ANNUAL GENERAL MEETING METRO AG. 15 February 2019

ANNUAL GENERAL MEETING METRO AG 15 February 2019

DISCLAIMER AND NOTES To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this presentation and there can be no assurance that these estimates, expectations and assumptions are or will prove to be accurate. Furthermore, the forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or financial position to differ materially from any future results, performance or financial position expressed or implied in this presentation. Many of these risks and uncertainties relate to factors that are beyond METRO AG's ability to control or estimate precisely. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market and economic conditions, the behavior of other market participants, invest in innovative sales formats, expand in online and multichannel sales activities, integrate acquired businesses and achieve anticipated cost savings and productivity gains, and the actions of government regulators. Readers are cautioned not to place reliance on these forward-looking statements. METRO AG does not undertake any obligation to publicly update any forward-looking statements or to conform them to events or circumstances after the date of this presentation. This presentation is intended for information only and should not be treated as investment advice or recommendation. It is not, and nothing in it should be construed as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of METRO AG. Not all figures included in this presentation have been audited and certain figures may also deviate substantially from information in the consolidated financial statements of METRO AG, thus, may not be fully comparable to such financial statements. The hypermarket business for sale is reported as a discontinued operation as of 30 September 2018 due to the ongoing sales process. The discontinued segment primarily includes Real and some other individual companies or assets. All following explanations of the business development will focus on the continued operations unless stated otherwise. No representation or warranty is given and no liability is assumed by METRO AG, express or implied, as to the accuracy, correctness or completeness of the information contained in this document and METRO AG undertakes no obligation to update and/or revise any information. This presentation includes supplemental financial measures which are or may be non-gaap financial or operative measures. These measures should not be viewed in isolation as alternatives to financial measures presented in accordance with IFRS. Other companies that disclose similarly titled measures may calculate them differently. All amounts are stated in million euros ( million) unless otherwise indicated. Amounts below 0.5 million are rounded and reported as 0. Rounding differences may occur. 2

01 INTRODUCTION 3

EUR 29.5bn Sales 1 EUR 1370m EBITDA 1 EUR 454m Profit 1 for the period EUR 5.3bn Delivery FCF 71% Conversion 1 LfL +3.6% Horeca LfL +4.6% Trader 2 1: Continued operations; 2: Trader countries excl. Russia: Bulgaria, India, Pakistan, Poland, Romania, Serbia, Slovakia, Czech Republic 4

STABLE PERFORMANCE Like-for-like sales 1 EBITDA 2 0.7% +1.2% 4 0.5% 0.5% 1436 3 Slightly above PY FY 16/17 Actual FY 17/18 Guidance FY 17/18 Actual FY 16/17 Actual FY 17/18 Guidance FY 17/18 Actual SALES 5 EUR 36.5bn EBITDA 6 EUR 1525m 1,2 : At constant FX and before portfolio measures; 3: EBITDA 2016/17 EUR 1611m without EUR 175m of real estate gains; 4: In local currency; 5: Continued & Discontinued operations, 6: Continued & Discontinued operations, incl. real estate gains 5

BECOMING A FOCUSED WHOLESALER Revenue composition of METRO: share of sales (in %) wholesale 100 80 50% 47 48 50 2012 2014 2015/16 2017 2019 Strategic acquisition Portfolio exit 1 2 3 1: Eastern Europe; 2: Turkey; 3: Demerger Sale in process 6

02 FINANCIALS 7

Hypermarket (discontinued operations) 8

SALES TO EBITDA Key reported figures (continuing operations) Comments EUR m / % FY 2016/17 FY 2017/18 Like-for-like growth 0.9% 1.3% thereof Food 2.1% 2.0% Reported growth 2.8% -1.4% Growth in local currency 2.2% 1.5% Sales share Delivery: Wholesale 16% 18% EBITDA excl. RE gains 1267 1242 thereof FX -56 EBITDA Margin 1 4.2% 4.2% Real estate gains 175 128 Total EBITDA 1443 1370 Like-for-like sales growth momentum increased despite headwind in Russia Overall positive regional developments, with substantial improvement in Germany and strong growth in Eastern Europe Stable EBITDA margin 1, despite slight nominal decline primarily due to currency effects Real estate gains comprised predominantly by project developments 1: Excl. real estate gains 9

FREE CASH FLOW Key reported figures (continuing operations) Comments EUR m / % FY 2016/17 FY 2017/18 EBITDA 1443 1370 Change in NWC -34 179 Capex 1-544 -581 METRO Wholesale -401-388 Others/Cons. -143-193 FCF 865 968 FCF conversion in % 60% 71% Net debt (30 Sept) 2732 2710 Sizeable positive change in NWC driven by general improvement in stock days, plus one time negative effects in Russia (PY) and seasonal effects (esp. China) Lower CAPEX in wholesale driven by leaner and more cost-efficient formats CAPEX increase in others mainly from investments into IT & Digitalisation Overall increase of EUR 103m and 11pp in FCF and FCF conversion, respectively 1: Capex excl. M&A and finance leases renewals 10

EARNINGS PER SHARE Key reported figures (continuing operations) Comments EUR m / % FY 2016/17 FY 2017/18 EBITDA 1443 1370 D&A -610-547 EBIT 833 823 Interest and investment result -127-128 Other financial result -32-2 Net financial result -159-130 EBT 674 693 Tax rate 43.8% 33.9% Profit for the period 359 454 Continued EPS in 0.99 1.25 Depreciation in 2016/17 impacted by goodwill and asset impairments Further optimisation of financing costs offset by dividend paid in minority interest Improvement of the other financial result driven by both recurring and one-time effects Structural enhancement and support from one-time benefits leading to strong tax rate improvement Sizeable increase in EPS (>25% growth) from improved net financial result and tax rate 11

PROPOSED DIVIDEND IN FY 2017/18 Key reported figures Comments EUR / % FY 2016/17 FY 2017/18 EPS from continuing operations 0.99 1.25 Reported EPS includes both continuing and discontinued operations and is at EUR 0.95 EPS from disc. Operations -0.09-0.30 EPS from discontinued ops. pre goodwill impairment 1-0,17 Proposed dividend of EUR 0.70 on reported EPS, implying payout ratio of 74% Reported EPS 0.89 0.95 Reported EPS pre goodwill impairment 1 1.08 Proposed DPS 0.70 0.70 Proposal exceeds dividend policy (45-55% of EPS) in light of non-cash goodwill impairment and solid cash flow development 1: pre goodwill impairment net of related deferred taxes. 12

SHARE PRICE DEVELOPMENT & KEY EVENTS Share price development METRO AG MDAX STOXX Europe 600 Retail Key events 20% B4B.DE Since listing, Jul.17 - Jan.19 Previous AGM 1 Guidance adjustment to reflect developments in Russia and termination of temporary tariff agreement 10% EUR 18 2 Q3 results with first signs of recuperation in Russia -10% -20% -30% 1 3 4 5 6 3 4 News flow regarding the acquisition of shares in METRO by EPGC METRO announces decision to sell its hypermarket unit -40% 2 5 FY 2017/18 results & FY 2018/19 outlook Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 6 Q1 FY2018/19 trading statement Source: Bloomberg 13

CURRENT TRADING Key figures Q1 FY 2018/19 (continued operations) Sales 1 EBITDA Reported: LfL: LfL Food: Delivery: EBITDA 2 : EBITDA (PY): Margin: Margin (PY): +2.1% +2.3% +3.1% +11.5% EUR 472m EUR 504m 5.9% 6.2% Net Income & EPS Net Income 3 : EUR 181m Net Income (PY): EUR 180m EPS: EUR 0.50 EPS (PY): EUR 0.50 1: Local currency; 2: EBITDA incl. earnings contributions from real estate transactions; 3: Allocated to METRO Shareholders 14

03 STRATEGY 15

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WHOLESALE ACTIVATION Key focus areas Rationale 2 3 Common Sourcing 1 Local VCPs (Business plans) Completely localised business models with fully empowered Management Teams who develop, optimise and execute 1 Purchasing Alliances Own Brand 2 Strengthen growth drivers Further enhancement and expansion of our Delivery and Franchise businesses Pricing 3 Take advantage of size Further leverage group scale and competencies across METRO countries Digitalisation of the core 4 4 Complementary business Provide further value add through innovative solutions and services by making optimal use of METRO s unique reach 17

OUR MAIN SUCCESS FACTORS Employee engagement Customer satisfaction Value Creation Plans Highly engaged employees Like-for-like growth Employee engagement index Net Promoter Score Like-for-like growth 60 72 78 Industry average 63% 1 Feedback collected in 25 countries & All countries with positive score based on 1m+ responses 2 +3.6% with Horeca customers & +4.6% with Trader customers in focus countries 4, excl. Russia 2011 2014 2018 Live in 715 stores 3 +2.0% in Food 1 1: Global Retail-Benchmark 2018 according to Aon Hewitt Methodology; 2:Number since Go live till 30.09.18 excl. PK; 3: Store number as of 30.09.18; 4: Trader countries: Bulgaria, Czech Republic, India, Pakistan, Poland, Romania, Russia, Serbia, Slovakia 18

THE PATH FOR HORECA Local business model combined with the strength of an international company Sales share: LfL: 45% +3.6% Sales share per region Focus on clearly defined local target groups 47% 65% West. Europe Germany Customised assortments Development of solution-oriented products 17% 36% 32% East. Europe Russia Asia Optimisation of various sales channels Inspiration and knowledge transfer through academies Significant value added through digital solutions 19

DELIVERY EXPANSION Impressions Key facts & figures Delivery has strong demand from customers Customers frequently use both channels (C&C+FSD) Baskets and margin mix can be further improved METRO leverages its strong warehouse platform Service level improvement has high priority EUR 5.3bn Delivery % 14p Growth 20

THE PATH FOR TRADER Strong profile of service offers and expansion of partnerships Sales share: LfL: 21% +4.6% 1 Sales share per region Focus on local requirements of Trader Price leadership through high volume sales 13% 32% 33% West. Europe 2 Germany 3 East. Europe Russia Asia Strong focus on cost efficiency Inspiration and knowledge through consulting Partnerships via franchise solutions 1: Trader countries excl. Russia: Bulgaria, India, Pakistan, Poland, Romania, Serbia, Slovakia, Czech Republic; 2,3: Not within Trader focus countries 21

FRANCHISE: STRENGTHENING OUR PARTNERSHIP Impressions Key facts & figures METRO offers intensive support and consulting in the modernisation of convenience shops Establishment of a franchise network under a uniform local brand and including marketing support Contractual bond and development of the business relationship Franchise 6.500+ Partners across Trader focus countries % 10p Growth superior pace versus remaining Trader 22

OWN BRANDS Strategy and key initiatives New brand design Creation of 3 new flagship brands: METRO Chef, METRO Professional and METRO Premium Continuous development of solutions for Chefs Development of assortment specific for delivery channel Optimised packaging for professional kitchen usage Currently 24% of Horeca sales and 10% of Trader, long-term ambition of approximately 40% and 15% respectively 23

THE STRENGTHS OF A GROUP Global sourcing International alliance National alliances Leveraging the group scale and enriching our offer with a professional range transitioning from commodities to differentiation One of the top 3 international alliances 1 and a unique combination of countries, formats and levels of trade Economies of scale at local level and best of two negotiations. Further countries under discussion 1: Based on combined turnover of partners 24

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04 DIGITALISATION 26

HOLISTIC APPROACH Core business New sales channels Digitalisation of the sector Offering new store experiences and redesigning processes for significant efficiency gains Extending our trading business to digital, offering additional and more convenient ways of buying Building long-term relationships with customers and develop our services & solutions offer 27

DIGITALISING OUR CORE BUSINESS Expanding our solutions for customers Optimising the shopping experience and tightening the business partnerships METRO Companion M SHOP M INVOICE Optimising internal processes Digitalisation of functions and processes within the group Modernising the IT infrastructure Increasing the agility of our core systems 28

ONLINE MARKETPLACE Our objective: Significant expansion of our offer & range of services Product variety Access to extensive international assortment International platform Ideally suited for suppliers to reach new customers groups 29

EXTENDING OUR OFFER Access to technology Making digital solutions available to Independent Horeca Entrepreneurs Developing base solutions Providing own tools with immediate added value for the restaurateurs Reach Rendering third-party solutions through our distribution channels Training and knowledge transfer Supporting our customers in exploring and adopting new possibilities 30

WEBSITE BUILDER Bringing online visibility to every restaurant Highlights Rolled-out in more than 125.000 1 restaurants Easy to use and rapidly integrate on social media Available in 15 European countries Accessible in 14 different languages 1: Data as of Jan.2019 31

RESERVATION TOOL Free of charge and convenient table booking Highlights Rolled-out in more than 8.000 1 restaurants 350.000 2 seats reserved within a month Very low no-show rate Efficiency increase and cost saving for restaurants 1: Data until Jan.2019 ; 2: Data from January 32

MENU KIT Analyse & optimise the menu Highlights Completely transparent calculation Total control over contribution margin Optimisation of menu & recipe Sustainable improvement of profitability 33

GASTRO COCKPIT Comprehensive business steering Highlights Real-time insights on revenue & profitability Clear analysis of productivity Identification of improvement potential Performance overview for complete business control 34

DISH THE DIGITAL HORECA COMMUNITY Access to digital solutions Helping customers making smarter business decisions Relevant news and tips Inspiring restaurateurs with up-to-date content Meet-ups & Events Fostering a community sharing the same passion 35

05 REAL 36

REAL SIGNIFICANT PROGRESS MADE New commercial model Solid momentum in digital Competitive cost structure The new Markthalle concept offers outstanding variety and quality as well as strong emphasis on service. The modular concept has been rolled-out to 19 stores One of the fastest growing online platforms in Germany with +90% growth in FY2017/18 to circa EUR 380m in Gross Merchandise Value (GMV) Increasing cooperation and synergies with 7 partners on board. In addition, sustainable labour cost through new tariff with already 3600+ people hired 37

06 REAL ESTATE 38

VALUE ENHANCEMENT OF PORTFOLIO Invest Real estate ownership in 15 of the 30 largest cities in the world, and around 15 new openings per year Develop & manage Continuous development and optimisation of our property portfolio Enhance value Project development for value enhancement and real estate transactions 39

SUCCESSFUL REAL ESTATE TRANSACTIONS 2017/18 2018/19 and later Spain Germany India 1 Mega cities Development project, followed by sale & lease back transaction. EBITDA ca. EUR 30m Development project. EBITDA ca. EUR 50m Development project. EBITDA ca. EUR 30m Shanghai (CN) Moscow (RU) Mumbai (IN) Istanbul (TR) 1 Transaction shifted from Q4 17/18 to H1 18/19 to achieve optimum transaction result 40

07 PEOPLE & ENVIRONMENT 41

SUSTAINABLE AND RESPONSIBLE Sustainability Employer branding Industry leader since 2015 13th consecutive time Sustainable purchasing: Global commitment to reduce the use of disposable plastic 9 METRO countries honoured CO 2 : Reduction of carbon footprint through new store formats and modernisation (since 2011-26,2%) Ranked 8 in the trendence Young Professionals Barometer 2017 42

08 OUTLOOK & GUIDANCE 43

EUR 29.5bn Sales 1 EUR 1370m EBITDA 1 EUR 454m Profit 1 for the period EUR 5.3bn Delivery FCF 71% Conversion 1 LfL +3.6% Horeca LfL +4.6% Trader 2 1: Continued operations; 2: Trader countries excl. Russia: Bulgaria, India, Pakistan, Poland, Romania, Serbia, Slovakia, Czech Republic 44

OUTLOOK FY 2018/19 Guidance 1 FY 2017/18 FY 2018/19 Sales in local currency 1.5% 1-3% Like-for-like growth 1.3% 1-3% EBITDA excl. RE gains 1242m 2-6% decline 1: At constant FX and before portfolio measures. 45

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