Documentation Financière. French Billets de Trésorerie Programme EUR 2,000,000,000

Transcription

1 Documentation Financière Information Memorandum (Dossier de Présentation Financière) Name of the Programme: METRO AG, French Billets de Trésorerie Name of the Issuer: METRO AG Type of Programme: French Billets de Trésorerie Programme Programme size: EUR 2,000,000,000 Guarantor: none Rating of the Programme: Rated Standard & Poor s [A-3] Arranger: SOCIETE GENERALE Issuing and Paying Agent (IPA): SOCIETE GENERALE Dealers: BNP PARIBAS, BRED Banque Populaire, CIC Credit Industriel et Commercial, CREDIT AGRICOLE CIB, DEUTSCHE BANK AG - London Branch, HSBC France, ING Bank N.V., Landesbank Baden-Württemberg, NATIXIS and SOCIETE GENERALE Date of the Information Memorandum: 2 nd April 2015 Drawn up pursuant to articles L 213-1A to L of the French monetary and financial Code. A copy of the information memorandum is sent to: BANQUE DE FRANCE Direction Générale des Opérations Direction pour la Stabilité Financière (DSF) Service des Titres de Créances Négociables 39, rue Croix des Petits Champs PARIS CEDEX 01 A l attention du chef de service (To the attention of the Head of Division)

2 IMPORTANT NOTICE This Dossier de Présentation Financière (together with any supplement to this Documentation Financière and appendices, the Documentation Financière) contains summary information provided by METRO AG (the Issuer) in connection with a Billets de Trésorerie (the Programme) under which the Issuer may issue and have outstanding at any time Billets de Trésorerie up to the Programme Size as indicated in 1.6 below. Under the Programme, the Issuer may issue Billets de Trésorerie to be sold in respect with Selling Restrictions as indicated below in 1.22 Selling Restrictions. Neither the delivery of this Documentation Financière nor any offer or sale made on the basis of the information in this Documentation Financière shall under any circumstances create any implication that this Documentation Financière is accurate at any time subsequent to the date hereof with respect to the Issuer or that there has been no change in the affairs of the Issuer since the date hereof (save in so far as this Documentation Financière, as the same may be updated, amended, supplemented or superseded from time to time, may include disclosures concerning the Issuer). No person is authorised by the Issuer to give any information or to make any representation not contained in this Documentation Financière and any information or representation not contained herein must not be relied upon as having been authorised. The information contained in this Documentation Financière is not and should not be construed as a recommendation or a statement of opinion (or a report of either of those things) by the Arranger or the Dealers or the Issuer that any recipient should purchase Billets de Trésorerie in the Programme. Each such recipient must make and shall be deemed to have made its own independent assessment and investigation of the Programme as it may deem necessary and must base any investment decision upon such independent assessment and investigation and not on this Documentation Financière. Neither the Arranger nor any Dealer has independently verified the information contained in this Information Memorandum. Accordingly, no representation or warranty or undertaking (express or implied) is made, and no responsibility or liability is accepted by the Arranger or the Dealers as to the authenticity, origin, validity, accuracy, completeness or distribution of, or any errors in or omissions from any information or statement contained in this Documentation Financière or in or from, any accompanying or subsequent material or presentation. Neither the Arranger nor any Dealer undertakes to review the business or financial condition or affairs of the Issuer during the life of the Programme, nor undertakes to advise any recipient of the Documentation Financière of any information or change in such information coming to the Arranger's or any Dealer's attention. Neither the Arranger nor any of the Dealers accepts any liability in relation to this Documentation Financière or its distribution by any other person. This Documentation Financière does not, and is not intended to, constitute an offer or invitation to any person to purchase Billets de Trésorerie. The distribution of this Documentation Financière and the offering for sale of Billets de Trésorerie or any interest in such Billets de Trésorerie or any rights in respect of such Billets de Trésorerie, in certain jurisdictions, may be restricted by law. Persons obtaining this Documentation Financière or any Billets de Trésorerie or any interest in such Billets de Trésorerie or any rights in respect of such Billets de Trésorerie are required by the Issuer, the Arranger and the Dealers to inform themselves about and to observe any such restrictions. In particular, but without limitation, such persons are required to comply with the restrictions on offers or sales of Billets de Trésorerie and on distribution of this Documentation Financière and other information in relation to the Billets de Trésorerie and the Issuer set out under 1.22 "Selling Restrictions" below. This Documentation Financière does not constitute a "prospectus" for the purposes 2

3 of the European Directive 2003/71/EC as amended. Appendices Any statement contained in a document joint as appendice into this Documentation Financière shall be deemed to be modified or superseded to the extent that a statement contained in any subsequent document which also is or is deemed to be joint as appendice into this Documentation Financière modifies or supersedes such statement (whether expressly, by implication or otherwise). Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Documentation Financière. Interpretation In this Documentation Financière, references to EUR, "Euros" and " " refer to the single currency of participating member states of the European Union; references to "Sterling" and " " are to the lawful currency of the United Kingdom; references to "U.S. Dollar" and "U.S.$" are to the lawful currency of the United States of America and references to "Yen" and " " are to the lawful currency of Japan. Where this Documentation Financière refers to the provisions of any other document, such reference should not be relied upon and the document must be referred to for its full effect. Ratings Tax This Documentation Financière contains references to ratings. Such ratings are only accurate as of the date hereof, as they have been obtained with the understanding that Standard & Poor s will continue to monitor the credit of the Issuer and make future adjustments to such ratings to the extent warranted. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the relevant rating agency, and therefore, a prospective purchaser should check the current ratings before purchasing the Billets de Trésorerie. No comment is made or advice given by the Issuer, the Arranger or any Dealer in respect of taxation matters relating to the Billets de Trésorerie and each investor is advised to consult its own professional adviser. Under EC Council Directive 2003/48/EC on the taxation of savings income, Member States are required, from 1st July, 2005, to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State. METRO GROUP METRO AG and all its affiliated Group companies 3

4 TABLE OF CONTENTS IMPORTANT NOTICE FRENCH SECTION RESUME DE LA DOCUMENTATION FINANCIERE I SOMMAIRE DU PROGRAMME 5 II INFORMATION CONCERNANT L EMETTEUR 9 III CERTIFICATION D INFORMATION 12 ANNEXES 13 ANNEXE I Rapport annuels et comptes METRO Group Annual Report 2013/14 METRO Group Annual Report 2013 ANNEXE II ANNEXE III Rapport des auditeurs Notation(s) du Programme et de l Emetteur, informations complémentaires ENGLISH SECTION I SUMMARY OF THE PROGRAMME 14 II INFORMATION CONCERNING THE ISSUER 21 III CERTIFICATION OF INFORMATION 24 APPENDICES 25 APPENDIX I Issuer Annual reports and financial accounts 26 METRO Group Annual Report 2013/14 METRO Group Annual Report 2013 APPENDIX II Report of independent auditors 27 APPENDIX III Rating(s) of the Programme and of the Issuer, additional information 28 4

5 FRENCH SECTION I. DESCRIPTION DU PROGRAMME DE Billets de Trésorerie Articles D , II, 1, et du Code Monétaire et Financier et Art. 1 de l arrêté du 13 février 1992 modifié et les réglementations postérieures. 1.1 Nom du Programme: METRO AG, Billets de Trésorerie 1.2 Type de programme: Programme de Billets de Trésorerie (Titres de Créances Négociables) de droit français, conformément aux articles L A à L et D A à D du Code Monétaire et Financier et à toutes les réglementations applicables. 1.3 Nom de l'emetteur: METRO AG 1.4 Type d'émetteur: Entreprise non financière 1.5 Objet du Programme: Afin de satisfaire aux besoins généraux de financement de METRO AG, "l Emetteur" et de ses filiales, l Emetteur procèdera à l émission périodique de Billets de Trésorerie, conformément aux articles L A à L et D A à D du Code Monétaire et Financier et à toutes les réglementations applicables. 1.6 Plafond du Programme: L encours maximal des Billets de Trésorerie émis aux termes du Programme s élèvera à 2 milliards d Euros ou sa contre-valeur en toute autre devise autorisée à la date d émission. 1.7 Forme des titres: Les Billets de Trésorerie sont des titres de créances négociables, émis au porteur et sont inscrits en compte auprès d intermédiaires autorisés conformément à la législation et à la réglementation française en vigueur. 1.8 Rémuneration: La rémunération des Billets de Trésorerie est libre. Cependant, si l Emetteur émet des Billets de Trésorerie dont la rémunération est liée à un indice, ou une clause d indexation, l Emetteur n émettra que des Billets de Trésorerie dont la rémunération est liée à un indice usuel de marché monétaire, tel que et restreint à : Euribor, Libor ou EONIA. De telles formules de rémunération ne doivent pas résulter en montants négatifs. L émetteur ne peut pas émettre de Billets de Trésorerie contenant des paiements de capital qui peuvent potentiellement être variables. Dans le cas d une émission de Billet de Trésorerie comportant une option de remboursement anticipé, de prorogation ou de rachat, telle que prévue au paragraphe 1.10 ci après, les conditions de rémunération du Billet de Trésorerie seront fixées à l occasion de l émission initiale et ne pourront pas être modifiées ultérieurement, notamment à l occasion de l exercice de l option de remboursement anticipé, de prorogation ou de rachat. 1.9 Devises d'émission: Les Billets de Trésorerie seront émis en Euro ou toute autre devise autorisée par la réglementation française applicable au moment de l émission conformément à l article D du Code monétaire et financier. 5

6 1.10 Échéance: L échéance des Billets de Trésorerie sera fixée conformément à la législation et à la réglementation française, ce qui implique qu à la date des présentes la durée des émissions de Billets de Trésorerie ne peut être inférieure à 1 jour ni supérieure à 1 an (365 jours ou 366 jours les années bissextiles). Les Billets de Trésorerie peuvent être remboursés avant maturité en accord avec les lois et les réglementations applicables en France. Les Billets de Trésorerie émis dans le cadre du Programme pourront comporter une ou plusieurs options de prorogation de l échéance (au gré de l Emetteur, ou du détenteur, ou en fonction d un (ou plusieurs) évènement(s) indépendant(s) de l Emetteur et ou du détenteur). Les Billets de Trésorerie émis dans le cadre du Programme pourront aussi comporter une ou plusieurs options de rachat par l Emetteur (au gré de l Emetteur, ou du détenteur, ou en fonction d un (ou plusieurs) évènement(s) indépendant(s) de l Emetteur et / ou du détenteur). L option de remboursement anticipé, de prorogation ou de rachat de Billets de Trésorerie, sil y a lieu, devra être spécifiée explicitement dans le formulaire de confirmation de toute émission concernée. En tout état de cause, la durée de tout Billet de Trésorerie assortie d une ou de plusieurs de ces clauses, sera toujours, toutes options de remboursement anticipé, de prorogation ou rachat comprises, conforme à la réglementation en vigueur au moment de l émission du dit Billet de Trésorerie Montant minimal des émissions: Le montant unitaire, déterminé au moment de chaque émission, sera au moins égal à Euro ou à la contre-valeur de ce montant en devises autorisées par les lois et réglementations en vigeur en France à la date de l émission Dénomination minimale des titres: En vertu de la réglementation (Article D du Code monétaire et financier), le montant minimum légal des Titres de Créances Négociables émis dans le cadre de ce programme est de euros ou la contrevaleur de ce montant en devises déterminée au moment de l émission Rang: Les Billets de Trésorerie constitueront des obligations directes, inconditionnelles, non assorties de sûreté et non subordonnées de l Emetteur, venant au même rang entre elles et au même rang que les autres obligations chirographaires, présentes et futures, directes, non assorties de sûreté et non subordonnées de l Emetteur, à l exception de celles qui peuvent être obligatoirement privilégiées par la loi Droit applicable: Tout Billet de Trésorerie émis dans le cadre de ce Programme sera régi par le droit français. Tous les litiges auxquels l émission des Billets de Trésorerie pouraient donner lieu seront régis par le droit français et interprétés selon le droit français Cotation: Aucune Système de règlement-livraison d émission: Les Billets de Trésorerie seront émis en Euroclear France Notations du Programme: Noté l agence de notation Standard & Poor s ont respectivement attribué les notations [A-3] au Programme. Les notations sont susceptibles d être revues à tout moment par les agences de notation. Les investisseurs sont invités à se reporter aux sites internet des agences concernées afin de consulter la notation en vigueur (voir Annexe III dans la partie anglaise) Garant: Le Programme ne bénéficie d aucune garantie. 6

7 1.19 Agent Domiciliataire: L Emetteur a désigné SOCIETE GENERALE en qualité d «Agent Domiciliataire» pour le Programme. L Emetteur peut décider de remplacer l Agent Domiciliataire d origine ou de nommer d autres Agents Domiciliataires et, dans cette hypothèse, mettra à jour la Documentation Financière conformément à la réglementation en vigueur Arrangeur: SOCIETE GENERALE 1.21 Mode de placement: Les Billets de Trésorerie seront placés par les Agents Placeurs suivants : BNP PARIBAS, BRED Banque Populaire, CIC Credit Industriel et Commercial, CREDIT AGRICOLE CIB, DEUTSCHE BANK AG - London Branch, HSBC France, ING Bank N.V., Landesbank Baden-Württemberg, NATIXIS et SOCIETE GENERALE. L Emetteur pourra ultérieurement remplacer un Agent Placeur ou nommer d autres Agents Placeurs; une liste à jour desdits Agents Placeurs sera communiquée aux investisseurs sur demande déposée auprès de l Emetteur Restrictions à la vente: Restrictions Générales Aucune mesure n a été ou ne sera prise par l'emetteur, chaque Agent Placeur, chaque souscripteur initial et chaque détenteur subséquent de Billets de Trésorerie émis dans le cadre du Programme aux fins de permettre une offre au public des Billets de Trésorerie, ou la détention ou la distribution de la Documentation Financière ou de tout autre document relatif aux Billets de Trésorerie, dans un pays ou un territoire où des mesures sont nécessaires à cet effet. L Emetteur, chaque Agent Placeur, chaque souscripteur initial de Billets de Trésorerie s est engagé à respecter et chaque détenteur subséquent de Billets de Trésorerie sera réputé s être engagé à respecter les lois et règlements en vigueur dans chaque pays ou territoire où il achète, offre ou vend les Billets de Trésorerie ou dans lequel il détient ou distribue la Documentation Financière ou tout autre document relatif aux Billets de Trésorerie et à obtenir tout consentement, accord ou permission nécessaire à l achat, l offre ou la vente de Billets de Trésorerie conformément aux lois et règlements qui lui sont applicables et à ceux du pays ou territoire où il réalise cet achat, offre ou vente et ni l'emetteur, ni aucun Agent Placeur, ni aucun souscripteur initial ou détenteur subséquent de Billets de Trésorerie n encourent de responsabilité à ce titre. L Emetteur, chaque Agent Placeur, chaque souscripteur initial de Billets de Trésorerie a déclaré et garanti et chaque détenteur subséquent de Billets de Trésorerie sera réputé avoir déclaré et garanti au jour de la date d acquisition qu il n'offrira, ne vendra ni ne remettra, directement ou indirectement, les Billets de Trésorerie ou distribuera la Documentation Financière ou tout autre document relatif aux Billets de Trésorerie, dans un pays ou territoire sauf dans des conditions où toutes les lois et règlements applicables seront respectés et ne mettront aucune obligation à la charge de l Emetteur. France L Emetteur, chaque Agent Placeur, chaque souscripteur initial a déclaré et garanti et chaque détenteur subséquent de Billets de Trésorerie sera réputé avoir déclaré et garanti au jour de la date d acquisition des Billets de Trésorerie, respecter les lois et règlements en vigueur en France relatifs à l offre, au placement, à la distribution et la revente des Billets de Trésorerie ou à la distribution en France des documents y afférant. Pour les autres pays, merci de vous référer au 1.22, English Section ( 1.22 de la section en anglais) Taxation: Ni l'emetteur, ni l'arrangeur, ni aucun des Agents Placeurs ne peut être considéré comme ayant donné un avis ou une recommandation sur le régime fiscal des Billets de Trésorerie. Il est 7

8 demandé aux investisseurs de se rapprocher de leur conseil habituel sur ces questions. Les paiements seront soumis dans tous les cas à toutes les lois et réglementations, fiscales ou autres, qui leur sont applicables. En conséquence, ni l'emetteur, ni l'arrangeur, ni aucun des Agents Placeurs, ni l'agent Domiciliataire, selon le cas, n'effectueront de paiement supplémentaire dans le cas où une retenue à la source serait requise pour tout paiement au titre ou en raison des Billets de Trésorerie Implication d'autorités nationales: Banque de France 1.25 Coordonnées des personnes assurant la mise en œuvre du Programme: Des informations sur METRO AG peuvent être obtenues auprès de: METRO AG: METRO AG, Metrostrasse 1, Duesseldorf, Allemagne METRO AG website: Trésorerie: Daniela KASPER Tél: Fax: Christian GERRITZEN Tél: Fax: c.gerritzen@metro.de Relations Créditeurs: METRO Group Relations Créditeurs Hans-Dieter Hinker / Financements Groupe Kurt Zaiss / Financements Groupe Christian Gerritzen / Financements Groupe Tél: Fax: creditorrelations@metro.de 1.26 INFORMATION COMPLEMENTAIRE SUR LE PROGRAMME: MISE A JOUR ET COMMUNICATION DE LA DOCUMENTATION FINANCIÈRE Merci de vous référer au 1.26, English Section ( 1.26 de la section en anglais) 8

9 II. INFORMATION CONCERNANT L EMETTEUR Article D , II, 2 du Code Monétaire et Financier et Art. 2 de l arrêté du 13 février 1992 modifié et les réglementations postérieures. 2.1 Dénomination sociale: METRO AG 2.2 Forme juridique: L Emetteur est constitué en Allemagne sous la forme d'une Aktiengesellschaft selon le droit allemand, l équivalent d une société anonyme. Il est régi par le droit allemand et relève de la compétence des tribunaux allemands. 2.3 Date de constitution: 18 juillet Siège social: METRO AG Metrostrasse Duesseldorf ALLEMAGNE 2.5 Numéro d immatriculation, et lieu d'enregistrement: La Société est enregistrée auprès du registre du commerce du tribunal de Düsseldorf en Allemagne sous le numéro HRB Objet social résumé: Aux termes de ses statuts, l objet social de METRO AG est de gérer et de promouvoir des sociétés commerciales et de services présents dans les secteurs suivants : toute activité commerciale liée à l exploitation de grands magasins et d autres centres de vente au détail, de vente par correspondance et de vente en gros et toute activité de marketing liée aux médias ; la fabrication et le développement de produits dans le cadre du commerce et des services ; diverses activités immobilières, y compris la promotion immobilière ; les services des secteurs de la restauration et du tourisme ; les services financiers et le courtage pour le compte de, et l exécution d ordres par l intermédiaire de, filiales et sociétés affiliées ; et la gestion d actifs 2.7 Description des principales activités de l Emetteur Pour plus de détails relatifs à l activité de l Emetteur, merci de vous référer au rapport annuel de gestion de METRO Group pour l année 2013/14, pages (Appendice I, Rapport de gestion de METRO Group 2013/14). 9

10 2.8 Capital: Montant du capital souscrit et entièrement libéré: A la date de la présente Documentation Financière, le capital souscrit et entièrement libéré de METRO AG est composé de 326,787,529 actions au porteur sans valeur nominale avec une valeur comptable de ca par action. Classe: actions au porteur sans valeur nominale, Valeur nominale comptable: ca Sept Sept 2013 Common stock shares 324,109, ,109, ,572, ,572,941 Preferred stock shares 2,677,966 2,677,966 6,846,111 6,846,111 Total capital stock shares 326,787, ,787, ,419, ,419, Montant du capital souscrit et non entièrement libéré: A la date de la présente Documentation Financière, le capital de METRO AG est entièrement libéré. 2.9 Répartition du capital: A la date de la présente Documentation Financière, les actionnaires figurant ci-dessous détiennent directement au moins 5% des droits de vote Actionnaires de METRO AG Droits de vote détenus directement en % (arrondi) Groupe d actionnaires Haniel 30,01 Groupe d actionnaires Schmidt-Ruthenbeck 15,77 Groupe d actionnaires Beisheim 9,10 Flottant 45,12 Les informations ci-dessus sont basées sur des informations qui nous ont été données, en particulier les déclarations des droits de vote conformément au German Securities Trading Act (Wertpapierhandelsgesetz, WpHG). Pour plus de détails, merci de se référer aux pages 19 à 29 du Rapport Annuel 2013/14 de METRO AG (Schedule IV Annual Financial Statements of METRO AG,) et à la page 136 du Rapport Annuel 2013/14 de METRO Group (Schedule III, Consolidated Financial Statements of METRO Group) 2.10 Marchés réglementés où les actions et autres titres de créances de l Emetteur sont négociées: Les actions de METRO AG sont cotées sur les marchés suivants: Xetra, Frankfurt Autres titres de créances de METRO AG sont cotés à la bourse de Luxembourg. 10

11 2.11 Composition de la Direction: Supervisory Board de METRO AG au 23 février 2015: Franz M. Haniel (Chairman) Werner Klockhaus (Vice Chairman) Prof. Dr. oec. Dr. iur Ann-Kristin Achleitner Dr. Wulf H. Bernotat Ulrich Dalibor Jürgen Fitschen Hubert Frieling Dr. Florian Funck Andreas Herwarth Uwe Hoepfel Peter Küpfer Rainer Kuschewski Susanne Meister Gwyn Burr M. P. M. (Theo) de Raad Dr. Fredy Raas Gabriele Schendel Xaver Schiller Dr. jur. Hans-Jürgen Schinzler Angelika Will Management Board de METRO AG au 23 février 2015: Olaf Koch (CEO) Mark Frese Pieter Haas Heiko Hutmacher 2.12 Normes comptables utilisées pour les données consolidées: Comme mentionné en page 184 du Rapport Annuel 2013/14 du Groupe METRO (Appendix I, METRO Group Annual Report 2013/14), les comptes consolidés 2013/14 du Groupe ont été établis selon les normes IFRS Exercice comptable: 1er octobre - 30 septembre de l année suivante. A la fin du 3ème trimester 2013, METRO GROUP a modifié les dates de son année fiscale qui jusqu à maintenant étaient alignées sur l année calendaire Date de tenue de l assemblée générale annuelle ayant approuvé les comptes annuels de l exercice écoulé 20 février Exercice social: du 1er octobre au 30 septembre (de même que l exercice comptable) 2.15 Commissaires aux comptes de l Emetteur ayant audité les comptes annuels de l Emetteur: Merci de vous référer au 2.15, English Section ( 2.15 de la section en anglais) 2.16 Programmes d émission à l étranger de titres de même nature: Global Euro Commercial Paper de Notations de l Emetteur: Merci de vous référer au 2.17, English Section ( 2.16 de la section en anglais) 2.18 Information complémentaire sur l Emetteur: Aucune. 11

12 III. CERTIFICATION DES INFORMATION FOURNIES Article D , II, 3 et III du Code Monétaire et Financier et Art. 2, dernier alinéa de l arrêté du 13 février 1992 modifié et les réglementations postérieures. Merci de vous référer au Chapter III, English section (chapitre III de la section en anglais). 12

13 ANNEXES Merci de vous référer aux Appendices, English section (Annexes de la section en anglais). 13

14 ENGLISH SECTION I. DESCRIPTION OF THE Billets de Trésorerie PROGRAMME Articles D , II, 1 and of the Code Monétaire et Financier and Article 1 of the Amended Order (arrêté) of 13 February 1992 and all subsequent amendments. 1.1 Name of the Programme: METRO AG, French Billets de Trésorerie 1.2 Type of programme: Programme of Billets de Trésorerie (Titres de Créances Négociables) issued under the French Law, in accordance with Articles L A to L and D A to D of the French Monetary and Financial Code and all applicable regulations. 1.3 Name of the Issuer: METRO AG 1.4 Type of issuer: non-financial corporation (corporate non-bank) 1.5 Purpose of the Programme: In order to meet the general funding needs of METRO AG (the Issuer) and its subsidiaries, the Issuer will issue from time to time Billets de Trésorerie, in accordance with Articles L A to L and D213-1-A to D of the French Monetary and Financial Code and all applicable regulations. 1.6 Programme size (maximum outstanding amount): The maximum outstanding amount of Billets de Trésorerie issued under the Programme shall be Euro 2,000,000,000 or its equivalent value at the date of issue in any other authorized currencies. 1.7 Characteritics and forms of the Billets de Trésorerie: The Billets de Trésorerie are Negotiable Debt Securities (TCNs or Titres de Créances Négociables), issued in bearer form and recorded in the books of authorised intermediaries (book entry system) in accordance with French laws and regulations. 1.8 Yield basis: The remuneration of the Billets de Trésorerie is unrestricted. However, if the Issuer issues Billets de Trésorerie with remuneration linked to an index, or an index clause, the Issuer shall only issue Billets de Trésorerie with remuneration linked to usual money market indexes, such as and restricted to: Euribor, Libor or EONIA. Such remuneration formulas shall not result in negative amounts. The Issuer may not issue Billets de Trésorerie with potentially variable principal payments. In the case of an issue of Billet de Trésorerie embedding an option of early redemption, extension or repurchase, as mentioned in paragraph 1.10 below, the conditions of remuneration of such Billet de Trésorerie will be set up when the said Billet de Trésorerie will be initially issued and shall not be further modified, including when such an embedded option of early redemption, extension or repurchase will be exercised. 14

15 1.9 Currencies of issues of the Billets de Trésorerie: The Billets de Trésorerie shall be issued in Euro or in any other currency authorized by laws and regulations in force in France at the time of the issue in accordance with Article D of the French Monetary and Financial Code Maturity of the Billets de Trésorerie: The term (maturity date) of the Billets de Trésorerie shall be determined in accordance with laws and regulations applicable in France, which imply that, at the date hereof, the term of the Billets de Trésorerie shall not be less than 1 day or more than 1 year (365 days or 366 days in a leap year), from the issue date. The Billets de Trésorerie may be redeemed before maturity in accordance with the laws and regulations applicable in France. The Billets de Trésorerie issued under the Programme may carry one or more embedded option(s) of extension of the term (held by either the Issuer or the holder, or linked to one or several events not related to either the Issuer or the holder). The Billets de Trésorerie issued under the Programme may also carry one or more embedded option(s) of repurchase before the term (held by either the Issuer or the holder, or linked to one or several events not related to either the Issuer or the holder). An option of early redemption, extension or repurchase of Billets de Trésorerie, if any, shall be explicitly specified in the confirmation form of any related issuance of Billet de Trésorerie. In any case, the overall maturity of any Billet de Trésorerie embedded with one or several of such clauses, shall always - all options of early redemption, extension or repurchase included conform to laws and regulations in force in France at the time of the issue Minimum Issuance Amount: The Billets de Trésorerie shall be issued for a nominal amount at least equal to Euro 200,000 or its equivalent in other currencies authorized by laws and regulations in force in France at the time of the issue Minimum denomination of the Billets de Trésorerie: By virtue of regulation (Article D of the French monetary and financial Code), the legal minimum face value of the Billets de Trésorerie issued within the framework of this programme is 200,000 euros or the equivalent in the currencies selected at the time of issuance Status of the Billets de Trésorerie: The Billets de Trésorerie shall constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer, ranking at pari passu among themselves and pari passu with all other present and future, direct, unsecuredand unsubordinated indebtedness of the Issuer, save for such obligations that may be mandatorily preferred by law Governing law that applies to the Billets de Trésorerie: Any Billet de Trésorerie under the Programme will be governed by French law. All potential disputes related to the issuance of the Billets de Trésorerie shall be governed and construed according to French Law Listing: None Settlement system of issuance: The Billets de Trésorerie will be issued in Euroclear France Ratings of the Programme: Rated the rating [A-3] has been assigned to the Programme by Standard & Poor s. Ratings can come under review at any time by Rating Agencies. Investors are invited to refer to the websites of the relevant Rating Agencies in order to have access to the latest rating (see Appendix III) Guarantor: None. 15

16 1.19 Issuing and Paying Agent (Agent Domiciliataire): The Issuer has appointed SOCIETE GENERALE as its Agent Domiciliataire in relation to the Programme. The Issuer may decide to replace the initial Agent Domiciliataire or appoint another Agent Domiciliataire and will, following such appointment update the Documentation Financière in accordance with French laws and regulations Arranger: SOCIETE GENERALE 1.21 Dealers: The Billets de Trésorerie will be placed by the following Dealers (Agents Placeurs): BNP PARIBAS, BRED Banque Populaire, CIC Credit Industriel et Commercial, CREDIT AGRICOLE CIB, DEUTSCHE BANK AG - London Branch, HSBC France, ING Bank N.V., Landesbank Baden-Württemberg, NATIXIS and SOCIETE GENERALE. The Issuer may subsequently elect to replace any of the Dealers or appoint other Dealers; an updated list of such Dealers shall be disclosed to investors upon request to the Issuer Selling Restrictions: [Selling restriction other than France to be reviewed by relevant lawyers for each country] General selling restrictions No action has been taken or will be taken by the Issuer, each Dealer, any initial subscriber and any further holder of the Billets de Trésorerie issued under the Programme that would or is intended to permit a public offering of the Billets de Trésorerie or the possession or distribution of the Documentation Financière or any other document relating to the Billets de Trésorerie in any country or jurisdiction where action for that purpose is required. The Issuer, each Dealer, any initial subscriber of the Billets de Trésorerie has undertaken and any further holder will be deemed to undertake on the date on which he purchases the Billets de Trésorerie to the best of its knowledge, to comply with all applicable laws and regulations in force in any country or jurisdiction in which it purchases, offers or sells the Billets de Trésorerie or possesses or distributes the Documentation Financière or any other document relating to the Billets de Trésorerie and to obtain any consent, approval or permission required by it for the purchase, offer or sale of Billets de Trésorerie under the laws and regulations in force in any jurisdiction to which it is subject or in which it will make such purchases offers or sales and neither the Issuer, nor any Dealer nor any initial subscriber nor any further holder shall have responsibility therefore. Each of the Issuer, the Dealer, any initial subscriber of the Billets de Trésorerie has represented and agreed and any further holder will be deemed to represent and agree on the date on which he purchases the Billets de Trésorerie that he will not offer or sell directly or indirectly any Billets de Trésorerie or distribute the Documentation Financière or any other document relating to the Billets de Trésorerie in or from any country or jurisdiction except under circumstances that will result in the compliance with any applicable laws and regulations and which will not impose any obligations on the Issuer. Belgium With regard to Billets de Trésorerie having a maturity of less than 12 months (and which therefore fall outside the scope of the Prospectus Directive), this Documentation Financière has not been, and it is not expected that it will be, submitted for approval to the Belgian Banking, Finance and Insurance Commission. Accordingly, each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it shall refrain from taking any action that would be characterised as or result in a public offering of these Billets de Trésorerie in Belgium in accordance with the Prospectus Law on public offerings of investment instruments and the admission of investment instruments to trading on regulated markets, as amended or replaced from time to time." 16

17 France The Issuer, each Dealer, any initial subscriber has represented and agreed and any further holder of the Billets de Trésorerie will be deemed to have represented and agreed on the date on which he purchases the Billets de Trésorerie, to comply with applicable laws and regulations in force regarding the offer, the placement or the re-sale of the Billets de Trésorerie or the distribution of documents with respect thereto, in France. Ireland The Issuer, each Dealer, initial subscriber, or further holder of the Billets de Trésorerie represents and agrees that: it has complied and will comply with all applicable provisions of the European Communities (Markets in Financial Instruments) Regulations 2007 of Ireland, as amended, with respect to anything done by it in relation to the Billets de Trésorerie or operating in, or otherwise involving, Ireland and is acting under and within the terms of an authorisation to do so for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April, 2004 and it has complied with any applicable codes of conduct or practice made pursuant to implementing measures in respect of the foregoing Directive in any relevant jurisdiction; it will not underwrite the issue of, or place, the Billets de Trésorerie, otherwise than in conformity with the provisions of the Irish Central Bank Acts, (as amended); and it has only issued or passed on, and will only issue or pass on, in Ireland, any document received by it in connection with the issue of Billets de Trésorerie to persons who are persons to whom the document may otherwise be lawfully be issued or passed on; Italy The offering of the Billets de Trésorerie has not been registered pursuant to Italian securities legislation and, accordingly, no Billets de Trésorerie may be offered, sold or delivered, nor may copies of the Documentation Financière or of any other document relating to the Billets de Trésorerie be distributed in the Republic of Italy, except: (a) to qualified investors (investitori qualificati), as defined pursuant to Article 100 of Legislative Decree No.58 of 24 February 1998, as amended (the Financial Services Act) and the relevant implementing CONSOB regulations, as amended from time to time, and in Article 2 of Directive No. 2003/71/EC of 4 November 2003; or (b) in other circumstances which are exempted from the rules on public offerings pursuant to Article 100 of the Financial Services Act and Article 33, first paragraph, of CONSOB Regulation No of 14 May 1999, as amended (Regulations No ). Any offer, sale or delivery of the Billets de Trésorerie or distribution of copies of the Documentation Financière or any other document relating to the Billets de Trésorerie in the Republic of Italy under (a) or (b) above must be: (i) made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No of 29 October 2007 ( as amended from time to time) and Legislative Decree No. 385 of 1 September 1993, as amended (the Banking Act); and (ii) in compliance with Article 129 of the Banking Act, as amended, and the implementing guidelines of the Bank of Italy, as amended from time to time, pursuant to which the Bank of Italy may request information on the issue or the offer of securities in the Republic of Italy; and (iii) in compliance with any other applicable laws and regulations or requirements imposed by CONSOB or other Italian authority. Japan The Billets de Trésorerie have not been and will not be registered under the Financial Instruments 17

18 and Exchange Act of Japan (Law No. 25 of 1948, as amended; the FIEA ). The Issuer, each Dealer, any initial subscriber or any further holder, of the Billets de Trésorerie has represented and agreed that it has not offered or sold and will not offer or sell any Billets de Trésorerie, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (as defined under Item 5, Paragraph 1, Article 6 of the Foreign Exchange and Foreign Trade Control Law (Law N. 228 of 1949, as amended)), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan. The Netherlands Each Dealer under the Programme represents and agrees and each further Dealer appointed under the Programme will be required to represent and agree that as follows: (a) (b) (c) that Billets de Trésorerie offered, as part of their initial distribution or by way of re-offering, in The Netherlands shall have a denomination of at least Euro 50,000 (or the equivalent in another currency); or that, regardless of their denomination, the Billets de Trésorerie can only be acquired by investors as part of their initial distribution or by way of re-offering in the Netherlands, in units comprising several Billets de Trésorerie (each a Unit) against a purchase price of at least Euro 50,000 (or the equivalent in other currency) per unit; or that any Billets de Trésorerie that do not fall under category (a) or (b) above, may not be offered, sold, transferred or delivered, directly or indirectly, as part of their initial distribution or at any time thereafter to individuals or legal entities in The Netherlands other than to qualified investors (gekwalificeerde beleggers) within the meaning of The Netherlands Financial Markets Supervision Act (Wet op het financieel toezicht, the "FMSA") provided they acquire the Billets de Trésorerie for their own account and provided that all such Billets de Trésorerie bear a legend to the following effect: "THIS [BILLET DE TRÉSORERIE] (OR ANY INTEREST THEREIN) MAY NOT BE SOLD, TRANSFERRED OR DELIVERED TO INDIVIDUALS OR LEGAL ENTITIES IN THE NETHERLANDS OTHER THAN QUALIFIED INVESTORS WITHIN THE MEANING OF THE NETHERLANDS FINANCIAL MARKETS SUPERVISION ACT (WET OP HET FINANCIEEL TOEZICHT, THE "FMSA") (AS AMENDED). EACH HOLDER OF THIS [BILLET DE TRÉSORERIE] (OR ANY INTEREST THEREIN), BY PURCHASING THIS [BILLET DE TRÉSORERIE] (OR ANY INTEREST THEREIN), WILL BE DEEMED TO HAVE REPRESENTED AND AGREED FOR THE BENEFIT OF THE ISSUER THAT (1) IT IS A QUALIFIED INVESTOR AND IS ACQUIRING THIS [BILLET DE TRÉSORERIE] (OR ANY INTEREST THEREIN) FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INVESTOR, THAT (2) THIS [BILLET DE TRÉSORERIE] (OR ANY INTEREST THEREIN) MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO ANYONE ANYWHERE IN THE WORLD OTHER THAN A QUALIFIED INVESTOR ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INVESTOR AND THAT (3) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS DESCRIBED HEREIN TO ANY SUBSEQUENT TRANSFEREE". United Kingdom The Issuer, each Dealer, any initial subscriber has represented and agreed and any further holder of the Billets de Trésorerie will be required to represent and agree, that: 18

19 (a) (i) (ii) (b) (c) 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 Billets de Trésorerie other than 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 who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of Billets de Trésorerie would otherwise constitute a contravention of section 19 of the FSMA by the Issuer; 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 Billets de Trésorerie in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Billets de Trésorerie in, from or otherwise involving the United Kingdom. United States The Billets de Trésorerie have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any other laws or regulations of any state of the United States of America, and may not be offered or sold within the United States of America, or to, or for the account or benefit of, U.S. persons (as defined in accordance with Regulation S under the Securities Act) except in certain transactions exempt from the registration requirements of the Securities Act. The Issuer, each Dealer and any initial subscriber have represented and agreed, and any further holder of the Billets de Trésorerie will be required to represent and agree, that they have not offered, sold or delivered, and will not offer, sell or deliver, whether directly or indirectly, any Billets de Trésorerie within the United States of America or to, or for the account or benefit of, any U.S. person (a) as part of their distribution at any time, and (b) otherwise until the day immediately following 40 days after the later of (y) the day on which such Billets de Trésorerie are first offered and (z) the issue date of such Billets de Trésorerie (the "Distribution Compliance Period"). In addition, until the conclusion of the Distribution Compliance Period, an offer or sale of Billets de Trésorerie within the United States by the Issuer, any Dealer, any initial subscriber or any further holder of the Billets de Trésorerie, whether or not participating in the offering, may violate the registration requirements of the Securities Act. The Issuer, each Dealer and any initial subscriber have also agreed, and any further holder of the Billets de Trésorerie will be required to agree, that they will send to each distributor, initial subscriber or person to which they sell the Billets de Trésorerie during the Distribution Compliance Period a notice setting out the selling and offering restrictions of the Billets de Trésorerie in the United States of America or to, or for the account or benefit of U.S. persons. The Billets de Trésorerie will be offered and sold only outside the United States to persons other than U.S. persons (as defined in accordance with Regulation S under the Securities Act) Taxation: No comment is made or advice given by the Issuer, the Arranger or any Dealer in respect of taxation matters relating to the Billets de Trésorerie and each investor is advised to consult its own professional advisor. Payments will be subject in all cases to any fiscal and other laws and regulations applicable thereto. Consequently, none of the Issuer, the Dealers, the Arranger, or the Issuing and Paying Agent, as applicable, will make any additional payments in the event of a withholding being required in respect of any payment under or in connection with the Billets de Tresorerie. 19

20 1.24 Involvement of national authorities: Banque de France 1.25 Contact details - Programme Implementation Contact Persons: Information about the Issuer can be obtained from: METRO AG address: METRO AG, Metrostrasse 1, Duesseldorf, Germany METRO AG website: Treasury: Daniela KASPER KasperD@metro.de Phone: Fax: Christian GERRITZEN c.gerritzen@metro.de Phone: Fax: Creditor Relations METRO Group Creditor Relations Hans-Dieter Hinker / Group Director Corporate Treasury Kurt Zaiss / Director Group Financing Christian Gerritzen / Manager Group Financing Tel.: Fax: creditorrelations@metro.de 1.26 Additional information on the Programme: Updates and communication of the Documentation Financière Updates The Issuer shall update in due time the Documentation Financière in accordance with the laws and regulations applicable for rated programmes of French Titres de Créances Négociables. Annual update The Issuer shall update each year its Documentation Financière within 45 days following the shareholders annual general meeting, or the equivalent body, voting on the accounts for the last financial year. Permanent update The Issuer shall immediately update its Documentation Financière following any change to the Billets de Trésorerie under this Programme relating to: the maximum amount of its outstanding Billets de Trésorerie issues; its rating; the Agent Domiciliataire; any new circumstance which may have a significant effect on the Billets de Trésorerie or on the outcome of the issue programme Communication The Issuer shall, in accordance with applicable laws and regulations, immediately and free of charge, provide its Documentation Financière, and its updates to the entities involved in the implementation of its Programme such as: Agent Domiciliataire Intermediaries for the purchase and sale of the Billets de Trésorerie and any person who requests them. The Issuer shall communicate immediately each update to the Banque de France. 20

21 II. INFORMATION CONCERNING THE ISSUER Article D , II, 2 of the Code Monétaire et Financier and Article 2 of the Amended Order (arrêté) of 13 February 1992 and all subsequent amendments. 2.1 Legal name: METRO AG 2.2 Legal form/status: The Issuer is incorporated in Germany as an Aktiengesellschaft under German law, i.e. a public limited liability company. It is incorporated under German law and is subject to the jurisdictions of the courts of Germany. 2.3 Date of incorporation/establishment: July 18, Registered office: METRO AG Metrostrasse Duesseldorf GERMANY 2.5 Registration number, place of registration: The Issuer is registered in the commercial register maintained at the district court of Düsseldorf, Germany, with registration number HRB Issuer s mission - Company s purpose: According to its articles of association, METRO AG s objects are the management and promotion of commercial enterprises and service companies active in following areas: all commercial activities relevant to the operation of department stores and other retail businesses, mail order and wholesale trades as well as marketing activities in connection with new media; manufacture and development of products for trades and services; various real estate businesses including property development; services in the catering/restaurant business and tourism; financial services and brokerage for, and execution through, subsidiaries and affiliated companies; and asset management 2.7 Brief description of current activities: Detailed information about the Issuer's business activity can be found on pages 72 to 88 of the 2013/14 Annual Report of METRO Group (Appendix I, METRO Group Annual Report 2013/14). 2.8 Capital: Amount of capital subscribed and fully paid: As of the date of this Information Memorandum, METRO AG had a stock capital composed of 326,787,529 fully paid up ordinary shares of EUR 2.56 of par value each. Class: no-par bearer shares, Accounting par value: ca Sept Sept 2013 Common stock shares 324,109, ,109, ,572, ,572,941 Preferred stock shares 2,677,966 2,677,966 6,846,111 6,846,111 Total capital stock shares 326,787, ,787, ,419, ,419,052 21