahlungsbetrag/- 

beträge je Schuldverschreibung bei 

Rückzahlung aus steuerlichen Gründen 

oder bei Eintritt eines 

Kündigungsgrunds und/oder Methode 

zur Berechnung desselben (derselben) 

(falls erforderlich oder falls von der in 

den Emissionsbedingungen dargelegten 

Weise abweichend): 

[ ] 

[ ] 

General Provisions applicable to the Notes 

Allgemeine Bestimmungen der Schuldverschreibungen 

25. Notices: 

Bekanntmachungen: 

Luxembourg 

Luxemburg 

Germany 

[Luxemburger Wort] [Tageblatt] [other] 

[Luxemburger Wort] [Tageblatt] [andere] 

[Börsen-Zeitung] 

[Elektronischer Bundesanzeiger] [other] 

- 142 -

Deutschland 

London 

London 

Internet address 

Internetadresse 

Other 

Sonstige 

26. (a) Governing law: 

(a) Anwendbares Recht: 

(b) German Bond Act: 

(b) Schuldverschreibungsgesetz: 

27. Form of Notes: 

Form (Verbriefung) der Schuldverschreibungen: 

28. Additional Financial Centre(s) or other 

special provisions relating to Payment 

Dates: 

Zusätzliche(r) Finanzplatz (-plätze) 

oder sonstige besondere Bestimmungen 

in Bezug auf Zahlungstage: 

29. Details relating to Partly Paid Notes: 

amount of each payment comprising 

the Issue Price and date on which each 

payment is to be made and 

consequences (if any) of failure to pay, 

including any right of the Issuer to 

forfeit the Notes and interest due on 

late payment: 

Angaben in Bezug auf Teileingezahlte 


Betrag je Zahlung, einschließlich 

Emissionspreis und Termin, zu dem die 

Zahlung zu erfolgen hat sowie etwaige 

Folgen eines Zahlungsausfalls, 

[Börsen-Zeitung] 

[Elektronischer Bundesanzeiger] [andere] 

[Financial Times] [other] 

[Financial Times] [andere] 

[ ] 

[ ] 

[specify] 

[angeben] 

[German/other (specify)]. 

[deutsches Recht/anderes Recht (ausführen)] 



Bearer Notes: 

Temporary Global Note exchangeable for a 

Permanent Global Note 

Inhaberschuldverschreibungen: 

Vorläufige Globalurkunde austauschbar gegen 

eine Dauerglobalurkunde 

[Not Applicable/give details. Note that this item 

relates to the place of payment, and not interest 

period end dates, to which items 17 (ii), 18 (iii) 

and 20 (vi) relate] 

[nicht anwendbar/Einzelheiten angeben. Bitte 

beachten: Dieser Punkt bezieht sich auf den 

Ort der Zahlung, nicht auf Endtage von 

Zinszahlungszeiträumen. Hierauf beziehen sich 

die Punkte 17 (ii), 18 (iii) und 20 (vi). 


- 143 -

einschließlich eventueller Ansprüche 

der Emittentin, die 

Schuldverschreibungen und fälligen 

Zinsen bei Zahlungsverzug für 

verfallen zu erklären: 

30. Details relating to Instalment Notes: 

amount of each instalment, date on 

which each payment is to be made: 

Angaben in Bezug auf in Teilbeträgen 

rückzahlbare Schuldverschreibungen: 

Betrag jeder Teilrückzahlung und Tag, 

an dem die Zahlung zu leisten ist: 

31. Consolidation provisions: 

Konsolidierungsbestimmungen: 

32. New Global Note 

New Global Note 

33. New Global Note intended to be held in 

a manner which would allow 

Eurosystem eligibility: 

Es ist beabsichtigt, die New Global 

Note auf eine Weise zu halten, die 

Eurosystemfähigkeit zulassen würde: 




[Not Applicable/The provisions [in condition 

[11][16] (Further Issues)] [annexed to these 

Final Terms] apply] 

[nicht anwendbar/Es gelten die Vorschriften 

[der Emissionsbedingung [11][16] (Weitere 

Emissionen)] [im Anhang zu diesen 

Endgültigen Bedingungen]] 

[Yes] [No] 

[Ja] [Nein] 

[Yes] [No] 

[Ja] [Nein] 

[If "Yes", insert: Note that the designation 

"Yes" simply means that the Notes are intended 

upon issue to be deposited with one of the 

ICSD and does not necessarily mean that the 

Notes will be recognised as eligible collateral 

for Eurosystem monetary policy and intra-day 

credit operations by the Eurosystem either upon 

issue or at any or all times during their life. 

Such recognition will depend upon satisfaction 

of the Eurosystem eligibility criteria. If "yes" is 

selected, the Notes must be issued in NGN 

form. 

Wenn "Ja", einfügen: Es ist zu beachten, dass 

die Bestimmung "Ja" lediglich bedeutet das die 

Schuldverschreibungen nach Begebung bei 

einem der ICSD's hinterlegt werden sollen und 

es bedeutet nicht notwendigerweise, dass die 

Schuldverschreibungen als geeignete Sicherheit 

im Sinne der Währungspolitik des Eurosystems 

und der taggleichen Überziehungen (intra-day 

credit operations) des Eurosystem entweder 

nach Begebung oder zu einem Zeitpunkt 

- 144 -

während ihrer Existenz anerkannt werden. Eine 

solche Anerkennung wird von der Erfüllung 

der Eurosystemfähigkeitskriterien abhängen. 

Falls "Ja" gewählt wird, müssen die 

Schuldverschreibungen als NGN begeben 

werden.] 

34. Classical Global Note 

Classical Global Note 

35. Classical Global Note intended for 

Eurosystem eligibility: 

Classical Global Note deren 

Eurosystemfähigkeit vorgesehen ist: 

[Yes] [No] 

[Ja] [Nein] 

[Yes [insert in cases where the CGN is 

delivered to CBF]] [No] 

[Ja [einfügen in Fällen, in denen die CGN bei 

CBF eingeliefert wird]] [Nein] 

[If "Yes", insert: "Yes" does not necessarily 

mean Notes will be recognised as eligible 

collateral for Eurosystem monetary policy and 

intra-day credit operations by the Eurosystem. 

Wenn "Ja", einfügen: "Ja" bedeutet nicht 

notwendigerweise, dass die 

Schuldverschreibung als geeignete Sicherheit 

im Sinne der Währungspolitik des Eurosystem 

und der taggleichen Überziehungen (intra-day 

credit operations) des Eurosystem anerkannt 

werden.] 

36. Other terms or special conditions: 

Sonstige Bestimmungen oder 

besondere Bedingungen: 



Distribution 

Angaben zur Platzierung 

37. (i) If syndicated, names of Managers: 

(i) Falls syndiziert, Namen der 

Konsortialbanken: 

(ii) Stabilising Manager (if any): 

(ii) Kursstabilisierender Manager 

(falls vorhanden): 

[Not Applicable/give names and address] 

[nicht anwendbar/Name und Anschrift angeben] 

[Not Applicable/give name and address] 


(iii) 

(iii) 

Market Maker (if any): 

Market-Maker (falls vorhanden): 

[Not Applicable/give name and address] 


38. If non-syndicated, name of Dealer: 

Falls nicht syndiziert, Name des 

Platzeurs: 

39. TEFRA: 

TEFRA: 

[Not Applicable/give name] 

[nicht anwendbar/Namen angeben] 

[Not Applicable/The [C/D] Rules are 

applicable] 

[nicht anwendbar/Die [C/D] Rules sind 

- 145 -

anwendbar] 

40. Additional selling restrictions: 

Zusätzliche Verkaufsbeschränkungen: 



Operational Information 

Angaben zur Abwicklung 

41. ISIN Code: 

ISIN-Code: 

42. German Security Code: 

Wertpapierkennnummer: 

43. Common Code: 

Common Code: 

44. Any clearing system(s) other than 

Euroclear, Clearstream, Luxembourg 

and Clearstream, Frankfurt and the 

relevant identification number(s): 

Etwaige(s) Clearingsystem(e) neben 

Euroclear, Clearstream Luxemburg und 

Clearstream Frankfurt einschließlich der 

jeweiligen Identifikations-nummer(n): 

45. Delivery: 

Lieferung: 

46. Additional Paying Agent(s) and/or 

Fiscal Agent(s) (if any): 

Zusätzlich(e)(r) Zahlstelle(n) und/oder 

Fiscal Agent(s) (falls vorhanden): 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[Not Applicable/give name(s) and number(s)] 

[nicht anwendbar/Name(n) und Nummer(n) 

angeben] 

Delivery [against/free of] payment 

[kostenfreie] Lieferung [gegen Zahlung] 

[Give name and address] 

[Name und Anschrift angeben] 

B: Additional Information 

B: Zusätzliche Angaben 

1. Ratings 

Ratings 

The [Programme] [METRO AG] has/have been 

rated: 

[Das Programm] [Die METRO AG] verfügt 

über das folgende Rating: 

[S & P: [ ]] 

[Moody's: [ ]] 

[[Other]: [ ]] 

[[Sonstiges Rating]: [ ]] 

[complete for every Tranche which is publicly 

offered or listed on a regulated market] 

[für jede Tranche auszufüllen, für die ein 

öffentliches Angebot existiert oder die an 

einem geregelten Markt notiert ist] [This credit 

rating has] [These credit ratings have] been 

issued by [insert full name of legal entity(ies) 

- 146 -

which has/have given the rating/s] which 

[is/are not established in the European Union 

but a European Union affiliate has applied for 

registration under Regulation (EC) No. 

1060/2009 indicating an intention to endorse its 

ratings, although notification of the 

corresponding registration decision (including 

its ability to endorse [•] ratings) has not yet 

been provided by the relevant competent 

authority.] [is/are established in the European 

Union and has applied for registration under 

Regulation (EC) No. 1060/2009, although 

notification of the corresponding registration 

decision has not yet been provided by the 

relevant competent authority.] [[is/are][is/are 

not] established in the European Union and 

[is][is not] registered under Regulation (EC) No 

1060/2009 of the European Parliament and of 

the Council of 16 September 2009 on credit 

rating agencies.]] [[Dieses Rating wurde][Diese 

Ratings wurden] von [vollständigen Namen 

der juristischen Person(en), die das Rating 

abgibt einfügen] abgegeben. [Vollständigen 

Namen der juristischen Person(en), die das 

Rating abgibt/abgeben, einfügen][hat/haben 

[ihren][seinen] Sitz nicht in der europäischen 

Union, aber eine europäische 

Tochtergesellschaft hat die Registrierung 

gemäß der Verordnung (EG) Nr. 1060/2009 

beantragt und die Absicht angezeigt, Ratings 

abzugeben, obwohl die entsprechende 

Registrierungsentscheidung (einschließlich der 

Entscheidung über die Nutzung von Ratings, 

die von [•] abgegeben wurden) durch die 

zuständige Aufsichtsbehörde noch nicht 

zugestellt wurde.] [hat/haben [ihren][seinen] 

Sitz [in der Europäischen Union und die 

Registrierung gemäß der Verordnung (EG) Nr. 

1060/2009 beantragt, wenngleich die 

Registrierungsentscheidung der zuständigen 

Aufsichtsbehörde noch nicht zugestellt worden 

ist.][[nicht] in der Europäischen Union und [ist 

/ ist nicht] gemäß der Verordnung (EG) Nr. 

1060/2009 über Ratingagenturen registriert.]] 

2. Interest of natural and legal persons 

involved in the [Issue/Offer] 

Interesse von Seiten natürlicher oder 

juristischer Personen, die an [der 

Emission/dem Angebot] beteiligt sind 

["Save as discussed in ["Subscription and 

Sale"], so far as the Issuer is aware, no person 

involved in the offer of the Notes has an 

interest material to the offer."] [Other] 

[„Außer wie im Abschnitt [„Zeichnung und 

Verkauf“] beschrieben, besitzt nach Kenntnis 

- 147 -

der Emittentin keine der an dem Angebot der 

Schuldverschreibungen beteiligte Personen ein 

für das Angebot wesentliches Interesse.“] 

[Sonstiges] 

[3. Reasons for the offer, estimated net 

proceeds and total expenses 

[ Gründe für das Angebot, geschätzter 

Nettoerlös und geschätzte 

Gesamtkosten 

[(i) 

[(i) 

Reasons for the offer 

Gründe für das Angebot 

[ ] 

(See ["Use of Proceeds"] wording in listing 

particulars – if reasons for offer different from 

making profit and/or hedging certain risks will 

need to include those reasons here.)] 

(Siehe Formulierung im Abschnitt 

[„Verwendung der Erlöse“] unter den Angaben 

zur Börsennotierung – bestehen die Gründe für 

das Angebot nicht in der Erzielung von 

Gewinnen und/oder der Absicherung 

bestimmter Risiken, so sind diese Gründe hier 

anzugeben.)] 

[(ii)] Estimated net proceeds: 

[(ii)] Geschätzter Nettoerlös: 

[(iii)] Estimated total expenses: 

[(iii)] Geschätzte Gesamtkosten: 

[(iv) Details of the offer: 

[(iv) Detaillierte Angaben zu dem 

Angebot: 

[ ] 

[ ] 

[ ] 

(Only necessary to include disclosure of net 

proceeds and total expenses at (ii) and (iii) 

above where disclosure is included at (i) 

above.) 

[ ] 

(Offenlegung des Nettoerlöses und der 

Gesamtkosten unter (ii) und (iii) nur 

erforderlich, wenn vorstehend unter (i) 

enthalten.) 

(Include details relating to public offer.)] 

(Detaillierte Angaben in Bezug auf das 

öffentlicheAgebot aufführen).] 

[(v) 

[(v) 

Non-exempt Offer 

Prospektpflichtiges Angebot 

[Not Applicable] [An offer of Notes may be 

made [by the Dealers] [and [specify, if 

applicable]] other than pursuant to Article 3(2) 

of the Prospectus Directive in [specify relevant 

Member State(s) - which must be jurisdiction(s) 

where the Prospectus has been approved and/or 

passported] ("Public Offer Jurisdiction") 

during the period from [specify date] until 

[specify date] ("Offer Period").]] 

[Nicht anwendbar] [Ein Angebot kann [seitens 

der Dealer] [und [spezifizieren, falls 

- 148 -

einschlägig]] außerhalb des Ausnahmebereichs 

gemäß § 3(2) der Prospektrichtlinie in 

[relevante(n) Mitgliedsstaat(en) spezifizieren – 

wobei es sich dabei um Mitgliedsstaaten 

handeln muß, in denen der Prospekt gebilligt 

und/oder in welche der Prospekt notifiziert 

wurde] („Öffentliche Angebotsstaaten“)) 

innerhalb des Zeitraumes von [Datum 

spezifizieren] bis [Datum spezifizieren] (die 

„Angebotsfrist“) durchgeführt wurde.]] 

[4. Fixed Rate Notes only – yield 

[ Nur bei festverzinslichen Schuldverschreibungen 

– Rendite 

Indication of yield: 

Rückschlüsse auf die Rendite: 

[5. Index-Linked or other variable-linked 

Notes only: 

Performance of index/formula/other 

variable and other information 

concerning the underlying: 

[ ] 

The yield is calculated at the Issue Date on the 

basis of the Issue Price by application of 

arithmetical principles. It is not an indication of 

future yield.] 

[ ] 

Die Rendite wird am Tag der Begebung auf 

Grundlage des Emissionspreises unter 

Anwendung mathematischer Grundsätze 

berechnet und lässt keine Rückschlüsse auf 

zukünftige Renditen zu.] 

[include details of where information about the 

past and the future performance of the 

underlying and its volatility can be obtained 

and a clear and comprehensive explanation of 

how the value of the investment is affected by 

the underlying] 

[Need to include the following details: where 

the underlying is a security: the name of the 

issuer of the security, the ISIN (international 

security identification number) or other such 

security identification code; where the 

underlying is an index: the name of the index 

and a description of the index by the issuer. If 

the index is not composed by the issuer, where 

information about the index can be obtained; 

where the underlying is an interest rate: a 

description of the interest rate; others: Where 

the underlying does not fall within the 

categories specified above the securities note 

shall contain equivalent information; where the 

underlying is a basket of underlyings: 

disclosure of the relevant weightings of each 

underlying of each underlying in the basket.] 

- 149 -

Post Issuance Information on the 

underlying: 

[ Nur bei an einen Index oder eine 

sonstige Variable gebundenen 

Schuldverschreibungen: – 

Wertentwicklung des Index/der 

Formel/der sonstigen Variable sowie 

weitere Angaben zu dem Basiswert: 

Informationen nach erfolgter Emission 

im Hinblick auf den Basiswert: 

[The Issuer does not intend to provide Post 

Issuance Information, except if required by any 

applicable laws and regulations.] 

[in case the Issuer intends to provide Post 

Issuance Information specify where such 

information shall be provided, specify what 

information will be reported and where such 

information can be obtained]] 

[Angaben darüber einfügen, wo Angaben über 

die vergangene und künftige Wertentwicklung 

des Basiswertes und seine Volatilität eingeholt 

werden können und eine klare und umfassende 

Erläuterung, wie der Wert der Anlage durch 

den Wert des Basisinstruments/der 

Basisinstrumente beeinflusst wird] 

[Folgende Angaben sind aufzunehmen: Handelt 

es sich bei dem Basiswert um ein Wertpapier: 

Name der Emittentin des Wertpapiers, die ISIN 

(International Security Identification Number) 

oder eine vergleichbare Kennnummer des 

Wertpapiers. Handelt es sich bei dem Basiswert 

um einen Index: Bezeichnung des Index und 

Indexbeschreibung der Emittentin. Falls der 

Index nicht von der Emittentin 

zusammengesetzt wurde, Angaben darüber, wo 

Informationen über den Index erhältlich sind. 

Handelt es sich bei dem Basiswert um einen 

Zinssatz: Beschreibung des Zinssatzes. Für 

sonstige Basiswerte: Fällt der Basiswert in 

keine der vorgenannten Kategorien, so hat die 

Effektenkaufsabrechnung entsprechnde 

Informationen zu enthalten. Handelt es sich bei 

dem Basiswert um einen Korb von Basiswerten: 

Angabe der maßgeblichen Gewichtung des 

jeweiligen Basiswerts der einzelnen in dem 

Korb enthaltenen Basiswerte. 

[Die Emittentin beabsichtigt keine 

Informationen nach erfolgter Emission zu 

veröffentlichen, es sei denn, dies wird von dem 

anwendbaren Recht und den anwendbaren 

gesetzlichen Bestimmungen gefordert.] 

[sofern die Emittentin beabsichtigt, 

Informationen nach erfolgter Emission im 

Hinblick auf den Basiswert zu veröffentlichen, 

Einzelheiten angeben, wo die Informationen 

veröffentlicht werden, welche Informationen 

veröffentlicht werden und wo man die 

Informationen erhalten kann]] 

- 150 -

[6. Conditions to which the public offer is 

subject 

Bedingungen, denen das öffentliche 

Angebot unterliegt 

(complete only for a public offer of 

Notes) 

(nur bei einem öffentlichen Angebot 

der Schuldverschreibungen angeben) 

Total amount of the issue/offer and 

description of the arrangements and time 

for announcing to the public the amount 

of the offer 

Gesamtsumme der Emission/des 

Angebots und Beschreibung der 

Vereinbarungen und des Zeitpunkts für 

die Ankündigung des endgültigen 

Angebotsbetrags an das Publikum 

Time period, including any possible 

amendments, during which the offer will 

be open 

Frist – einschließlich etwaiger 

Änderungen – während der das Angebot 

vorliegt 

Description of the application process 

Beschreibung des Prozesses für die 

Umsetzung des Angebots 

A description of the possibility to reduce 

subscriptions and the manner for 

refunding excess amount paid by 

applicants 

Beschreibung der Möglichkeit zur 

Reduzierung der Zeichnungen und der 

Art und Weise der Erstattung des zu viel 

gezahlten Betrags an die Zeichner 

Details of the minimum and/or maximum 

amount of application, (whether in 

number of notes or aggregate amount to 

invest) 

Einzelheiten zum Mindest- und/oder 

Höchstbetrag der Zeichnung (entweder 

in Form der Anzahl der 

Schuldverschreibungen oder des 

aggregierten zu investierenden Betrags) 

Method and time limits for paying up the 

notes and for delivery of the notes 

Methode und Fristen für die Bedienung 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

- 151 -

der Wertpapiere und ihre Lieferung [ ] 

Manner and date in which results of the 

offer are to be made public 

Art und Weise und Termin, auf die bzw. 

an dem die Ergebnisse des Angebots 

offen zu legen sind 

The procedure for the exercise of any 

right of pre-emption, the negotiability of 

subscription rights and the treatment of 

subscription rights not exercised. 

Verfahren für die Ausübung eines 

etwaigen Vorzugsrechts, die 

Marktfähigkeit der Zeichnungsrechte und 

die Behandlung der nicht ausgeübten 

Zeichnungsrechte 

[ ] 

[ ] 

[ ] 

[ ] 

Various categories of potential investors 

to which the notes are offered 

Angabe der verschiedenen Kategorien 

der potentiellen Investoren, denen die 

Schuldverschreibungen angeboten 

werden 

Process for notification to applicants of 

the amount allotted and indication 

whether dealing may begin before 

notification is made 

Verfahren zur Meldung des den 

Zeichnern zugeteilten Betrags und 

Angabe, ob eine Aufnahme des Handels 

vor dem Meldeverfahren möglich ist 

Expected price at which the notes will be 

offered/method of determining the price 

and the process for its disclosure and 

mount of any expenses and taxes 

specifically charged to the subscriber or 

purchaser 

Kurs, zu dem die Schuldverschreibungen 

angeboten werden/Methode, mittels 

deren der Angebotskurs festgelegt wird 

und Angaben zum Verfahren für die 

Offenlegung sowie der Kosten und 

Steuern, die speziell dem Zeichner oder 

Käufer in Rechnung gestellt werden 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

[ ] 

Name and address of the co-ordinator(s) 

of the offer and of single parts of the 

offer and, to the extent known to the 

Issuer or the offeror, or the placers in the 

- 152 -

various countries where the offer takes 

place. 

Name und Anschrift des Koordinator/der 

Koordinatoren des Angebots oder 

einzelner Teile des Angebots und - 

sofern dem Emittenten oder dem Bieter 

bekannt - Angaben zu den Platzieren in 

den einzelnen Ländern des Angebots] 

[ ] 

[ ] 

- 153 -

[Listing 

[Börsenzulassung 

These Final Terms comprise the final terms required to list the issue of Notes described herein 

under the Euro 6,000,000,000 Debt Issuance Programme of [METRO AG/Metro Finance B.V.] 

[Guaranteed by METRO AG].] 

Diese Endgültigen Bedingungen umfassen die für eine Börsenzulassung der Begebung der 

hierin beschriebenen Schuldverschreibungen unter dem [durch die METRO AG garantierten] 

EUR 6.000.000.000 Debt Issuance Programme der [METRO AG/Metro Finance B.V.] 

erforderlichen endgültigen Bedingungen.] 

Responsibility 

Haftung 

The Issuer [and the Guarantor] accept[s] responsibility for the information contained in these 

Final Terms. 

Die Emittentin [und die Garantin] übernimmt [übernehmen] die Haftung für die in diesen 

Endgültigen Bedingungen enthaltenen Informationen. 

Signed on behalf of the Issuer: 

Unterzeichnet im Auftrag der Emittentin: 

By: 

durch: ____________________________ 

Duly authorised 

Ordnungsgemäß bevollmächtigt 

[Signed on behalf of the Guarantor: 

[Unterzeichnet im Auftrag der Garantin: 

By: 

durch: ____________________________ 

Duly authorised] 

Ordnungsgemäß bevollmächtigt] 

- 154 -

Garantie 

der 

METRO AG, 

Düsseldorf, Bundesrepublik Deutschland 

für Teilschuldverschreibungen 

(die „Teilschuldverschreibungen”), die von der 

Metro Finance B.V., 

Venlo, Niederlande 

unter dem EUR 6.000.000.000 Programm 

vom 14. Mai 2010 (in der von Zeit zu Zeit 

ergänzten und/oder überarbeiteten Fassung) 

(das „Programm”) 

begeben werden 

Die METRO AG, Düsseldorf, (die „Garantin”) übernimmt hiermit gegenüber den 

Anleihegläubigern (die „Anleihegläubiger”) die unbedingte und unwiderrufliche Garantie für 

die ordnungsgemäße Zahlung des Kapitals, der Zinsen sowie etwaiger zusätzlich zu zahlender 

Beträge nach Maßgabe der Bedingungen der von der Metro Finance B.V., Venlo (die 

„Anleiheschuldnerin”) unter dem Programm begebenen jeweiligen Anleihen. 

Sinn und Zweck der Garantie ist es sicherzustellen, dass die Anleihegläubiger unter allen 

Umständen und ungeachtet der tatsächlichen oder rechtlichen Umstände, Beweggründe oder 

Erwägungen, aus denen eine Zahlung durch die Anleiheschuldnerin unterbleiben mag, Kapital 

und Zinsen sowie etwaige gemäß den Bedingungen der jeweiligen Anleihe zusätzlich zahlbare 

Beträge zu den Fälligkeitsterminen nach Maßgabe der jeweiligen Bedingungen erhalten. Die 

Garantie begründet einen Vertrag zugunsten der Anleihegläubiger als begünstigte Dritte gemäß 

§ 328 (1) BGB, der jedem Anleihegläubiger das Recht einräumt, die Erfüllung der durch die 

Garantin eingegangenen Verpflichtungen zu verlangen und gegen die Garantin durchzusetzen. 

Die Garantin wird demgemäß zu jeder Zeit auf erstes schriftliches Anfordern alle erforderlichen 

Zahlungen ohne jede Einschränkung leisten, falls die Anleiheschuldnerin aus irgendeinem 

Grunde die fälligen Beträge nicht zahlt. 

Die Garantin kann beim Amtsgericht der Stadt Frankfurt am Main Kapitalbeträge und Zinsen 

hinterlegen, die von den Anleihegläubigern nicht innerhalb von 12 Monaten nach dem 

Maßgeblichen Tag beansprucht wurden, und auf ihr Rücknahmerecht für eine derartige 

Hinterlegung verzichten. Die Hinterlegung erfolgt auf Gefahr und Kosten der entsprechenden 

Anleihegläubiger. Alle Ansprüche der entsprechenden Anleihegläubiger gegen die Garantin 

erlöschen durch die Hinterlegung. 

„Maßgeblicher Tag” ist in Bezug auf jede Zahlung entweder (a) der Tag, an dem die 

betreffende Zahlung fällig wird oder (b) wenn der Fiscal Agent (wie in den Bedingungen der 

jeweiligen Teilschuldverschreibungen definiert) den gesamten, zahlbaren Betrag nicht an oder 

vor einem solchen Fälligkeitstag erhalten hat, der Tag, an dem eine entsprechende Mitteilung 

(über den Erhalt des gesamten Betrages) an die Anleihegläubiger gegeben wird, je nachdem, 

welcher der beiden Tage der spätere ist. 

- 155 -

Die Garantin und die Deutsche Bank Aktiengesellschaft (die „Deutsche Bank”) vereinbaren, 

dass die Deutsche Bank das Original dieser Garantie bis zur Erfüllung der Verpflichtungen aus 

den Teilschuldverschreibungen und der Garantie in Verwahrung hält. Die Deutsche Bank 

handelt in ihrer Eigenschaft als Verwahrstelle nicht als Treuhänderin für die Anleihegläubiger. 

Die Verpflichtungen aus der Garantie werden durch Änderung der Rechtsform der 

Anleiheschuldnerin oder einen Wechsel ihrer Gesellschafter nicht berührt. 

Die Garantie unterliegt dem Recht der Bundesrepublik Deutschland. Erfüllungsort und nichtausschließlicher 

Gerichtsstand für alle sich aus den in der Garantie geregelten 

Rechtsverhältnissen ergebenden Rechtsstreitigkeiten mit der Garantin ist grundsätzlich 

Frankfurt am Main. Der Gerichtsstand ist hingegen ausschließlich, soweit es sich um Rechtsstreitigkeiten 

handelt, die von Kaufleuten, juristischen Personen des öffentlichen Rechts, 

öffentlich-rechtlichen Sondervermögen und Personen ohne allgemeinen Gerichtsstand in der 

Bundesrepublik Deutschland angestrengt werden. 

Der deutsche Wortlaut der Garantie ist allein rechtsverbindlich. Die englische Übersetzung ist 

unverbindlich. 

Düsseldorf, am 14. Mai 2010 


________________________________________________________________________________ 

Wir nehmen hiermit die oben stehenden Erklärungen an. 

Frankfurt am Main, am 14. Mai 2010 


________________________________________________________________________________ 

- 156 -

Guarantee 

(Garantie) 

of 

METRO AG, 

Düsseldorf, Federal Republic of Germany 

for Notes (the "Notes") issued by 

Metro Finance B.V., 

Venlo, The Netherlands 

under the EUR 6,000,000,000 Debt Issuance Programme 

dated 14 May 2010 

(as amended and/or restated from time to time) 

(the "Programme") 

METRO AG, Düsseldorf (the "Guarantor") hereby irrevocably and unconditionally guarantees 

to the holders of Notes (the "Noteholders") the due payment of the amounts corresponding to 

the principal of, and interest (if any) and any additional amounts payable pursuant to the terms 

and conditions of the relevant Notes issued by Metro Finance B.V., Venlo (the "Issuer") under 

the Programme. 

The intent and purpose of the Guarantee is to ensure that the Noteholders, under all 

circumstances and regardless of any factual and legal circumstances, motivations and 

considerations on the basis of which the Issuer may fail to effect payment, shall receive 

principal and interest and additional amounts payable pursuant to the terms and conditions of 

the relevant Notes on the due dates in accordance with the relevant terms and conditions. The 

Guarantee constitutes a contract in favour of the Noteholders as third party beneficiaries 

pursuant to § 328 (1) of the German Civil Code entitling each Noteholder to require 

performance of the obligations undertaken by the Guarantor and to enforce such obligations 

against the Guarantor. Accordingly, the Guarantor shall at any time upon first written demand 

pay all amounts required under the Guarantee without any restrictions in case the Issuer should 

for any reason fail to pay the amounts due. 

The Guarantor may deposit with the "Amtsgericht" (lower court) of Frankfurt am Main principal 

and interest not claimed by Noteholders within twelve months after the Relevant Date and 

waive its right to withdraw such deposit. Such deposit will be at the risk and cost of such 

Noteholders. Upon such deposit all claims of such Noteholders against the Guarantor shall 

cease. 

"Relevant Date" means, in relation to any payment, whichever is the later of (a) the date on 

which the payment in question first becomes due and (b) if the full amount payable has not been 

received by the Fiscal Agent (as defined in the conditions of the relevant Notes) on or prior to 

such due date, the date on which (the full amount having been so received) notice to that effect 

has been given to the Noteholders. 

The Guarantor and Deutsche Bank Aktiengesellschaft ("Deutsche Bank") agree that Deutsche 

Bank shall hold the original copy of this Guarantee until all obligations under the Notes and the 

Guarantee have been fulfilled. Deutsche Bank in its capacity as holder of the original copy of 

the Guarantee is not acting as fiduciary (Treuhänder) for the Noteholders. 

- 157 -

The obligations arising from the Guarantee will not be affected by a change of the legal form of 

the Issuer or by a change in its ownership. 

The Guarantee is governed by the laws of the Federal Republic of Germany. Place of 

performance and place of non-exclusive jurisdiction for all litigation with the Guarantor arising 

from the legal relations established in the Guarantee is Frankfurt am Main; provided, however, 

that the place of jurisdiction is exclusive for all litigation which is brought by merchants 

(Kaufleute), legal persons under public law (juristische Personen des öffentlichen Rechts), 

special funds under public law (öffentlich-rechtliche Sondervermögen) and persons not subject 

to general jurisdiction of the courts of the Federal Republic of Germany (Personen ohne 

allgemeinen Gerichtsstand in der Bundesrepublik Deutschland). 

The German version of the Guarantee is the legally binding one. The English translation is for 

convenience only. 

Düsseldorf, 14 May 2010 


________________________________________________________________________________ 

We hereby accept all of the above. 

Frankfurt am Main, 14 May 2010 


________________________________________________________________________________ 

- 158 -


Düsseldorf, Bundesrepublik Deutschland 

Verpflichtungserklärung 

zugunsten der Gläubiger 

(die „Anleihegläubiger”) 

der von der Metro Finance B.V., 

Venlo, Niederlande, 

(die „Anleiheschuldnerin”) 

bzw. von der METRO AG, 

Düsseldorf, Bundesrepublik Deutschland, 

(die „Anleiheschuldnerin” 

oder gegebenenfalls die „Garantin”) 

im Rahmen des EUR 6.000.000.000 Programmes 

vom 14. Mai 2010 (in der von Zeit zu Zeit 

ergänzten und/oder überarbeiteten Fassung) 

(das „Programm”) 

begebenen Teilschuldverschreibungen 

(die „Teilschuldverschreibungen”) 

Die METRO AG in ihrer Eigenschaft als Garantin (die „Verpflichtete”) verpflichtet sich 

hiermit gegenüber der Deutsche Bank Aktiengesellschaft („Deutsche Bank”) zugunsten der 

Anleihegläubiger, so lange eine Teilschuldverschreibung aussteht, weder in Bezug auf die 

Gesamtheit noch auf einen Teil ihrer gegenwärtigen und zukünftigen Vermögensgegenstände, - 

werte oder Einnahmen (einschließlich des nicht eingeforderten Kapitals), mit Ausnahme der 

Zulässigen Sicherungsrechte, Sicherungsrechte zu begründen oder zuzulassen, dass 

Sicherungsrechte weiterbestehen, und die Verpflichtete wird dafür Sorge tragen, dass ihre 

Tochtergesellschaften gleichermaßen keine Sicherungsrechte begründen oder zulassen, dass 

Sicherungsrechte weiterbestehen, um Verbindlichkeiten oder Garantieverpflichtungen zu 

sichern, ohne dass die Verpflichtete oder ihre Tochtergesellschaften zur gleichen Zeit oder 

vorher die Teilschuldverschreibungen gleichwertig und anteilsmäßig besichert haben. 

Die Verpflichtete verpflichtet sich außerdem, die Vorschriften, welche im Abschnitt 

„Besteuerung/Taxation” der Emissionsbedingungen der Teilschuldverschreibungen aufgeführt 

sind, zu erfüllen und einzuhalten. 

„Garantieverpflichtung” in Bezug auf jedwede Verbindlichkeit einer Person die Verpflichtung 

(einschließlich in Form einer Bürgschaft) einer anderen Person, diese Verbindlichkeit zu 

begleichen, einschließlich (ohne Einschränkung): 

(i) 

(ii) 

der Verpflichtung, eine derartige Verbindlichkeit zu kaufen; 

der Verpflichtung, Geld zu leihen, Aktien oder andere Wertpapiere zu kaufen oder 

zu zeichnen oder Vermögenswerte oder Dienstleistungen zu kaufen, um die Mittel 

für die Zahlung derartiger Verbindlichkeiten bereitzustellen; 

(iii) jeder Freistellung gegen die Auswirkungen eines Zahlungsverzugs einer solchen 

Verbindlichkeit; und 

- 159 -

(iv) 

jeder anderen Vereinbarung über die Haftung für eine derartige Verbindlichkeit. 

„Sicherungsrechte” ist jede Hypothek, Grundschuld, jedes Pfand- oder sonstige dingliche 

Sicherungsrecht unter den Gesetzen der jeweils maßgeblichen Rechtsordnung. 

„Tochtergesellschaft” ist in Bezug auf eine Person (die „erste Person”) zu jedem bestimmten 

Zeitpunkt jede andere Person (die „zweite Person”): 

(i) 

deren Angelegenheiten und Geschäftspolitik von der ersten Person kontrolliert 

werden oder kontrolliert werden können, entweder durch Halten der Mehrheit des 

Anteilskapitals oder der Stimmrechte, durch Vertrag oder die Befugnis, Mitglieder 

des Vorstands der zweiten Person zu ernennen oder abzuberufen; 

und 

(ii) 

(a) deren gesamte Vermögensgegenstände oder (falls die zweite Person selbst 

Tochtergesellschaften hat) deren gesamte konsolidierte Vermögensgegenstände 3 

% des Wertes der gesamten konsolidierten Vermögensgegenstände der ersten 

Person übersteigen, so wie es bei dem letzten geprüften (konsolidierten) 

Jahresabschluss der ersten Person und dieser Tochtergesellschaft festgestellt 

wurde; oder (b) deren Einnahmen oder (falls die zweite Person selbst 

Tochtergesellschaften hat) deren konsolidierte Einnahmen 3 % der konsolidierten 

Netto- Einnahmen der ersten Person übersteigen, so wie sie bei dem letzten 

geprüften (konsolidierten) Jahresabschluss der ersten Person und dieser 

Tochtergesellschaft festgestellt wurden. 

„Verbindlichkeit” jede Geldschuld, die in Form einer Schuldverschreibung oder eines 

sonstigen Wertpapiers verbrieft ist, und an einer Börse oder an einem anderen Wertpapiermarkt 

(einschließlich des außerbörslichen Handels) eingeführt ist, notiert oder gehandelt wird oder 

werden kann, jedes von einer Bank, einer Versicherung oder einem anderen Finanzinstitut 

ausgereichte Darlehen (einschließlich, aber ohne darauf beschränkt zu sein, 

Schuldscheindarlehen) sowie jede Garantieverpflichtung oder sonstige Gewährleistung in Bezug 

auf eine solche Verbindlichkeit. 

„Zulässige Sicherungsrechte” in Bezug auf eine Teilschuldverschreibung sind: 

(i) 

(ii) 

(iii) 

alle Sicherungsrechte, die am Begebungstag der Teilschuldverschreibung bestehen, 

soweit sie an diesem Tag ausstehende Verbindlichkeiten absichern; hiervon sind 

Sicherungsrechte ausgenommen, soweit solche Verbindlichkeiten nach Bestellung 

der Sicherungsrechte zurückgezahlt oder getilgt werden und/oder die 

Sicherungsrechte nach Bestellung erlöschen oder ersetzt werden; 

alle Sicherungsrechte, die kraft Gesetzes oder im Rahmen der gewöhnlichen 

Geschäftstätigkeit der Verpflichteten oder einer ihrer Tochtergesellschaften 

entstehen (einschließlich aller Sicherungsrechte in Form eines 

Eigentumsvorbehaltes oder anderer Sicherungsrechte, die aufgrund von Geschäftsoder 

üblichen Bedingungen der Gegenpartei, in Übereinstimmung mit der üblichen 

Marktpraxis entstehen); 

alle Sicherungsrechte, die nach dem Begebungstag der Teilschuldverschreibung an 

neu erworbenen Vermögensgegenständen oder Vermögenswerten bestellt werden, 

einzig zum Zweck der Besicherung der übernommenen Verpflichtungen, die dem 

Zweck (a) der Finanzierung des Kaufpreises eines solchen erworbenen 

Vermögensgegenstandes oder Vermögenswertes oder (b) der Begründung, 

- 160 -

(iv) 

(v) 

(vi) 

Entwicklung oder Verbesserung eines solchen Vermögensgegenstandes oder 

Vermögenswertes dienen; 

alle Sicherungsrechte, die auf den Vermögensgegenständen, -werten oder Anteilen 

neu erworbener Tochtergesellschaften der Verpflichteten lasten und die nach dem 

Begebungstag der Teilschuldverschreibung gekauft werden; 

alle Sicherungsrechte, die bestehen oder begründet sind zu Gunsten der 

Anleiheschuldnerin, der Garantin oder ihrer Tochtergesellschaften; und 

alle Sicherungsrechte, die bestehen oder begründet werden, um Verpflichtungen zu 

sichern, die in Zusammenhang mit dem Gesetz zur Förderung eines gleitenden 

Übergangs in den Ruhestand (Altersteilzeitgesetz) eingegangen werden. 

„Ausstehen” wird ausgelegt, wie in der Emissions- und Zahlstellenvereinbarung definiert, die 

sich auf die Teilschuldverschreibungen bezieht. 

Diese Verpflichtungserklärung begründet einen Vertrag zugunsten der Anleihegläubiger als 

begünstigte Dritte gemäß § 328 (1) BGB, der jedem Anleihegläubiger das Recht einräumt, die 

Erfüllung der durch die Verpflichtete damit eingegangenen Verpflichtungen zu verlangen und 

gegen die Verpflichtete durchzusetzen. 

Die Verpflichtete und die Deutsche Bank vereinbaren, dass die Deutsche Bank das Original 

dieser Verpflichtungserklärung bis zur Erfüllung der Verpflichtungen aus den 

Teilschuldverschreibungen und der Verpflichtungserklärung in Verwahrung hält. Die Deutsche 

Bank handelt in ihrer Eigenschaft als Verwahrstelle nicht als Treuhänderin für die 

Anleihegläubiger. 

Die Verpflichtungserklärung unterliegt dem Recht der Bundesrepublik Deutschland. 

Erfüllungsort und nichtausschließlicher Gerichtsstand für alle sich aus den in der 

Verpflichtungserklärung geregelten Rechtsverhältnissen ergebenden Rechtsstreitigkeiten mit der 

Verpflichteten ist grundsätzlich Frankfurt am Main. Dieser Gerichtsstand ist hingegen 

ausschließlich, soweit es sich um Rechtsstreitigkeiten handelt, die von Kaufleuten, juristischen 

Personen des öffentlichen Rechts, öffentlich-rechtlichen Sondervermögen und Personen ohne 

allgemeinen Gerichtsstand in der Bundesrepublik Deutschland angestrengt werden. 

Der deutsche Wortlaut der Verpflichtungserklärung ist allein rechtsverbindlich. Die englische 

Übersetzung ist unverbindlich. 

Düsseldorf, am 14. Mai 2010 


________________________________________________________________________________ 

Wir nehmen hiermit die oben stehenden Erklärungen an. 

Frankfurt am Main, am 14. Mai 2010 


________________________________________________________________________________ 

- 161 -



Undertaking 

in favour of the holders 

(the "Noteholders") 

of notes (the "Notes") 

issued by Metro Finance B.V., 

Venlo, The Netherlands 

(the "Issuer"), 

and METRO AG, 


(the "Issuer" or the "Guarantor", 

as applicable), 

under the 

EUR 6,000,000,000 Debt Issuance Programme 

dated 14 May 2010 (as amended 

and/or restated from time to time) 

(the "Programme") 

METRO AG in its capacity as Guarantor (the "Obligor") hereby undertakes to Deutsche Bank 

Aktiengesellschaft ("Deutsche Bank") in favour of the Noteholders that, so long as any Note is 

outstanding, it shall not, and shall procure that none of its Subsidiaries shall not, create or permit 

to subsist any Security Interest other than a Permitted Security Interest upon the whole or any 

part of its present or future assets or revenues (including uncalled capital) to secure any 

Indebtedness or guarantee of Indebtedness without at the same time or prior thereto securing the 

Notes equally and rateably therewith. 

The Obligor further undertakes to perform and comply with the terms of the Condition headed 

"Taxation/ Besteuerung" in the Terms and Conditions of the Notes. 

"Guarantee" means, in relation to any Indebtedness of any person, any obligation (including in 

the form of a suretyship) of another person to pay such Indebtedness including (without 

limitation): 

(i) 

(ii) 

any obligation to purchase such Indebtedness; 

any obligation to lend money, to purchase or subscribe shares or other securities or 

to purchase assets or services in order to provide funds for the payment of such 

Indebtedness; 

(iii) any indemnity against the consequences of a default in the payment of such 

Indebtedness; and 

(iv) 

any other agreement to be responsible for such Indebtedness. 

"Security Interest" means any mortgage, charge, pledge, lien or other security interest under 

the laws of any applicable jurisdiction. 

- 162 -

"Subsidiary" means, in relation to any person (the "first person") at any particular time, any 

other person (the "second person"): 

(i) 

whose affairs and policies the first person controls or has the power to control, 

whether by ownership of the majority of share capital or voting rights, contract or 

the power to appoint or remove members of the governing body of the second 

person; 

and 

(ii) 

(a) the value of whose total assets or (in case the second person itself has 

Subsidiaries) the total consolidated assets exceed 3 per cent. of the total 

consolidated assets of the first person, as determined from the most recent audited 

(consolidated) financial statements of the first person and such Subsidiary; or (b) 

whose revenues or (in case the second person itself has Subsidiaries) consolidated 

revenues exceeds 3 per cent. of the consolidated net revenues of the first person, as 

determined from the most recent audited (consolidated) financial statements of the 

first person and such Subsidiary. 

"Indebtedness" means any monetary indebtedness which is represented by a bond or other debt 

security and which is or is capable of being admitted to or listed or traded on a stock exchange 

or other securities market (including any over-the-counter market), any loan advanced by a 

bank, an insurance company or any other financial institution (including, without limitation, 

assignable loans (Schuldscheindarlehen)) and any guarantee or suretyship in respect of any such 

indebtedness. 

"Permitted Security Interest" means in relation to any Note: 

(i) 

(ii) 

(iii) 

any Security Interest in existence on the date of issue of such Note to the extent 

that it secures Indebtedness outstanding on such date and, for the avoidance of 

doubt, excluding any such Security Interest to the extent that any such 

Indebtedness is subsequently repaid or redeemed and/or such Security Interest is 

subsequently discharged or replaced; 

any Security Interest arising by operation of law or in the ordinary course of 

business of the Obligor or any of its Subsidiaries (including any Security Interest in 

the form of a retention of title arrangement or other Security Interest entered into 

on the counterparty's standard or usual terms in accordance with customary market 

practice); 

any Security Interest created over a newly acquired asset after the date of the issue 

of such Note which is solely for the purpose of securing Indebtedness incurred for 

the purpose of (a) financing the purchase price of the acquisition of such asset or 

(b) constructing, developing or improving such asset; 

(iv) any Security Interest existing over the assets or shares of newly acquired 

Subsidiaries of the Obligor acquired after the date of issue of such Note;. 

(v) 

(vi) 

any Security Interest created or existing for the benefit of the Issuer, the Guarantor 

and its Subsidiaries; and 

any Security Interest created or existing to secure any obligations incurred in order 

to comply with the German Act on Old-Age Part- Time (Gesetz zur Förderung 

eines gleitenden Übergangs in den Ruhestand). 

- 163 -

References to Notes being "outstanding" shall be construed in accordance with the issue and 

paying agency agreement relating to the Notes. 

This Undertaking constitutes a contract in favour of the Noteholders as third party beneficiaries 

pursuant to § 328(1) of the German Civil Code entitling each Noteholder to require performance 

of the obligations undertaken by the Obligor herein and to enforce such obligations against the 

Obligor. 

The Obligor and Deutsche Bank agree that Deutsche Bank shall hold the original copy of this 

Undertaking until all obligations under the Notes and this Undertaking have been fulfilled. 

Deutsche Bank in its capacity as holder of the original copy of this Undertaking is not acting as 

fiduciary (Treuhänder) for the Noteholders. 

This Undertaking is governed by the laws of the Federal Republic of Germany. Place of 

performance and place of non-exclusive jurisdiction for all litigation with the Obligor arising 

from the legal relations established in this Undertaking is Frankfurt am Main; provided, 

however, that the place of jurisdiction is exclusive for all litigation which is brought by 

merchants (Kaufleute), legal persons under public law (juristische Personen des öffentlichen 

Rechts), special funds under public law (öffentlich- rechtliche Sondervermögen) and persons not 

subject to general jurisdiction of the courts of the Federal Republic of Germany (Personen ohne 

allgemeinen Gerichtsstand in der Bundesrepublik Deutschland). 

The German version of the Undertaking is the legally binding one. The English translation is for 

convenience only. 

Düsseldorf, 14 May 2010 


________________________________________________________________________________ 

We hereby accept all of the above. 

Frankfurt am Main, 14 May 2010 


________________________________________________________________________________ 

- 164 -

Incorporation, Domicile and Purpose 

Description of METRO AG 

METRO AG was created in 1996 by a merger of METRO Cash & Carry companies, ASKO 

Deutsche Kaufhaus AG, Kaufhof Holding AG and Deutsche SB-Kauf AG. 

METRO AG has its registered office in Schlüterstraße 1, 40235 Düsseldorf, Federal Republic of 

Germany and is registered under the Reg. No. HRB 39473 of the Düsseldorf Local Court. There 

are no registered branch offices in the Federal Republic of Germany. The telephone number of 

METRO AG is +49 211 6886 0. 

METRO AG is the parent company of METRO GROUP-subsideries (hereinafter METRO 

GROUP). The commercial name of METRO GROUP is METRO GROUP. 

METRO AG's purpose (according to Article 2 of its Articles of Association) encompasses the 

management and promotion of trading and service enterprises particularly in the following areas: 

– Trading businesses of all kinds related to the operation of department stores and other retailing 

enterprises, mail order, wholesale trade and sales channels based on new electronic media; 

– Manufacturing and development of products that may be the object of commerce and of 

services; 

– Execution of real-estate transactions of all kinds including property development; 

– Services for the restaurant and catering business and for tourism; 

– Brokering of financial services for, through or by, subsidiaries and associated companies; 

– Asset management. 

METRO AG may perform all and any acts and actions, and transact any businesses, which appear 

or are deemed expedient to its purposes or are directly or indirectly related thereto. 

METRO AG may also directly engage in any business fields mentioned hereinabove. Any such 

business that requires specific governmental permits, licenses or approvals may not be transacted 

until such permits, licenses or approvals have been granted. METRO AG may establish, 

form, acquire, manage, purchase equity interest, whether by minority shareholding or otherwise, 

in, or sell or dispose of, any such enterprises in Germany and abroad active in the business areas 

specified hereinabove. METRO AG may group its shareholdings under its uniform control or 

confine itself to the management of such associated companies/shareholdings. 

Capital Stock and Shares 

At December 31, 2010, the capital stock totalled approximately EUR 835 million and was divided 

into 324,109,563 ordinary shares and 2,677,966 nonvoting preference shares. The shares 

are fully paid up. 

- 165 -

Major Shareholders 

The shareholder groups Haniel, Schmidt-Ruthenbeck and Beisheim are the major shareholders 

of METRO AG. According to the information available to METRO AG, especially from voting 

right disclosures in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz, 

WpHG) the shareholder groups Haniel and Schmidt-Ruthenbeck as the largest shareholder 

pool in total hold 50.01 percent of the voting rights. Additional principal shareholder is the 

shareholder group Beisheim with 9.97% of the voting rights. The remaining 40.02 percent freefloat 

is held by a large number of national and international investors. 

Management Board (status of mandates: 28 February 2011 or the date of the respective departure 

from the Board) 

In accordance with the Articles of Association of METRO AG the Management Board consists 

of at least two members. 

Currently the members are: 

a) Member of other statutory supervisory boards in accordance with § 125 Section 1 Sentence 

5, 1st Alt. of the German Stock Corporation Act 

b) Member of comparable German and international boards of business enterprises in accordance 

with § 125 Section 1 Sentence 5, 2nd Alt. of the German Stock Corporation Act 

Dr Eckhard Cordes (Chairman, CHRO since 2 March 2010) 

a) Galeria Kaufhof GmbH 

real,- Holding GmbH (Chairman), until 12 April 2010 

Schaeffler GmbH, since 28 June 2010 

b) MediaMarkt (China) International Retail Holding Limited, Hong Kong, China – Board of 

Directors, since 1 October 2010 

Tertia Handelsbeteiligungsgesellschaft mbH – Supervisory Board (Chairman) 

Olaf Koch 

a) Galeria Kaufhof GmbH (Chairman), since 21 September 2010 

Hugo Boss AG, until 20 February 2010 

b) Assevermag AG, Baar, Switzerland – Board of Directors (President), until 22 September 

2010 

Metro Euro Finance B. V., Venlo, Netherlands – Raad van Commissarissen, 

Metro Finance B. V., Venlo, Netherlands – Raad van Commissarissen 

Metro International AG, Baar, Switzerland – Board of Directors (President), until 26 July 

2010 

Metro Reinsurance N. V., Amsterdam, Netherlands – Raad van Commissarissen, 

MGP METRO Group Account Processing International AG, Baar, Switzerland – Board of 

Directors (President), until 22 September 2010 

Joël Saveuse 

a) Metro Großhandelsgesellschaft mbH (Chairman), since 26 March 2010 

real,- Holding GmbH (Chairman), since 13 April 2010 

Zweite real,- SB-Warenhaus GmbH (Chairman), since 13 April 2010 

- 166 -

) HF Company S.A., Tauxigny, France – Conseil d’Administration 

Makro Cash and Carry Polska S.A., Warsaw, Poland – Rada Nadzorcza, since 23 June 2010 

Metro Cash & Carry International Holding GmbH, Vösendorf, Austria – Supervisory 

Board, since 28 April 2010 

Metro Distributie Nederland B.V., Amsterdam, Netherlands – Raad van Commissarissen, 

since 1 June 2010 

Metro Holding France S.A., Vitry-sur-Seine, France – Conseil d’Administration (President), 

since 1 May 2010 

MGB METRO Group Buying HK Limited, Hong Kong, China – Board of Directors 

MGL METRO Group Logistics GmbH – Advisory Board (Chairman), until 31 December 

2010 

Frans W. H. Muller 

a) Metro Großhandelsgesellschaft mbH (Chairman), 

until 25 March 2010 

b) Makro Cash and Carry Polska S.A., Warsaw, Poland – Rada Nadzorcza, until 23 June 2010 

MediaMarkt (China) International Retail Holding Limited, Hong Kong, China – Board of 

Directors, since 1 October 2010 

Metro Cash & Carry International Holding GmbH, Vösendorf, Austria – Supervisory Board 

(Chairman) 

Metro Distributie Nederland B.V., Amsterdam, Netherlands – Raad van Commissarissen, 

until 1 June 2010 

METRO Group Asset Management GmbH & Co. KG – Shareholders’ Committee (Chairman), 

since 1 October 2010 

Metro Holding France S.A., Vitry-sur-Seine, France – Conseil d’Administration (President), 

until 30 April 2010 

Metro International AG, Baar, Switzerland – Board of Directors, until 26 July 2010 

Metro Jinjiang Cash & Carry Co., Ltd., Shanghai, China – Board of Directors 

MGP METRO Group Account Processing International AG, Baar, Switzerland – Board of 

Directors, until 22 September 2010 

Zygmunt Mierdorf (CHRO) 

Until 1 March 2010 

a) Praktiker Bau- und Heimwerkermärkte Holding AG 

Praktiker Deutschland GmbH 

real,- Holding GmbH, until 1 March 2010 

TÜV SÜD AG 

b) Loyalty Partner GmbH – Supervisory Board, until 30 April 2010 

Wagner International AG, Altstätten, Switzerland – Board of Directors 

Thomas Unger (Vice-Chairman) 

Until 30 September 2010 

a) Galeria Kaufhof GmbH (Chairman), until 20 September 2010 

real,- Holding GmbH (until 31 March 2010) 

b) MediaMarkt (China) International Retail Holding Limited, Hong Kong, China – Board of 

Directors, until 30 September 2010 

- 167 -

METRO Group Asset Management GmbH & Co. KG – Shareholders' Committee (Chairman), 

until 30 September 2010 

Metro International AG, Baar, Switzerland – Board of Directors, until 26 July 2010 

Supervisory Board 

(Status of the mandates: 28 February 2011 or date of the respective departure from the Board of 

METRO AG) 

In accordance with the Articles of Association of METRO AG the Supervisory Board consists 

of twenty members, ten of which are elected by the General Meeting of Shareholders and ten of 

which are elected by the employees in accordance with the German Co-Determination Act 

("MitbestG"). Currently the members are: 

a) Member of other statutory supervisory boards in accordance with § 125 Section 1 Sentence 

5, 1st Alt. of the German Stock Corporation Act 

b) Member of comparable German and international boards of business enterprises in accordance 

with § 125 Section 1 Sentence 5, 2nd Alt. of the German Stock Corporation Act 

Prof. Dr Jürgen Kluge (Chairman) 

Since 5 May 2010 

Chairman of the Management Board of Franz Haniel & Cie. GmbH 

a) Celesio AG (Chairman since 3 January 2010) 

SMS GmbH, since 15 February 2010 

TAKKT AG (Vice Chairman), since 4 May 2010 

b) None 

Franz M. Haniel (Chairman) 

Until 5 May 2010 

Chairman of the Supervisory Board of Franz Haniel & Cie. GmbH 

a) BMW AG 

Delton AG (Vice-Chairman) 

Franz Haniel & Cie. GmbH (Chairman) 

Heraeus Holding GmbH 

secunet Security Networks AG 

b) TBG Limited, Malta (formerly TBG Holdings N.V., Curacao, Dutch Antilles) 

Dr Wulf H. Bernotat 

Chairman of the Board of Management of E.ON AG 

a) Allianz SE 

Bertelsmann AG 

Deutsche Telekom AG 

E.ON Energie AG (Chairman), until 30 April 2010 

E.ON Ruhrgas AG (Chairman), until 5 July 2010 

b) E.ON Nordic AB, Malmö, Sweden – Board of Directors (Chairman), until 4 January 2010 

E.ON Sverige AB, Malmö, Sweden – Board of Directors (Chairman), until 24 June 2010 

- 168 -

E.ON US Investments Corp., Delaware (OH), USA – Board of Directors (Chairman), until 

30 April 2010 

Klaus Bruns (Vice-Chairman) 

Chairman of the Group Works Council of METRO AG 

Chairman of the General Works Council of Galeria Kaufhof GmbH 

a) Galeria Kaufhof GmbH (Vice-Chairman) 

b) Tourismus & Marketing Oberhausen GmbH - Supervisory Board 

Ulrich Dalibor 

National Chairman of the Retail Section of the ver.di trade union 

a) Zweite real,- SB-Warenhaus GmbH (Vice-Chairman) 

b) None 

Jürgen Fitschen 

Member of the Management Board of Deutsche Bank AG 

a) Schott AG 

Deutsche Bank Privat- und Geschäftskunden AG 

b) Deutsche Bank A.S., Istanbul, Turkey – Yönetim Kurulu Baskanı (Chairman) 

Deutsche Bank S.A./N.V., Brussels, Belgium – Conseil d’Administration/Raad van Bestuur 

(Chairman) 

Deutsche Bank S.p.A., Milan, Italy – Consiglio di Sorveglianza (Presidente) 

Kühne + Nagel International AG, Schindellegi, Switzerland – Board of Directors 

OOO Deutsche Bank, Moscow, Russia – наблюдательный (nablyudatel’niy) (Chairman), 

Hubert Frieling 

Section Head of Payroll Accounting at real,- SB-Warenhaus GmbH 

a) None 

b) None 

Prof. Dr Dr h.c. mult. Erich Greipl 

Managing Director of Otto Beisheim Group GmbH & Co. KG 


Metro Großhandelsgesellschaft mbH 

real,- Holding GmbH 

Zweite real,- SB-Warenhaus GmbH 

b) Bürgschaftsbank Bayern GmbH – Board of Directors (first Vice-Chairman) 

BHS Verwaltungs AG, Baar, Switzerland – Board of Directors (President) 

- 169 -

Andreas Herwarth 

Commercial Clerk, METRO AG 

Chairman of the Works Council of METRO AG 

a) None 

b) Grundstücksgesellschaft Willich mbH – Supervisory Board (Chairman) 

Uwe Hoepfel 

Vive-Chairman of the Group Works Council of of Galeria Kaufhof GmbH 

Chairman of the General Works Council of Galeria Kaufhof GmbH, Gießen location 


b) None 

Werner Klockhaus 

Vice-Chairman of the Group Works Council of METRO AG 

Vice-Chairman of the General Works Council of real,- SB-Warenhaus GmbH 

a) None 

b) None 

Peter Küpfer 

Business Consultant 

a) None 

b) Gebr. Schmidt GmbH & Co. KG – Advisory Board 

ARH Resort Holding AG, Zurich, Switzerland – Board of Directors 

Bank Julius Bär & Co. AG, Zurich, Switzerland – Board of Directors 

Brändle, Missura & Partner Informatik AG, Zurich, Switzerland – Board of Directors 

Breda Consulting AG, Zurich, Switzerland – Board of Directors 

GE Money Bank AG, Zurich, Switzerland – Board of Directors (President since 1 December 

2010) 

Holcim Ltd., Jona, Switzerland – Board of Directors 

Julius Bar Gruppe AG, Zurich, Switzerland – Board of Directors 

Karl Steiner AG, Zurich, Switzerland – Board of Directors, until 4 May 2010 

Karl Steiner Holding AG, Zurich, Switzerland – Board of Directors (Vice-President) 

Peter Steiner Holding AG, Zurich, Switzerland – Board of Directors 

Supra Holding AG, Baar, Switzerland – Board of Directors 

Travel Charme Hotels & Resorts Holding AG, Zurich, Switzerland – Board of Directors 

Rainer Kuschewski 

Secretary of the National Executive Board of the Ver.di trade union 

a) real,- Holding GmbH 

b) None 

- 170 -

Marie-Christine Lombard 

Member of the Management Board of TNT N.V. 

Group Managing Director TNT Express 

a) None 

b) BPCE S.A., Paris, France – Conseil de Surveillance, since 16 December 2010 

Prof Dr Klaus Mangold 

Chairman of the Supervisory Board of Rothschild GmbH 

a) Continental AG 

Drees & Sommer AG, until 6 December 2010 

TUI AG, since 7 January 2010 

Universitätsklinikum Freiburg (public corporation) 

b) Rothschild GmbH – Supervisory Board (Chairman) 

Alstom S.A., Paris, France – Conseil d’Administration 

Chubb Corporation, Warren (NJ), USA – Board of Directors, until 28 April 2010 

Leipziger Messe GmbH – Supervisory Board 

Rothschild Europe B.V., Amsterdam, Netherlands – Raad van Commissarissen (Vice- 

Chairman) 

Dr-Ing. e.h. Bernd Pischetsrieder 

Consultant to the Board of Management of Volkswagen AG 

a) Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft 

b) Fürst Fugger Privatbank KG – Supervisory Board 

Tetra Laval International S.A., Pully, Switzerland – Board of Directors 

M. P. M. (Theo) de Raad 

Vice-Chairman of the Supervisory Board of CSM N.V. 

a) None 

b) CSM N.V., Diemen, Netherlands – Raad van Commissarissen (Vice-Chairman) 

HAL Holding N.V., Willemstad, Curaçao, Dutch Antilles – Raad van Commissarissen 

Vion N.V., Son en Breugel, Netherlands – Raad van Commissarissen 

Vollenhoven Olie Group B.V., Tilburg, Netherlands – Raad van Commissarissen 

Xaver Schiller 

Chairman of the Works Council of the Metro Cash & Carry wholesale store in Munich- 

Brunnthal and Munich-Schwabing 

a) Metro Großhandelsgesellschaft mbH 

b) None 

Dr jur. Hans-Jürgen Schinzler 

Chairman of the Supervisory Board of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft 

- 171 -

a) Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (Chairman) 

b) UniCredit S.p.A., Genoa, Italy – Consiglio di Amministrazione 

Peter Stieger 

Chairman of the General Works Council of real,- SB-Warenhaus GmbH 

a) real,- Holding GmbH (Vice-Chairman) 

b) None 

Angelika Will 

Chairwoman of the Works Council of the Metro Cash & Carry wholesale store Düsseldorf 

a) Metro Großhandelsgesellschaft mbH 

b) None 

The members of the Supervisory Board can be contacted at the business address of METRO 

AG, Schlüterstraße 1, 40235 Düsseldorf, Federal Republic of Germany. 

Supervisory Board Committees 

In the financial year 2010, the Supervisory Board of METRO AG had five committees: the 

Presidential Committee, the Personnel Committee, the Accounting and Audit Committee, the 

Nominations Committee and the Mediation Committee pursuant to § 27 Section 3 of the German 

Co-determination Act (MitbestG). 

The members of the Accounting and Audit Committee are Dr jur. Hans-Jürgen Schinzler 

(Chairman), Klaus Bruns (Vice Chairman), Prof. Dr Dr h. c. mult. Erich Greipl, Prof. Dr Jürgen 

Kluge, Xaver Schiller and Peter Stieger. 

Potential conflicts of interest between any duties of the members of management/supervisory 

board to METRO AG and their private interests and/or other duties 

The remuneration system for members of the Management Board stipulates that the Supervisory 

Board may resolve an adjustment for special items for the determination of the performancebased 

compensation that is based on performance metrics. In the financial year 2010, the Supervisory 

Board exercised this opportunity. Member of the Supervisory Board Andreas Herwarth 

abstained from the vote, citing as a reason the Management Board announcement of the intention 

to also apply the rules laid down for the Management Board to the employees of METRO 

AG. Mr Herwarth advised the Supervisory Board that as an employee of METRO AG he is indirectly 

affected by the resolution. 

In the financial year 2010, the Management Board asked the Supervisory Board to extend rental 

contracts of individual METRO Cash & Carry locations in Germany. Indirect shareholders of 

the lessor are the three major METRO AG shareholders Haniel, Schmidt-Ruthenbeck and Beisheim. 

Independent of whether or not a conflict of interest existed within this context, the members 

of the Supervisory Board associated with the major shareholders, Prof. Dr Jürgen Kluge, 

Prof. Dr Dr h. c. mult. Erich Greipl and Peter Küpfer, explained the background to the Supervisory 

Board and refrained from participating in the relevant Supervisory Board vote. 

Member of the Supervisory Board Peter Stieger acted in a similar manner concerning the extension 

of rental contracts for Real Germany stores that required approval. Mr Stieger advised the 

- 172 -

Supervisory Board that he is a concessionaire operating a commercial business housed in one of 

the hypermarkets impacted by the decision. He refrained in his own accord from participating in 

the relevant Supervisory Board vote. 

Declaration of compliance with the German Corporate Governance Code 

In 2010, the Management Board and the Supervisory Board of METRO AG issued two declarations 

of compliance with regard to the recommendations of the Government Commission on the 

German Corporate Governance Code pursuant to § 161 of the German Stock Corporation Act 

(May and December 2010). Both declarations were made permanently available to shareholders 

on the Internet site www.metrogroup.de and appear in full in the corporate governance report 

2010. 

The General Meeting 

The Annual General Meeting 

The registration and legitimisation procedure for METRO AG’s Annual General Meeting is in 

line with German Stock Corporation Act and international standards. Each shareholder who 

would like to participate in an Annual General Meeting of METRO AG and exercise his or her 

voting right there must register and supply proof of the right to participate and exercise voting 

rights. Proof in textual form of share ownership in German or English from the institution maintaining 

the securities deposit account satisfies this requirement. Deposit of shares is not necessary. 

Proof of share ownership corresponds to the beginning of the 21st day before each Annual 

General Meeting. Like the registration for the Annual General Meeting, it must be submitted to 

METRO AG at the address specified in the invitation within the timeframe specified by law and 

the Articles of Association. Concrete registration and participation conditions are made public 

in the invitation for each Annual General Meeting. 

Fiscal Year 

The fiscal year of METRO AG is the calendar year. 

Risk management 

Risk management at METRO GROUP is an integral part of value-orientated business management. 

It helps the Company’s management to limit risk and exploit opportunities and is based 

on a systematic process of risk identification, assessment and control for the entire Group. Risks 

are internal or external events that can negatively impact the realisation of short-term objectives 

or the implementation of long-term strategies. They can also emerge from missed or poorly exploited 

opportunities. We define opportunities as possible successes that extend beyond the defined 

objectives. Within the framework of risk management, we recognise unfavourable developments 

at an early stage and put the necessary countermeasures into place. In addition, we also 

systematically identify, assess and seize positive Groupwide opportunities. 

Centralised management and efficient organisation 

METRO GROUP's risk management officer continuously and promptly informs the Management 

Board of METRO AG of important developments in risk management. Based on an annual 

Group-wide risk audit, the risk management officer writes the risk report. The most critical responsibilities 

of central risk management include ensuring the Group-wide exchange of information 

on risk relevant issues and developing risk management in all sales divisions and Group 

units. This involves coordinating the Group-wide recording and systematic assessment of all 

essential risks according to uniform standards. The risk management officer compiles the results 

- 173 -

in a risk portfolio that provides the basis for determining METRO GROUP's total risk and opportunities 

situation. 

Group-wide risk management tasks and responsibility for risk management are clearly regulated 

and mirror METRO GROUP's corporate structure. This combines centralised management by 

the management holding company METRO AG with the decentralised operative responsibility 

of the individual sales divisions. The sales divisions and consolidated subsidiaries are thus responsible 

for the risks, in particular operative risks. They oversee risk management, while 

METRO AG supervises its implementation. The Supervisory Board and its Accounting and Audit 

Committee work intensely on risk management. 

General Information on the Business of METRO GROUP, Competitive Position and Markets 

METRO GROUP was created in 1996 by the merger of leading trade and retail companies. The 

group is composed of high-performing, independent individual companies and businesses. The 

group includes the METRO Cash & Carry sales brand; the hypermarket operator Real, Media 

Markt and Saturn; and the department store business Galeria Kaufhof. 

METRO GROUP is headed by METRO AG, which is based in Düsseldorf and acts as a strategic 

management holding company. The group's operative business is handled by four sales divisions 

that operate independently with proprietary sales concepts and, in some cases, several 

sales brands in their respective market segments. Cross-divisional services such as procurement, 

logistics, information technology and the procurement of advertising media are bundled in 

cross-divisional service companies. 

Employees 

In the year 2010 the METRO GROUP employed an average of 283,280 employees, not including 

apprentices. 


Metro Cash & Carry is the international leader in self-service wholesale trade and one of 

METRO GROUP’s growth drivers. The sales division operates under the brand names Metro 

and Makro in 30 countries in Europe, Asia and Africa. In Germany, the portfolio is 

complemented by the C+C Schaper brand. With its multifaceted range of products and services, 

Metro Cash & Carry primarily serves the needs of professional customers: hotel and restaurant 

owners, catering companies, independent retailers, service providers and public authorities. 

Metro Cash & Carry offers them a comprehensive range of up to 20,000 food items and up to 

30,000 nonfood items. The cash & carry company emphasises local products: in most countries, 

where it operates, up to 90 percent are purchased domestically. The company also sells brand 

products of well-known producers as well as six exclusive own-brand products that couple high 

quality with attractive prices: Aro, Fine Food, Horeca Select, H-Line, Rioba and Sigma. 

In addition to a broad product range, quality and freshness, the strengths of Metro Cash & Carry 

also include a flexible sales concept that can be optimally adapted to meet the specific 

conditions and needs of the respective countries. The core is formed by the three store formats 

Classic, Junior and Eco, all of which have different amounts of selling space and assortment 

depth. With a selling space of 10,000 square metres to 16,000 square metres, the Classic format 

is primarily used in Western Europe. In Eastern Europe and Asia, Metro Cash & Carry employs 

the Junior format with a selling space of between 6,500 square metres and 8,500 square metres. 

The Eco wholesale stores have a selling space of 2,500 square metres to 6,500 square metres 

- 174 -

and specialise in fresh foods. This format plays a major role particularly in France as well as in 

Southern Europe and Japan. 

Sales of Metro Cash & Carry rose by 1.6 percent (in local currencies: –0.6 percent) to €31.1 

billion in 2010. Like-for-like sales declined by 1.7 percent. 

As at 31 December 2010, Metro Cash & Carry was represented in 687 locations across 30 

countries: 117 stores in Germany, 259 in Western Europe, 228 in Eastern Europe and 83 in 

Asia/Africa. Total selling space amounted to 5.4 million square metres. 

Real 

The Real sales division is No. 2 in large-area food retail in Germany and one of the leading operators 

of this retail format in Eastern Europe. During the past financial year, Real started its 

online sales in Germany. The assortment comprises nonfood products in particular. In addition, 

the sales division is testing a new sales concept in Germany called “Real Drive”. Here, customers 

can order food products online and then collect them at the drive-in shop. 

The Real sales division operates 429 hypermarkets in Germany, Poland, Romania, Russia, 

Ukraine and Turkey. In stores with up to 15,000 square metres of selling space, customers can 

find every type of product they need in their daily lives – at a single location and at attractive 

prices. Up to 80,000 different products are available in every Real hypermarket. 

With the own brands “real,- QUALITY”, “real,- BIO ” and “real,- SELECTION ”, the sales division 

offers its customers an alternative to traditional brand products in medium to upper price 

ranges that is both reasonably priced and of equal quality. With “TiP”, Real also offers one of 

Germany’s most well-known private labels in the budget-price segment. In 2010, Real offered 

approximately 3,000 own-brand products in its assortment – a significant increase over the previous 

year. 

Over the medium term, Real intends to generate up to 25 percent of food sales with own-brand 

products. 

Real’s sales grew by 1.8 percent to €11.5 billion in 2010 (in local currencies: +0.2 percent). 

Like-for-like sales increased by 0.1 percent. 

Media Markt/Saturn 

Media Markt and Saturn is the second-largest sales division at METRO GROUP. The sales division 

has become the No. 1 among consumer electronic stores in Europe. Their success is also 

based on a systematic dual-brand strategy. Media Markt and Saturn do business as independent 

companies in the marketplace and compete against each other. A decentralised organisational 

structure, dedicated staff and entrepreneurial daring form the cornerstones of the company philosophy. 

Media Markt and Saturn each have their own management team. The individual consumer electronics 

stores are also positioned as independent companies in which the local managing director 

holds a stake of up to 10 percent. This results in broad decision-making leeway. For example, 

advertising campaigns, product selection and personnel planning are managed directly from 

the consumer electronics stores. Staff also have a high degree of independence in the operating 

business. 

During the reporting year, Media Markt and Saturn completed preparations for its exclusive 

brand strategy. Under this strategy, the sales division will introduce four exclusive brands inter- 

- 175 -

nationally: “ok.” for the budget-priced segment, “KOENIC” for high-quality small and large 

household appliances, “PEAQ” for consumer electronics and “ISY” for accessories. 

The sales brands already have 877 locations in 17 countries. 

Media Markt and Saturn reaffirmed its leading market position in Europe in 2010. Sales rose by 

5.6 percent to €20.8 billion (in local currencies: +4.3 percent). Like-for-like sales declined by 

1.2 percent. 


Its department stores are generally located in prime downtown locations. In Germany, the sales 

division does business under the names Galeria Kaufhof and Kaufhof. In Belgium, it is known 

as Galeria Inno. Its portfolio also includes Sportarena, a sales format that specialises in sporting 

goods and clothing. The service company Dinea operates the restaurant sections of the department 

stores. 

During the reporting year, Galeria Kaufhof continued to employ its trading-up strategy. The 

result: the sales division continued to enhance its assortments with international brands and 

own-brand products in the mid- and upper price ranges and added more attractive lifestyle 

brands. Galeria Kaufhof also provides new, previously unknown manufacturers with a springboard 

onto the German market. The sales division generates around 50 percent of its sales with 

clothing items. 

Despite the closure of three unprofitable locations, sales of Galeria Kaufhof rose by 1.3 percent 

to €3.6 billion in 2010. Like-for-like sales increased by 1.2 percent. 

At the end of 2010, Galeria Kaufhof operated a total of 138 locations in 2 countries. 

Real Estate 

With 688 retail locations in 30 countries, the real estate holdings of METRO GROUP represent 

the world‘s most international wholesale and retail portfolio. METRO Group Asset Management 

is charged with overseeing the real estate activities of the Group and its sales divisions. It 

implements a future-focused concept: active and valueenhancing portfolio management of real 

estate properties, visionary development, the construction and management of shopping centres 

as well as customised facility services and expert energy management. 

With 70 shopping centres and centre locations as well as more than 3,000 tenants in Germany, 

Poland and Turkey, METRO Group Asset Management is one of the leading centre management 

companies in Europe. 

METRO Group Asset Management is positioned as an autonomous profit centre. It assumed a 

decentralised structure on 1 December 2010 to create a closer bond with the operating business 

of the sales divisions. For this purpose, real estate management was broken down into seven 

regions: Germany, Poland, Turkey, Western Europe, CIS (Commonwealth of Independent 

States) and Asia. 

EBIT rose strongly from €536 million to €718 million. EBIT before special items reached €698 

million, an increase of €147 million. 

- 176 -

Others 

The “others” segment comprises, among others, METRO AG as the strategic management holding 

company of METRO GROUP, the procurement organisation in Hong Kong, which also operates 

on behalf of third parties, as well as the logistics services and the gastronomy business. 

2010, sales of the “others” segment declined by 26.0 percent to €286 million. This drop was due 

mostly to the sale of the operating business of AXXE Reisegastronomie, the divestment of 

Grillpfanne locations and a decline in third-party procurement volumes. 

Investments/divestments 

In the financial year 2010, METRO GROUP invested €1.7 billion. This was about €0.2 billion, 

or 11.0 percent, more than in the previous year. About half of the investments made during the 

reporting year flowed into the continued international expansion of the sales divisions Metro 

Cash & Carry, Real as well as Media Markt and Saturn. In addition, investments were made in 

the modernisation of the existing network of locations. 

Metro Cash & Carry invested €499 million in the reporting year – €279 million more than in 

the previous year. The sales division opened 38 new stores around the world, including 3 in 

Germany. The focus of the expansion was on the growth regions of Eastern Europe and 

Asia/Africa with 18 and 16 new stores, respectively. The cash & carry operation added 6 stores 

to its network in China and 5 new stores in Russia. The saIes division opened 4 stores each in 

Kazakhstan, Turkey and Vietnam. It added 1 store each in India, Portugal, Slovakia, Serbia and 

Ukraine. In Romania and Egypt, the number of new store openings totalled 2 each. In Japan, the 

number was 3. By disposing of 8 stores in Morocco, the Metro Cash & Carry sales division systematically 

continued to optimise its strategic portfolio. It also closed 10 stores in Germany, 

including 3 stores of the C+C Schaper sales brand. 

At Real, investments in the reporting year totalled €156 million, €37 million less than in the 

previous year. Real expanded its store network by adding 1 hypermarket each in Romania and 

Russia. As part of the streamlining of its store network, 13 stores were divested in Germany, 

and 1 store in Turkey was turned over to Metro Cash & Carry. Real also pushed ahead with the 

conceptual repositioning of its existing stores and invested in modernisation, particularly in 

Germany. 

The investments made by Media Markt and Saturn totalled €362 million during the reporting 

year, a slight increase from the previous year. In 2010, the sales division continued to systematically 

expand its national and international network of stores. Media Markt and Saturn opened 

a total of 60 consumer electronics stores, including 7 in Germany. With 31 store openings, the 

focus of the expansion was on Western Europe. 8 stores were added in Austria, 5 in Italy and 4 

in the Netherlands. 3 each were opened in Sweden, Switzerland and Spain, 2 each in Belgium 

and France, and 1 in Luxembourg. In Eastern Europe, Media Markt and Saturn opened 21 

stores, including 11 in Russia, 6 in Poland, 3 in Greece and 1 in Turkey. In November 2010, 

Media Markt and Saturn also entered the market in China, opening 1 consumer electronics store 

in Shanghai. 1 store was closed in Hungary. 

During the reporting year, investments by Galeria Kaufhof totalled €104 million, well above 

the previous year’s level. The primary focus of these investments was on extensive modernisation 

based on the Galeria concept. During the financial year 2010, 3 department stores were disposed 

of. 

In the Real Estate segment, investments made during the reporting year totalled €490 million, 

€90.0 million below the previous year’s level. The investments primarily involved the acquisi- 

- 177 -

tion of real estate in connection with the expansion of the Metro Cash & Carry and Real sales 

divisions. 

Investments made in the “others” segment totalled €72 million in the reporting year, about €42 

million below the previous year’s level. The investments were largely attributable to intangible 

assets and business and office equipment. 

Forecast report and future sector trends and development at METRO GROUP 

At the end of 2010, the pace of the global recovery from the financial and economic crisis 

dropped off somewhat. Like the World Bank and most other economic research institutes, we 

expect growth rates to weaken in general in 2011 compared to the financial year 2010. While 

emerging markets will see only a slight loss of momentum and remain the global growth engines 

as a result of their strong domestic demand, the developed economies, in particular, will 

continue to feel the effects of the financial and economic crisis. 

The following factors will impact economic developments in the years 2011 and 2012: 

The growth witnessed in 2010 occurred on the back of the crisis-related collapse of economic 

output in 2009. The subsequent recovery process has slowed again of late. At the same time, the 

stimulus programmes of the past years have been replaced by austerity measures aimed at reducing 

public debt. These savings measures place a particular burden on private consumption, 

for example through increases in value-added tax in such countries as Greece, the UK, Romania 

and Spain. In addition, persistent global economic risks exist – from the ongoing consolidation 

of bank balance sheets to the effects of expansive monetary policies and overheating tendencies 

in the Chinese economy. 


The development of the self-service wholesale sector will continue to be impacted by the economic 

recovery in 2011 and 2012, the pace and intensity of which varies from region to region. 

Accordingly, we expect the divergent trends within the cash & carry segment to continue. 

Market volume in Germany and Western Europe will change only slightly in the next two years. 

Growth momentum is not expected to be produced by the hotel and restaurant trade, two of the 

main customer groups of the cash & carry segment. As a result of expected price increases, we 

anticipate growth in food items to lag slightly behind the overall inflation rate, whereas retail 

sales in nonfood items will remain stable. 

The Eastern European cash & carry segment is expected to continue to grow in the next two 

years, but at starkly varying speeds. While sales in the cash & carry segment will increase in 

most countries, we expect negative growth rates in Greece and Hungary for at least the duration 

of 2011 as a result of the tense economic situation. The overall positive revenue trend in Eastern 

Europe will be fuelled by a strong rise in demand for both food and nonfood items. Price increases, 

in particular in food items, will also lead to an increase in revenue. 

We expect the strong growth trend of the cash & carry segment in Asia to continue unchanged 

for the next two years. The growth dynamic in the cash & carry segment will remain higher than 

in the modern food retail business. Some countries of the region, for example India, continue to 

protect the traditional retail sector through restrictions on foreign companies’ entry into their 

attractive retail markets. 

- 178 -

Real 

Sales in the German food retail industry are expected to increase more in 2011 and 2012 than 

they did in 2010. This positive trend will be primarily stimulated by hikes in food prices, which, 

in turn, result from increasing commodity prices. Due to ongoing intense competition especially 

on the part of discount stores, however, it is not certain that higher purchase prices can be completely 

passed on to consumers by the food retail industry. The shift in demand towards lowprice 

private-label products is likely to continue unchanged as a result of the overall rise in the 

price level. 

The Eastern European food retail industry will continue to grow in the next two years. In addition 

to food price increases, an ongoing rise in consumer demand will positively impact retail 

industry development as the recovery from the financial and economic crisis picks up speed. A 

rejuvenated expansion of the modern food retail sector will also fuel growth. We expect the 

large-area hypermarkets to remain the growth drivers and to further extend their market share. 

Real will continue to pursue and further refine its successful strategy of the past years. In Germany, 

the focus in 2011 and 2012 will be on the continuation of Real’s successful repositioning. 

This includes the development of promising new formats such as “Real Drive” or the online 

shop. Internationally, Real will continue its systematic expansion in order to profit from the 

boom in large-area hypermarkets in Eastern Europe. 

Media Markt and Saturn 

The regionally divergent development in consumer electronics retailing will continue in 2011 

and 2012. This is because developments in this industry are more susceptible to changes in macroeconomic 

parameters. 

The German Federal Association for Information Technology, Telecommunications and New 

Media (BITKOM) anticipates the market to decline in Western Europe in 2011. In Germany, the 

largest Western European market, experts expect the retail industry to develop more favourably 

than in most other countries in the region. For this reason, 2011 sales in the German market will 

only fall slightly below those of 2010. In the area of consumer electronics, demand for flatscreen 

televisions will continue to remain high. All in all, however, demand in Germany and 

Western Europe will drop in 2011 before sales pick up again in 2012 when major sporting 

events are expected to boost demand. Consumer interest in information technology products 

continues to remain high. The sector trade association BITKOM, for example, projects record 

sales in computers in Germany in 2011. The Internet will continue to grow in importance as a 

sales channel and increase its market share. In light of this development, only providers that do 

not solely rely on stationary sales or only on Internet sales, but combine both sales channels to 

operate as multichannel providers will benefit from this trend. Media Markt and Saturn are already 

operating as multichannel providers in Austria and the Netherlands. In 2011, this sales 

channel will be expanded to Germany. 

Consumer electronics retailing in Eastern Europe will continue to grow at varying rates over the 

next two years. Stimulated by the rapid recovery from the financial and economic crisis, demand 

for electrical and electronic equipment in Russia and Turkey will pick up in 2011 and 

2012. We expect sector sales in Russia to exceed those of pre-crisis levels by 2012 at the latest. 

In contrast to this positive trend, countries that remain affected by the economic crisis, for example, 

Greece and Hungary, can expect customers’ reluctance to spend money to persist. Due to 

continued strong demand for basic electrical and electronic equipment, the region of Eastern 

Europe also holds enormous potential for growth beyond 2012. 

- 179 -

The Chinese market for electrical and electronic products is the third-largest market worldwide 

behind the USA and Japan. According to the European Information Technology Observatory 

(EITO), the Chinese market will see double-digit growth rates in 2011 and 2012 and will position 

itself behind the USA as the second-largest market as early as 2012. 


The positive consumer climate in Germany and the comparably high propensity to buy will 

positively impact the development of the department store and clothing sector in 2011. The continuation 

of this trend in 2012 will depend on how stable consumer demand remains. 

Even though the final phase of consolidation in the department store sector has yet to be completed, 

the sector will continue to gradually eliminate overcapacity. In this respect, we expect 

the department store sector to continue to lag behind retail trends in 2011 and 2012 as well. 

Galeria Kaufhof is clearly positioned as a concept and system leader in the market. On this basis, 

we expect the sales division to continue to develop more favourably than the comparable 

competition and its market share to increase. Positioning Galeria Kaufhof as a multichannel 

provider will also contribute to this development.. 

Efficiency- and value-enhancing programme 

"Shape 2012" 

With the efficiency and value-enhancing programme Shape 2012 that METRO GROUP introduced 

in January 2009, METRO GROUP is facing up to the challenges and are creating a basis 

for long-term, sustainable value creation. By employing Shape 2012, METRO GROUP intends 

in particular to further intensify our customer orientation and to increase efficiency throughout 

the entire Group. The financial target: from 2012 onwards, METRO GROUP is striving for a 

profit improvement of €1.5 billion compared with 2008. About €800 million of this total will 

come from cost savings, which will likely show their full impact on earnings beginning in 2011. 

METRO GROUP will achieve the rest through efficiency measures to boost our sales and margins. 

These measures include new business models, own brands and products and services that 

appeal to new customers. In 2009, Shape 2012 contributed €208 million to the earnings of 

METRO GROUP. This positive trend continued in the reporting year. In 2010 the earnings contribution 

made by Shape 2012 already totalled €527 million. 

Shape 2012 applies to all METRO GROUP companies – in all countries where METRO 

GROUP does business. This makes it the largest change programme in the Company’s history. 

Change management and programme structure 

METRO GROUP set five key areas of action for Shape 2012: 

1. New management model for greater market and customer centricity 

2. Undivided operational responsibility of the sales divisions 

3. Strict organisational structure for finance, compliance and sustainability 

4. Real estate portfolio as profit centre 

5. Centralised return targets for strict management 

Far-reaching change 

The efficiency and value-enhancing programme Shape 2012 is broken down into two phases 

that partially run parallel to each other. First, METRO GROUP is optimising the Group’s organisational 

structure with the goal of making the entire Company more agile, more efficient and 

more customer-focused. Second, METRO GROUP is introducing programmes that enable costs 

to be cut and sales and margins to be improved during the transformation phase. 

- 180 -

Continuation of the reorganisation 

In 2009, METRO GROUP carried out fundamental changes in METRO GROUP’s organisational 

structure, taking such steps as transferring responsibility for procurement and logistics 

back to the sales divisions. In the financial year 2010, METRO GROUP made additional adjustments: 

- As at 1 March 2010, Metro Cash & Carry was organised into two business units: 

Europe/MENA (Middle East and northern Africa) as well as Asia/CIS (Commonwealth of Independent 

States)/New Markets. 

- As at 1 July 2010, METRO GROUP integrated the managerial and administrative functions of 

Metro Cash & Carry International and our holding company, METRO AG. 

- As at 15 September 2010, the functions for information technology (IT ) and information 

management (IM ) at METRO AG, Metro Cash & Carry and MGI METRO GROUP Information 

Technology were integrated into METRO SYSTEMS 

- On 1 December 2010, the business unit METRO Group Asset Management began to use a 

new, decentralised management structure. Real estate management is now broken down into 

seven regions and, as a result, intensely focused on the operating business of the local sales division. 

Transformation is having an impact 

Since Shape 2012 was launched in 2009, METRO GROUP’s employees have developed about 

7,500 measures that will enable costs to be cut or sales and margins to be improved – 1,500 of 

them in 2010 alone. Among other things, this is an indication that METRO GROUP’s sales divisions 

further intensified their work to develop measures. Examples of this approach include 

organising innovation workshops with employees, initiating customer forums, surveying focus 

groups, carrying out internal idea competitions and strengthening the dialogue about experiences 

within the Group. 

Changes in programme management 

At the beginning of 2010, METRO GROUP carried out our plan to define the focal points on 

which the management of Shape 2012 is directed and about which regular reports are made to 

the Management Board of METRO AG and the responsible programme offices: 

- Customer orientation 

- Procurement 

- Own-brand management 

- New business models 

- Delivery services 

- Processes in stores, outlets and administrative offices 

- Logistics 

This focus has proven itself in managing Shape 2012 because it facilitates a specific evaluation 

of individual focal points. In addition, progress can now be better documented and checked. 

- 181 -

Selected Consolidated Financial Information of METRO GROUP for 2010 and 2009 

METRO GROUP in figures 1 2010 2009 2 


Sales (net).......................................................................................... 67,258 65,529 

EBITDA............................................................................................ 3,591 3,068 3 

EBITDA before special items ........................................................... 3,726 4 3,319 3,4 

EBIT.................................................................................................. 2,211 1,681 

EBIT before special items................................................................. 2,415 4 2,024 4 

Earnings before taxes........................................................................ 1,630 1,050 

Earnings before taxes and special items............................................ 1,834 4 1,393 4 

Net profit for the period .................................................................... 936 519 

thereof from continuing operations.............................................. 936 519 

thereof from discontinued operations .......................................... 0 0 

Net profit for the period before special items 5 .................................. 1,139 6 824 6 

Investments ....................................................................................... 1,683 1,517 

Total assets........................................................................................ 35,067 33,282 

Equity................................................................................................ 6,460 5,992 

Equity ratio........................................................................................ 18.4% 18.0% 

Earnings per share from continuing operations................................. 2.60 1.17 

Earnings per share from continuing operations before special 

items 6,7 ............................................................................................... 3.12 2.10 

Operating data................................................................................. 

Employees (annual average by headcount)....................................... 283,280 286,329 

Number of locations.......................................................................... 2,131 2,127 

Selling space (1,000 qm)................................................................... 12,771 12,629 

________ 

1 

2 

3 

4 

5 

6 

7 

Only continuing operations (discontinued operations 2009 Adler) 

Adjustment due to revised disclosure 

Adjustment due to netting of non-scheduled write-downs and write-ups in EBITDA totalling €9 million (Real), 

€6 million (Real Estate) and €–6 million (consolidation) 

2010 (2009) adjusted for special items from Shape 2012: in EBITDA by €135 million (€251 million), including 

€11 million (€104 million) at Metro Cash & Carry, €11 million (€16 million) at Real, €58 million (€4 million) at 

Media Markt and Saturn, €–1 million (€57 million) at Galeria Kaufhof, €–14 million (€5 million) in the Real Estate 

segment, €41 million (€65 million) in the “others” segment and €29 million (€0 million) in the consolidation 

segment; in EBIT and earnings before taxes by €204 million (€343 million), including €10 million (€143 million) 

at Metro Cash & Carry, €27 million (€16 million) at Real, €133 million (€5 million) at Media Markt and 

Saturn, €0 million (€58 million) at Galeria Kaufhof, €–20 million (€15 million) in the Real Estate segment, €41 

million (€106 million) in the “others” segment and €13 million (€0 million) in the consolidation segment 

Including discontinued operations 

2010 and 2009 adjusted for special items from Shape 2012 

After non-controlling interests 

- 182 -

Selected Consolidated Financial Information of METRO GROUP for the period from 

1 January to 31 March of 2011 and 2010 

METRO GROUP in figures 1/1/2011 – 

31/3/2011 

1/1/2010 – 

31/3/2010 


Sales (net).......................................................................................... 15,516 15,517 

EBITDA 1 ........................................................................................... 465 472 

EBIT 1 ................................................................................................ 145 136 

EBT 1 .................................................................................................. 25 23 

Net profit for the period 1 ................................................................... 16 15 

Investments ....................................................................................... 211 192 

Total assets........................................................................................ 31,233 31,033 

Equity................................................................................................ 6,403 6,097 

1 

Before special items 

- 183 -

Incorporation, Domicile and Purpose 

Description of Metro Finance B.V. 

Metro Finance B.V. was incorporated as Kaufhof Finance B.V. on 3 October 1984 under the 

laws of The Netherlands for an indefinite term. By notarial deed of 19 July 1996, the company 

changed its name from Kaufhof Finance B.V. into Metro Finance B.V. The registered office of 

Metro Finance B.V. is Antoniuslaan 85 b+c, 5921 KB Venlo-Blerick, The Netherlands; Commercial 

Register number 33 178 683 of the Chamber of Commerce and Industries for Limburg 

Noord. The telephone number of Metro Finance B.V. is +31 773 961 900. 

Metro Finance B.V.'s purpose (according to Article 2 of its Articles of Association) is: 

- to lend, borrow and collect money, as well as to issue bonds, claims or other papers of value, 

and to enter into agreements relating thereto; 

- to participate in, to manage and to finance enterprises and companies; 

- to perform anything more relating to the aforementioned or being conductive thereto, everything 

in the widest sense. 

Metro Finance B.V. has no subsidiaries. 

Share Capital 

The authorised share capital of Metro Finance B.V. consists of 700 ordinary shares of EUR 

1,000 each. The issued and fully paid-up share capital consists of 453 shares of EUR 1,000. 

Sole shareholder of Metro Finance B.V. is METRO AG. 

Managing Board 

In accordance with the Articles of Association, Metro Finance B.V. is managed by a Managing 

Board, which consists of at least two Managing Directors. The Managing Board is appointed by 

the shareholders. Metro Finance B.V. may legally be represented by two members of the Managing 

Board. Currently, the Managing Directors are: 

Holger Laaks 

Chairman of the Board of METRO Euro-Finance B.V. 

Managing Director of MIAG B.V. 

Managing Director of Metro Sechste Gesellschaft für Vermögensverwaltung GmbH 

Dr. Olaf Kruse 

Managing Director of METRO Euro-Finance B.V. 

Managing Director of MIAG B.V. 

Hans-Dieter Hinker 

Assistant Treasurer of METRO AG 

Eric-Jan van de Laar 

Managing Director of Deutsche International Trust Company N.V. 

Managing Director of METRO Euro-Finance B.V. 

- 184 -

Supervisory Board 

In accordance with the Articles of Association, the Supervisory Board of Metro Finance B.V. 

consists of one or more members. The board members are appointed by the shareholders. Currently, 

the Supervisory Directors are: 

Harald Sachs 

Head of Corporate Accounting of METRO AG, Federal Republic of Germany 

Olaf Koch 

Member of the Executive Board of METRO AG, Federal Republic of Germany 

Thomas Grad 

Head of Corporate Treasury of METRO AG, Federal Republic of Germany 

The business address of the members of the Managing Board and the Supervisory Board is 

Metro Finance B.V. Antoniuslaan 85 b+c, 5921 KB Venlo-Blerick, The Netherlands. 

Potential conflicts of interest between any duties of the members of management/supervisory 

board to Metro Finance B.V. and their private interests and/or other 

duties 

At the date of this Prospectus Metro Finance B.V. is not aware of any potential conflicts of interests 

with respect to the members of the administrative, Management and Supervisory bodies 

which could be of relevance for Metro Finance B.V. 

Board Practices 

Metro Finance B.V. has not implemented an audit committee since this is not required by law. 

Annual Shareholders' Meeting and Voting Rights 

The General Meeting of Shareholders is held within six months after the end of the respective 

fiscal year in the municipality where Metro Finance B.V. has its seat, as well as in any other 

municipality in the Netherlands. Each share gives entitlement to one vote. 

Fiscal Year 

The fiscal year of Metro Finance B.V. is the calendar year. 

Distribution of Profits 

According to Article 15 of Metro Finance B.V's Articles of Association, the profit of Metro Finance 

B.V. is at disposal of the General Meeting of Shareholders. If and insofar as, according to 

the law, reserves are at the disposal for distribution, the Managing Board, with the consent of 

the Supervisory Board, may resolve to pay an interim-dividend at the expense of the dividend 

expected for the hereto related fiscal year. 

Interim Report 

Metro Finance B.V. does publish interim reports on a half-year basis. 

- 185 -

Selected Financial Information of Metro Finance B.V. for 2010 and 2009 

2010 

€ T 

2009 

€ T 

Key Financial Figures 

Net financial income ................................................................. 5,694 5,345 

Result before taxation ............................................................... 5,117 4,969 

Net result for the year ............................................................... 3,812 3,702 

Total assets................................................................................ 2,556,682 2,549,161 

Shareholder's equity.................................................................. 35,800 31,988 

Equity ratio ............................................................................... 1.40 1.25% 

Return on Equity after taxes ..................................................... 10.65 11.57% 

Operating data 

Employees................................................................................. 10 10 

Number of locations.................................................................. 1 1 

Figures contained in the table above are unaudited. 

- 186 -

Financial Information of Metro Finance B.V. for 2010 

Any references to specific page numbers are to page numbers of the Annual Report 2010 or 

2009, respectively and do not correspond to page numbers of this Prospectus. 

Report of the Board of Supervisory Directors 

Pursuant to the Articles of Association we are pleased to submit the financial statements for the 

year 2010 as drawn up by the Board of Managing Directors for your adoption. 

The financial statements, which both the Board of Supervisory Directors and the Board of 

Managing Directors have signed, have been audited by KPMG Accountants N.V. The auditor’s 

report is included in the other information section. 

We recommend you to adopt the financial statements. 

Venlo (the Netherlands), 14 April 2011 

The Board of Supervisory Directors, 

O. Koch 

T. Grad 

H. Sachs 

- 187 -

Report of the Board of Managing Directors 

The Board of Managing Directors of the company hereby presents its financial statements for 

the financial year ended on 31 December 2010. 

Overview 

METRO Finance B.V. (“the Company”) operates as a finance company within the METRO 

Group. The ultimate parent company of this group is METRO AG which is incorporated in 

Düsseldorf, Germany and which also is the sole shareholder of the Company. 

The main activities of Metro Finance B.V. consist of attracting loans for long-term funding of 

METRO AG. and Metro Group companies as well as hedging of related interest rate and 

currency risks. 

The operating business of the company developed in line with the expectations of management. 

METRO Finance B.V.’s activities are strongly focused on the financial needs of METRO 

subsidiaries worldwide. The company faces a stable development in 2010 with a slight increase 

in the total assets by EUR 7.5 million to EUR 2,557 million (0,3 % increase). 

Shareholder’s equity increased from EUR 32.0 million to EUR 35,8 million. The net interest 

margin has increased by 6.5 % to EUR 5,694 million. The net result for the financial year 

ended 31 December 2010 amounted to EUR 3,812 million. No dividends were paid during 

2010. 

As a financial service company, METRO Finance B.V. faces financial risks. These include in 

particular price risks, liquidity risks and cash flow risks. Price risks result from the impact of 

changes in market interest rates or exchange rates on the fair value of financial instruments. 

Interest and currency risks are substantially managed and hedged to the required risk profile, as 

described in the principles laid down in the internal treasury guidelines of the METRO Group. 

Like in previous years, foreign exchange exposure has been completely hedged into EUR via 

derivatives. Since the company is obliged to follow the financial strategic objectives of METRO 

AG, potential interest risk positions are covered contractually by METRO AG. 

Due to guarantees of METRO AG, METRO Finance B.V. has access to sufficient liquidity 

reserves so that there is no danger of liquidity risk even if an unexpected event has a negative 

financial impact on the company’s liquidity situation. A future change in interest rates may 

cause cash flows from variable interest rate asset and debt items to fluctuate. 

The finance department of METRO AG accounts for these risks by defining a benchmark for 

the relationship between variable and fixed-interest on a METRO Group level. Potential risk 

positions are covered through the service agreement with METRO AG where a certain interest 

spread is guaranteed. 

Statement of responsibility 

Further to the requirements set out in Article 5:525c sub 2c of the “Wet Financieel Toezicht 

(Wft)”, the members of the Board of Managing Directors of the Company hereby state that, to 

our best knowledge: 

• the financial statements for the year ended 31 December 2010 give a true and fair view of 

the assets, liabilities, financial position of and the result generated by the Company; 

- 188 -

• the report of the Board of Managing Directors gives a true and fair view of the status of the 

Company as per the balance sheet date and the state of affairs during the financial year to 

which the report relates; and 

• the report of the Board of Managing Directors includes a description of the substantial risks 

the issuer is facing. 

Outlook 

For 2011 the management expects a stable development of METRO Finance B.V.’s business 

volume. Since the beginning of the financial crisis in 2008 the markets have calmed down but 

will be monitored closely. Maturing obligations will be refinanced on the capital markets 

depending on market conditions. The net interest margin will be primarily influenced by new 

credit allocation to METRO subsidiaries, alterations of the short and long term interest rates and 

the margins of capital market instruments. 

Venlo (The Netherlands), 14 April 2011 

The Board of Managing Directors: 

H. Laaks 

O. Kruse 

H.-D. Hinker 

J.E. van de Laar 

- 189 -

Balance sheet as at 31 December 2010 

(Before profit appropriation) 

2010 2009 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Noncurrent assets 

Tangible assets 1 35 28 

Financial assets 2 1,454,047 1,229,206 

1,454,082 1,229,234 

Current assets 

Loans and receivables 4 1,102,536 1,319,904 

Cash and cash equivalents 5 64 23 

1,102,600 1,319,927 

2,556,682 2,549,161 

Shareholders’ equity 6 

Share capital 453 453 

Share premium 6,324 6,324 

Retained earnings 25,211 21,509 

Net result for the year 3,812 3,702 

35,800 31,988 

Noncurrent liabilities 

Bonds 7 1,021,067 1,768,943 

Promissory note loans 8 699,474 699,097 

Deferred tax liabilities 3 8 0 

1,720,549 2,468,040 

Current liabilities 

Bonds 9 790,219 40,604 

Promissory note loans 10 8,475 8,362 

Income taxes 54 105 

Other liabilities 11 1,585 62 

800,333 49,133 

2,556,682 2,549,161 

The notes on page 10 to 31 are an integral part of these financial statements 

- 190 -

Statement of income for the year 2010 

2010 2009 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Financial income 12 134,239 135,445 

Financial expenses 13 128,545 130,100 

Net financial income 5,694 5,345 

Other income 14 798 696 

Operating expenses 

Amortisation and depreciation 

charges 10 9 

Wages and salaries 15 631 595 

Other expenses 16 734 468 

1,375 1,072 

Result before taxation 5,117 4,969 

Income tax 17 1,305 1,267 


Attributable to: 

- Shareholders of the company 3,812 3,702 

- Minority interest – – 



- 191 -

Statement of recognized income and expense for the year 2010 

2010 2009 

EUR 1,000 EUR 1,000 

Other comprehensive income directly recognised in equity – – 


Total comprehensive income for the year 3,812 3,702 

Comprehensive income attributable to: 

- Shareholders of the company 3,812 3,702 

- Minority interest – – 


The notes on page 10 to 31 are an integral part of these 

financial statements 

- 192 -

Statement of changes in equity 2010 

Share Share Retained Net result 

capital premium Earnings for the year Total 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

1 January 2009 453 6,324 17,587 3,922 28,286 

Appropriation of the 

net results for the year 

ended 31 December 

2008 – – 3,922 (3,922) – 

Net result for the year – – – 3,702 3,702 

31 December 2009 453 6,324 21,509 3,702 31,988 

Appropriation of the 

net results for the year 

ended 31 December 

2009 – – 3,702 (3,702) – 


31 December 2010 453 6,324 25,211 3,812 35,800 


- 193 -

Cash flow statement for the year 2010 

2010 2009 1) 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Result before taxation 2) 5,117 4,969 

Adjustments for: 

• Depreciation 1 10 9 

5,127 4,978 

Change in other working capital 14,191 12,140 

Cash generated from operations 19,318 17,118 

Corporate income tax paid (1,348) (1,264) 

Cash flow from operating activities 17,970 15,854 

Investments in tangible assets 1 (17) (26) 

Disposals of tangible assets – 24 

Raising of financial assets / 

prolongations Metro Group companies 2 (697,686) (978,217) 

Redemption of financial assets Metro 

Group companies 2/4 695,347 977,232 

Raising of financial assets / 

prolongations third parties 2 (50,681) (19,298) 

Redemption of financial assets third 

parties 2/4 35,108 1,671 

Cash flow from investing activities (17,929) (18,614) 

Raising of financial liabilities – 23,606 

Redemption of financial liabilities – (20,825) 

Cash flow from financing activities – 2,781 

Changes in cash & cash equivalents 41 21 

Cash & cash equivalents January 1 23 2 

Cash & cash equivalents December 31 64 23 


1) The 2009 figures have been adjusted for comparison reasons 

2) 

The result before taxation contains the following cash items, interest paid EUR 126,846 

(2009: EUR 129,405) and interest received EUR 143,873 (2009: EUR 146,143) 

- 194 -

Notes to the 2010 financial statements 

General 

METRO Finance B.V. (“the Company”), domiciled in Venlo, was incorporated on October 3, 

1984 as a Dutch company with limited liability (“B.V. = Besloten Vennootschap”). The 

financial year equals the calendar year. 

Group structure 

METRO Finance B.V. belongs to the METRO Group. The ultimate parent company of this 

group is METRO AG which is incorporated in Düsseldorf, Germany which is also the sole 

shareholder of the company. The financial statements of Metro Finance B.V. have been 

included in the consolidated financial statements of Metro AG for the year ended 31 December 

2010. 

Activities 

METRO Finance B.V. operates as a finance company within the METRO Group. Its main 

activities consist of attracting loans for funding of METRO AG and METRO Group companies 

as well as hedging of related interest rate and currency risks. 

Accounting principles 

The financial statements have been prepared in accordance with International Financial 

Reporting Standards as adopted by the European Union (IFRSs) and with Part 9 of Book 2 of 

the Netherlands Civil Code. 

The financial statements were authorized for issue by the board of Managing Directors on 14 

April 2011. The accounting principles as set out below have been applied in preparing the 

financial statements for the year ended December 31, 2010 and the comparative information 

presented in these financial statements. The date of transition to IFRS, being the beginning of 

the earliest period for which full comparative information under IFRS is presented, is January 1, 

2008. An explanation on how the transition to IFRS has affected the financial statement 

captions has been provided in note 25 as included in these financial statements. 

These financial statements have been based on the historical cost convention, except for 

financial instruments that are recognised at fair value. The financial statements have been 

prepared in Euros. All amounts are stated in thousands of euros. The accounting principles used 

as a basis for the financial statements have been described in the following paragraphs. 

Going concern 

There are no indications to doubt the continuity of either the Company or the sole shareholder 

Metro AG. Therefore the going concern assumption was applied during the preparation of these 

financial statements. 

- 195 -

Currency translation 

Transactions denominated in currencies other than euro (functional currency) are translated at 

the exchange rate applying on the transaction date. Monetary assets and liabilities denominated 

in currencies other than euro are translated at the rate of exchange prevailing on balance sheet 

date. Non-monetary assets and liabilities in foreign currency that are stated at historical cost are 

translated into euros at the applicable exchange rates on the transaction date. The resulting 

exchange rate differences are credited or charged to the statement of income. 

The following currency exchange rates were applied in the translation of the key currencies to 

euro: 

Average Average 31 December 31 December 

2010 2009 2010 2009 

Romanian Leu 

(RON) 

Great Britain 

Pounds(GBP) 

4.21160 4.23794 4.26200 4.23630 

0.85836 0.89129 0.86075 0.88810 

Tangible assets 

Tangible fixed assets used in operations for a period that exceeds one year are recognised at cost 

less scheduled depreciations. Tangible assets are depreciated solely on a straight line basis, 

taking into account the following useful lives: 

• Computer system : 3-5 years 

• Cars : 5 years 

• Computer license : 6 years 

• Office equipment : 5-8 years 

Assets are impaired in case the recoverable amount is below the book value. 

Financial Assets 

Financial assets held by the Company are recognised in accordance with IAS 39 (Financial 

instruments: Recognition and Measurement). Financial assets are initially recognised at fair 

value.. Subsequently financial assets are measured at either amortised cost or fair value, 

depending on the applicable categorisation in accordance with IAS 39. The Company applies 

value date accounting. 

Derivative financial instruments are measured at fair value with fair value movements in the 

statement of income. 

Income and deferred tax 

Income taxes concern direct taxes on income. 

Deferred taxes are determined in accordance with IAS 12, based on which future tax benefits 

and liabilities are recognised in case these are related to temporary difference between the 

commercial and fiscal base of recognition. Anticipated future tax savings due to compensating 

- 196 -

fiscal loss carry forwards, that are expected to be realised in the foreseeable future, are 

capitalised. 

Deferred tax assets and liabilities are netted if these relate to an identical (group of) topics and 

subjects that are jointly assessed for income tax purposes by the same tax authority. 

Loans and receivables 

Loans are classified as “loans and receivables” and therefore recognised at amortised cost based 

on the effective interest method, decreased by the impairment adjustment if applicable. 

Cash and Cash equivalents 

Cash and cash equivalents comprise bank deposits and monetary assets with a remaining time to 

maturity of 3 months and are measured at amortised cost, which equals nominal values unless 

stated otherwise. 

Other assets 

”Other assets” include deferred expense, as well as derivative financial instruments with a time 

to maturity that does not exceed 12 months. Derivative financial instruments are measured at 

fair value with fair value movements recognised in the statement of income. 

Impairment or disposal of assets 

Impairment losses on assets carried at amortised cost are measured as the difference between the 

carrying amount of the financial asset and the present value of estimated future cash flows 

discounted at the asset’s original effective interest rate. Impairment losses are recognized in 

profit and loss and reflected in an allowance account against loans and advances. Interest on 

impaired assets continues to be recognized through unwinding of the discount. When a 

subsequent event causes the amount of impairment loss to decrease, the decrease in impairment 

loss is reversed through profit and loss. 


Noncurrent liabilities are either “loans and borrowings” or derivative financial instruments with 

a time to maturity that exceeds 12 months, that are recognised in accordance with IAS 39 

(Financial instruments: Recognition and Measurement). 

Loans and borrowings consist of bonds, promissory note loans and bank loans that are initially 

recognised at fair value. Subsequently “loans and borrowings” are measured at amortised cost 

using the effective interest method in accordance with IAS 39. The amortised cost basis for 

financial liabilities designated as a hedged item in a fair value hedge relationship is increased 

with an amount that represents the effective part of the fair value movement of the hedging 

instrument designated in the fair value hedge relationship. 

Derivative financial instruments are measured at fair value with fair value movements 

recognised in the statement of income. 


Current liabilities include (parts of the) loans and borrowings with times to maturity that do not 

exceed 12 months, income tax liabilities and “other liabilities”. 

- 197 -

”Other liabilities” include deferred income, accrued expenses and derivative financial 

instruments measured at fair value or amortised cost, for which the period to maturity does not 

exceed 12 months. Deferred income and accrued expenses are valued at cost. Derivative 

financial instruments are valued at fair value. 

Contingent liabilities 

Contingent liabilities are, on one hand, potential obligations arising from past events whose 

existence is confirmed only by occurrence or non-occurrence of uncertain future events that are 

not entirely under the Company’s control On the other hand, contingent liabilities represent 

current obligations arising from past events for which, however, an outflow of resources is not 

considered probable or whose size cannot be determined with reasonable certainty. According 

to IAS 37 (provisions, contingent liabilities and contingent assets), such liabilities are not 

recognised but commented upon in the notes. 

Accounting for derivative financial instruments / hedge accounting 

Derivative financial instruments are used exclusively to reduce risks in accordance with the 

respective group guidelines. Usage is limited to foreign exchange spot and forward transactions, 

interest rate swaps and cross currency swaps. 

In accordance with IAS 39, all derivative financial instruments are recognised at fair value and 

presented under “current assets” or “current liabilities” or “other assets” or “other liabilities” in 

case the remaining period to maturity does not exceed twelve months. Fair value changes are 

recognised directly in the statement of income. The Company does not apply cash flow hedge 

accounting. 

In case (interest rate) fair value hedge accounting is applied, the hedged item is adjusted to 

reflect the effective part of the fair value change of the hedging instrument with an offsetting 

amount to be included in the statement of income. Both at the hedge inception and at each 

reporting date, we assess whether the derivatives used are highly effective in offsetting changes 

in fair values or cash flows of hedged items. When a derivative is not highly effective, we 

discontinue hedge accounting prospectively. In case the fair value hedge is de-designated, the 

remaining fair value adjustment on the hedged item is amortised over the remaining time to 

maturity using the effective interest rate at date of de-designation. 

Use of assumptions and estimates 

In general financial statements are prepared using assumptions and estimates that had an effect 

on the value and presentation of the reported assets, liabilities, income and expense as well as 

contingent liabilities. In the context of the Company financial statements, estimates and 

assumptions mainly relate to contingent liabilities, provisions, fair value assessments and 

impairments. 

A yearly analysis of impairment triggers for financial assets is performed based on information 

available within the Group and external market data. 

Shareholders’ equity 

Financial instruments that are designated as equity instruments by virtue of the economic reality 

are presented under shareholders’ equity. Payments to holders of these instruments are deducted 

from the shareholders’ equity as part of the profit distribution. 

- 198 -

Financial instruments that are designated as a financial liability by virtue of the economic reality 

are presented under liabilities. Interest, dividends, income and expenditure with respect to these 

financial instruments are recognised in the statement of income as financial income or expense. 

Financial income and expense 

Financial income and expense is composed of interest income and expense, fair value changes 

of derivative financial instruments as well as currency revaluation gains and gains and losses on 

monetary assets and liabilities. Interest income and expense are time apportioned, based on the 

effective interest rate for the relating assets and liabilities that includes the effects of directly 

related transaction costs. 

Other income 

Other income relates to revenue from management services rendered to the affiliated companies. 

For which service level agreements are in place. Revenues are recognised in the period they 

relate to. 


Operating expenses are recognised in the period they relate to. 

Segment reporting 

Segment information is not separately reported because the primary activity of the Company is 

financing the parent company Metro AG (Germany) and Metro Group companies within 

continental Europe (2010: 96.8%; 2009: 96.7%), Metro Group Companies within Central 

Eastern Europe (2010: 3.1%; 2009: 3.3%), as well as Metro Group Companies in Africa (2010: 

0,1%, 2009 0%) The interest income relates to continental Europe (2010: 96.4%; 2009: 96.4%), 

to Central Eastern Europe (2010: 3.5%; 2009: 3.6%) and to Africa (2010: 0,1%; 2009: 0%). 

New standards and interpretations 

• An amendment to IFRS 2, “Share-based Payment” which clarifies how an individual 

subsidiary in a group should account for share-based payment arrangements in its own 

financial statements became effective in 2010. This amendment is not applicable to our 


• IFRS 3, “Business Combinations” and IAS 27, “ and Separate Financial Statements” 

were revised and are effective as from 2010. This revision is not applicable to our 


• IFRS 9, “Financial Instruments” (replacement of IAS 39) will become effective as from 

2013, with earlier adoption permitted. IFRS 9 introduced new requirements for 

classifying and measuring financial assets and liabilities. This standard encompasses an 

overall change of accounting principles for financial instruments and will eventually 

replace IAS 39 – the current standard on financial instruments. As its scope will be 

further expanded during 2011, we will review the effects of a comprehensive standard 

on financial instruments and consider adoption when appropriate 

• IASB’s annual improvements project 2009 resulted in many smaller amendments to 

several IFRSs effective as from 2010. They did not materially impact our financial 

statements 

- 199 -

• IASB’s annual improvements project 2010 will result in many smaller amendments to 

several IFRSs, mostly effective as from 2011. They are not expected to materially 

impact our financial statements 

• An amendment to IAS 24, “Related Party Disclosures” clarifies the definition of a 

related party and provides a partial exemption from the disclosure requirements for 

government-related entities. The revised standard also clarifies that disclosure is 

required for any commitments of a related party to do something if a particular event 

occurs or does not occur in the future. The revised standard is effective as from 2011, 

with earlier application permitted. We do not expect that our financial statements will 

be materially affected by this amendment 

• An amendment to IAS 32, “Financial Instruments: Presentation” addressing the 

accounting for rights issues such as options and warrants, denominated in a currency 

other than the functional currency of the issuer became effective in 2010. Our financial 

statements are not affected by the amendment as we have not issued such financial 

instruments 

• An amendment to IAS 39, “Financial Instruments: Recognition and Measurement” 

addresses two separate hedge accounting issues. It clarifies the requirements when 

options are used for hedging and it regulates inflation-linked hedge relationships. The 

amendment to IAS 39 is effective as from 2010. As we commonly use forward contracts 

for hedges and do not have inflation-linked hedge relationships, there is no material 

impact from adopting this amendment 

• An amendment to IFRIC 14 on minimum funding requirements corrects an unintended 

consequence of the originally issued interpretation. The amendment is effective as from 

2011, with earlier application permitted. As we currently have no pension asset on our 

balance sheet that falls in the scope of this amendment, we do not expect that our 

financial statements will be materially affected 

• IFRIC 17 “Distribution of Non-cash Assets to Owners” will apply prospectively as from 

2010. There is no impact on our financial statements as no proposal to distribute noncash 

assets to shareholders has been made 

• IFRIC 19, “Extinguishing Financial Liabilities with Equity Instruments” applies when a 

debtor extinguishes a liability fully or partly by issuing equity instruments to the 

creditor. 

The interpretation will be effective as from 2011. As there currently do not exist such 

agreements within our businesses, we do not expect that our financial statements will be 

affected. 

• A number of new standards, amendments to standards and interpretations are not yet 

effective for the year ended 31 December 2010. Those newly issued standards and/or 

interpretations do not have an impact on the Company’s financial statements. 

Cash flow statement 

The cash flow statement has been prepared applying the indirect method. 

Cash flows in foreign currencies have been translated at the weighted average exchange rates. 

Receipts and payments of interest and corporate income tax are included in the cash flow from 

operating activities. 

- 200 -

Determination of fair value of financial assets and liabilities 

The estimated fair value of financial instruments as included in the either or both the balance 

sheet and disclosure notes has been determined by the Company using acknowledged 

measurement methodology, using market date as money market and swap curves and foreign 

exchange rates present as at balance sheet date. Specific counterparty related credit risk is 

assessed by using the credit default swap spreads for the parties involved. 

The fair values disclosed for financial liabilities outstanding under the DIP and EMTN 

programmes operated via listings on (regulated) exchanges in Frankfurt and Luxembourg are 

based on market data. 

The fair values presented are not necessarily indicative of the amounts that will ultimately be 

realized by the Company upon maturity or disposal. The use of different market assumptions 

and/or estimation methods may have a material effect on the estimated fair value amounts. 

IFRS 7 specifies a fair value hierarchy that identifies the following hierarchy levels: 

• Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical 

assets or liabilities. 

• Level 2: Fair values measured using inputs other than quoted prices included within Level 1 

that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., 

derived from prices). 

• Level 3: Fair values measured using inputs for the asset or liability that are not based on observable 

market data (unobservable inputs). 

The fair values of the financial instruments included at fair value in the Company financial 

statements are classified as level 2 according to the before mentioned fair value hierarchy 

referred to in IFRS 7. 

Where applicable detailed information concerning the principles for determination of the fair 

values has been included in the section that specifically relates to the relevant financial asset or 

liability. 

- 201 -

1 Tangible assets 

The movements of the tangible fixed assets can be shown as follows: 

2010 2009 

EUR 1,000 EUR 1,000 

Balance as per January 1 

• At cost 87 85 

• Accumulated depreciation (59) (50) 

Book value 28 35 

Movements: 

• Addition 17 26 

• Disposals - (24) 

- Cost 

- Cumulative depreciation 

• Depreciation (10) (9) 

7 (7) 

Balance as per December 31 

• At cost 104 87 


Total book value 35 28 

Tangible fixed assets relate to a car as well as office and computer equipment mainly. 

Impairment adjustments were not deemed necessary 

- 202 -

2 Financial assets 

Loans to third 

parties 

Loans to METRO 

Group companies 

Total 

EUR 1,000 EUR 1,000 EUR 1,000 

Balance as at January 1, 2009 42,066 509,500 551,566 

Additions 19,298 978,217 997,515 

Repayments (1,671) (13,605) (15,276) 

Transfers to short term (35,000) (269,599) (304,599) 

Balance as at December 31, 2009 24,693 1,204,513 1,229,206 

Balance as at January 1, 2010 24,693 1,204,513 1,229,206 

Additions 50,681 697,686 748,367 

Repayments (108) (3,278) (3,386) 

Transfers to short term - (520,140) (520,140) 

Balance as at December 31, 2010 75,266 1,378,781 1,454,047 

The interest rates on fixed interest rate loans vary between 1.67% and 11.75% (2009: 1.4% and 

11.75 %), depending on the lifetime and interest periods of the respective loans. The interest 

rate on the floating interest rate loans is Euribor + 1.70%. 

The expiration dates of the loans are between 2012 and 2024 (2009: 2011 and 2024). 

Impairments adjustment were not deemed necessary. 

3 Deferred tax assets and liabilities 

At 31December 2010 EUR 8 deferred tax liabilities exist (2009: nil). 

Deferred tax assets and liabilities relate to the difference in measurement basis for IFRS and 

fiscal reporting purposes with regards to derivative financial instruments. For Dutch fiscal purposes 

these are valued at cost or lower market value rule while under IFRS fair value accounting 

is applied. The measurement difference is temporary in nature. 

- 203 -

4 Loans and receivables 

December 31, 2010 December 31, 2009 

EUR 1,000 EUR 1,000 

Loans to Metro Group companies 1,079,412 1,251,341 

Loans to third parties – 35,000 

Interest receivable Metro Group companies 22,262 33,538 

Other receivables 862 25 

Balance as at 31 December 1,102,536 1,319,904 

The loans to METRO AG and Metro Group companies, as well as to third parties will be due 

payable within one year from balance sheet date. In the balance is a current account position of 

EUR 84,366 with METRO AG. 

The interest rates on fixed interest rate loans vary between 0.7 % and 4.8% (2009 1.8% and 

5.00%), depending on the original lifetime and interest periods of the respective loans. The interest 

rates on the floating interest rate loans vary between Euribor + 0.25% and Euribor + 

0.65%. Impairment adjustments have not been deemed necessary. 

The fair value of the collateral exceeds the carrying amounts of the loans provided. 

5 Cash and cash equivalents 

Cash and cash equivalents include bank balances held with commercial banks, that are due 

within three months after balance sheet date and which are at the free disposal of the company. 

6 Shareholder’s equity 

The authorised share capital of the company as at December 31, 2010 consists of 700 ordinary 

shares of EUR 1 thousand each. The issued and fully paid-up share capital consists of 453 

shares. 

The proposal for appropriation of net results over 2009 has been adopted at the Shareholders 

Meeting. The 2009 net result has been added to the retained earnings. 

Reference is made to the statement of changes in equity as included in the financial statements. 

- 204 -

7 Bonds 

Maturity Fixed 

interest 

Effective 

interest 

Carrying 

amount 

December 

31, 2010 

Principal 

amount 

December 

31, 2010 

Carrying 

amount 

December 

31, 2009 

Principal 

amount 

December 

31, 2009 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Maturity between 

1 and 5 years: 

DIP Notes 2011 4.63% 0 0 748,703 750,000 

EMTN Notes 2012 4.75% 4.85% 499,313 500,000 498,854 500,000 

EMTN Note 

(RON 150 2012 11.55% 11.55% 23,367 23,606 23,456 23,606 

million) 

EMTN Notes 2013 9.38% 9.5% 498,387 500,000 497,930 500,000 

Total 1,021,067 1,023,606 1,768,943 1,773,606 

All instruments have been issued under the EMTN and DIP programs. The notes are 

denominated in euros, except for the RON 150 million notes, and bear interest depending on the 

lifetime and interest periods of the respective loans. No bonds with a maturity over 5 years. 

The DIP and EMTN programmes are operated via listings on (regulated) exchanges in Frankfurt 

am Main and Luxembourg. For an overview of fair values reference is made to the note on 

financial risk management. 

8 Promissory note loans 



Promissory note 

loans 


loans 

Weighted 

Interest 

Effective 

interest 

Carrying 

amount 

December 31, 

2010 

Principal 

amount 

December 31, 

2010 

Carrying 

amount 

December 31, 

2009 

Principal 

amount 

December 31, 

2009 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

4.32 % 4.34 % 212,818 213,000 212,706 213,000 

Floating 486,656 487,000 486,391 487,000 

Total promissory 

note loans 699,474 700,000 699,097 700,000 

- 205 -

The promissory loan notes are denominated in euros. The floating interest rates on bank loans 

vary between EURIBOR +0.30% and EURIBOR +0.80%. For an overview of fair values reference 

is made to the note on financial risk management. No promissory note loans with a 

maturity over 5 years. 

9 Bonds (current part) 

Fixed interest Effective interest December 31, 

2010 

December 31. 

2009 

EUR 1,000 EUR 1,000 

Bonds 4.63 % 4,73 % 749,622 – 

Accrued interest 40,597 40,604 

Total bonds 790,219 40,604 

The Bonds (current part) contains the interest accruals related to the Bonds, presented as noncurrent 

liabilities. 

10 Promissory note loans (current part) 

December 31, 

2010 

December 31, 

2009 

EUR 1,000 EUR 1,000 

Promissory loans – – 


Total Promissory note loans 8,475 8,362 

For an overview of fair values reference is made to the note on financial risk management. 

- 206 -

11 Other liabilities and accrued expenses 

December 31, 

2010 

December 31, 

2009 

EUR 1,000 EUR 1,000 

Derivatives 1,480 1 

Other 105 61 

1,585 62 

The change in derivatives during the year can be specified as follows: 

December 31, 

2010 

December 31, 

2009 

EUR 1,000 EUR 1,000 

Balance as at 1 January 1 – 

Disposal of derivatives – – 

Change in fair value 1,479 1 

Balance as at 31 December 1,480 1 

The derivatives per 31 December 2010 reflect the book values of forward contract to hedge the 

future RON interest cash flows resulting from the RON note as well as the forward contract to 

hedge the future GBP interest cash flows resulting from the loan in GBP granted to a METRO 

group company. 

12 Financial income 

2010 2009 

EUR 1,000 EUR 1,000 

Interest income from loans and receivable (Held to maturity) 

Thereof financial instruments of the IAS 39 measurement categories 

and related classes of financial instruments: 

- Loans and receivables –external counterparties 2,223 3,209 

- Loans and receivables –Metro Group companies 130,374 132,071 

Sub total interest income 132,597 135,280 

- 207 -

2010 2009 

EUR 1,000 EUR 1,000 

Currency translation gains 

Currency translation gains loans and receivables 1,642 165 

Fair value changes on interest derivatives - external counterparties – – 

Sub total foreign exchange income 1,642 165 

Financial income 134,239 135,445 

13 Financial expense 

2010 2009 

EUR 1,000 EUR 1,000 

Interest expense from loans and receivable (Held to maturity) 

Thereof financial instruments of the IAS 39 measurement categories 

and related classes of financial instruments: 

- Loans and receivables –external counterparties 126,952 129,934 

- Loans and receivables –Metro Group companies – – 

Sub total interest expense 126,952 129,934 

Currency translation losses 

Currency translation losses loans and receivables 113 165 

Fair value changes on Derivatives – counterparties 1,480 1 

Fair value changes on interest derivatives - external counterparties – – 

Sub total foreign exchange losses 1,593 166 

Financial expense 128,545 130,100 

14 Other income 

The other income consists of general expenses and services fees which were cross charged by 

METRO Finance B.V. to METRO Euro-Finance B.V. relating to expenses incurred and services 

rendered. The cross charges have been based on documented policies. 

- 208 -

15 Wages and salaries 

2010 2009 

EUR 1,000 EUR 1,000 

Wages and salaries 586 557 

Social security charges and pension contributions 45 38 

631 595 

For an overview of staff members and remuneration of Board of Managing and Supervisory 

Directors, reference is made to note 21 and note 22. 

16 Other expenses 

Other expenses relate to general and administrative expenses. 

17 Income tax 

The taxation on the result from ordinary activities can be specified as follows: 

2010 2009 

EUR 1,000 EUR 1,000 

Result from ordinary activities before taxation 5,117 4,969 

Taxation on result from ordinary activities 1,305 1,267 

Effective tax rate 25.5% 25.5% 

Nominal tax rate 25.5% 25.5% 

The nominal tax rate is 25.5% (2009: 25.5%). The tax liability in the profit and loss account 

over 2009 amounts to EUR 1,304 (2009: EUR 1,267) or 25.5 % of the result before taxes (2009: 

25.5%). 

No permanent differences between fiscal and commercial tax base were identified. 

18 Financial risk management 

The Company is exposed to the following risks from its use of financial instruments: 

• Credit risk. 

• Liquidity risk. 

• Market risk including interest rate and currency risk. 

- 209 -

This note presents information about the exposure of the Company to each of the above risks, 

the Company’s objectives, policies and processes for managing and measuring these risks, and 

the Company’s approach to capital management. 

General 

During the normal course of business, the company uses various financial instruments that 

expose the company to market, credit and liquidity risks. The company is exposed to these risks 

given the portfolio of interest-bearing receivables (mainly taken up in financial fixed assets and 

cash at bank and in hand), interest-bearing long term and current liabilities (including bonds and 

bank loans) as well as derivative financial instruments. 

The company does not trade these financial derivatives and follows procedures and lines of 

conduct to limit the size of the credit risk with each counterparty and market. If counterparties 

fail to meet payment obligations to the company, the resulting losses in principle are limited to 

the fair value of the instruments in question. The contract value or principal amounts of the 

financial instruments serve only as an indication of the extent to which such financial 

instruments are used, and not of the value of the credit or market risks. 

Credit risk 

Credit risk is the risk of financial loss to the Company if a counter party to a financial 

instrument fails to meet its contractual obligations, and arises principally from the Company’s 

receivables. Due to activities within the METRO Group the credit risk is very limited. 

In the course of the risk management of monetary investments and financial derivatives, minimum 

creditworthiness requirements and maximum exposure limits have been defined for all 

business partners of METRO Group. This is based on a system of limits laid down in the treasury 

guidelines applied within the METRO Group. 

The Company reviews the creditworthiness internally as part of the Company risk management 

procedures. This risk has not materialised and no allowance for impairment for incurred losses 

in respect of receivables is recognised. 

Approximately 97% (2009: 98%) of the receivables of the company are held with related 

parties, for definition see below to related party transactions. Approximately 62% (2009: 62%) 

of the receivables is concentrated with METRO Cash and Carry International Holding B.V., The 

Netherlands. 

The receivables outstanding with third parties amount to EUR 75 million (2009: EUR 59 

million). 

We refer to note 2 and 4, for further information. These receivables are secured by the 

following. 

• Guarantee of Metro AG; 

• Mortgage agreement, and. 

• Obligation to take over rental payments. 

In general management of the Company tend to assess and review credit risk for counterparties 

within the Group. If considered necessary receivables will be secured by adequate warranty 

instruments. 

- 210 -

Liquidity risk 


reserves so that liquidity risk is limited. 

Maturity of liabilities and cash outflows (contractual cash flows) 

The following table provides a maturity overview of contractual cash flows. The amounts 

disclosed in the table are the contractual undiscounted amounts. 

Less than 

1 year 

Between 1 

and 5 years 

Over 

5 years 

At December 31, 2009 

Borrowings – 2,473,605 – 

Interest on borrowings 124,735 290,041 – 

Other payables 62 – – 

Derivatives – – – 

Total 124,797 2,763,646 – 

At December 31, 2010 

Borrowings 750,000 1,723,000 – 



Derivatives 77,650 – – 

Total 936,601 1,834,869 – 

Interest rate risk 

The company is exposed to interest rate cash flow risk regarding floating interest rates on 

receivables and liabilities. In relation to fixed rate interest bearing receivables and liabilities, the 

company is exposed to fair value interest rate risk. 

Derivative financial instruments may be used by the entity to hedge interest rate risks if deemed 

necessary. 

Interest rate derivative financial instruments may be used to adjust the fixed or floating nature of 

the external loans obtained to the desired profile. The METRO Group interest rate policy aims 

to reduce the financing costs as much as possible. Derivative financial instruments are not used 

for speculative purposes. 

- 211 -

The estimated market value indicates the amount payable or receivable in exchange for termination 

of the contracts as at year-end without further obligations. 

Sensitivity analysis 

At December 31, 2010, if EURIBOR interest rates had been 100 basis points higher/lower with 

all other variables held constant, post-tax profit for the year would have been EUR 0 million 

higher/lower (2009: EUR 0 million lower/higher), because of the existing service agreement 

with METRO AG, according to which a stable interest income is guaranteed. The change in 

interest rates would have had no impact on equity. 

Currency risk 

The company is exposed to foreign exchange risk on loans receivables and payable 

denominated in a currency other that the euro. Foreign currency derivative financial 

instruments, mainly currency forwards and swaps may be used to reduce the foreign currency 

risk arising on financing and funding transactions in foreign currencies. Forward exchange 

contracts and currency swap contracts are entered into to adjust the currency of the payables and 

receivables to the desired currency. Derivative financial instruments are not used for speculative 

purposes. 

The estimated market value indicates the amount payable or receivable in exchange for 

termination of the contracts as at year-end without further obligations. 

As per 31 December 2010 one foreign exchange forward contract (EUR/RON) was outstanding 

to hedge the RON currency risk of the future RON interest margin relating to the RON 

denominated loan receivable and Note and one foreign exchange forward contract (EUR/GBP) 

was outstanding to hedge the GBP currency risk of the future GBP interest margin relating to 

the GBP loan granted to a METRO Group company.. We refer to the paragraph on “interest rate 

risk”. 


At December 31, 2010, if the euro had weakened/strengthened by 10 percent against the RON 

with all other variables held constant, post-tax profit for the year would have been EUR 0 

million (2008: EUR 0 million) lower/higher, because the RON positions are naturally hedged. 

The change in exchange rate has no impact on equity. 

- 212 -

Fair value 

The fair value of the financial instruments stated on the balance sheet can be specified as 

follows: 

Note Fair value Book value Fair value Book value 

Ref. 2010 2010 2009 2009 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Financial assets 2 

Loans to third parties 76,733 75,266 26,694 24,693 

Loans to Metro Group 

companies 1,467,812 1,378,781 1,260,403 1,204,513 

Loans and receivables 4 

Loans to third parties – – 36,314 35,000 


companies 1,084,249 1,079,412 1,254,879 1,251,341 


Bond 7 1,152,209 1,021,067 1,964,368 1,768,943 

Promissory loan notes 8 713,404 699,474 719,260 699,097 


Bonds 9 760,234 790,219 40,604 40,604 

Promissory note loans 10 8,475 8,475 8,362 8,362 

Bank loans 11 – – – – 

Other liabilities-derivatives 13 1,480 1,480 1 1 

We refer to notes mentioned to facilitate reconciliation to the face of the balance sheet. The fair 

values represent the clean fair value excluding of interest accruals. All, except derivatives, 

assets and liabilities categorized as loans and receivables and valued accordingly at amortized 

cost. Derivatives are categorized at fair value through profit and loss and valued and accounted 

for accordingly. 

As per 31 December 2010 a RON denominated forward contract is outstanding representing a 

fair value of EUR 0,7 and a GBP demoninated forward contract is outstanding respresenting a 

fair value of EUR 1,479. 

- 213 -

19 Related party transactions 

Metro Finance B.V. has business relationships with Metro AG, the sole shareholder, and several 

Metro Group companies. 

The main activity of Metro Finance B.V. is to issue bonds in the external market. The proceeds 

are lent to the parent company (METRO AG) or to other entities within the METRO Group. An 

arms length interest spread is included by Metro Finance B.V. on top of the funding rate in case 

loans are granted to affiliated companies. 

The balance outstanding with and interest revenues and expenses related to Metro AG and the 

overall balance Metro Group companies have been separately disclosed in balance sheet and 


For an overview of all Metro Group companies we refer to the consolidated financial statements 

of Metro AG. 

Business relationships with related parties are based on contractual agreements providing for at 

arms length prices. During the year 2010, an amount of EUR 0 million regarding interim 

dividend was paid to METRO AG (2009: EUR 0 million). 

Metro Finance B.V. has no business relations with related natural persons during the financial 

year. 

20 Contingent obligations 

The company has a non-cancellable rent agreement for its office building, which will expire on 

May 31, 2012 with a total obligation of EUR 92 (2009: EUR 164) for the remaining contractual 

period, of which EUR 61 is due in financial year 2010 (2009: EUR 59 due in 2009). No other 

off balance sheet liabilities, guarantees or long term financial obligations are applicable. 

21 Personnel 

The company employed 10 persons (2009: 10) on average in the financial year. Measured in full 

time equivalents, the company employed 9 FTE on average during the financial year 

(2009: 9). 

- 214 -

22 Remuneration of the Boards of Managing and Supervisory Directors 

The Board of Managing Directors consisted of 4 persons during the year (2009: 4). 

The Board of Supervisory Directors consisted of 3 persons during the year (2009: 3). 

The remuneration for the Managing Directors amounted to EUR 237. (2009: EUR 211). The 

remuneration for the Supervisory Board for the financial year 2010 amounted to EUR 8 (2009: 

EUR 8). 

Venlo, 14 April 2011 

The Board of Managing Directors, 

The Board of Supervisory Directors, 

O. Kruse O.Koch 

H.-D. Hinker 

T. Grad 

H. Laaks H. Sachs 


- 215 -

Other Information 

Independent auditor’s report 

To: The Annual Meeting of Shareholders of METRO Finance B.V. 

Report on the financial statements 

We have audited the accompanying financial statements 2010 of METRO Finance B.V., Venlo, 

which comprise the balance sheet as at 31 December 2010, the statement of income for the year, 

the statement of recognized income and expense, changes in equity and cash flows for the year 

then ended and notes, comprising a summary of the significant accounting policies and other 

explanatory information. 

Management’s responsibility 

Management is responsible for the preparation and fair presentation of the financial statements 

in accordance with International Financial Reporting Standards as adopted by the European Union 

and with Part 9 of Book 2 of the Netherlands Civil Code, and for the preparation of the Report 

of the Board of Managing Directors, in accordance with Part 9 of Book 2 of the Netherlands 

Civil Code. Furthermore, management is responsible for such internal control as it determines 

is necessary to enable the preparation of the financial statements that are free from material 

misstatement, whether due to fraud or error. 

Auditor’s responsibility 

Our responsibility is to express an opinion on these financial statements based on our audit. We 

conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. 

This requires that we comply with ethical requirements and plan and perform the audit to obtain 

reasonable assurance about whether the financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures 

in the financial statements. The procedures selected depend on the auditor’s judgment, 

including the assessment of the risks of material misstatement of the financial statements, 

whether due to fraud or error. In making those risk assessments, the auditor considers internal 

control relevant to the entity’s preparation and fair presentation of the financial statements in 

order to design audit procedures that are appropriate in the circumstances, but not for the purpose 

of expressing an opinion on the effectiveness of the entity’s internal control. An audit also 

includes evaluating the appropriateness of accounting policies used and the reasonableness of 

accounting estimates made by management, as well as evaluating the overall presentation of the 


We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 

basis for our audit opinion. 

Opinion 

In our opinion, the financial statements give a true and fair view of the financial position of 

METRO Finance B.V. as at 31 December 2010 and of its result and its cash flows for the year 

then ended in accordance with International Financial Reporting Standards as adopted by the 

European Union and with Part 9 of Book 2 of the Netherlands Civil Code. 

- 216 -

Report on other legal and regulatory requirements 

Pursuant to the legal requirements under Section 2:393 sub 5 at e and f of the Netherlands Civil 

Code, we have no deficiencies to report as a result of our examination whether the Report of the 

Board of Managing Directors, to the extent we can assess, has been prepared in accordance with 

part 9 of Book 2 of this Code, and if the information as required under Section 2:392 sub 1 at b - 

h has been annexed. Further, we report that the Report of the Board of Managing Directors, to 

the extent we can assess, is consistent with the financial statements as required by Section 2:391 

sub 4 of the Netherlands Civil Code. 

Amstelveen, 14 April 2011 

KPMG ACCOUNTANTS N.V. 

M.G. Schönhage RA 

- 217 -

Provisions in the Articles of Association governing the appropriation of profit 

According to article 15.1 of the company’s Articles of Association, the profit is at the disposal 

of the General Meeting of Shareholders, which can allocate the profit wholly or partly to the 

general or specific reserve funds. 

The company can only make payments to the shareholders and other parties entitled to the 

distributable profit for the amount the shareholders’ equity exceeds the paid-up and called-up 

part of the capital plus the legally required reserves. 

Proposal for profit appropriation 

The General Meeting of Shareholders will be proposed to add the 2010 net result after tax, 

amounting to EUR 3,812 to the other reserves. 

The proposed appropriation of the net result for the year has not been effectuated yet. 

- 218 -

Financial Information of Metro Finance B.V. for 2009 

Any references to specific page numbers are to page numbers of the Annual Report 2009 or 

2008, respectively and do not correspond to page numbers of this Prospectus. 

Report of the Board of Supervisory Directors 

Pursuant to the Articles of Association we are pleased to submit the financial statements for the 

year 2009 as drawn up by the Board of Managing Directors for your adoption. 

The financial statements, which both the Board of Supervisory Directors and the Board of 

Managing Directors have signed, have been audited by KPMG Accountants N.V. The auditor's 

report is included in the other information section. 

We recommend you to adopt the financial statements. 

Venlo, 31 March 2010 

The Board of Supervisory Directors: 

O. Koch 

T. Grad 

Dr. R. Giebeler 

- 219 -

Report of the Board of Managing Directors 

The Board of Managing Directors of the company hereby presents its financial statements for 

the financial year ended on 31 December 2009. 

Overview 

METRO Finance B.V. ("the Company") operates as a finance company within the 

METRO Group. The ultimate parent company of this group is METRO AG which is 

incorporated in Düsseldorf, Germany and which also is the sole shareholder of the Company. 

The main activities of Metro Finance B.V. consist of attracting loans for long-term funding of 

METRO AG. and Metro Group companies as well as hedging of related interest rate and 

currency risks. 

METRO Finance B.V. has converted to International Financial Reporting Standards as endorsed 

by the European Union (IFRS) for the financial year that started 1 January 2009. Management is 

of the opinion that reporting under IFRS improves transparency and comparability with 

financial reporting on Metro Group level. The comparative information has been adjusted 

following the requirements under IFRS 1 "First Time Adoption. The impact on equity at the 

date the transition date to IFRS (1 January 2008), has been limited to a decrease in equity of 

EUR 0.16 million. This is completely due to the difference is valuation base for derivatives 

under IFRS. Under IFRS derivatives are valued at fair value, while under Dutch GAAP, 

derivatives were measured at cost. The one-off effect completely relates to derivatives and 

related fair value hedges that matured in 2008. The effect on the financial result for the 

year 2008, compared to the prior financial statements issued under the application of Dutch 

GAAP amounts to EUR 0.16 million. 

The operating business of the company developed in line with the expectations of management. 

METRO Finance B.V.'s activities are strongly focused on the financial needs of METRO subsidiaries 

worldwide. The company faces a stable development in 2009 with a slight increase in the 

total assets by EUR 9.8 million to EUR 2,549 million (0.31% increase). 

In July 2009 the company issued a RON denominated bond amounting to RON 100 million on 

the Romanian market under the Debt Issuance Program. The bond has been guaranteed by 

METRO AG, Düsseldorf. The proceeds were directly used to grant a corresponding loan to one 

of METRO Group's Romanian sales companies, so that METRO Finance B.V. is facing no 

currency risk. 

Shareholder's equity increased from EUR 28.3 million to EUR 32.0 million. The net interest 

margin has decreased by 2.8% to EUR 5.3 million. The net result for the financial year ended 

31 December 2009 amounted to EUR 3.7 million. No dividends were paid during 2009. 

As a financial service company, METRO Finance B.V. faces financial risks. These include in 

particular price risks, liquidity risks and cash flow risks. Price risks result from the impact of 

changes in market interest rates or exchange rates on the fair value of financial instruments. 

Interest and currency risks are substantially managed and hedged to the required risk profile, as 

described in the principles laid down in the internal treasury guidelines of the METRO Group. 

Like in previous years, foreign exchange exposure has been completely hedged into EUR via 

derivatives. Since the company is obliged to follow the financial strategic objectives of 

METRO AG, potential interest risk positions are covered contractually by METRO AG. 

- 220 -


reserves so that there is no danger of liquidity risk even if an unexpected event has a negative 

financial impact on the company's liquidity situation. A future change in interest rates may 

cause cash flows from variable interest rate asset and debt items to fluctuate. 

The finance department of METRO AG accounts for these risks by defining a benchmark for 

the relationship between variable and fixed-interest on a METRO Group level. Potential risk 

positions are covered through the service agreement with METRO AG where a certain interest 

spread is guaranteed. 

Statement of responsibility 

Further to the requirements set out in Article 5:525c sub 2c of the "Wet Financieel Toezicht 

(Wft)", the members of the Board of Managing Directors of the Company hereby state that, to 

our best knowledge: 

• the financial statements for the year ended 31 December 2009 give a true and fair view of 

the assets, liabilities, financial position of and the result generated by the Company; 

• the report of the Board of Managing Directors gives a true and fair view of the status of the 

Company as per the balance sheet date and the state of affairs during the financial year to 

which the report relates; and 

• the report of the Board of Managing Directors includes a description of the substantial 

risks the issuer is facing. 

Outlook 

The Board of Managing Directors expects the year 2010 still to be effected by the effects of the 

crisis on the financial and banking markets which started in 2008. Depending on market 

conditions, management expects to enter into the debt capital market in 2010 again to refinance 

maturing obligations. The net interest margin will be primarily influenced by new credit 

allocation to METRO subsidiaries, alterations of the short and long term interest rates and the 

margins of capital market instruments. 

Venlo (The Netherlands), 31 March 2010 


H. Laaks 

O. Kruse 

H.-D. Hinker 


- 221 -

Balance sheet as at 31 December 2009 

(before profit appropriation) 

EUR 

1,000 

2009 2008 1 January 2008 

EUR EUR EUR EUR EUR 

1,000 1,000 1,000 1,000 1,000 

Noncurrent assets 

Tangible assets 1 28 35 43 

Financial assets 2 1,229,206 551,564 1,478,828 

Deferred tax assets 3 – – 53 

1,229,234 551,599 1,478,924 


Loans and 

receivables 4 1,319,904 1,989,770 946,788 

Cash and cash 

equivalents 5 23 2 8 

Other assets 25 – – 105 

1,319,927 1,989,772 946,901 

2,549,161 2,541,371 2,425,825 

Shareholders' 

equity 6 

Share capital 453 453 453 

Share premium 6,324 6,324 6,324 

Retained earnings 21,509 17,587 13,327 

Net result for the 

year 3,702 3,922 4,260 

31,988 28,286 24,364 

Noncurrent 

liabilities 

Bonds 7 1,768,943 1,743,759 1,244,987 


loans 8 699,097 698,738 199,706 

Bank loans – – 42,351 

2,468,040 2,442,497 1,487,044 


Bonds 9 40,604 39,455 65,881 


loans 10 8,362 9,741 4,603 

Bank loans 11 – 21,186 100,311 

Loans and 

borrowings 12 – 59 726,027 

Income taxes 105 102 81 

- 222 -

EUR 

1,000 

2009 2008 1 January 2008 

EUR EUR EUR EUR EUR 

1,000 1,000 1,000 1,000 1,000 

Other liabilities 13, 

25 62 45 17,514 

49,133 70,588 914,417 

2,549,161 2,541,371 2,425,825 

- 223 -

Statement of income for the year 2009 

2009 2008 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Financial income 14 135,445 131,964 

Financial expenses 15 130,100 126,252 

Net financial income 5,345 5,712 

Other income 16 696 331 


Amortisation and depreciation 

charges 9 15 

Wages and salaries 17 595 375 

Other expenses 18 468 389 

1,072 779 

Result before taxation 4,969 5,264 

Taxation 19 1,267 1,342 


Attributable to: 

• Shareholders of the company 3,702 3,922 

• Minority interest – – 


- 224 -

Statement of comprehensive income for the year 2009 

2009 2008 

EUR 1,000 EUR 1,000 

Other comprehensive income directly recognised in equity – – 



Comprehensive income attributable to: 

• Shareholders of the company 3,702 3,922 

• Minority interest – – 


Statement of changes in equity for the year 2009 

Share Share Retained Net result Total 

capital premium earnings for the year 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

As at 1 January 2008 453 6,324 13,327 4,260 24,364 

Appropriation of the net 

results for the year ended 

31 December 2007 – – 4,260 (4,260) – 


As at 31 December 2008 453 6,324 17,587 3,922 28,286 

As at 1 January 2009 453 6,324 17,587 3,922 28,286 

Appropriation of the net 

results for the year ended 

31 December 2008 – – 3,922 (3,922) – 


As at 31 December 2009 453 6,324 21,509 3,702 31,988 

- 225 -

Cash flow statement for the year 2009 

2009 2008 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Net cash flow from operating activities 

Operating result from finance activities 5,345 5,712 

Operating result other income 696 331 

Operating expenses (1,072) (779) 

4,969 5,264 

Adjustment for amortization and 

depreciation 9 15 

Cash generated operating activities 4,978 5,279 

Corporate income tax paid (1,270) (1,321) 

Net cash flow from operating activities 3,708 3,958 

Net cash flow from investing activities 

Additions to tangible assets (26) (7) 

Disposals of tangible assets 24 – 

Net cash flow from investing activities (2) (7) 

Net cash flow from financing activities 

De-/(increase) current assets 669,866 (1,042,877) 

In-/(decrease) current liabilities (21,452) (843,850) 

648,414 (1,886,727) 

In-/(decrease) long term liabilities 25,543 955,453 

(In-)/decrease financial fixed assets (677,642) 927,317 

(652,099) 1,882,770 

Net cash flow from financing activities (3,685) (3,957) 

Changes in cash and cash equivalents 21 (6) 

Cash and cash equivalents as at 

January 1 2 8 

Cash and cash equivalents as at 

December 31 23 2 

- 226 -

Notes to the 2009 financial statements 

General 

METRO Finance B.V. ("the Company"), domiciled in Venlo, was incorporated on 3 October 

1984 as a Dutch company with limited liability ("B.V. = Besloten Vennootschap"). The 

financial year equals the calendar year. 

Group structure 

METRO Finance B.V. belongs to the METRO Group. The ultimate parent company of this 

group is METRO AG which is incorporated in Düsseldorf, Germany which is also the sole 

shareholder of the company. The financial statements of Metro Finance B.V. have been 

included in the consolidated financial statements of Metro AG for the year ended 31 December 

2009. 

Activities 

METRO Finance B.V. operates as a finance company within the METRO Group. Its main 

activities consist of attracting loans for funding of METRO AG and METRO Group companies 

as well as hedging of related interest rate and currency risks. 

Accounting principles 

The financial statements have been prepared in accordance with International Financial 

Reporting Standards as adopted by the European Union (IFRSs) and with Part 9 of Book 2 of 

the Netherlands Civil Code. 

The accounting principles as set out below have been applied in preparing the financial 

statements for the year ended 31 December 2009 and the comparative information presented in 

these financial statements. The date of transition to IFRS, being the beginning of the earliest 

period for which full comparative information under IFRS is presented, is 1 January 2008. An 

explanation on how the transition to IFRS has affected the financial statement captions has been 

provided in note 25 as included in these financial statements. 

These financial statements have been based on the historical cost convention, except for 

financial instruments that are recognised at fair value. The financial statements have been 

prepared in euros. All amounts are stated in thousands of euros. The accounting principles used 

as a basis for the financial statements have been described in the following paragraphs. 

Going concern 

There are no indications to doubt the continuity of either the Company or the sole shareholder 

Metro AG. Therefore the going concern assumption was applied during the preparation of these 


- 227 -

Comparison with prior year 

METRO Finance B.V. has converted to International Financial Reporting Standards as endorsed 

by the European Union (IFRS) for the financial year that started 1 January 2009. The date of 

transition to IFRS is 1 January 2008. 

Following the requirements under IFRS 1 "First Time Adoption", the company has presented: 

• three balance sheets; 

• two statements of income; 

• two statements of comprehensive income; 

• two statements of cash flows; and 

• two statements of changes in equity and related notes, including comparative information. 

The impact on equity and results when comparing to the financial reports issued under the 

application of Dutch GAAP has been limited to a decrease in equity as at 1 January 2008 and an 

increase in net results over 2008 of EUR 157 respectively. Note 25 provides a reconciliation and 

explanation of the effects of the conversion to IFRS as at 1 January 2008. 

Certain items previously reported under specific financial statement captions have been reclassified 

to comply with presentation under IFRS. 

Currency translation 

Transactions denominated in currencies other than euro (functional currency) are translated at 

the exchange rate applying on the transaction date. Monetary assets and liabilities denominated 

in currencies other than euro are translated at the rate of exchange prevailing on balance sheet 

date. Non-monetary assets and liabilities in foreign currency that are stated at historical cost are 

translated into euros at the applicable exchange rates on the transaction date. The resulting 

exchange rate differences are credited or charged to the statement of income. 

The following currency exchange rates were applied in the translation of the key currencies to 

euro: 

Average 

2009 

Average 

2008 

31 Dec. 

2009 

31 Dec. 

2008 

Romanian Leu (RON) 4.23794 3.68428 4.23630 4.02250 

Japanese Yen (JPY) 130.33 152.29 133.16 126.14 

Czech Kroner (CZK) 26.436 24.970 26.473 26.875 

- 228 -

Tangible assets 

Tangible fixed assets used in operations for a period that exceeds one year are recognised at cost 

less scheduled depreciations. Tangible assets are depreciated solely on a straight line basis, 

taking into account the following useful lives: 

• Computer system : 3 - 5 years. 

• Cars : 5 years. 

• Computer license : 6 years. 

• Office equipment : 5 - 8 years. 

Assets are impaired in case the recoverable amount is below the book value. 

Financial Assets 

Financial assets held by the Company are recognised in accordance with IAS 39 (Financial 

instruments: Recognition and Measurement). Financial assets are initially recognised at fair 

value. Subsequently financial assets are measured at either amortised cost or fair value, 

depending on the applicable categorisation in accordance with IAS 39. The Company applies 

value date accounting. 

Derivative financial instruments are measured at fair value with fair value movements in the 


Income and deferred tax 

Income taxes concern direct taxes on income. 

Deferred taxes are determined in accordance with IAS 12, based on which future tax benefits 

and liabilities are recognised in case these are related to temporary difference between the 

commercial and fiscal base of recognition. Anticipated future tax savings due to compensating 

fiscal loss carry forwards, that are expected to be realised in the foreseeable future, are 

capitalised. 

Deferred tax assets and liabilities are netted if these relate to an identical (group of) topics and 

subjects that are jointly assessed for income tax purposes by the same tax authority. 

Loans and receivables 

Loans are classified as "loans and receivables" and therefore recognised at amortised cost based 

on the effective interest method, decreased by the impairment adjustment if applicable. 

Cash and Cash equivalents 

Cash and cash equivalents comprise bank deposits and monetary assets with a remaining time to 

maturity of 3 months and are measured at amortised cost, which equals nominal values unless 

stated otherwise. 

Other assets 

"Other assets" include deferred expense, as well as derivative financial instruments with a time 

to maturity that does not exceed 12 months. Derivative financial instruments are measured at 

fair value with fair value movements recognised in the statement of income. 

- 229 -

Impairment or disposal of assets 

Impairment losses on assets carried at amortised cost are measured as the difference between the 

carrying amount of the financial asset and the present value of estimated future cash flows 

discounted at the asset's original effective interest rate. Impairment losses are recognized in 

profit and loss and reflected in an allowance account against loans and advances. Interest on 

impaired assets continues to be recognized through unwinding of the discount. When a 

subsequent event causes the amount of impairment loss to decrease, the decrease in impairment 

loss is reversed through profit and loss. 

Non-current liabilities 

Noncurrent liabilities are either "loans and borrowings" or derivative financial instruments with 

a time to maturity that exceeds 12 months, that are recognised in accordance with IAS 39 

(Financial instruments: Recognition and Measurement). 

Loans and borrowings consist of bonds, promissory note loans and bank loans that are initially 

recognised at fair value. Subsequently "loans and borrowings" are measured at amortised cost 

using the effective interest method in accordance with IAS 39. The amortised cost basis for 

financial liabilities designated as a hedged item in a fair value hedge relationship is increased 

with an amount that represents the effective part of the fair value movement of the hedging 

instrument designated in the fair value hedge relationship. 

Derivative financial instruments are measured at fair value with fair value movements 

recognised in the statement of income. 


Current liabilities include (parts of the) loans and borrowings with times to maturity that do not 

exceed 12 months, income tax liabilities and "other liabilities". 

"Other liabilities" include deferred income, accrued expenses and derivative financial 

instruments measured at fair value or amortised cost, for which the period to maturity does not 

exceed 12 months. Deferred income and accrued expenses are valued at cost. Derivative 

financial instruments are valued at fair value. 

Contingent liabilities 

Contingent liabilities are, on one hand, potential obligations arising from past events whose 

existence is confirmed only by occurrence or non-occurrence of uncertain future events that are 

not entirely under the Company's control On the other hand, contingent liabilities represent 

current obligations arising from past events for which, however, an outflow of resources is not 

considered probable or whose size cannot be determined with reasonable certainty. According 

to IAS 37 (provisions, contingent liabilities and contingent assets), such liabilities are not 

recognised but commented upon in the notes. 

Accounting for derivative financial instruments / hedge accounting 

Derivative financial instruments are used exclusively to reduce risks in accordance with the 

respective group guidelines. Usage is limited to foreign exchange spot and forward transactions, 

interest rate swaps and cross currency swaps. 

In accordance with IAS 39, all derivative financial instruments are recognised at fair value and 

presented under "current assets" or "current liabilities" or "other assets" or "other liabilities" in 

- 230 -

case the remaining period to maturity does not exceed twelve months. Fair value changes are 

recognised directly in the statement of income. The Company does not apply cash flow hedge 

accounting. 

In case (interest rate) fair value hedge accounting is applied, the hedged item is adjusted to 

reflect the effective part of the fair value change of the hedging instrument with an offsetting 

amount to be included in the statement of income. Both at the hedge inception and at each 

reporting date, we assess whether the derivatives used are highly effective in offsetting changes 

in fair values or cash flows of hedged items. When a derivative is not highly effective, we 

discontinue hedge accounting prospectively. In case the fair value hedge is de-designated, the 

remaining fair value adjustment on the hedged item is amortised over the remaining time to 

maturity using the effective interest rate at date of de-designation. 

Use of assumptions and estimates 

In general financial statements are prepared using assumptions and estimates that had an effect 

on the value and presentation of the reported assets, liabilities, income and expense as well as 

contingent liabilities. In the context of the Company financial statements, estimates and 

assumptions mainly relate to contingent liabilities, provisions, fair value assessments and 

impairments. 

A yearly analysis of impairment triggers for financial assets is performed based on information 

available within the Group and external market data. 

Shareholders' equity 

Financial instruments that are designated as equity instruments by virtue of the economic reality 

are presented under shareholders' equity. Payments to holders of these instruments are deducted 

from the shareholders' equity as part of the profit distribution. 

Financial instruments that are designated as a financial liability by virtue of the economic reality 

are presented under liabilities. Interest, dividends, income and expenditure with respect to these 

financial instruments are recognised in the statement of income as financial income or expense. 

Financial income and expense 

Financial income and expense is composed of interest income and expense, fair value changes 

of derivative financial instruments as well as currency revaluation gains and gains and losses on 

monetary assets and liabilities. Interest income and expense are time apportioned, based on the 

effective interest rate for the relating assets and liabilities that includes the effects of directly 

related transaction costs. 

Other income 

Other income relates to revenue from management services rendered to the affiliated companies. 

For which service level agreements are in place. Revenues are recognised in the period they 

relate to. 

- 231 -

Segment reporting 

Segment information is not separately reported because the primary activity of the Company is 

financing the parent company Metro AG (Germany) and Metro Group companies within 

continental Europe (2009: 96.7%; 2008: 96.7%), as well as Metro Group Companies within 

Central Eastern Europe (2009: 3.3%; 2008: 3.3%). The interest income relates to continental 

Europe (2009: 96.4%; 2008: 97.9%) and to Central Eastern Europe (2009: 3.6%; 2008: 2.1%). 

New standards and interpretations not yet adopted 

A number of new standards, amendments to standards and interpretations are not yet effective 

for the year ended 31 December 2009. Those newly issued standards and/or interpretations do 

not have an impact on the Company's financial statements. 

New IFRS accounting standards, adopted as from 2009 

• An amendment to IFRS 7, "Financial Instrument: Disclosures" introduces a fair value hierarchy 

and additional disclosures for measurement of financial instruments. The amendment 

became effective in 2009 and resulted in limited additional disclosures in our financial 

statements. 

• IFRS 8, "Operating Segments" requires an entity to adopt the "management approach" to 

reporting on the financial performance of its operating segments. Generally, the information 

to be reported is what management uses internally for evaluating segment performance. 

We adopted this standard in 2009, which resulted in limited presentation changes. 

• The revised IAS 1, "Presentation of Financial Statements" mainly introduces a statement of 

comprehensive income. We adopted this standard in 2009 in the financial statements accordingly. 

• An amendment to IAS 32, "Financial Instruments: Presentation" changes the classification 

of some puttable financial instruments that meet the definition of a financial liability into 

equity because they represent a residual interest in the net assets. A second amendment was 

issued which addresses the accounting for rights issues such as options and warrants, denominated 

in a currency other than the functional currency of the issuer. The financial 

statements are not affected by either amendment as we have not issued such financial instruments. 

New IFRS accounting standards not yet adopted as from 2009 

• An amendment to IAS 24, "Related Party Disclosures" clarifies the definition of a related 

party and provided a partial exemption from the disclosure requirements for governmentrelated 

entities. The revised standard also clarifies that disclosure is required of any commitments 

of a related party to do something if a particular event occurs or does not occur in 

the future. 

The revised standard is effective as from 2011, with earlier application permitted. 

• IFRS 9, "Financial Instruments (replacement of IAS 39)" will become effective as from 

2013, with earlier adoption permitted. IFRS 9 introduced new requirements for classifying 

and measuring financial assets. This standard encompasses an overall change of accounting 

principles in that standard and will eventually replace IAS 39 - the current standard on financial 

instruments. As its scope will be expanded during 2010, we will review the effects 

- 232 -

of a comprehensive standard on financial instruments and consider adoption when appropriate. 

• An amendment to IAS 39, "Financial Instruments: Recognition and Measurement" addresses 

two separate hedge accounting issues. It clarifies the requirements when options 

are used for hedging and it regulates inflation-linked hedge relationships. The amendment 

to IAS 39 will be effective as from 2010. As we commonly use forward contracts for 

hedges, we do not expect a material impact from adopting this amendment. 

• An amendment to IFRIC 9 and IAS 39, "Embedded Derivatives" clarifies the accounting 

treatment of embedded derivatives for entities that use the reclassification amendment to 

IAS 39. As the reclassification amendment is an option which we do not use, these 

amendments to IFRIC 9 and IAS 39 will not affect our financial statements. 

• IFRIC 19, "Extinguishing Financial Liabilities with Equity Instruments" applies when a 

debtor extinguishes a liability fully or partly by issuing equity instruments to the creditor. 

The interpretation will be effective as from 2011. We are currently reviewing whether such 

agreements exist within our businesses. 

Cash flow statement 

The cash flow statement has been prepared applying the indirect method. 

Cash flows in foreign currencies have been translated at the weighted average exchange rates. 

Receipts and payments of interest and corporate income tax are included in the cash flow from 

operating activities. The comparative figures included in the cash flow statement reflect minor 

differences compared to the prior year Dutch GAAP cash flow statements. These minor differences 

have been explained in note 25. 

Determination of fair value of financial assets and liabilities 

The estimated fair value of financial instruments as included in the either or both the balance 

sheet and disclosure notes has been determined by the Company using acknowledged 

measurement methodology, using market date as money market and swap curves and foreign 

exchange rates present as at balance sheet date. Specific counterparty related credit risk is 

assessed by using the credit default swap spreads for the parties involved. 

The fair values disclosed for financial liabilities outstanding under the DIP and EMTN programmes 

operated via listings on (regulated) exchanges in Frankfurt and Luxembourg are based on 

market data. 

The fair values presented are not necessarily indicative of the amounts that will ultimately be 

realized by the Company upon maturity or disposal. The use of different market assumptions 

and/or estimation methods may have a material effect on the estimated fair value amounts. 

- 233 -

IFRS 7 specifies a fair value hierarchy that identifies the following hierarchy levels: 

• Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical 

assets or liabilities. 

• Level 2: Fair values measured using inputs other than quoted prices included within 

Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly 

(i.e., derived from prices). 

• Level 3: Fair values measured using inputs for the asset or liability that are not based on 

observable market data (unobservable inputs). 

The fair values of the financial instruments included at fair value in the Company financial 

statements are classified as level 2 according to the before mentioned fair value hierarchy 

referred to in IFRS 7. 

Where applicable detailed information concerning the principles for determination of the fair 

values has been included in the section that specifically relates to the relevant financial asset or 

liability. 

1 Tangible assets 

The movements of the tangible fixed assets can be shown as follows: 

2009 2008 

EUR 1,000 EUR 1,000 

Balance as per 1 January: 

• At cost 85 123 


• Book value 35 43 

Movements: 

• Addition 26 7 

• Disposals: 

• Cost (24) 45 

• Cumulative depreciation – (45) 

• Depreciation (9) (15) 

(7) (8) 

- 234 -

2009 2008 

EUR 1,000 EUR 1,000 

Balance as per December 31 

• At cost 87 85 


Book value 28 35 

Tangible fixed assets relate to a car as well as office and computer equipment mainly. 

Impairment adjustments were not deemed necessary. 

2 Financial assets 

Loans to 

third parties 

Loans to 

METRO 

Group 

companies 

Total 

EUR 1,000 EUR 1,000 EUR 1,000 

Balance as at 1 January 2008 43,730 1,435,098 1,478,828 

Additions – 394,732 394,732 

Repayments (1,664) (44,617) (46,281) 

Transfers to short term – (1,275,713) (1,275,713) 

Balance as at 31 December 2008 42,066 509,500 551,566 

Balance as at 1 January 2009 42,066 509,500 551,566 

Additions 19,298 978,217 997,515 

Repayments (1,671) (13,605) (15,276) 

Transfers to short term (35,000) (269,599) (304,599) 

Balance as at 31 December 2009 24,693 1,204,513 1,229,206 

The interest rates on fixed interest rate loans vary between 1.4 % and 11.75% (2008: 3.43% and 

6.27%), depending on the lifetime and interest periods of the respective loans. The interest rate 

on the floating interest rate loans is Euribor + 1.70%. 

The expiration dates of the loans are between 2010 and 2024 (2008: 2009 and 2024). 

Impairments adjustment were not deemed necessary. 

3 Deferred tax assets 

At 31 December 2009, no deferred tax assets exist (2008: nil). 

Deferred tax assets relate to the difference in measurement basis for IFRS and fiscal reporting 

purposes with regards to derivative financial instruments. For Dutch fiscal purposes these are 

- 235 -

valued at cost or lower market value rule while under IFRS fair value accounting is applied. The 

measurement difference is temporary in nature. 

The carrying amount of the deferred tax assets decreased from EUR 53 to nil during 2008, since 

derivatives matured during 2008. 

4 Loans and receivables 

2009 2008 

EUR 1,000 EUR 1,000 

Loans to Metro Group companies 1,251,341 1,945,369 

Loans to third parties 35,000 – 

Interest receivable Metro Group companies 33,538 44,401 

Other receivables 25 – 

Balance as at 31 December 1,319,904 1,989,770 

The loans to METRO AG and Metro Group companies, as well as to third parties will be due 

payable within one year form balance sheet date. 

The interest rates on fixed interest rate loans vary between 1.8 % and 5.0% (2008 4.81% and 

5.16%), depending on the original lifetime and interest periods of the respective loans. The interest 

rates on the floating interest rate loans vary between Euribor + 0.25% and Euribor + 

0.65%. Impairment adjustments have not been deemed necessary. 

The fair value of the collateral exceeds the carrying amounts of the loans provided. 

5 Cash and cash equivalents 

Cash and cash equivalents include bank balances held with commercial banks, that are due 

within three months after balance sheet date and which are at the free disposal of the company. 

6 Shareholder's equity 

The authorised share capital of the company as at 31 December 2009 consists of 700 ordinary 

shares of EUR 1 thousand each. The issued and fully paid-up share capital consists of 

453 shares. 

The proposal for appropriation of net results over 2008 has been adopted at the Shareholders 

Meeting. The 2008 net result has been added to the retained earnings. 

Reference is made to the statement of changes in equity as included in the financial statements. 

- 236 -

7 Bonds 

Maturity 

Fixed 

interest 

Carrying 

amount 

2009 

Principal 

amount 

2009 

Carrying 

amount 

2008 

Principal 

amount 

2008 

% EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 



• DIP Notes 2011 4.63 748,703 750,000 747,826 750,000 

• EMTN Notes 2012 4.75 498,854 500,000 498,416 500,000 

• EMTN Notes 

(RON 150 million) 2012 11.55 23,456 23,606 – – 

• EMTN Notes 2013 9.38 497,930 500,000 497,517 500,000 

1,768,943 1,773,606 1,743,759 1,750,000 

All instruments have been issued under the EMTN and DIP programs. The notes are 

denominated in euros, except for the RON 150 million notes, and bear interest depending on the 

lifetime and interest periods of the respective loans. 

The DIP and EMTN programmes are operated via listings on (regulated) exchanges in Frankfurt 

am Main and Luxembourg. For an overview of fair values reference is made to the note on 

financial risk management. 

8 Promissory note loans 

Weighted 

Interest 

Carrying 

amount 

2009 

Principal 

amount 

2009 

Carrying 

amount 

2008 

Principal 

amount 

2008 

% EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Maturity between 1 and 5 

years: 

• Promissory note loans 4.32 212,706 213,000 212,598 213,000 

• Promissory note loans Floating 486,391 487,000 486,140 487,000 

699,097 700,000 698,738 700,000 

Maturity over 5 years: 

• Promissory note loans Fixed – – – – 

• Promissory note loans Floating – – – – 

– – – – 

Total promissory note 

loans 699,097 700,000 698,738 700,000 

- 237 -

The promissory loan notes are denominated in euros. The floating interest rates on bank loans 

vary between EURIBOR + 0.30% and EURIBOR + 0.80%. For an overview of fair values reference 

is made to the note on financial risk management. 

9 Bonds (current part) 

2009 2008 

EUR 1,000 EUR 1,000 

Bonds – – 


40,604 39,455 

The Bonds (current part) contains the interest accruals related to the Bonds, presented as noncurrent 

liabilities. 

10 Promissory note loans (current part) 

2009 2008 

EUR 1,000 EUR 1,000 

Promissory loans – – 


8,362 9,741 

For an overview of fair values reference is made to the note on financial risk management. 

11 Bank loans (current part) 

Weighted 2009 2008 

Interest 

% EUR 1,000 EUR 1,000 

Bank loan 4.77 – 20,826 

Accrued interest – 360 

– 21,186 

All loans bear fixed interest rates that vary between 4.71% and 4.82% in 2008, depending on the 

lifetime and interest periods of the respective loans. Both loans have a principal amount of 

EUR 10.2 million. The loans matured in 2009. For an overview of fair values reference is made 

to the note on financial risk management. 

- 238 -

12 Loans and borrowings 

2009 2008 

EUR 1,000 EUR 1,000 

Short term part of the loans from Metro Group companies – – 

Current account balances with regards to Metro Group companies – 59 

– 59 

All loans and current accounts regarding Metro Group companies are interest bearing. The 

interest rates are based on EURIBOR flat plus a margin. 

13 Other liabilities and accrued expenses 

2009 2008 

EUR 1,000 EUR 1,000 

Interest payable 61 – 

Derivatives 1 – 

Other – 45 

62 45 

Interest payable relates to external parties completely as at 31 December 2009 and 31 December 

2008. 

The change in derivatives during the year can be specified as follows: 

2009 2008 

EUR 1,000 EUR 1,000 

Balance as at 1 January – 17,000 

Disposal of derivatives – (17,000) 

Change in fair value 1 – 

Balance as at 31 December 1 – 

The derivatives per 31 December 2009 reflect the book value of forward contract to hedge the 

future RON interest cash flows resulting from the RON note. 

The derivatives per 31 December 2008 reflect the book value of the cross currency interest rate 

swaps that matured in July 2008. 

- 239 -

14 Financial income 

2009 2008 

EUR 1,000 EUR 1,000 

Interest income from loans and receivable (Held to maturity) 

Thereof financial instruments of the IAS 39 measurement 

categories and 

related classes of financial instruments: 

• Loans and receivables - external counterparties 3,209 2,893 

• Loans and receivables - Metro Group companies 132,071 128,839 

Fair value changes on interest derivatives - external counterparties – 19 

Sub total interest income 135,280 131,751 

Currency translation gains 165 213 

Financial income 135,445 131,964 

15 Financial expense 

2009 2008 

EUR 1,000 EUR 1,000 

Interest expense from loans and receivable (Held to maturity) 

Thereof financial instruments of the IAS 39 measurement 

categories and related classes of financial instruments: 

• Loans and receivables - external counterparties 129,934 107,234 

• Loans and receivables - Metro Group companies – 19,018 

Fair value changes on Derivatives - counterparties 1 – 

Sub total interest expense 129,935 126,252 

Currency translation losses 165 – 

Financial expense 130,100 126,252 

16 Other income 

The other income consists of general expenses and services fees which were cross charged by 

METRO Finance B.V. to METRO Euro-Finance B.V. relating to expenses incurred and services 

rendered. The cross charges have been based on documented policies. 

- 240 -

17 Wages and salaries 

2009 2008 

EUR 1,000 EUR 1,000 

Wages and salaries 557 341 

Social security charges and pension contributions 38 34 

595 375 

For an overview of staff members and remuneration of Board of Managing and Supervisory 

Directors, reference is made to note 23 and note 25. 

18 Other expenses 

Other expenses relate to general and administrative expenses. 

19 Taxation 

The taxation on the result from ordinary activities can be specified as follows: 

2009 2008 

EUR 1,000 EUR 1,000 

Result from ordinary activities before taxation 4,969 5,264 

Taxation on result from ordinary activities 1,267 1,342 

Effective tax rate 25.5% 25.5% 

Nominal tax rate 25.5% 25.5% 

The nominal tax rate is 25.5% (2008: 25.5%). The tax liability in the profit and loss account 

over 2009 amounts to EUR 1,267 (2008: EUR 1,342) or 25.5 % of the result before taxes (2008: 

25.5%). 

No permanent differences between fiscal and commercial tax base were identified. 

20 Financial risk management 

The Company is exposed to the following risks from its use of financial instruments: 

• Credit risk. 

• Liquidity risk. 

• Market risk including interest rate and currency risk. 

This note presents information about the exposure of the Company to each of the above risks, 

the Company's objectives, policies and processes for managing and measuring these risks, and 

the Company's approach to capital management. 

- 241 -

General 

During the normal course of business, the company uses various financial instruments that 

expose the company to market, credit and liquidity risks. The company is exposed to these risks 

given the portfolio of interest-bearing receivables (mainly taken up in financial fixed assets and 

cash at bank and in hand), interest-bearing long term and current liabilities (including bonds and 

bank loans) as well as derivative financial instruments. 

The company does not trade these financial derivatives and follows procedures and lines of 

conduct to limit the size of the credit risk with each counterparty and market. If counterparties 

fail to meet payment obligations to the company, the resulting losses in principle are limited to 

the fair value of the instruments in question. The contract value or principal amounts of the 

financial instruments serve only as an indication of the extent to which such financial 

instruments are used, and not of the value of the credit or market risks. 

Credit risk 

Credit risk is the risk of financial loss to the Company if a counter party to a financial 

instrument fails to meet its contractual obligations, and arises principally from the Company's 

receivables. Due to activities within the METRO Group the credit risk is very limited. 

In the course of the risk management of monetary investments and financial derivatives, minimum 

creditworthiness requirements and maximum exposure limits have been defined for all 

business partners of METRO Group. This is based on a system of limits laid down in the treasury 

guidelines applied within the METRO Group. 

The Company reviews the creditworthiness internally as part of the Company risk management 

procedures. This risk has not materialised and no allowance for impairment for incurred losses 

in respect of receivables is recognised. 

Approximately 98% (2008: 98%) of the receivables of the company are held with related 

parties, for definition see below to related party transactions. Approximately 62% (2008: 62%) 

of the receivables is concentrated with METRO Cash and Carry International Holding B.V., The 

Netherlands. 

The receivables outstanding with third parties amount to EUR 59 million (2008: EUR 42 million). 

We refer to note 2 and 4, for further information. These receivables are secured by the 

following. 

• guarantee of Metro AG; 

• mortgage agreement, and 

• obligation to take over rental payments. 

In general management of the Company tend to assess and review credit risk for counterparties 

within the Group. If considered necessary receivables will be secured by adequate warranty 

instruments. 

Liquidity risk 


reserves so that liquidity risk is limited. 

- 242 -

Maturity of liabilities and cash outflows (contractual cash flows) 

The following table provides a maturity overview of contractual cash flows. The amounts 

disclosed in the table are the contractual undiscounted amounts. 

2008 

Less than Between 1 Over 5 years 

1 year and 5 years 

EUR 1,000 EUR 1,000 EUR 1,000 

Borrowings 20,452 2,450,000 – 




157,488 2,900,572 – 

2009 

Less than Between 1 Over 5 

1 year and 5 years years 

EUR 1,000 EUR 1,000 EUR 1,000 

Borrowings – 2,473,605 – 




124,797 2,763,646 – 

Interest rate risk 

The company is exposed to interest rate cash flow risk regarding floating interest rates on 

receivables and liabilities. In relation to fixed rate interest bearing receivables and liabilities, the 

company is exposed to fair value interest rate risk. 

Derivative financial instruments may be used by the entity to hedge interest rate risks if deemed 

necessary. 

Interest rate derivative financial instruments may be used to adjust the fixed or floating nature of 

the external loans obtained to the desired profile. The METRO Group interest rate policy aims 

to reduce the financing costs as much as possible. Derivative financial instruments are not used 

for speculative purposes. 

Two cross currency interest rate swaps representing a fair value of approximately 18 million at 

1 January 2008, matured during July 2008. 



- 243 -


At December 31, 2009, if EURIBOR interest rates had been 100 basis points higher/lower with 

all other variables held constant, post-tax profit for the year would have been EUR 0 million 

higher/lower (2008: EUR 0 million lower/higher), because of the existing service agreement 

with METRO AG, according to which a stable interest income is guaranteed. The change in 

interest rates would have had no impact on equity. 

Currency risk 

The company is exposed to foreign exchange risk on loans receivables and payable 

denominated in a currency other that the euro. Foreign currency derivative financial 

instruments, mainly currency forwards and swaps may be used to reduce the foreign currency 

risk arising on financing and funding transactions in foreign currencies. Forward exchange 

contracts and currency swap contracts are entered into to adjust the currency of the payables and 

receivables to the desired currency. Derivative financial instruments are not used for speculative 

purposes. 



As per 31 December 2009 one foreign exchange forward contract (EUR/RON) was outstanding 

to hedge the RON currency risk of the future RON interest margin relating to the RON 

denominated loan receivable and Note. As per 31 December 2008, no derivatives were 

outstanding to hedge the interest and currency risk on the loan notes denominated in non 

functional currencies. We refer to the paragraph on "interest rate risk". 


At 31 December 2009, if the euro had weakened/strengthened by 10 percent against the RON 

with all other variables held constant, post-tax profit for the year would have been 

EUR 0 million (2008: EUR 0 million) lower/higher, because the RON positions are naturally 

hedged. The change in exchange rate has no impact on equity. 

Fair value 

The fair value of the financial instruments stated on the balance sheet can be specified as 

follows: 

Fair value Book value Fair value Book value 

2009 2009 2008 2008 

EUR 1,000 EUR 1,000 EUR 1,000 EUR 1,000 

Financial assets 2 

Loans to third parties 26,694 24,693 45,708 42,066 


companies 1,260,403 1,204,513 521,592 509,498 

- 244 -

Loans and receivables 4 

Loans to third parties 36,314 35,000 – – 

Loans to Metro AG 1,254,879 1,251,341 2,012,842 1,945,369 


companies 


Bond 7 1,964,368 1,768,943 1,774,093 1,743,759 

Promissory loan notes 8 719,260 699,097 719,820 698,738 


Bonds 9 40,604 40,604 – – 

Promissory note loans 10 8,362 8,362 9,741 9,741 

Bank loans 11 – – 20,673 20,826 

Other liabilities-derivatives 13 1 1 – – 

We refer to notes mentioned to facilitate reconciliation to the face of the balance sheet. The fair 

values represent the clean fair value excluding of interest accruals. All, except derivatives, 

assets and liabilities categorized as loans and receivables and valued accordingly at amortized 

cost. Derivatives are categorized at fair value through profit and loss and valued and accounted 

for accordingly. 

As per 31 December 2009 a RON denominated forward contract is outstanding representing a 

fair value of EUR 0.7. 

21 Related party transactions 

Metro Finance B.V. has business relationships with Metro AG, the sole shareholder, and several 

Metro Group companies. 

The main activity of Metro Finance B.V. is to issue bonds in the external market. The proceeds 

are lent to the parent company (METRO AG) or to other entities within the METRO Group. An 

arms length interest spread is included by Metro Finance B.V. on top of the funding rate in case 

loans are granted to affiliated companies. 

The balance outstanding with and interest revenues and expenses related to Metro AG and the 

overall balance Metro Group companies have been separately disclosed in balance sheet and 


For an overview of all Metro Group companies we refer to the consolidated financial statements 

of Metro AG. 

Business relationships with related parties are based on contractual agreements providing for at 

arms length prices. During the year 2009, an amount of EUR 0 million regarding interim 

dividend was paid to METRO AG (2008: EUR 0 million). 

Metro Finance B.V. has no business relations with related natural persons during the financial 

year. 

- 245 -

22 Contingent obligations 

The company has a non-cancellable rent agreement for its office building, which will expire on 

31 May 2012 with a total obligation of EUR 164 (2008: EUR 258) for the remaining contractual 

period, of which EUR 59 is due in financial year 2010 (2008: EUR 58 due in 2009). No other 

off balance sheet liabilities, guarantees or long term financial obligations are applicable. 

23 Personnel 

The company employed 10 persons (2008: 7) on average in the financial year. Measured in full 

time equivalents, the company employed 9 FTE on average during the financial year 

(2008: 6.5). 

24 Remuneration of the Boards of Managing and Supervisory Directors 

The Board of Managing Directors consisted of 4 persons during the year (2008: 4). 

The Board of Supervisory Directors consisted of 3 persons during the year (2008: 3). 

The remuneration for the Managing Directors amounted to EUR 211 (2008: EUR 136). The 

remuneration for the Supervisory Board for the financial year 2009 amounted to EUR 8 (2008: 

EUR 8). 

25 Explanation of transition to IFRS 

As stated under accounting policies, the company changed its accounting policies in order to be 

in compliance with International Financial Reporting Standards (IFRS). 

In preparing the opening balance sheet on IFRS basis, the company has adjusted amounts 

previously reported in financial statements prepared in accordance with Dutch GAAP. 

Reconciliation at transition date 

NL GAAP 

1 January 2008 

EUR EUR 

1,000 1,000 

Effect of transition 

EUR 

1,000 

EUR 

1,000 

IFRS 

1 January 2008 

EUR EUR 

1,000 1,000 

Non-current assets 

Tangible fixed 

assets 43 – 43 

Financial fixed 

assets 1,478,828 – 1,478,828 

Deferred tax asset a – 53 53 

1,478,871 53 1,478,924 


Loans and 

receivables 946,788 – 946,788 

Cash and cash 

equivalents 8 – 8 

Other assetsderivative 

b 91 14 105 

- 246 -

946,887 14 946,901 

2,425,758 67 2,425,825 

Shareholders' 

equity 

Share capital 453 – 453 

Share premium 6,324 – 6,324 

Retained earnings 17,744 (157) 17,587 

Net result for the 

year 2008 – – – 

24,521 (157) 24,364 

Noncurrent 

liabilities 

Bonds 1,244,987 – 1,244,987 


loans 199,706 – 199,706 

Bank loans c 40,903 1,448 42,351 

1,485,596 1,448 1,487,044 


Bonds d 65,815 66 65,881 


loans 4,603 – 4,603 

Bank loans c 101,759 (1,448) 100,311 

Metro Group 

companies 726,027 – 726,027 

Income taxes 81 – 81 

Other liabilitiesderivatives 

b 17,356 158 17,514 

915,641 (1,224) 914,417 

2,425,758 67 2,425,825 

In summary, the impact of IFRS on the company's accounts is a decrease in shareholders' equity 

on 1 January 2008 that amounts to EUR 157. 

The difference is mainly attributable to the differences in the method of accounting for 

derivatives under IFRS compared to Dutch GAAP (2007). Under IFRS derivative financial 

instruments are measured at fair value, where under Dutch GAAP the derivatives were 

measured at cost. The difference in measurement base does not alter the size or timing of the 

contractual cash flows involved. 

- 247 -

Below a short description per reconciling item is included: 

a) Deferred tax assets. Deferred tax assets arise due to the fact that fair value accounting for 

derivatives under IFRS differs from the cost based valuation base applicable for Dutch 

GAAP and fiscal purposes. A deferred tax position is accounted for due to the temporary 

character of the difference. 

b) "Other assets derivatives". At the date of transition the company holds cross currency 

interest rate swaps in order to hedge interest expense on borrowings and foreign currency 

exchange risks. Derivatives used not to be valued at fair value under the application of 

Dutch GAAP. The interest on the fixed and floating rate parts were recognized in the 

statement of income on an accrual basis. The cross currency element in the interest rate 

currency swaps was recognized in the balance sheet at the spot rate prevailing at the 

balance sheet date. The changes in the values were recognized in the statement of income 

to offset the currency exchange differences on the borrowings in foreign currency. Under 

IFRS these contracts are valued at fair value in the balance sheet with fair value changes 

accounted for through the income statement. 

The company applies fair value hedge accounting for these contracts. The impact on 

shareholders' equity at January 1, 2008, amounts to EUR 157. This is the combined effect 

of the fair value adjustment of the interest-rate derivatives and the fair value adjustment of 

the underlying bonds. 

c) Bank loans. A premium for an amount of EUR 1,448 was presented as a current liability 

under Dutch GAAP. At transition to IFRS this was corrected to non-current liability. 

d) Bonds, two bonds were included in a fair value hedge relationship at date of transition. 

The fair value adjustment to the bonds caused a difference of EUR 66. The fair value 

hedge relationships were effective at time of transition. 

Reconciliation of Equity 

Date of transition: 

EUR 1,000 

NL GAAP shareholders' equity at 1 January 2008 24,521 

Fair value recording of derivatives under IFRS (after deferred tax) (157) 

IFRS shareholders' equity at 1 January 2008 24,364 

Date of latest period under previous GAAP (Dutch GAAP): 

NL GAAP shareholders' equity at 31 December 2008 28,286 

Reconciling items – 

IFRS shareholders' equity at 31 December 2008 28,286 

Per date of latest period under previous GAAP (2008), no derivatives were outstanding. 

Therefore no differences exist between Dutch GAAP and IFRS shareholders equity at that date. 

- 248 -

Reconciliation total comprehensive income (2008) 

NL GAAP 2008 Effect of transition IFRS 2008 

EUR 

1,000 

EUR 

1,000 

EUR 

1,000 

EUR 

1,000 

EUR 

1,000 

EUR 

1,000 

Interest and similar 131,755 

income 

(3) 131,752 

Other financial income – 129 129 

Financial income 131,755 126 131,881 

Interest and similar 126,253 

expenses 

– 126,253 

Other financial expenses – (84) (84) 

Financial expenses 126,253 (84) 126,169 

Net financial income 5,502 210 5,712 

Other income 331 – 331 


Amortisation and 

depreciation charges 15 – 15 

Wages and salaries 375 – 375 

Other expenses 389 – 389 

779 – 779 

Result before taxation 5,054 210 5,264 

Taxation 1,289 53 1,342 

Comprehensive income 

for the year 3,765 157 3,922 

- 249 -

Venlo, 31 March 2010 


The Board of Supervisory Directors: 

O. Kruse O.Koch 

H.-D. Hinker 

T. Grad 

H. Laaks Dr. R. Giebeler 


- 250 -

Other information 

Provisions in the Articles of Association governing the appropriation of profit 

According to article 15.1 of the company's Articles of Association, the profit is at the disposal 

of the General Meeting of Shareholders, which can allocate the profit wholly or partly to the 

general or specific reserve funds. 

The company can only make payments to the shareholders and other parties entitled to the 

distributable profit for the amount the shareholders' equity exceeds the paid-up and called-up 

part of the capital plus the legally required reserves. 

Proposal for profit appropriation 

The General Meeting of Shareholders will be proposed to add the 2009 net result after tax, 

amounting to EUR 3,702,000 to the other reserves. 

The proposed appropriation of the net result for the year has not been effectuated yet. 

- 251 -

To the Shareholders of METRO Finance B.V. 

Auditor's report 

Report on the financial statements 

We have audited the accompanying financial statements 2009 set out on page 5 to 35 of 

METRO Finance B.V., Venlo, which comprise the balance sheet as at 31 December 2009, the 

statement of income, the statement of comprehensive income, the statement of changes in 

equity, the cash flow statement for the year then ended and the notes. 

Management's responsibility 

Management is responsible for the preparation and fair presentation of the financial statements 

in accordance with International Financial Reporting Standards as adopted by the European 

Union and with Part 9 of Book 2 of the Netherlands Civil Code, and for the preparation of the 

Report of the Board of Managing Directors, with Part 9 of Book 2 of the Netherlands Civil 

Code. This responsibility includes: designing, implementing and maintaining internal control 

relevant to the preparation and fair presentation of the financial statements that are free from 

material misstatement, whether due to fraud or error; selecting and applying appropriate 

accounting policies; and making accounting estimates that are reasonable in the circumstances. 

Auditor's responsibility 

Our responsibility is to express an opinion on the financial statements based on our audit. We 

conducted our audit in accordance with Dutch law. This law requires that we comply with 

ethical requirements and plan and perform the audit to obtain reasonable assurance whether the 

financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and 

disclosures in the financial statements. The procedures selected depend on the auditor's 

judgment, including the assessment of the risks of material misstatement of the financial 

statements, whether due to fraud or error. In making those risk assessments, the auditor 

considers internal control relevant to the entity's preparation and fair presentation of the 

financial statements in order to design audit procedures that are appropriate in the 

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 

entity's internal control. An audit also includes evaluating the appropriateness of accounting 

policies used and the reasonableness of accounting estimates made by management, as well as 

evaluating the overall presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 

basis for our audit opinion. 

- 252 -

Opinion 

In our opinion, the financial statements give a true and fair view of the financial position of Metro 

Finance B.V. as at 31 December 2009, and of its result and its cash flows for the year then ended 

in accordance with International Financial Reporting Standards as adopted by the European Union 

and with Part 9 of Book 2 of the Netherlands Civil Code. 

Report on other legal and regulatory requirements 

Pursuant to the legal requirement under 2:393 sub 5 part f of the Netherlands Civil Code, we 

report, to the extent of our competence, that the Report of Managing Directors is consistent with 

the financial statements as required by 2:391 sub 4 of the Netherlands Civil Code. 

Amstelveen, 31 March 2010 

KPMG ACCOUNTANTS N.V. 

M.G. Schönhage RA 

- 253 -

Taxation 

The following section is a general description of certain income considerations relating to the 

Notes in the Federal Republic of Germany, Luxembourg and in the Netherlands. This section does 

not purport to be a comprehensive description of all tax considerations in these countries and does 

not contain any information with respect to the taxation of the Notes in other jurisdictions. 

The summary is based on tax laws in the Federal Republic of Germany, Luxembourg and the 

Netherlands currently in force and as applied in practice as of the date of this Programme. 

Provisions may change at short-term notice, possibly with retroactive effect. As each Tranche of 

the Notes may be subject to a different tax treatment due to the specific terms and conditions of 

such Tranche, the following section only provides some very generic information on the possible 

tax treatment. 

Prospective purchasers of the Notes are advised to consult their own tax advisers as regards 

the tax consequences of the acquisition, holding and disposition or transfer without 

consideration, respectively, of the Notes. Only these advisers will be able to take into account 

appropriately the details relevant to the taxation of the respective holders of the Notes. 


Tax Residents 

Private Investors 

Interest/ Capital gains 

Interest payable on the Notes to persons holding the Notes as private assets ("Private Investors") 

who are tax residents of Germany (i.e. persons whose residence or habitual abode is located in 

Germany) qualifies as taxable investment income (Einkünfte aus Kapitalvermögen) according to 

Sec. 20 para. 1 German Income Tax Act (Einkommensteuergesetz) and is generally taxed at a 

separate tax rate of 25 per cent. (Abgeltungsteuer, in the following also referred to as "flat tax"), 

plus 5.5 per cent. solidarity surcharge thereon and, if applicable, church tax. Capital gains from 

the sale, assignment or redemption of the Notes (including interest having accrued up to the disposition 

of a Note and credited separately ("Accrued Interest", Stückzinsen)) qualify – irrespective 

of any holding period – as investment income pursuant to Sec. 20 para. 2 German Income 

Tax Act and are also taxed at the separate tax rate of 25 per cent., plus 5.5 per cent. solidarity surcharge 

thereon and, if applicable, church tax. 

Capital gains are determined by taking the difference between the sale, assignment or redemption 

price (after the deduction of expenses incurred directly in connection with the sale, assignment or 

redemption) and the acquisition price of the Notes. Where the Notes are issued in a currency other 

than Euro the sale, assignment or redemption price and the acquisition costs have to be converted 

into Euro on the basis of the foreign exchange rates prevailing on the acquisition date and the sale, 

assignment or redemption date respectively. 

Expenses (other than such expenses directly incurred in connection with the sale, assignment or 

redemption) related to interest payments or capital gains under the Notes are – except for a standard 

lump sum (Sparer-Pauschbetrag) of 801 Euro (1,602 Euro for married couples filing jointly) 

– not deductible. 

According to the flat tax regime losses from the sale, assignment or redemption of the Notes can 

only be set-off against other investment income including capital gains. If the set-off is not possible 

in the assessment period in which the losses have been realized, such losses can be carried 

forward into future assessment periods only and can be set-off against investment income includ- 

- 254 -

ing capital gains generated in these future assessment periods. Losses from so called private disposal 

transactions (private Veräußerungsgeschäfte) according to Sec. 23 German Income Tax Act 

as applicable until 31 December 2008 can be set-off against capital gains under the flat tax regime 

until 31 December 2013. 

Particularities apply with respect to so-called full risk certificates (Vollrisikozertifikate), i.e. index 

linked Notes which do not provide for a guaranteed repayment or any capital yield, with several 

payment dates. According to the decree of the German Federal Ministry of Finance (Bundesfinanzministerium) 

dated 16 November 2010 (IV C 1 - S 2252/10/10010), which is subject to controversial 

discussions among tax experts, all payments to the investor under such certificates that 

are made prior to the final maturity date shall qualify as taxable income from a capital claim pursuant 

to Sec. 20 para. 1 no. 7 German Income Tax Act, unless the offering terms and conditions 

contain that such payments shall be redemption payments. If there is no final redemption payment, 

the final maturity date shall not constitute a sale-like event in the meaning of Sec. 20 para. 2 

German Income Tax Act. Therefore, capital losses, if any, shall not be deductible. The same applies 

with respect to so-called knock-out and other certificates, if the investor does not receive any 

payment at the final maturity date or the certificate will be prematurely cancelled according to its 

terms and conditions because the underlying reaches or breaks any knock-out threshold or barrier 

prior to the final maturity date. 

Withholding 

If the Notes are held in a custody with or administrated by a German credit institution, financial 

services institution (including a German permanent establishment of such foreign institution) pursuant 

to Sec. 43 para. 1 sentence 1 no. 7 lit. b German Income Tax Act, securities trading company 

or securities trading bank according to Sec. 44 para. 1 sentence 4 no. 1 lit. a German Income 

Tax Act (the "Disbursing Agent"), the flat tax at the rate of 25 per cent. (plus 5.5 per cent. solidarity 

surcharge thereon and, if applicable, church tax) will be withheld by the Disbursing Agent 

on interest payments and the excess of the proceeds from the sale, assignment or redemption (after 

the deduction of expenses incurred directly in connection with the sale, assignment or redemption) 

over the acquisitions costs for the Notes (if applicable converted into Euro terms on the basis 

of the foreign exchange rates as of the acquisition date and the sale, assignment or redemption 

date respectively). The Disbursing Agent will provide for the set-off of losses with current investment 

income and capital gains from other securities. If, in the absence of sufficient current 

investment income derived through the same Disbursing Agent, a set-off is not possible, the 

holder of the Notes may – instead of having a loss carried forward into the following year – file an 

application with the Disbursing Agent until 15 December of the current fiscal year for a certification 

of losses in order to set-off such losses with investment income derived through other institutions 

in the holder’s personal income tax return. If the acquisition data is not proved as required 

by Sec. 43a para. 2 German Income Tax Act or not relevant, the flat tax rate of 25 per cent. (plus 

5.5 per cent. solidarity surcharge thereon and, if applicable, church tax) will be imposed on an 

amount equal to 30 per cent. of the proceeds from the sale, assignment or redemption of the 

Notes. In the course of the tax withholding provided for by the Disbursing Agent foreign taxes 

may be credited in accordance with the German Income Tax Act. 

If the Notes are not kept in a custodial account with a Disbursing Agent, the flat tax will – by way 

of withholding – apply on interest paid by a Disbursing Agent upon presentation of a coupon 

(whether or not presented with the Note to which it appertains) to a holder of such coupon (other 

than a non-German bank or financial services institution) (Tafelgeschäft). In this case proceeds 

from the sale, assignment or redemption of the Notes will also be subject to the flat tax. 

In general, no flat tax will be levied if the holder of a Note filed a withholding exemption certificate 

(Freistellungsauftrag) with the Disbursing Agent (in the maximum amount of the standard 

lump sum of 801 Euro (1,602 Euro for married couples filing jointly)) to the extent the income 

does not exceed the maximum exemption amount shown on the withholding exemption certificate. 

Similarly, no flat tax will be deducted if the holder of the Notes has submitted to the Dis- 

- 255 -

ursing Agent a certificate of non-assessment (Nichtveranlagungsbescheinigung) issued by the 

relevant local tax office. 

For Private Investors the withheld flat tax is, in general, definitive. Exceptions apply, if and to the 

extent the actual investment income exceeds the amount which was determined as the basis for the 

withholding of the flat tax by the Disbursing Agent. In such case, the exceeding amount of investment 

income must be included in the Private Investor´s income tax return and will be subject 

to the flat tax in the course of the assessment procedure. According to the decree of the German 

Federal Ministry of Finance (Bundesfinanzministerium) dated 22 December 2009, IV C 1 – 

S 2252/08/10004, however, any exceeding amount of not more than 500 Euro per assessment 

period will not be claimed on grounds of equity, provided that no other reasons for an assessment 

according to Sec. 32d para. 3 German Income Tax Act exist. Further, Private Investors may request 

that their total investment income, together with their other income, be subject to taxation at 

their personal, progressive tax rate rather than the flat tax rate, if this results in a lower tax liability. 

In order to prove such capital investment income and the withheld flat tax thereon the investor 

may request a respective certificate in officially required form from the Disbursing Agent. 

According to Sec. 32d para. 3 German Income Tax Act investment income not subject to the 

withholding flat tax (e.g. since there is no Disbursing Agent) must be included into the personal 

income tax return and will be subject to the flat tax rate of 25 per cent. (plus 5.5 per cent. solidarity 

surcharge thereon and, if applicable, church tax), unless the investor requests the investment 

income to be subject to taxation at lower personal, progressive income tax rate. In the course of 

the assessment procedure withholding tax levied on the basis of the EU Savings Directive and 

foreign taxes on investment income can be credited in accordance with the German Income Tax 

Act. 

Business Investors 

Interest payable on the Notes to persons holding the Notes as business assets ("Business Investors") 

who are tax residents of Germany (i.e. Business Investors whose residence, habitual abode, 

statutory seat or place of effective management and control is located in Germany) and realized 

capital gains, including Accrued Interest, if any, from the sale, assignment or redemption of the 

Notes are subject to income tax at the applicable personal, progressive income tax rate or, in case 

of corporate entities, to corporate income tax at a uniform 15 per cent. tax rate (in each case plus 

solidarity surcharge at a rate of 5.5 per cent. on the tax payable; and in case where payments of 

interest on the Notes to Business Investors are subject to income tax plus church tax, if applicable). 

Such interest payments and capital gains may also be subject to trade tax if the Notes form 

part of the property of a German trade or business. Losses from the sale, assignment or redemption 

of the Notes are generally recognized for tax purposes; this may be different if Index Linked 

Notes would have to be qualified as derivative transactions. 

Withholding tax, if any, including solidarity surcharge are credited as prepayments against the 

Business Investor's corporate or personal, progressive income tax liability and the solidarity surcharge 

in the course of the tax assessment procedure, i.e. the withholding tax is not definitive. 

Any potential surplus will be refunded. However, no withholding deduction will apply on the 

gains from the sale, assignment or redemption of the Notes if (i) the Notes are held by a corporation, 

association or estate in terms of Sec. 43 para. 2 sentence 3 no. 1 German Income Tax Act or 

(ii) the proceeds from the Notes qualify as income of a domestic business and the investor notifies 

this to the Disbursing Agent by use of the required official form according to Sec. 43 para. 2 sentence 

3 no. 2 German Income Tax Act (Erklärung zur Freistellung vom Kapitalertragsteuerabzug). 

In case of (i) corporations which qualify as private corporate bodies (juristische Personen 

des privaten Rechts) under Sec. 1 para. 1 no. 4 German Corporate Income Tax Act or associations, 

institutions or foundations having no legal capacity (nicht rechtsfähige Vereine, Anstalten 

und Stiftungen) pursuant to Sec. 1 para. 1 no. 5 German Corporate Income Tax Act have to prove 

their belonging to such group of corporations by certification of the relevant local tax office ac- 

- 256 -

cording to Sec. 43 para. 2 sentence 4 German Income Tax Act in order to benefit from the exemption 

from withholding. 

Withholding tax levied on the basis of the EU Savings Directive and foreign taxes may be credited 

in accordance with the German Income Tax Act. Alternatively, foreign taxes may also be deducted 

from the tax base for German income tax purposes. 

Non-residents 

Interest payable on the Notes and capital gains, including Accrued Interest, if any, are not subject 

to German taxation, unless (i) the Notes form part of the business property of a permanent establishment, 

including a permanent representative, or a fixed base maintained in Germany by the 

Noteholder; (ii) the interest income otherwise constitutes German-source income; or (iii) the 

Notes are not kept in a custodial account with a Disbursing Agent and interest or proceeds from 

the sale, assignment or redemption of the Notes are paid by a German credit institution, financial 

services institution (including a German permanent establishment of such foreign institution), securities 

trading company or securities trading bank upon presentation of a coupon to a holder of 

such coupon (other than a non-German bank or financial services institution) (Tafelgeschäft). In 

the cases (i), (ii) and (iii) a tax regime similar to that explained above under "Tax Residents" applies. 

Non-residents of Germany are, in general, exempt from German withholding tax on interest and 

the solidarity surcharge thereon, even if the Notes are held in custody with a Disbursing Agent. 

However, where the interest income is subject to German taxation as set forth in the preceding 

paragraph and Notes are held in a custodial account with a Disbursing Agent, withholding tax is 

levied as explained above under "Tax Residents". The withholding tax may be refunded based 

upon an applicable tax treaty or German national tax law. 

Inheritance and Gift Tax 

No inheritance or gift taxes with respect to any Note will arise under the laws of Germany, if, in 

the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither 

the donor nor the donee, is a resident of Germany and such Note is not attributable to a German 

trade or business for which a permanent establishment is maintained, or a permanent representative 

has been appointed, in Germany. Exceptions from this rule apply to certain German expatriates. 

Other Taxes 

No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection 

with the issuance, delivery or execution of the Notes. Currently, net assets tax is not levied in 

Germany. 

EU-residents 

Germany implemented the European Directive on the taxation of savings (EC Council Directive 

2003/48/EC, "EU Savings Directive") into national legislation by means of an Interest 

Information Regulation (Zinsinformationsverordnung, ZIV) in 2004. Starting on 1 July 2005, 

Germany therefore began to communicate all payments of interest on the Notes and interest alike 

income related thereto to the beneficial owners Member State of residence if the instruments have 

been kept in a custodial ac-count with a Disbursing Agent. 

The Netherlands 

The Issuers have been informed that under the current tax law and jurisprudence of The 

Netherlands: 

- 257 -

(A) 

(B) 

All payments by the Dutch Issuer in respect of the Notes or coupons can be made without 

withholdings or deductions for or because of any taxes, duties or charges of any nature 

whatsoever that are or may be withheld or assessed by the Dutch tax authorities or any 

political subdivision thereof or therein. 

A holder of a Note or coupon, who derives income from such Note or coupon or who 

realises a gain on the disposal or redemption of a Note or coupon, will not be subject to 

Dutch taxation on income or capital gains, unless: 

(a) 

(b) 

(c) 

(d) 

(e) 

the holder is, or is deemed to be, or has opted to be treated as resident in The 

Netherlands, or 

such income or gain is attributable to an enterprise or part thereof which is carried on 

through a permanent establishment or a permanent representative in The Netherlands 

to which permanent establishment or permanent representative of the Notes are 

attributable; or 

the holder is entitled to a share in the profits of an enterprise or a co-entitlement to 

the net worth of an enterprise, that is effectively managed in The Netherlands (other 

than by way of securities or an employment contract) and to which enterprise the 

Notes are attributable; or 

the holder has a substantial interest, whether deemed or actual, in the Issuer and, in 

case the holder is a legal person, that substantial interest does not form part of the 

business assets of the enterprise of the holder; or 

if the holder is an individual and such income or gain qualifies as income from 

miscellaneous activities in The Netherlands, which activities include the performance 

of activities in The Netherlands with respect to the Notes that exceed regular, active 

portfolio management. 

(C) 

There will be no Dutch gift, estate or inheritance taxes levied on the transfer of a Note or 

coupon by way of gift by a holder, or upon the death of a holder, unless: 

(a) 

(b) 

(c) 

the holder is at the time of the gift or at the time of his death resident or deemded 

resident in The Netherlands; 

the transfer is construed as an inheritance or as a gift made by or on behalf of a 

person who, at the time of the gift or death, is, or is deemed to be, resident in The 

Netherlands; or 

such Note or coupon is attributable to an enterprise or part thereof which is carried 

on, by the donor resp. the deceased holder, through a permanent establishment or a 

permanent representative in The Netherlands. 

(D) 

(E) 

There will be no registration tax, capital transfer tax, customs duty, stamp duty, property 

transfer tax or any other similar tax or duty due in The Netherlands in respect of or in 

connection with the issue, transfer, execution, delivery and enforcement by legal 

proceedings of the Notes or coupons or the performance of the Issuer's obligations under 

the Relevant Documents. 

No value-added tax will be due in The Netherlands in respect of payments made in 

consideration for the issue of the Notes, whether in respect of payments of interest and 

principal or in respect of the transfer of a Note or coupon. 

- 258 -

(F) 

A holder of a Note or coupon will not become, and will not be deemed to be, resident in 

The Netherlands by the sole virtue of holding such Note or coupon or the execution, 

performance, delivery and/or enforcement of the Relevant Documents. 

Exchange of information 

If the Issuer pays interest directly to, or secures its payment for the immediate benefit of, a holder 

that is (i) an individual, (ii) a resident of another EU Member State or designated jurisdiction and 

(iii) the beneficial owner of that interest, it must verify the holder's identity and place of residence 

and provide information regarding that holder and the interest payments concerned to the Dutch 

tax authorities. This obligation does not apply if the interest is paid to, or secured for the benefit 

of, a holder via a bank or other paying agent as defined in Dutch tax law. 

Luxembourg 

The following is a summary of certain material Luxembourg tax consequences of purchasing, 

owning and disposing of the Notes. It does not purport to be a complete analysis of all possible 

tax situations that may be relevant to a decision to purchase, own or sell the Notes. It is included 

herein solely for preliminary information purposes. It is not intended to be, nor should it 

construed to be, legal or tax advice. Prospective purchasers of the Notes should consult their own 

tax advisers as to the applicable tax consequences of the ownership of the Notes, based on their 

particular circumstances. This summary does not allow any conclusions to be drawn with respect 

to issues not specifically addressed. The following description of Luxembourg tax law is based 

upon the Luxembourg law and regulations as in effect and as interpreted by the Luxembourg tax 

authorities on the date of the Prospectus and is subject to any amendments in law (or in 

interpretation) later introduced, whether or not on a retroactive basis. 

Please be aware that the residence concept used under the respective headings below applies for 

Luxembourg income tax assessment purposes only. Any reference in the present section to a tax, 

duty, levy impost or other charge or withholding of a similar nature refers to Luxembourg tax law 

and/or concepts only. Also, please note that a reference to Luxembourg income tax encompasses 

corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt 

commercial communal), a solidarity surcharge (contribution au fonds pour l'emploi), personal 

income tax (impôt sur le revenu) as well as a temporary crisis contribution (contribution de crise) 

generally. Investors may further be subject to net wealth tax (impôt sur la fortune) as well as other 

duties, levies or taxes. Corporate income tax, municipal business tax as well as the solidarity 

surcharge invariably apply to most corporate tax payers resident of Luxembourg for tax purposes. 

Individual tax payers are generally subject to personal income tax and the solidarity surcharge. 

Under certain circumstances, where an individual taxpayer acts in the course of the management 

of a professional or business undertaking, municipal business tax may apply as well. 

Luxembourg tax residency of the Holders 

A Holder will not become resident, nor be deemed to be resident, in Luxembourg by reason only 

of the holding of the Notes, or the execution, performance, delivery and/or enforcement of the 

Notes. 

Withholding Tax 

Resident Holders 

Under the Luxembourg law dated 23 December 2005 (hereafter, the "Law"), a 10 per cent. 

Luxembourg withholding tax is levied as of 1 January 2006 on interest payments made by 

Luxembourg paying agents to Luxembourg individual residents. This withholding tax also applies 

on accrued interest received upon disposal, redemption or repurchase of the Notes. Such 

withholding tax will be in full discharge of income tax if the beneficial owner is an individual 

- 259 -

acting in the course of the management of his/her private wealth. 

Further, Luxembourg resident individuals who are the beneficial owners of interest payments and 

other similar income made by a paying agent established outside Luxembourg in a Member State 

of the European Union or of the European Economic Area or in a jurisdiction having concluded 

an agreement with Luxembourg in connection with the EU Savings Directive, may also opt for a 

final 10% levy. In such case, the 10% levy is calculated on the same amounts as for the payments 

made by Luxembourg resident paying agents. The option for the 10% levy must cover all interest 

payments made by the paying agent to the Luxembourg resident beneficial owner during the entire 

civil year. 

Non-resident Holders 

Under the Luxembourg tax law currently in effect and subject to the application of the 

Luxembourg laws dated 21 June 2005 (the "Laws") implementing the European Council 

Directive 2003/48/EC on the taxation of savings income (the "Directive") and several agreements 

concluded between Luxembourg and certain dependant territories of the European Union, there is 

no withholding tax on payments of interests (including accrued but unpaid interest) made to a 

Luxembourg non-resident Holder. There is also no Luxembourg withholding tax, upon repayment 

of the principal, or subject to the application of the Laws, upon redemption or exchange of the 

Notes. Under the Laws, a Luxembourg based paying agent (within the meaning of the Directive) 

is required since 1 July 2005, to withhold tax on interest and other similar income (including 

reimbursement premium received at maturity) paid by it to (or under certain circumstances, to the 

benefit of) an individual or a residual entity ("Residual Entity") in the sense of article 4.2. of the 

Directive (i.e. an entity without legal personality, except for (1) a Finnish avoin yhtiö and 

kommandiittiyhtiö / öppet bolag and kommanditbolag and (2) a Swedish handelsbolag and 

kommanditbolag, and whose profits are not taxed under the general arrangements for the business 

taxation and that is not, or has not opted to be considered as, a UCITS recognised in accordance 

with Council Directive 85/611/EEC), resident or established in another Member State of the 

European Union unless the beneficiary of the interest payments elects for an exchange of 

information. The same regime applies to payments to individuals or Residual Entity resident in 

any of the following territories: Aruba, British Virgin Islands, Guernsey, the Isle of Man, Jersey, 

Montserrat as well as the former Netherlands Antilles, i.e. Bonaire, Curaçao, Saba, Sint Eustatius 

and Sint Maarten. 

The withholding tax is currently 20 per cent., increasing to 35 per cent. as from 1 July 2011. The 

withholding tax system will only apply during a transitional period, the ending of which depends 

on the conclusion of certain agreements relating to information exchange with certain other 

countries. 

In each case described above, responsibility for the withholding tax will be assumed by the 

Luxembourg paying agent. 

Taxation of the Holders 

Non-resident Holders 

Holders who are non-residents of Luxembourg and who have neither a permanent establishment 

nor a permanent representative in Luxembourg to which the Notes are attributable are not liable to 

any Luxembourg income tax, whether they receive payments of principal or interest (including 

accrued but unpaid interest) or realize capital gains upon redemption, repurchase, sale or 

exchange of any Notes. 

Corporate Holders who are non-residents of Luxembourg or individual Holders acting in the 

course of the management of a professional or business undertaking and who have a permanent 

establishment or a permanent representative in Luxembourg to which the Notes are attributable 

- 260 -

have to include any interest received or accrued, as well as any capital gain realised on the sale or 

disposal of the Notes in their taxable income for Luxembourg income tax assessment purposes. 

Resident Holders 

General 

Holders who are residents of Luxembourg for tax purposes or who have a permanent 

establishment or a permanent representative in Luxembourg to which the Notes are attributable, 

must, for income tax purposes, include any interest paid or accrued in their taxable income, unless 

withholding tax has been thereon levied thereon in accordance with the Law. Specific exemption 

are available for certain taxpayers benefiting from a particular tax status. 

Luxembourg resident individuals 

An individual Holder, acting in the course of the management of his/her private wealth, is subject 

to Luxembourg income tax in respect of interest received, redemption premiums or issue 

discounts under the Notes, except if a withholding tax has been levied on such payments in 

accordance with the Law. 

Under Luxembourg domestic tax law, gains realised upon the sale, disposal or redemption of the 

Notes, which do not constitute Zero Coupon Notes, by an individual Holder, who is a resident of 

Luxembourg for tax purposes and who acts in the course of the management of his/her private 

wealth, on the sale or disposal, in any form whatsoever, of Notes are not subject to Luxembourg 

income tax, provided this sale or disposal took place six months after the acquisition of the Notes. 

An individual Holder, who acts in the course of the management of his/her private wealth and 

who is a resident of Luxembourg for tax purposes, has further to include the portion of the gain 

corresponding to accrued but unpaid income in respect of the Notes in his/her taxable income, 

insofar as the accrued but unpaid interest is indicated separately in the agreement. 

A gain realised upon a sale of Zero Coupon Notes before their maturity by Luxembourg resident 

Holders, in the course of the management of their private wealth must be included in their taxable 

income for Luxembourg income tax assessment purposes. Luxembourg resident individual 

Holders acting in the course of the management of a professional or business undertaking to 

which the Notes are attributable, have to include any interest received or accrued, as well as any 

gain realized on the sale or disposal of the Notes, in their taxable income for Luxembourg income 

tax assessment purposes. Taxable gains are determined as being the difference between the sale, 

repurchase or redemption price (including accrued but unpaid interest) and the lower of the cost or 

book value of the Notes sold or redeemed. 

Luxembourg corporate residents 

Luxembourg corporate Holders, who are resident of Luxembourg for tax purposes, must include 

any interest received or accrued, as well as any gain realized on the sale or disposal of the Notes, 

in their taxable income for Luxembourg income tax assessment purposes. Taxable gains are 

determined as being the difference between the sale, repurchase or redemption price (including 

but unpaid interest) and the lower of the cost or book value of the Notes sold or redeemed. 

Luxembourg corporate residents benefiting from a special tax regime 

Luxembourg corporate resident Holders who benefit from a special tax regime, such as, for 

example, undertakings for collective investment subject to the amended laws of 20 December 

2002 or of 17 December 2010 or specialised investment funds governed by the law of 13 

February 2007 and private wealth management companies governed by the law of 11 May 2007 

are exempt from income taxes in Luxembourg and thus income derived from the Notes, as well as 

gains realized thereon, are not subject to income taxes. 

- 261 -

Net Wealth Tax 

Luxembourg resident Holders and Holders who have a permanent establishment or a permanent 

representative in Luxembourg to which the Notes are attributable, are subject to Luxembourg 

wealth tax on such Notes, except if the Holder is (i) a resident or non-resident individual taxpayer, 

(ii) an undertaking for collective investment subject to the amended law of 20 December 2002 or 

of 17 December 2010, (iii) a securitisation company governed by the law of 22 March 2004 on 

securitisation, (iv) a company governed by the law of 15 June 2004 on venture capital vehicles, 

(v) a specialised investment fund subject to the law of 13 February 2007, or (vi) a family wealth 

management company governed by the law of 11 May 2007. 

Other Taxes 

There is no Luxembourg registration tax, stamp duty or any other similar tax or duty payable in 

Luxembourg by the Holders as a consequence of the issuance of the Notes, nor will any of these 

taxes be payable as a consequence of a subsequent transfer or redemption or repurchase of the 

Notes. 

There is no Luxembourg value added tax payable in respect of payments in consideration for the 

issuance of the Notes or in respect of the payment of interest or principal under the Notes or the 

transfer of the Notes. Luxembourg value added tax may, however, be payable in respect of fees 

charged for certain services rendered to the Issuers, if for Luxembourg value added tax purposes 

such services are rendered or are deemed to be rendered in Luxembourg and an exemption from 

Luxembourg value added tax does not apply with respect to such services. 

Under current Luxembourg tax law, where an individual Holder is a resident for inheritance tax 

purposes of Luxembourg at the time of his/her death, the Notes are included in his/her taxable 

estate for inheritance tax purposes. 

No estate or inheritance taxes are levied on the transfer of the Notes upon death of a Holder in 

cases where the deceased was not a resident of Luxembourg for inheritance tax purposes. Gift tax 

may be due on a gift or donation of Notes if the gift is recorded in a deed passed in front of a 

Luxembourg notary or otherwise registered in Luxembourg. 

European Directive on the taxation of savings 

Under EU Council Directive 2003/48/EC on the taxation of savings income (the "EU Savings 

Directive"), each Member State is required, from 1 July 2005, to provide to the tax authorities of 

another Member State details of payments of interest or other similar income paid by a person 

within its jurisdiction to, or collected by such a person for, an individual resident in that other 

Member State. 

However, for a transitional period, Austria and Luxembourg will (unless during such period they 

elect otherwise) instead operate a withholding system in relation to such payments, deducting tax 

at rates rising over time to 35 per cent. The transitional period is to terminate at the end of the first 

full fiscal year following agreement by certain non-EU countries to the exchange of information 

relating to such payments. 

Also with effect from 1 July 2005, a number of non-EU countries, and certain dependent or 

associated territories of certain Member States, have agreed to adopt similar measures (either 

provision of information or transitional withholding) in relation to payments made by a person 

within its jurisdiction to, or collected by such a person for, an individual resident in a Member 

State. In addition, the Member States have entered into reciprocal provision of information or 

transitional withholding arrangements with certain of those dependent or associated territories in 

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elation to payments made by a person in a Member State to, or collected by such a person for, an 

individual resident in one of those territories. 

On 15 September 2008 the European Commission issued a report to the Council of the European 

Union on the operation of the EU Savings Directive, which included the Commission's advice on 

the need for changes to the EU Savings Directive. On 13 November 2008 the European 

Commission published a more detailed proposal for amendments to the EU Savings Directive, 

which included a number of suggested changes. The European Parliament approved an amended 

version of this proposal on 24 April 2009. If any of those proposed changes are made in relation 

to the EU Savings Directive, they may amend or broaden the scope of the requirements described 

above. 

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Subscription and Sale 

Notes may be sold from time to time by the relevant Issuer to any one or more of Citigroup 

Global Markets Limited, Commerzbank Aktiengesellschaft, Deutsche Bank Aktiengesellschaft, 

HSBC Trinkaus & Burkhardt AG, Düsseldorf, Germany, HSBC Bank plc, J.P. Morgan Securities 

Ltd., Société Générale, The Royal Bank of Scotland plc and UniCredit Bank AG (together, the 

"Dealers"). The arrangements under which Notes may from time to time be agreed to be sold by 

the relevant Issuer to, and purchased by, Dealers are set out in an amended and restated dealer 

agreement dated 13 May 2011 (the "Dealer Agreement") and made between each of the Issuers, 

the Guarantor and the Dealers. Any such agreement will, inter alia, make provision for the form 

and terms and conditions of the relevant Notes, the price at which such Notes will be purchased 

by the Dealers and the commissions or other agreed deductibles (if any) payable or allowable by 

the relevant Issuer in respect of such purchase. The Dealer Agreement makes provision for the 

resignation or termination of appointment of existing Dealers and for the appointment of 

additional or other Dealers either generally in respect of the Programme or in relation to a 

particular Tranche of Notes. In relation to a public offer of Notes, the terms and conditions of the 

offer, the expected timetable of the offer, the plan of distribution and allotment, details relating to 

the pricing of the issue and a summary of details regarding the placement and underwriting 

arrangements will be set forth in the applicable Final Terms. Depending on the arrangements 

made for a specific Tranche of Notes, any Dealer or any other institution may provide liquidity 

regarding the trading of the Notes in the secondary market. Such liquidity arrangements will be 

made in accordance with all applicable rules and regulations and will be disclosed in the 

applicable Final Terms. 

General 

Each of the Dealers has represented and agreed that it will comply with all applicable securities 

laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers 

Notes or possesses or distributes this Prospectus and will obtain any consent, approval or 

permission required by it for the purchase, offer, sale or delivery by it of Notes under the laws and 

regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, 

offers, sales or deliveries and neither the Issuers nor any Dealer shall have any responsibility 

therefor. Neither the Issuers nor the Dealers have represented that Notes may at any time lawfully 

be sold in compliance with any applicable registration or other requirements in any jurisdiction, or 

pursuant to any exemption available thereunder, or has assumed any responsibility for facilitating 

such sale. With regard to each Tranche, the relevant Dealer will be required to comply with such 

other additional restric¬tions as the relevant Issuer and the relevant Dealer shall agree and as shall 

be set out in the applicable Final Terms. 

United States of America: Regulation S Category 2; TEFRA D or TEFRA C as specified in the 

relevant Final Terms, or TEFRA C for Notes to which Set A Terms and Conditions apply, or 

neither if TEFRA is specified as not applicable in the relevant Final Terms or in the Set A Terms 

and Conditions. 

The Notes have not been and will not be registered under the Securities Act and may not be 

offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except 

in certain transactions exempt from the registration requirements of the Securities Act. 

Each Dealer has agreed that, except as permitted by the Dealer Agreement, it will not offer, sell or 

deliver Notes, (i) as part of their distribution at any time or (ii) otherwise until 40 days after the 

completion of the distribution of the Notes comprising the relevant Tranche, as certified to the 

Fiscal Agent or the relevant Issuer by such Dealer (or, in the case of a sale of a Tranche of Notes 

to or through more than one Dealer, by each of such Dealers as to the Notes of such Tranche 

purchased by or through it, in which case the Fiscal Agent or the relevant Issuer shall notify each 

such Dealer when all such Dealers have so certified) except in accordance with Rule 903 of 

- 264 -

Regulation S under the Securities Act. Accordingly, each Dealer has represented and agreed that 

neither it, its affiliates nor any persons acting on its or their behalf have engaged or will engage in 

any directed selling efforts with respect to the Notes, and it and they have complied and will 

comply with the offering restrictions requirement of Regulation S. Each Dealer agrees that, at or 

prior to confirmation of sale of Notes, it will have sent to each distributor, dealer or person 

receiving a selling concession, fee or other remuneration to which it sells Notes during the 

distribution compliance period relating thereto a confirmation or other notice to substantially the 

following effect: 

"The securities covered hereby have not been registered under the U.S. Securities Act of 1933 

(the "Securities Act") and may not be offered and sold within the United States or to, or for the 

account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise 

until 40 days after completion of the distribution of this tranche of securities as determined, and 

notified to [Relevant Dealer], by the [Fiscal Agent], except in either case in accordance with 

Regulation S under the Securities Act. Terms used above have the meanings given to them by 

Regulation S." 

Terms used in this paragraph have the meanings given to them by Regulation S under the 

Securities Act. 

In addition, until 40 days after the commencement of the offering of Notes comprising any 

Tranche, any offer or sale of Notes within the United States by any Dealer (whether or not 

participating in the offering) may violate the registration requirements of the Securities Act. 

The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered 

within the United States or its possessions or to a United States person, except in certain 

transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings 

given to them by the United States Internal Revenue Code and regulations thereunder. 

United Kingdom 

Each Dealer has represented and agreed that: 

(a) 

No deposit-taking: In relation to any Notes having a maturity of less than one year: 

(i) 

(ii) 

it is a person whose ordinary activities involve it in acquiring, holding, managing or 

disposing of investments (as principal or agent) for the purposes of its business; and 

it has not offered or sold and will not offer or sell any Notes other than to persons: 

(A) whose ordinary activities involve them in acquiring, holding, managing or 

disposing of investments (as principal or agent) for the purposes of their 

business; or 

(B) who it is reasonable to expect will acquire, hold, manage or dispose of 

investments (as principal or agent) for the purposes of their business, 

where the issue of the Notes would otherwise constitute a contravention of Section 19 of 

the FSMA by the Issuer; 

(b) 

Financial Promotion: It has only communicated or caused to be communicated and will 

only communicate or cause to be communicated any invitation or inducement to engage in 

investment activity (within the meaning of Section 21 of the FSMA) received by it in 

connection with the issue or sale of any Notes in circumstances in which Section 21 (1) of 

the FSMA does not apply to the Issuer or the Guarantor; and 

- 265 -

(c) 

General compliance: It has complied and will comply with all applicable provisions of the 

FSMA with respect to anything done by it in relation to such Notes in, from or otherwise 

involving the United Kingdom. 


Zero Coupon Notes in definitive form issued by the relevant Issuer may only be transferred and 

accepted, directly or indirectly, within, from or into The Netherlands through the mediation of 

such Issuer or a member of Euronext Amsterdam N.V. in accordance with the Dutch Savings 

Certificates Act (the "SCA") (Wet inzake Spaarbewijzen) of 21 May 1985 and the agreement of 2 

February 1987 attached to the Royal Decree of 11 March 1967, State Gazette 129. Such 

restrictions do not apply (a) to a transfer and acceptance of Zero Coupon Notes in definitive form 

between individuals not acting in the conduct of a business or profession, or (b) to the transfer and 

acceptance of Zero Coupon Notes in definitive form within The Netherlands if all Zero Coupon 

Notes (either in definitive form or as rights representing an interest in the Zero Coupon Notes in 

global form) are issued outside The Netherlands and are not distributed within The Netherlands in 

the course of initial distribution or immediately thereafter or (c) to the initial issue of such Notes 

to the first holders thereof. For the purposes of this paragraph "Zero Coupon Notes" are Notes that 

are in bearer form and that constitute a claim for a fixed sum against the Issuer and on which 

interest does not become due prior to maturity or on which no interest is due whatsoever. If the 

SCA is applicable, certain identification requirements in relation to the issue, transfer of or 

payment on Notes qualifying as Zero Coupon Notes have to be complied with. 

European Economic Area 

In relation to each Member State of the European Economic Area which has implemented the 

Prospectus Directive (each, a "Relevant Member State"), each Dealer has represented and 

agreed, and each further Dealer appointed under the Programme will be required to represent and 

agree, that with effect from and including the date on which the Prospectus Directive is implemented 

in that Relevant Member State (the "Relevant Implementation Date") it has not made 

and will not make an offer of Notes which are the subject of the offering contemplated by this 

Prospectus as completed by the final terms in relation thereto to the public in that Relevant Member 

State except that it may, with effect from and including the Relevant Implementation Date, 

make an offer of such Notes to the public in that Relevant Member State: 

(a) 

(b) 

(c) 

(d) 

if the final terms in relation to the Notes specify that an offer of those Notes may be made 

other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member 

State (a "Non-exempt Offer"), following the date of publication of a prospectus in relation 

to such Notes which has been approved by the competent authority in that Relevant Member 

State or, where appropriate, approved in another Relevant Member State and notified to 

the competent authority in that Relevant Member State, provided that any such prospectus 

has subsequently been completed by the final terms contemplating such Non-exempt Offer, 

in accordance with the Prospectus Directive, in the period beginning and ending on the 

dates specified in such prospectus or final terms, as applicable, and the Issuer has consented 

in writing to its use for the purpose of that Non-exempt Offer; 

at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive; 

at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant 

provision of the 2010 PD Amending Directive, 150, natural or legal persons (other 

than qualified investors as defined in the Prospectus Directive), subject to obtaining the 

prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; 

or 

at any time in any other circumstances falling within Article 3(2) of the Prospectus Direc- 

- 266 -

tive, 

provided that no such offer of Notes referred to in (b) to (d) above shall require the Issuer or any 

Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a 

prospectus pursuant to Article 16 of the Prospectus Directive. 

For the purposes of this provision, the expression an "offer of Notes to the public" in relation to 

any Notes in any Relevant Member State means the communication in any form and by any 

means of sufficient information on the terms of the offer and the Notes to be offered so as to 

enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that 

Member State by any measure implementing the Prospectus Directive in that Member State, the 

expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, 

including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member 

State), and includes any relevant implementing measure in the Relevant Member State and the 

expression "2010 PD Amending Directive" means Directive 2010/73/EU. 

Japan 

The Notes have not been and will not be registered under the Financial Instruments and Exchange 

Law of Japan, as amended (the "FIEL") and, accordingly, each Dealer has undertaken that it will 

not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of any resident 

of Japan (which term as used herein means any person resident in Japan, including any 

corporation or other entity organised under the laws of Japan), or to others for re-offering or 

resale, directly or indirectly, in Japan or to a resident of Japan except pursuant to an exemption 

from the registration requirements of, and otherwise in compliance with, the FIEL and any other 

applicable laws, regulations and ministerial guidelines of Japan. For purposes of this paragraph, 

"resident of Japan" shall have the meaning as defined under the Foreign Exchange and Foreign 

Trade Act. 

Republic of Italy 

The offering of the Notes has not been registered pursuant to Italian securities legislation and, accordingly, 

each Dealer has represented and agreed, and each further Dealer appointed under the 

Programme will be required to represent and agree, that it has not offered or sold, and will not 

offer or sell, any Notes in the Republic of Italy in a solicitation to the public, and that sales of the 

Notes in the Republic of Italy shall be effected in accordance with all Italian securities, tax and 

exchange control and other applicable laws and regulation. 

Each of the Dealers has represented and agreed, and each further Dealer appointed under the Programme 

will be required to represent and agree, that it will not offer, sell or deliver any Notes or 

distribute copies any document relating to the Notes in the Republic of Italy except: 

(a) 

(b) 

to "qualified investors" (investitori qualificati) as referred to in Article 100 of Legislative 

Decree No. 58 of 24 February 1998, as amended (the "Italian Financial Act") and and 

Article 34-ter, paragraph 1, letter (b) of CONSOB regulation No. 11971 of 14 May 1999, 

(the "Issuers Regulation"), all as amended; or 

that it may offer, sell or deliver Notes or distribute copies of any prospectus relating to 

such Notes in an offer to the public in the period commencing on the date of publication 

of such prospectus, provided that such prospectus has been approved in another relevant 

Member State and notified to CONSOB, all in accordance with the Prospectus Directive, 

as implemented in Italy under the Italian Financial Act and the Issuers Regulation, and 

ending on the date which is 12 months after the date of publication of such prospectus; or 

- 267 -

(c) 

in any other circumstances where an express exemption from compliance with the solicitation 

restrictions applies, as provided under the Italian Financial Act or the Issuers Regulation. 

Furthermore, and subject to the foregoing, any such offer, sale or delivery of the Notes or any 

document relating to the Notes in the Republic of Italy must be: 

(i) 

(ii) 

(iii) 

made by investment firms, banks or financial intermediaries permitted to conduct such 

activities in the Republic of Italy in accordance with Legislative Decree No. 385 of 1 September 

1993 as amended (the "Italian Banking Act"), as amended, CONSOB Regulation 

No. 16190 of 29 October 2007, all as amended and any other applicable laws and regulations; 

to the extent applicable, in compliance with Article 129 of the Italian Banking Act as 

amended, and the relevant implementing guidelines of the Bank of Italy, as amended from 

time to time, pursuant to which the Bank of Italy may request post-offering information 

on the issue or the offer of securities in the Republic of Italy; and 

in compliance with any securities, tax, exchange control and any other applicable laws 

and regulations, including any limitation or notification requirement which may be imposed, 

from time to time, i.a. by CONSOB or the Bank of Italy. 

Provisions relating to the secondary market in Italy 

Investors should also note that, in any subsequent distribution of the Notes in the Republic of 

Italy, Article 100-bis of the Italian Financial Act may require compliance with the law relating to 

public offers of securities. Furthermore, where the Notes are placed solely with professional 

investors and are then systematically resold on the secondary market at any time in the 12 months 

following such placing, purchasers of Notes who are acting outside of the course of their business 

or profession may in certain circumstances be entitled to declare such purchase void and to claim 

damages from any authorised person at whose premises the Notes were purchased, unless an 

exemption provided for under the Italian Financial Act applies. 

- 268 -

General Information 

Listing and Admission to Trading 

Application may be made to list Notes issued under the Programme on the Official List of the 

Luxembourg Stock Exchange and to admit to trading such Notes on the Regulated Market of the 

Luxembourg Stock Exchange (Bourse de Luxembourg). 

The Luxembourg Stock Exchange's Regulated Market is a regulated market for the purposes of 

the Market and Financial Instruments Directive 2004/39/EC. The Programme provides that Notes 

may be listed on other or further stock exchanges, as may be agreed between the Issuer and the 

relevant Dealer(s) in relation to each Series, as specified in the relevant Final Terms. 

Notes may further be issued under the Programme without being listed on any stock exchange. 

Authorisation 

The establishment of the Programme was authorised by resolutions of METRO AG passed on 

20 November 2000 and Metro Finance B.V. passed on 9 June 2000 and 20 November 2000. The 

giving of the guarantee contained in the Guarantee was authorised by a resolution of METRO AG 

passed on 20 November 2000. Each of the Issuers and the Guarantor have obtained or will obtain 

from time to time all necessary consents, approvals and authorisations in connection with the 

update of the Programme, the issue and performance of the Notes and the giving of the Guarantee 

relating to them. 

The increase in the authorised amount of the Programme from EUR 5,000,000,000 to 

EUR 6,000,000,000 was authorised by resolutions of METRO AG passed on 27 April 2010 and 

Metro Finance B.V. passed on 28 April 2010. 

Programme Amount 

The maximum aggregate principal amount of Notes outstanding and guaranteed at any one time 

under the Programme will not exceed EUR 6,000,000,000 (and for this purpose, any Notes 

denominated in another currency shall be converted into Euro) at the date of the agreement to 

issue such Notes (calculated in accordance with the provisions of the Dealer Agreement). The 

maximum aggregate principal amount of Notes which may be outstanding and guaranteed at any 

one time under the Programme may be increased from time to time, subject to compliance with 

the relevant provisions of the Dealer Agreement as defined under "Subscription and Sale". 

Clearing of the Notes 

The Notes have been accepted for clearance through Euroclear, Clearstream, Frankfurt and Clearstream, 

Luxembourg. The appropriate common code and the International Securities Identification 

Number in relation to the Notes of each Series will be specified in the Final Terms relating 

thereto. The relevant Final Terms or, as the case may be, the Set A Terms and Conditions, shall 

specify any other clearing system as shall have accepted the relevant Notes for clearance together 

with any further appropriate information. 

Stabilisation 

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the 

stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the applicable 

Final Terms may over allot Notes or effect transactions with a view to supporting the market price 

of the Notes at a level higher than that which might otherwise prevail. However, there is no 

assurance that the stabilising manager(s) (or person(s) acting on behalf of the stabilising 

manager(s)) will undertake stabilisation action. Any stabilisation action may begin on or after the 

- 269 -

date on which adequate public disclosure of the terms of the offer of the relevant Tranche of 

Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 

30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the 

allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment shall be 

conducted in accordance with all applicable laws and rules. 

Use of proceeds 

The net proceeds of the issue of each Tranche of Notes will be applied by the relevant Issuer to 

meet part of its general financing requirements. 

Litigation 

There are no, nor have there been any governmental, legal or arbitration proceedings (including 

any such proceedings which are pending or threatened of which either METRO AG or Metro 

Finance B.V. is aware) which may have or have had during the two business years prior to the 

date of this Prospectus a significant effect on the financial position of METRO AG, Metro 

Finance B.V. or of METRO GROUP. 

Trend information and no significant change 

Except as disclosed in this Prospectus below, there has been no significant change in the financial 

or trading position of METRO AG or the METRO GROUP since 31 March 2011 and there has 

been no material adverse change in the prospects of METRO AG or the METRO GROUP since 

the date of the last published consolidated financial statement of METRO GROUP for the period 

ending 31 December 2010. 

There has been no significant change in the financial or trading position of Metro Finance B.V. 

since 31 December 2010 and there has been no material adverse change in the prospects of Metro 

Finance B.V. since the date of the last published financial statement of Metro Finance B.V. for the 

period ending 31 December 2010. 

Recent developments 

On 30 March 2011 Media-Saturn, Europe′s leading consumer electronics retailer announced, that 

it has taken over redcoon, one of the leading international online retailers of electronic products. 

The acquisition is subject to approval by the antitrust authorities. 

Auditors 

The consolidated financial statements of METRO AG for the years ended 31 December 2009 and 

31 December 2010, respectively, were prepared according to International Financial Reporting 

Standards (IFRS) and were audited by KPMG AG Wirtschaftsprüfungsgesellschaft, a member of 

the Chamber of Public Accountants (Wirtschaftsprüferkammer), who have issued an unqualified 

audit opinion thereon. 

The annual financial statements of Metro Finance B.V. for the fiscal years 2009 and 2010, 

respectively, were prepared in accordance with International Financial Reporting Standards 

(IFRS) as adopted by the European Union and with Part 9 of Book 2 of the Netherlands Civil 

Code and were audited by the independent public auditors KPMG Accountants N.V., the auditors 

of which are members of the Koninklijk Nederlands Instituut van Registeraccountants (Royal 

NIVRA), who have issued an unqualified audit opinion thereon. 

- 270 -

Consent to inclusion of reports 

KPMG AG Wirtschaftsprüfungsgesellschaft and KPMG Accountants N.V. have given and have 

not withdrawn their written consent to the inclusion in the Prospectus of their reports in the form 

and context in which they are included. 

Documents available for inspection 

For so long as the Programme remains in effect or any Notes shall be outstanding, copies and, 

where appropriate, English translations of all documents mentioned in this Prospectus may be 

inspected during normal business hours at the specified office of the Fiscal Agent and from the 

registered office of each of the Issuers, in particular: 

(a) 

(b) 

(c) 

(d) 

(e) 

(f) 

the constitutive documents of each of the Issuers and the Guarantor; 

this Prospectus and any supplements thereto; 

the Guarantee and the Undertaking; 

the most recent publicly available audited consolidated financial statements of METRO AG 

in its capacity as Issuer and Guarantor beginning with such financial statements for the 

years ended 31 December 2009 and 31 December 2010 and its most recent publicly 

available unaudited quarterly reports; 

the most recent publicly available audited financial statements of Metro Finance B.V. in its 

capacity as issuer, beginning with the financial statements for the years ended 31 December 

2009 and 31 December 2010 and its most recent publicly available unaudited interim 

reports; and 

any Final Terms relating to Notes which are admitted to trading or listed on any stock 

exchange. 

- 271 -

ADDRESS LIST 

REGISTERED OFFICE OF THE ISSUERS 


Metro Finance B.V. 

Schlüterstraße 1 

Antoniuslaan 85 b+c 

40235 Düsseldorf NL-5921 KB Venlo-Blerick 

Germany 


REGISTERED OFFICE OF THE GUARANTOR 


Schlüterstraße 1 

40235 Düsseldorf 

Germany 

DEALERS 

Citigroup Global Markets Limited 

Citigroup Centre 

Canada Square 

Canary Wharf 

London E14 5LB 


Commerzbank Aktiengesellschaft 

Kaiserstraße 16 (Kaiserplatz) 


Germany 


HSBC Bank plc 

Grosse Gallusstraße 10 – 14 

8 Canada Square 

60272 Frankfurt am Main London E14 5HQ 

Germany 


HSBC Trinkaus & Burkhardt AG 

J.P. Morgan Securities Ltd. 

Königsallee 21/23 

125 London Wall 

40212 Düsseldorf London EC2Y 5AJ 

Germany 


Société Générale 

The Royal Bank of Scotland plc 

29 Boulevard Haussmann 135 Bishopsgate 

75009 Paris London EC2M 3UR 

France 


UniCredit Bank AG 

Arabellastrasse 12 

81925 Munich 

Germany 

- 272 -

FISCAL AGENT 




Germany 

LUXEMBOURG PAYING AGENT / LUXEMBOURG LISTING AGENT 

Deutsche Bank Luxembourg, S.A. 



Luxembourg 

LEGAL ADVISERS 

To METRO AG 

as to German law: 

To Metro Finance B.V. 

General Counsel 

Allen & Overy LLP 

Schlüterstraße 1 Barbara Strozzilaan 101 

40235 Düsseldorf 1077 AK Amsterdam 

Germany 


KPMG Meijburg & Co 

Tax Lawyers 

Laan van Langerhuize 1 

1185 DS Amstelveen 


To the Dealers as to German law: 

White & Case LLP 

Bockenheimer Landstrasse 20 


Germany 

AUDITORS 

To METRO AG: 

To Metro Finance B.V.: 

KPMG AG 

KPMG Accountants N.V. 

Wirtschaftsprüfungsgesellschaft Laan van Langerhuize 1 

Barbarossaplatz 1a 

1185 DS Amstelveen 

50674 Köln The Netherlands 

Germany 

FR: 1786435_1 

- 273 -

Debt Issuance Programme Prospectus METRO AG ... - Metro Group

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