1. Fourth Quarter / Full Year Earnings 2008 Kimberly Ross Chief Financial Officer March 2, 2009

2. 2 Solid performance in 2008 All targets achieved Dividend increased by 12% to €0.18 Another successful year for Ahold

3. 3 (in mln EUR) Q4 and full-year 2008 headline numbers 2008 Net sales Operating income Net income EPS basic (in EUR) 6,595 365 285 0.24 25,722 1,198 1,079 0.91 2007 Q4 FY 5,840 245 262 0.22 24,893 1,068 2,945 2.03

4. 4 (in mln EUR) Q4 2008 Underlying Q4 2008 Reported Real estate 404 392 7 Impairments - 3 Restructuring 8 6.1% 5.9% Q4 2008 retail operating margin

5. 5 (in mln EUR) FY 2008 Underlying FY 2008 Reported Real estate 1.297 1,294 13 Impairments - 45 Restructuring 36 5.0% FY 2008 retail operating margin 5.0%

6. 6 €350 million of annual savings as of year-end 2008. Top three areas: - Shrink - Distribution - Overhead We will reach €500 million by the end of 2009. Details for further cost saving initiatives to be provided later this year. Update € 500 million cost savings program

7. 7 Core Corporate Center costs more than halved (in mln EUR) 2006 2007 2005 2008 189 135 106 86

8. 8 2008B/(W) 2007 Operating cash flow Working capital Investments and acquisitions of fixed assets Other changes and divestments Cash flow before financing 1,858 100 (1,045) 360 1,272 89 (77) (276) (5,091) (5,354) (in mln EUR) Cash flow

9. 9 Gross debt Net debt YE 2004YE 2005YE 2006YE 2007YE 2008 6,816 5,522 4,636 2,116 1,377 10,021 7,750 6,480 5,379 4,241 €5.8bn lower Gross and net debt (in mln EUR)

10. 10 Gross debt maturity profile (in mln EUR) 2009 20102011201220132014+ 459 558 70 500 79 2,575

11. 11 The Netherlands: Defined benefit plans Approx. 30,000 employees United States: Defined contribution plans Approx. 64,000 employees Defined benefit plans Approx. 21,000 employees Multi-employer plans Approx. 53,000 employees Pensions - Overview

12. 12 YE 2008YE 2007 Company plans surplus / deficit Multi-employer plan deficit (199) 486 (375) YE 2006 Pensions – Balance sheet (in mln EUR) (66) (458)

13. 13 2008 2007 3861 Pensions – P&L impact (in mln EUR) 2009 (98) Better / (worse) than previous year

14. 14 2008 2007 106242 Pensions – Cash contributions (in mln EUR) 2009 260 Total group cash contributions

15. 15 Retail underlying operating margin 5.0% Capex €1.1 billion Net interest expense €234 million Corporate Center cost more than halved €500 million cost saving program on schedule Upgraded to Positive outlook by S&P Dividend increased to €0.18 2008 Delivery

16. Fourth Quarter / Full Year Earnings 2008 John Rishton Chief Executive Officer March 2, 2009

17. 17 “We will transform our individual retail banners into powerful consumer brands…” Ahold Retail Review - November 2006

18. 18 VIP Progress Establish advantaged price position Improve price perception Improve ID unit volume trends Increase ID customer transactions Reduce costs to help fund price reductions Launch brand development plan Improve ID sales

19. 19 Identical sales growth accelerating* * Excluding gas %

20. 20 Identical sales growth turning positive* % * Excluding gas

21. 21 Identical sales growth remains strong* * Excluding gas %

22. 22 Identical sales growth exceptional %

23. 23 Identical sales growth volatile %

24. 24 Priorities for 2009 Balance Customer focus

25. 25 Track record Margin Capex Interest expense Divestments Value Improvement Program € 500 million cost savings 50% Corporate Center Investment grade Dividend 200820072006

26. Cautionary notice This presentation includes forward-looking statements, which do not refer to historical facts but refer to expectations based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those included in such statements. These forward-looking statements include, but are not limited to, statements as to the annual dividend for 2008, Ahold’s response to the economic environment and its ability to give better value to its customers and to continue to improve its offer and cost reduction, Ahold’s ability to respond to changes in consumer behavior and market conditions, Ahold’s strategy and business model and the expected sales growth, underlying retail operating margin, capital expenditure net interest expense, divestments and cost savings. 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. Many of these risks and uncertainties relate to factors that are beyond Ahold’s ability to control or estimate precisely, such as the effect of general economic or political conditions, fluctuations in exchange rates or interest rates, increases or changes in competition, Ahold’s ability to implement and complete successfully its plans and strategies, the benefits from and resources generated by Ahold’s plans and strategies being less than or different from those anticipated, changes in Ahold’s liquidity needs, the actions of competitors and third parties and other factors discussed in Ahold’s public filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Koninklijke Ahold N.V. does not assume any obligation to update any public information or forward-looking statements in this presentation to reflect subsequent events orcircumstances, except as may be required by securities laws. Outside the Netherlands, Koninklijke Ahold N.V., being its registered name, presents itself under the name of “Royal Ahold” or simply “Ahold”.

27. 27 Track record Margin Capex Interest expense Divestments Value Improvement Program € 500 million cost savings 50% Corporate Center Investment grade Dividend 200820072006