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Metro plans early refinancing of outstanding FRN

23.09.2004

Metro plans early refinancing of outstanding FRN

In combination with the buy-back the issuance of a new Floating Rate Note with a five-year maturity is intended. "During the last couple of months Metro has received positive feedback from the bond market" illustrated CFO Thomas Unger. "With this transaction Metro will take advantage of the favorable market environment at present to further enhance our debt maturity profile". The combination of both transactions will not translate into an increase of net-indebtedness.

METRO AG intends to re-purchase about 50% of the outstanding notes within a price range of 101,10 % to 101,20 %. The final tender price will presumably be announced on 28 September 2004. All transaction details are specified in the Tender Offer Memorandum, which was published today.

Both the tender offer and the new issue are lead-managed by a syndicate group including Dresdner Kleinwort Wasserstein, HSBC and Société Gé-nérale CIB.

The METRO Group is rated Baa1 negative outlook (Moody’s) and BBB stable outlook (S&P).

METRO Group is one of the world’s largest and most international retailers with sales amounting to EUR 53.6 billion in 2003. The company operates six divisions in the areas of food and non-food wholesale and retail distribution with 2,386 stores in 28 countries across Europe and Asia.

THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN (AND IS NOT OPEN TO ANY RESIDENT OF; OR PERSON LOCATED IN) THE US AND ITALY. FURTHER OFFER RESTRICTIONS APPLY AS DESCRIBED IN MORE DETAIL IN THE TENDER OFFER MEMORANDUM

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