1. IFRS impact 2004 Hannu Ryöppönen Executive Vice President and Chief Financial Officer Joost L.M. Sliepenbeek Senior Vice President and Chief Accounting Officer May 17, 2005

2. 2 Contents  Introduction  IFRS 2004 net income (loss) impact  Key areas of impact

3. 3 Introduction (1)  Ahold’s conversion to IFRS resulted in: -EUR 1.6 billion lower 2004 opening group equity as was announced on March 29, 2005 and also disclosed in our 2004 Annual Report; and -EUR 1.3 billion higher 2004 net income as announced today  Results for Q1 2005 on June 14, 2005 will be in accordance with IFRS  2004 IFRS information was prepared as it is expected to be in force as of December 31, 2005. IFRS is subject to ongoing review and endorsement by the EU and possible amendment by interpretative guidance from the IASB and, therefore, may be subject to change before the 2005 year-end

4. 4 Introduction (2)  A detailed IFRS Technical Conversion Memo is available on our website  US GAAP reconciliation -Ahold’s policy is to limit IFRS - US GAAP reconciling items to the extent possible; -The EU and the SEC have discussed a possible roadmap to an SEC recommendation to eliminate the SEC requirement for Foreign Private Issuers to provide a US GAAP reconciliation -We will continue to provide the US GAAP reconciliation on an annual basis as required  The numbers presented are preliminary and unaudited

5. 5 IFRS 2004 net income (loss) impact

6. Key areas of impact

7. 7 (a) Cumulative preferred financing shares  Net income (loss) impact EUR (44) million  Cumulative preferred financing shares considered liability under IFRS  EUR 666 million reclassified in opening balance sheet from group equity to liabilities  Related dividend accounted for as an interest expense

8. 8 (b) ICA put option  Net income (loss) impact EUR 466 million  ICA put option recognized as liability decreasing opening group equity by EUR 601 million  Value of option remeasured quarterly until Q4 2004  Carrying amount of the liability offset purchase price paid for the 20% shareholding obtained from Canica AS, resulting in a difference in goodwill recognized  Goodwill related to Canica transaction derecognized as part of subsequent sale of 10% to ICA Förbundet  ICA put option liability balance released as the remaining put arrangements were abolished as part of the agreement with ICA Förbundet

9. 9 (c) Post-employment benefits  Net income (loss) impact EUR 52 million  Opening group equity adjustment EUR 456 million  All actuarial gains and losses immediately recognized, impacting opening group equity, related amortization charges and the accounting for plans that are being settled or curtailed  Vested portions of plan amendments immediately recognized in expense  Additional minimum liabilities for the unfunded portions of accrued benefit obligations recognized under Dutch GAAP reversed under IFRS  Measurement date required to be the balance sheet date  Additional provisions for certain other long-term employee benefits

10. 10 (d) Non-current assets held for sale and discontinued operations  Net income (loss) impact EUR 81 million  Non-current assets held for sale and related liabilities presented in the balance sheet as “current” prospectively  Results from discontinued operations presented separately from results from ongoing operations retrospectively  Depreciation and amortization for assets classified as held for sale is prohibited, therefore reversed

11. 11 (e) Goodwill and other intangible assets with indefinite lives  Net income (loss) impact EUR 155 million  Goodwill and intangible assets with indefinite lives no longer amortized and are tested annually for impairment  No additional impairment charge on conversion date or at year- end 2004

12. 12 (f) Net gain (loss) on divestments  Net income (loss) impact EUR 725 million  Goodwill previously charged to equity for divested entities no longer recognized at the time of divestment. Reversal of goodwill previously charged to equity was EUR 252 million  One-time exemption used to set the cumulative translation adjustment (“CTA”) reserve to zero at transition date. EUR 1.9 billion recognized as reclassification within equity  Only CTA balances occurring after transition recognized upon divestment. Reversal of CTA balances recognized under Dutch GAAP in 2004 EUR 502 million  Additional measurement differences of the divested entities relating to the transition to IFRS resulted in EUR (29) million

13. 13 Disclaimer Certain statements in this presentation are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements regarding a possible roadmap to an SEC recommendation to eliminate the SEC requirement for foreign private issuers to provide a US GAAP reconciliation, statements regarding the expected date when our Q1 2005 results will be released and the expectation that IFRS as used by Ahold in preparing its financial results will continue to be in force as of December 31, 2005. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from the information set forth in these forward-looking statements include, but are not limited to, any delay in eliminating, or failure to eliminate, the requirement for a US GAAP reconciliation, including as a result of inconsistency of the application and interpretation of IFRS in financial statements across companies and jurisdictions and any delay in the IASB-FASB convergence project, unanticipated delays in the determination of the Q1 2005 results and the publication thereof, changes to IFRS or the application or interpretation thereof prior to December 31, 2005 and other factors some of which are discussed in our public filings. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this presentation. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events or circumstances, except as may be required under applicable securities laws.