[Final] MISA Valuation Report_2015.05.04

Valuation Report – Metro International S.A.ABCDbe utilized. Furthermore, based on discussions with Management we understand that such lossescannot be applied to other entities within the Metro Group, nor can they be sold to a third party. As aconsequence, we have not attributed any value to these tax losses in the valuation of the HeadquarterOperations.10.4. Valuation summary and conclusionWe conducted a DCF analysis for the Headquarter Operations based on its Management BusinessPlan. Based on discussion with Management, we understand that the costs incurred by the HeadquarterOperations on behalf of the Subsidiaries, as forecast in its Management Business Plan, have not beenallocated to each of the individual Subsidiaries’ Management Business Plans. Accordingly, we haveconsidered the entirety of these costs when assessing the value of the Headquarter Operations.Long-term forecast FCF were obtained from the Management Business Plan and discounted to presentvalue at an appropriate rate which considered the timing and risk-level of the cash flows. A terminalgrowth rate of two percent was assumed to reflect that the company’s operating costs (i.e. holdingcompany costs) are expected to grow in line with long term inflation.Figure 39: Headquarter Operations – Summary of valuation assumptions and conclusionsSource: KPMG analysisHeadquarter Operations - SummaryKey parametersValuation methodologyIncome approach parameters:WACC (%) 12.47%Terminal growth rate (%) 2.00%Concluded value for MISA's Headquarter Operations (EUR thousands) (16 395)Our concluded value for MISA’s Headquarter Operations is negative EUR 16.40 million as at theValuation Date.DCF2015 © KPMG Luxembourg, Société coopérative 4 May 201556