Roadshow

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• Roadshow
• January 2004
• Hannu Ryöppönen

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Ahold Today
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Road to Recovery Immediate Action

• Road to Recovery program designed to restore
  Aholds financial health and operational
  flexibility
• Appointment of new key management and announced
  changes to the composition of the Supervisory
  Board
• Greater reporting transparency and enhanced
  controls
• Projected 2003 capex savings of approximately
  800 mln
• Deleveraging and enhanced liquidity through a
  3bn capital raising and a newly committed 0.3bn
  and US1.45bn back-up credit facility
• Commitment to at least 2.5bn in proceeds from
  disposals at the latest by end of 2005

Gross proceeds, including previously announced
disposals of South American and Asian assets
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Road to Recovery Strategy Going Forward

• Road to Recovery also maps out a strategy for
  value creation underpinned by a robust platform
• Reinforcing accountability
• Re-engineering food retail
• Optimizing our retail platform
• Store operations and product mix
• Sourcing and infrastructure
• Recovering U.S. Foodservice
• Fortifying internal controls
• Restoring profitability and cash flow
• Pursuing profitable growth
• Returning to investment grade profile by end of
  2005

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Regaining Market Confidence through Accountability

• Completion of 2002 audit and PWC investigations
  have resulted in a transparent starting position
• Commitment to change the mindset of the company
• Prominence of corporate governance raised
• Decentralized controls to be replaced with a
  centralized one-company system
• High level management involvement

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Re-engineering Food Retail
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Our Mission Statement

• To be the leading food retailer of choice in
  those markets where we choose to operate

• Optimizing our retail platform
• Formats and markets
• Organization
• Strategic initiatives
• Store operations
• Product mix
• Sourcing
• Infrastructure
• Setting financial targets

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A Core Focus on Supermarkets
Market positioning
Specialty
Ahold outer limits
Ahold high ground
Quality
Value
Store size
Discount
Kiosks
Convenience stores
Super- markets
Compact hypers
Hyper- markets
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Building upon Leadership Positions
Leading market positions represent over 90 of
net retail sales

• Focus on leading market positions which
• Have or will gain defendable 1 or 2 positions
  within three to five years
• Meet financial criteria
• Divest non-core and underperforming assets
• Reinvest to strengthen the quality of the asset
  base and grow the business organically

Note Totals exclude share of unconsolidated
subsidiaries (ICA, JMR)Source Ahold estimates
based on external market reports
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Evolving Organizational Structure

• Transforming over 20 opcos into larger arenas
• Similarities in terms of geographic reach,
  competitive, legislative and customer profile
• Maximize back-end savings whilst maintaining the
  way we go to market
• E.g. Central Europe

Arena
Czech
Customer Facing Pricing, Assortment, Advertising
, Local buying
Service Center
Slovakia
Poland
Individual Opcos
HR, Finance, IT, Supply Chain, Sourcing, Real
Estate, Construction, Format Planning

• Number of arenas likely to reduce over time as
  we further centralize

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Retail Financial Targets

• In light of our 3 year efficiency program,
  Aholds continuing retail business to deliver as
  of 2005 onwards
• Sales growth ? 5 p.a.
• EBITA margin ? 5
• Return on net operating assets ? 14

Pro forma, net of disposals Return on net
operating assets defined as taxed EBITA over
average fixed assets plus working capital
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Recovering U.S. Foodservice
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Why we are keeping U.S. Foodservice

• Foodservice is an attractive sector
• 180 billion growth market
• Fragmentation
• Cashflow generation
• U.S. Foodservice is well positioned
• 2 player
• National coverage
• Strong field organizations
• Good fundamentals not reflected in current
  profitability and value
• Main challenges are executional

Commitment to regain lost value
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Key Priorities
Jan 2003
Jan 2004
Jan 2005
Step I Fortifying internal control
Strong financial control and fact base
Step II Restoring profitability and cashflow
Foundation for sustainable profitable growth
Step III Pursuing profitable growth
Significant opportunities to drive growth
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Restoring Financial Health
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Sources and Uses of Funds
Sources
Sources and Uses from Q3 2003
8.0bn
0.3bn
2.4bn
0.8bn
1.9bn
Sources of funds
2003
2004
2005
2006
Excluding FCF from operations post Q3 2003
Scheduled debt redemptions and ICA Put (assuming
20 exercised in 2004)
Refinancing plan solves liquidity issues up to
2006
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Financial Plan

• A capital structure which gives us the liquidity
  and flexibility to support our operating strategy
• Recapitalize through the 3bn rights issue
• Committed 300m and US1.45bn back-up revolving
  credit facility
• Our commitment
• Improve cash flow from operations by implementing
  new strategy
• Undertake selective capex, focussing on
  maximizing return on investment
• Focus on working capital management
• Dispose of at least 2.5bn of non-core or
  underperforming assets
• Resume dividend payments upon a return to
  investment grade
• Investment grade profile by 2005

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Summary

• New management team, new approach
• Stringent corporate governance and controls
• Clearly defined retail strategy and financial
  targets
• Significant value upside at U.S. Foodservice
• Commitment to sell 2.5bn of non-core and
  underperforming assets
• Liquidity issues solved up to 2006
• Investment grade profile by end of 2005

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Disclaimer
The presentation and the materials constituting
it contain certain statements that are neither
reported financial results nor other historical
information. These statements are
forward-looking statements within the meaning of
the U.S. Federal securities laws. Those
statements include, but are not limited to,
expectations as to the impact of operational
improvements on productivity levels, operating
income and profitability, expectations as to the
savings and synergies from increased cooperation
among our subsidiaries, statements as to the
timing, scope and impact of certain divestments
and our intentions with regard to U.S.
Foodservice and expectations as to our financial
condition and prospects, the sufficiency of our
working capital and the sufficiency of our new
financial plan. Many of these risks and
uncertainties relate to factors that are beyond
Aholds ability to control or estimate precisely,
such as future market and economic conditions,
the behavior of other market participants, the
ability to successfully implement our cashflow
and debt reduction plan, as well as our asset
divestment program, difficulties encountered in
the cooperation efforts among our subsidiaries
and the implementation of new operational
improvements, difficulties encountered in
implementing our new internal controls, our
ability to maintain market shares, any further
downgrading of our credit rating and the actions
of government regulators and law enforcement
agencies. These and other risk factors are
detailed in Aholds publicly filed reports.
Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak
only as of the date of the materials constituting
this presentation. Ahold does not undertake any
obligation to publicly release any revisions to
these forward-looking statements to reflect
events or circumstances after the date of the
materials of this presentation, except as may be
required by applicable securities laws.
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Useful Information

• How to contact us our IR team
• Henk-Jan ten Brinke (VP) Ivar Smits
• 31 75 659 5813 31 75 659 5981
• henk-jan-ten.brinke_at_ahold.com ivar.smits_at_ahold.c
  om
• Important data (summary)
• Extraordinary General Meeting of
  Shareholders March 3, 2004
• 2003 Full-year and Fourth Quarter Results April
  19, 2004
• Annual Report Form 20F May 6, 2004
• Annual General Meeting of Shareholders June 2,
  2004