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Start of Euro Cash Launch in the Metro Group

02.01.2002

Start of Euro Cash Launch in the Metro Group

"The new common currency significantly promotes the economic growing together of Europe and the creation of a European identity," emphasized Dr. Hans-Joachim Körber, Chairman and CEO of METRO AG, on the first day of the Euro’s entry into the retail trade. "The Euro promotes an opening of the markets, price transparency and thus more customer friendliness. For an international company like the Metro Group this is an important advantage."

In the first few days of the Euro introduction METRO AG with its sales divisions Cash & Carry, Real, Extra, Media-Saturn, Praktiker and Kaufhof will be facing particularly tough challenges: The changing of the old currency into Euro will mainly take place in the retail trade so that it will virtually become "the money changer of the nation" in a manner of speaking. "We are working on the assumption that the major transition from the Deutschmark to the Euro will proceed in the first two weeks of January," says Körber.

After intensive preparations for the Euro launch over many years the Metro Group is now in excellent shape to deal with the upcoming challenges. Since as far back as the year 1997 a special task force has been coordinating all activities around the new currency. In Germany alone more than 17,400 cash registers were made fit for the Euro and within only a few months an amount of Euro 250 million was distributed to some 1,800 outlets and department stores. All over Europe Metro trained 160,000 staff to handle the new money safely and competently and to answer customer queries reliably. The Metro Group has operations in ten of the twelve Euro countries.

Smooth service at the check-outs is ensured: Until 28 February 2002 payments can be made not only by card, as usual, but also in cash in Euro only and D-Mark only, as well as in a mixture of the two. Small change is only given in Euro. With effect from 1 March 2002 the Euro will bet the only legal tender.

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