EARNINGS FORECAST TABLE: Metro 4Q 2011

The following is a summary of analysts' forecasts for Metro AG (MEO.XE) fourth-quarter results, based on a poll of eight analysts conducted by Dow Jones Newswires (figures in million euros; EPS, dividend and target price in euro, according to IFRS). Earnings figures are scheduled to be released March 20.

=== 
 
                    EBIT                      Net 
4th Quarter     adjusted   EBIT    EBT   income(a)    EPS 
 
AVERAGE            1,293  1,247  1,104       638     1.98 
Prev. Year         1,500  1,417  1,262       674     2.06 
+/- in %             -14    -12    -13      -5.3     -4.0 
 
MEDIAN             1,308  1,241  1,078       688     2.11 
Maximum            1,322  1,409  1,290       817     2.51 
Minimum            1,229  1,105    966       365     1.12 
Amount (b)             6      6      6         7        8 
 
Barclays Capital   1,310  1,152  1,013       556     1.70 
ING                1,305  1,148    998       553     1.69 
LBBW                  --  1,337     --       724     2.21 
Macquarie          1,322     --     --        --       -- 
 
 
 
                  Target price  Rating              DPS 2011 
 
AVERAGE                  32.70  positive 3   AVERAGE    1.36 
Prev. Quarter            41.61  neutral  5   Prev. Year 1.35 
+/- in %                   -21  negative 2   +/- in %   +0.5 
 
MEDIAN                   32.00               MEDIAN     1.35 
Maximum                  42.00               Maximum    1.50 
Minimum                  25.00               Minimum    1.25 
Amount                      10               Amount        7 
 
Bankhaus Lampe           35.00  Hold                    1.35 
Barclays Capital         40.00  Overweight              1.35 
BHF                      42.00  Overweight              1.50 
Commerzbank              29.00  Hold                      -- 
Independent Research     30.00  Hold                    1.35 
ING                      32.00  Hold                      -- 
LBBW                     32.00  Hold                    1.35 
Macquarie                27.00  Underperform            1.25 
Santander                25.00  Underweight               -- 
Warburg Research         35.00  Buy                     1.35 
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Year-earlier figures are as reported by the company.

(a) After minorities.

(b) Including anonymous estimates from five more institutes.