Certain statements contained in this Annual Report 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 changes in net sales, operating income and certain expenses in respect of certain of Ahold's operations, price fluctuations and estimations of the factors that will cause such expected changes;
• Expectations as to reduction of Ahold's debt and the consequences on its financial position, results of operations and liquidity;
• Expectations as to the impact of operational improvements on productivity levels, operating income and profitability in Ahold's stores;
• Expectations as to the savings from Ahold's strategy, including a reduction in operating costs of EUR 500 million, the reduction of Group Support Office costs by 50% and the timing thereof;
• Expectations as to Ahold's financial position and prospects, initiatives to lower costs, access to liquidity, the sufficiency of its working capital and the sufficiency of its existing credit facilities, its letter of credit requirements, as well as to the timing and amounts of certain repayments under Ahold's existing indebtedness and the sources of funds available for such payments and the impact of the Company's financial plan and strategy;
• Statements as to achieving investment grade;
• Statements as to the timing, scope and impact of certain divestments, dispositions or acquisitions, the amount of proceeds to be raised and the use of proceeds from such divestments, dispositions or acquisitions;
• Expectations as to the growth in the industry in which Ahold operates;
• Expectations as to trends in energy costs, pension and health care costs, insurance costs and coverage, exchange rate fluctuations and food price inflation;
• Statements as to plans to increase the amount to be returned to shareholders;
• Statements regarding the improvement of the food retail business and store operations, including strengthening consumer insight capability, building on continental sourcing strategy, improving brands and improving price positioning and improving product assortment;
• Statements as to the institution of two continental platforms for management of the Ahold group;
• Statements as to the expected timing, strategy, outcome, cost and impact of certain legal proceedings and investigations and the sufficiency of Ahold's available defenses and responses;
• Statements as to the extent of Ahold's obligations under certain contingent liabilities;
• Expectations as to the cost of contributions to certain pension plans and other employee benefit plans;
• Statements as to the amount and timing of any future dividend payments;
• Expectations as to Ahold's competitive position, industry consolidation and the impact of the economy on the Company's business, liquidity and results of operations and financial position;
• Expectations as to the divestments of U.S. Foodservice, Ahold's operations in Slovakia and Poland, Tops and JMR;
• Expectations regarding Ahold's growth and capital expenditures;
• Statements as to Ahold's goals and future strategy with respect to supplier and customer relationships, market positioning, net sales growth, portfolio strategy and operating margin;
• Expectations as to the timing of certain appointments of key executive personnel;
• Expectations as to Ahold's relationships with the relevant trade unions and retention of personnel;
• Statements as to the sufficiency of Ahold's facilities to meet the requirements of its foreseeable future operations; and
• Expectations as to environmental risks and regulations.

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 any forward-looking statements include, but are not limited to:

• Ahold's liquidity needs exceeding expected levels;
• Ahold's ability to maintain normal terms, or improve terms, with suppliers and customers;
• Ahold's ability to reach agreements acceptable to the Company for the operations being divested, including its ability to successfully divest U.S. Foodservice;
• Ahold's ability to address legal obstacles to the consummation of certain divestments and acquisitions and to satisfy other closing conditions to certain divestments and acquisitions;
• Ahold's ability or the ability of any of its operating companies to implement and successfully complete their plans and strategies or delays or additional costs encountered in connection with their implementation;
• The effect of general economic conditions and fluctuations in food prices;
• Difficulties encountered in the cooperation efforts among Ahold's subsidiaries and the implementation of new operational improvements;
• Diversion of management's attention, the loss of key personnel, the integration of new members of management, Ahold's ability to attract, retain and unexpected delays in appointing key executives and employees;
• Increases in competition in the markets in which Ahold's subsidiaries and joint ventures operate and changes in marketing methods utilized by competitors;
• Fluctuations in interest rates in the countries in which Ahold operates and in exchange rates between the euro and the other currencies in which the Company's assets, liabilities and operating income are denominated, in particular, the U.S. dollar;
• Ahold's ability to maintain its market share in the markets in which it operates;
• The results of pending or future legal proceedings to which Ahold is, or may be, a party;
• The actions of government regulators and law enforcement agencies;
• Any downgrading of Ahold's credit ratings or its inability to achieve an investment grade;
• Sufficiency of Ahold's insurance coverage and any increases in insurance premiums;
• Ahold's ability to maintain normal relations with personnel and trade unions;
• The potential adverse impact of any disclosures made in this Annual Report on Ahold's results of operations and liquidity; and
• Other factors discussed elsewhere in this Annual Report.

Many of these factors are beyond Ahold's 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 Annual Report. Ahold does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws and regulations.

Neither Ahold's independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to the prospective financial information contained in this Annual Report, nor have they expressed any opinion or any other form of assurance on such information or its achievability. They assume no responsibility for, and disclaim any association with, the prospective financial information.

For additional information on these forward-looking statements and the factors that could cause actual results to differ materially from future results expressed or implied by these forward-looking statements, see Ahold's public filings.

Outside the Netherlands, Ahold presents itself under the name of "Royal Ahold" or simply "Ahold." For the reader's convenience, "Ahold" or "the Company" is also used throughout this Annual Report. The Company's registered name is "Koninklijke Ahold N.V."