First Supplement to the Debt Issuance Programme Prospectus dated 10 February 2015 Dated 6 March 2015 This document constitutes a supplement (the "Supplement") for the purposes of Article 16 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended by Directive 2010/73/EU (the "Prospectus Directive"), and should be read in conjunction with the two base prospectuses for the purpose of article 5.4 of the Prospectus Directive: (i) the base prospectus of METRO AG in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended ("Non-Equity Securities") and (ii) the base prospectus of Metro Finance B.V. in respect of Non-Equity Securities (together, the "Debt Issuance Programme Prospectus" or the "Prospectus"). METRO AG (Düsseldorf, Federal Republic of Germany) as Issuer and, in respect of notes (the "Notes") issued by Metro Finance B.V., as Guarantor Metro Finance B.V. (Venlo, The Netherlands) as Issuer EUR 6,000,000,000 Debt Issuance Programme (the "Programme") The payments of all amounts due in respect of Notes issued by Metro Finance B.V. will be unconditionally and irrevocably guaranteed by METRO AG. Each Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF") in its capacity as competent authority under the Luxembourg act relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements the Prospectus Directive into Luxembourg law (the "Luxembourg Law") to provide the competent authority in the Federal Republic of Germany with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Law (each a "Notification"). Each Issuer may request the CSSF to provide competent authorities in additional Member States with the European Economic Area with a Notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the issuer in accordance with the provisions of Article 7(7) of the Luxembourg Law. RIGHT TO WITHDRAW Investors who have already agreed to purchase or subscribe for Notes of any tranche to be issued under the Programme prior to publication of this Supplement are entitled to withdraw their purchase orders pursuant to Art. 13(2) of the Luxembourg Law within two working days after the publication of this Supplement until 10 March 2015 provided that the relevant purchase has not yet been completed. A withdrawal, if any, is to be addressed to the relevant bank or savings bank or any other distributor with whom the relevant agreement to purchase or subscribe has been entered into.
2 This Supplement has been approved by the CSSF, has been filed with said authority and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). METRO AG ("METRO" or the "Guarantor" and, together with its consolidated subsidiaries, "METRO GROUP") with its registered office in Düsseldorf, Federal Republic of Germany and Metro Finance B.V. ("Metro Finance") with its registered office in Venlo, The Netherlands (herein each also called an "Issuer" and, together, the "Issuers") accept responsibility for the information given in this Supplement. Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Supplement for which it is responsible is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. Terms defined or otherwise attributed meanings in the Prospectus have the same meaning when used in this Supplement. All references in the Prospectus to "the Prospectus", "this Prospectus" or any other similar expression, in particular regarding confirmations and representations as to the information contained therein, shall be deemed to also refer to this Supplement. This Supplement shall only be distributed in connection with the Prospectus. To the extent that there is any inconsistency between any statement in this Supplement and any other statement in or incorporated by reference in the Prospectus, the statements in this Supplement will prevail. Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to information included in the Prospectus which is capable of affecting the assessment of Notes issued under the Programme since the publication of the Prospectus. This Supplement including the documents incorporated by reference therein will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).
3 The Issuers announce the following changes to the Prospectus: A. Changes to the Summary of the Prospectus 1. In the section "Summary Section B METRO AG as Issuer" on page 7 of the Prospectus, in item B.12, under the table included under the heading of "Selected historical key financial information", the following second table shall be added: METRO GROUP in figures (unaudited) million million Sales (net) 18,311 18,721 EBITDA 1,269 1,375 EBITDA before special items 1,276 1,352 EBIT 1,008 1,094 EBIT before special items 1,024 1,073 Earnings before taxes 901 944 Earnings before taxes and special items 909 932 Profit or loss for the period 459 514 Profit or loss for the period before special items 501 503 Investments 176 273 Total assets 31,631 32,990 Equity 5,061 5,698 2. In the section "Summary Section B METRO AG as Issuer" on page 7 of the Prospectus, in item B.12, the text under the heading of "Description of any significant change in the financial and trading position of the Issuer" shall be deleted and replaced as follows: "Not applicable. There has been no significant change in the financial or trading position of METRO AG or METRO GROUP since 31 December 2014." 3. In the section "Summary Section B METRO AG as Issuer" on page 8 of the Prospectus, in item B.17, the text under the heading of "Ratings" shall be deleted and replaced as follows: Standard & Poor's Credit Market Services Europe Ltd. ("Standard & Poor's") 1,2 has assigned the long-term credit rating BBB- 3 (stable outlook) to METRO GROUP. [The Notes have been assigned the following rating: [ ].] [Not applicable. The Notes have not been rated.]] 1 2 3 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011 of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website (www.esma.europa.eu) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
4 4. In the section "Summary Section B METRO AG as Guarantor" on page 11 of the Prospectus, in item B.19.B.12, under the table included under the heading of "Selected historical key financial information", the following second table shall be added: METRO GROUP in figures (unaudited) million million Sales (net) 18,311 18,721 EBITDA 1,269 1,375 EBITDA before special items 1,276 1,352 EBIT 1,008 1,094 EBIT before special items 1,024 1,073 Earnings before taxes 901 944 Earnings before taxes and special items 909 932 Profit or loss for the period 459 514 Profit or loss for the period before special items 501 503 Investments 176 273 Total assets 31,631 32,990 Equity 5,061 5,698 5. In the section "Summary Section B METRO AG as Guarantor" on page 11 of the Prospectus, in item B.19.B.12, the text under the heading of "Description of any significant change in the financial and trading position of the Guarantor" shall be deleted and replaced as follows: "Not applicable. There has been no significant change in the financial or trading position of METRO AG or METRO GROUP since 31 December 2014." 6. In the section "Summary Section B METRO AG as Guarantor" on page 12 of the Prospectus, in item B.19.B.17, the text under the heading of "Ratings" shall be deleted and replaced as follows: Standard & Poor's Credit Market Services Europe Ltd. ("Standard & Poor's") 4,5 has assigned the long-term credit rating BBB- 6 (stable outlook) to METRO GROUP. [The Notes have been assigned the following rating: [ ].] [Not applicable. The Notes have not been rated.]] 4 5 6 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011 of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website (www.esma.europa.eu) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
5 7. In the section "Summary Section B METRO AG als Anleiheschuldnerin" on page 22 of the Prospectus, in item B.12, under the table included under the heading of "Ausgewählte wesentliche historische Finanzinformationen", the following second table shall be added: METRO GROUP in Zahlen (ungeprüft) Mio. Mio. Umsatz (netto) 18.311 18.721 EBITDA 1.269 1.375 EBITDA vor Sonderfaktoren 1.276 1.352 EBIT 1.008 1.094 EBIT vor Sonderfaktoren 1.024 1.073 Ergebnis vor Steuern 901 944 Ergebnis vor Steuern und vor Sonderfaktoren 909 932 Periodenergebnis 459 514 Periodenergebnis vor Sonderfaktoren 501 503 Investitionen 176 273 Bilanzsumme 31.631 32.990 Eigenkapital 5.061 5.698 8. In the section "Summary Section B METRO AG als Anleiheschuldnerin" on page 22 of the Prospectus, in item B.12, the text the heading of "Beschreibung wesentlicher Veränderungen bei der Finanzlage oder Handelsposition der Anleiheschuldnerin" shall be deleted and replaced as follows: "Nicht anwendbar. Es haben sich keine wesentlichen Veränderungen bei der Finanz- bzw. Handelsposition der METRO AG bzw. der METRO GROUP für den Zeitraum seit dem 31 Dezember 2014 ergeben." 9. In the section "Summary Section B METRO AG als Anleiheschuldnerin" on page 23 of the Prospectus, in item B.12, the text the heading of "Ratings" shall be deleted and replaced as follows: METRO GROUP wurde von Standard & Poor's Credit Market Services Europe Limited ( Standard & Poor s ) 1,2 das langfristige Kreditrating BBB- 3 (Ausblick stabil) erteilt. [Den Schuldverschreibungen wurde das folgende Rating erteilt: [ ].] [Nicht anwendbar. Die Schuldverschreibungen haben kein Rating.]] 1 2 3 Standard & Poor's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über Ratingagenturen, geändert durch Verordnung (EU) Nr. 513/2011 des Europäischen Parlaments und des Rates vom 11. März 2011 (die Ratingagentur-Verordnung ), registriert. Die Europäische Wertpapier- und Marktaufsichtsbehörde veröffentlicht auf ihrer Webseite (www.esma.europa.eu) ein Verzeichnis der nach der Ratingagentur-Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung. Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder zurückgenommen werden.
6 10. In the section "Summary Section B Metro AG als Garantin" on page 26 of the Prospectus, in item B.19.B.12, under the table included under the heading of "Ausgewählte wesentliche historische Finanzinformationen", the following second table shall be added: METRO GROUP in Zahlen (ungeprüft) Mio. Mio. Umsatz (netto) 18.311 18.721 EBITDA 1.269 1.375 EBITDA vor Sonderfaktoren 1.276 1.352 EBIT 1.008 1.094 EBIT vor Sonderfaktoren 1.024 1.073 Ergebnis vor Steuern 901 944 Ergebnis vor Steuern und vor Sonderfaktoren 909 932 Periodenergebnis 459 514 Periodenergebnis vor Sonderfaktoren 501 503 Investitionen 176 273 Bilanzsumme 31.631 32.990 Eigenkapital 5.061 5.698 11. In the section "Summary Section B METRO AG als Garantin" on page 27 of the Prospectus, in item B.19.B.12, the text under the heading of "Beschreibung wesentlicher Veränderungen bei der Finanzlage oder Handelsposition der Garantin" shall be deleted and replaced as follows: "Nicht anwendbar. Es haben sich keine wesentlichen Veränderungen bei der Finanz- bzw. Handelsposition der METRO AG bzw. der METRO GROUP für den Zeitraum seit dem 31 Dezember 2014 ergeben." 12. In the section "Summary Section B METRO AG als Garantin" on page 28 of the Prospectus, in item B.19.B.17, the text under the heading of "Ratings" shall be deleted and replaced as follows: METRO GROUP wurde von Standard & Poor's Credit Market Services Europe Limited ( Standard & Poor s ) 4,5 das langfristige Kreditrating BBB- 6 (Ausblick stabil) erteilt. [Den Schuldverschreibungen wurde das folgende Rating erteilt: [ ].] [Nicht anwendbar. Die Schuldverschreibungen haben kein Rating.]] 4 5 6 Standard & Poor's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über Ratingagenturen, geändert durch Verordnung (EU) Nr. 513/2011 des Europäischen Parlaments und des Rates vom 11. März 2011 (die Ratingagentur-Verordnung ), registriert. Die Europäische Wertpapier- und Marktaufsichtsbehörde veröffentlicht auf ihrer Webseite (www.esma.europa.eu) ein Verzeichnis der nach der Ratingagentur-Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung. Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder zurückgenommen werden.
7 B. Changes to other parts of the Prospectus 1. In the section "Documents incorporated by reference" on page 44 of the Prospectus, above the heading of "METRO AG Annual Report 2013/14 / Consolidated Financial Statements of the METRO GROUP", the following table shall be inserted: METRO AG Quarterly Report Q1 2014/15 of the METRO GROUP (Unaudited) Page reference in the relevant financial report Included on page of Prospectus Income Statement 19 44 Balance Sheet 21 44 Cashflow Statement 22 44 Notes to the Quarterly Financial Report 24-35 44 2. In the section "Documents incorporated by reference" on page 45 of the Prospectus, the following paragraph shall be deleted: "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 2012, 2013 and 2013/14 and such parts of the documents relating to Metro Finance B.V. for the financial years 2012, 2013 and 2013/14 which are not explicitly listed in the table above, are not incorporated by reference into this Prospectus. Information contained in such parts is either of no relevance for an investor or covered in other parts of this Prospectus." and shall be replaced as follows: "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 2012, 2013 and 2013/14, respectively, or for the first quarter of the financial year 2014/15 and such parts of the documents relating to Metro Finance B.V. for the financial years 2012, 2013 and 2013/14 which are not explicitly listed in the table above, are not incorporated by reference into this Prospectus. Information contained in such parts is either of no relevance for an investor or covered in other parts of this Prospectus."
8 3. On page 214 of the Prospectus, the heading "Selected Consolidated Financial Information of METRO GROUP for 2013/14 and 2013" shall be deleted and replaced as follows: "Selected Consolidated Financial Information of METRO GROUP for 2014/15, 2013/14 and 2013" 4. In the current section "Selected Consolidated Financial Information of METRO GROUP for 2013/14 and 2013" on page 214 of the Prospectus, the following second table shall be added below the current table: METRO GROUP in figures (unaudited) million million Sales (net)... 18,311 18,721 EBITDA... 1,269 1,375 EBITDA before special items... 1,276 1,352 EBIT... 1,008 1,094 EBIT before special items... 1,024 1,073 Earnings before taxes... 901 944 Earnings before taxes and special items... 909 932 Profit or loss for the period... 459 514 Profit or loss for the period before special items 501 503 Investments... 176 273 Total assets... 31,631 32,990 Equity... 5.061 5,698 Equity ratio... 16.0% 17.3% Earnings per share (basic = diluted)... 1.24 1.38 Earnings per share before special items... 1.36 1.35 Operating data... Employees (full-time basis) 1... 227,908 238,266 Stores 1... 2,209 2,253 Selling space (1,000 sqm) 1... 12,198 12,853 1 As of closing date 31 December. 5. The first paragraph of the section "Trend information and no significant change" on page 237 of the Prospectus shall be deleted and replaced as follows: "There has been no significant change in the financial or trading position of METRO AG or the METRO GROUP since 31 December 2014 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 30 September 2014."
9 NAMES AND ADDRESSES THE ISSUERS METRO AG Metro-Straße 1 40235 Düsseldorf Federal Republic of Germany Metro Finance B.V. Antoniuslaan 85 b+c 5921 KB Venlo-Blerick The Netherlands FISCAL AGENT AND PAYING AGENT Deutsche Bank Aktiengesellschaft Taunusanlage 12 60325 Frankfurt am Main Federal Republic of Germany LUXEMBOURG LISTING AGENT Deutsche Bank Luxembourg S.A. 2 Boulevard Konrad Adenauer 1115 Luxembourg Grand Duchy of Luxembourg FR: 99864388_4