1. Quarter 3 2003 results

2. 2 Q3 2003 Highlights * excl. impairment & amortization of goodwill and exceptional losses

3. 3 Q3 YTD 2003 Highlights * excl. impairment & amortization of goodwill and exceptional losses

4. 4 Exceptional losses Q3 2003 In total Euro 110 mln, related to divestmentsIn total Euro 110 mln, related to divestments –(Chile, Paraguay, Indonesia and Malaysia) Euro 70 mln recognition of accumulated foreign currency translationsEuro 70 mln recognition of accumulated foreign currency translations Euro 36 mln reversal of goodwillEuro 36 mln reversal of goodwill previously charged to shareholders equity, in accordance to Dutch GAAPpreviously charged to shareholders equity, in accordance to Dutch GAAP non cash, no impact on total shareholder’s equitynon cash, no impact on total shareholder’s equity

5. Business overview

6. 6 US Retail

7. 7 Highlights US Retail Total Sales growth of 3.3%Total Sales growth of 3.3% Comparable sales growth of 1.1%Comparable sales growth of 1.1% Identical sales growth of 0.3%Identical sales growth of 0.3% Competitive environmentCompetitive environment Margins under pressureMargins under pressure Operating company integration well underwayOperating company integration well underway

8. 8 US Foodservice

9. 9 Highlights U.S. Foodservice 2% sales growth by acquisitions 20022% sales growth by acquisitions 2002 street sales / contract sales 50/50street sales / contract sales 50/50 lower gross margin as result of raised vendor priceslower gross margin as result of raised vendor prices increased operational costs, partly exceptionalsincreased operational costs, partly exceptionals new management being installednew management being installed

10. 10 Europe

11. 11 Highlights Europe Albert Heijn: repositioning as per 20 Oct.Albert Heijn: repositioning as per 20 Oct. Schuitema: excellent performanceSchuitema: excellent performance Spain: sales growth mainland offset by decline in tourism CanariasSpain: sales growth mainland offset by decline in tourism Canarias Central Europe: challenging markets, especially hypermarketsCentral Europe: challenging markets, especially hypermarkets Scandinavia and Portugal: according to expectationsScandinavia and Portugal: according to expectations

12. Liquidity

13. 13 Cashflow

14. 14 Investment in tangible fixed assets*

15. 15 Net Debt

16. Outlook full year 2003

17. 17 Outlook full year 2003 Net sales 2003 slightly higher than 2002 (excl. impact currency exchange rates)Net sales 2003 slightly higher than 2002 (excl. impact currency exchange rates) Operating expenses significantly higher (excl. impact currency exchange rates, goodwill-impairments, -amortizations and exceptional losses)Operating expenses significantly higher (excl. impact currency exchange rates, goodwill-impairments, -amortizations and exceptional losses) Net financial expenses above 2002 levels (excl. impact currency exchange rates)Net financial expenses above 2002 levels (excl. impact currency exchange rates) Positive net income full year 2003 (excl. any goodwill impairment Q4 2003 and exceptional losses with respect of divestments)Positive net income full year 2003 (excl. any goodwill impairment Q4 2003 and exceptional losses with respect of divestments) No triggering event for impairments yetNo triggering event for impairments yet Divesting Argentina, Brazil and Peru may result in very significant reclassifications of equityDivesting Argentina, Brazil and Peru may result in very significant reclassifications of equity

18. 18 Expected exceptional losses Q4 2003 or Fiscal 2004 Due to expected divestment and sale of Argentina, Brazil and PeruDue to expected divestment and sale of Argentina, Brazil and Peru previously charged to shareholders equity, in accordance to Dutch GAAPpreviously charged to shareholders equity, in accordance to Dutch GAAP Approx. Euro 466+ mln* recognition of accumulated foreign currency translationsApprox. Euro 466+ mln* recognition of accumulated foreign currency translations Approx. Euro 335+ mln* reversal of goodwillApprox. Euro 335+ mln* reversal of goodwill non cash, no impact on total shareholder’s equitynon cash, no impact on total shareholder’s equity * as calculated per end Q3 2003

19. 19 Rights Issue

20. 20 € 3.0bn Underwritten Rights Issue Your approval for a number of resolutions at today ’s meeting is required to launch the transactionYour approval for a number of resolutions at today ’s meeting is required to launch the transaction Transaction termsTransaction terms –Underwritten 3 for 2 rights issue at an issue price of €4.83 –621mln new common shares to be issued to raise €3.0bn –Record date after close of trading today; subscription starts tomorrow –Rights will trade on Euronext Amsterdam as of tomorrow Public offering in The Netherlands and a private placement to certain institutional investors elsewherePublic offering in The Netherlands and a private placement to certain institutional investors elsewhere Offering not registered under US securities lawOffering not registered under US securities law Concurrent offering of up to 172.9m Cum. Pref. Fin. sharesConcurrent offering of up to 172.9m Cum. Pref. Fin. shares

21. 21 Disclaimer

22. 22 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, statements relating to Ahold’s future profitability, expectations as to the amount of possible reclassifications, possible reversal of goodwill charges and possible exceptional losses, expectations as to increases in net sales and operating expenses and estimations of the factors that will cause such expected increases, statements as to the expected impact of completed and future divestments and statements as to the timing of changes in Ahold’s Dutch and US GAAP reporting. 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 conditions, increases in competition in the markets in which Ahold’s subsidiaries and joint ventures operate, fluctuations in exchange rates, the financial consolidation certain of Ahold’s subsidiaries and joint ventures, the ability of Ahold to implement successfully its strategy, difficulties in complying with new accountancy pronouncements and other factors discussed in Ahold’s public filings. These and other risk factors are detailed in Ahold’s 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. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer to sell, or as a solicitation of an offer to purchase, any securities. The securities of the company described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. The information contained in this communication does not constitute an offer of securities to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. No prospectus offering securities to the public will be published in the United Kingdom. Persons receiving this communication in the United Kingdom should not rely on it or act on it in any way. This presentation does not constitute an offer of rights or shares for sale or a solicitation of an offer to purchase rights or shares in Germany and is for information purposes only. Readers of this presentation are requested to inform themselves about and to observe any such restrictions. No public offering of the rights or shares is being conducted in Germany. Any offer or sale of rights or shares in Germany may only be made in compliance with the German Securities Prospectus Act (Wertpapier-Verkaufsprospektgesetz). No sales prospectus (Verkaufsprospekt) under the German Securities Sales Prospectus Act has been, or will be, published with respect to the rights or the shares. The rights issue may be restricted in certain countries and such restrictions, if any, will be included in the prospectus.

23. 23 APPENDIX

24. 24 Ahold

25. 25 Q3 2003 Highlights EBITA*

26. 26 Q3 year-to-date 2003 Highlights

27. 27 Q3 2003 Highlights

28. 28 Balance Sheet

29. 29 Breakdown Rolling NWC Days *

30. 30 Breakdown NWC Days*

31. 31 Rolling NWC Days per Region*

32. 32 NWC Days per Region*

33. 33 Rolling Inventory Days*

34. 34 Rolling Acc. Pay. Merch. Days*

35. 35 Rolling Trade Acc. Rec. Days*