Annual General Meeting of Shareholders April 19, 2016

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1 Annual General Meeting of Shareholders April 19, 2016

2 Jan Hommen Chairman Supervisory Board

3 Agenda item 1 / Agendapunt 1 Opening

4 Agenda items 2 6 / Agendapunten 2 6 Agenda item 2: Report of the management board for the financial year 2015 Agenda item 3: Explanation of policy on additions to reserves and dividends Agenda item 4: Explanation of the implementation of the Management Board remuneration policy Agenda item 5: Proposal to adopt the 2015 financial statements Agenda item 6: Proposal to determine the dividend over financial year 2015 Agendapunt 2: Verslag van de Raad van Bestuur over het boekjaar 2015 Agendapunt 3: Toelichting op het reserverings- en dividendbeleid Agendapunt 4: Toelichting op de uitvoering van het bezoldigingsbeleid van de Raad van Bestuur Agendapunt 5: Voorstel tot vaststelling van de jaarrekening over het boekjaar 2015 Agendapunt 6: Voorstel tot vaststelling dividend over het boekjaar 2015

5 Dick Boer President and Chief Executive Officer

6 Looking back at our journey forward

8 Pioneering with supermarket format

9 Pioneering with supermarket format

10 On track to reach our 2017 online ambition

11 Ahold as a listed company

12 Responsible Retailing

13 Expanding healthy options

14 Strong organic own brands

15 936,000 children educated in healthy living programs

16 Long-standing relationships with suppliers Jeroen Albert Heijn s cucumber supplier for 41 years

17 236,000 proud associates

18 Strong results in 2015

19 U.S.: good progress with price, quality investments

20 Netherlands: sales momentum remained strong

21 Czech: succesful roll-out new operating model

22 2015 consumer online sales: 1.8 billion

23 Strong free cash flow allows us to invest

24 We continue to build on our strong, local brands

25 Bringing together two complementary businesses Common values and strong, trusted local brands Net Sales* 38.2bn Employees worldwide* 236,000 Net Sales* 24.4bn Employees worldwide* 154,000 Stores worldwide 3,253 Stores worldwide 3,512 *Note: Sales, Stores and Employees 2015 excludes JVs i.e. JMR for Ahold in Portugal and Super Indo for Delhaize in Indonesia

26 Wrap-up

27 Jeff Carr Chief Financial Officer

28 Total sales performance (in millions of euro s) Full year change actual rates change constant rates Sales 38,203 32, % 4.3% Sales growth adjusted for 53 rd week 14.2% 2.3% Sales growth excl gas adjusted for 53 rd week 15.6% 3.8%

29 Operating performance (in millions of euro s) Full year change actual rates change constant rates Sales 38,203 32, % 4.3% Gross profit margin 27.1% 26.5% Underlying operating income Underlying operating margin 1,461 1, % 3.6% 3.8% 3.9% (0.1) (0.1) Sales growth driven by investments in our customer proposition funded by our Simplicity program Gross margin improvement supported by lower gas prices Underlying margin slightly affected by higher pension costs and additional online investments, offset by favorable commodity prices and gas sales effects

30 Underlying operating income by segment (in millions of euro s) Ahold USA The Netherlands Czech Republic 2015 change constant rates 2015 change 2015 change constant rates Sales 23, % 12, % 1, % Balanced investments in customer proposition and Simplicity savings in the U.S. Underlying operating income Underlying operating margin % % % 4.0% % (0.3) 1.5% 0.3 Lower margins in the Netherlands from additional pension costs and online investments Margin in Czech Republic stabilizing towards pre-acquisition levels

31 Income from continuing operations (in millions of euro s) Full year change actual rates Underlying operating income 1,461 1, % Restructuring and related charges, other (143) (17) Operating income 1,318 1, % Net financial expenses (265) (235) (12.8%) Income taxes (224) (248) 9.7% Share in income (loss) of joint ventures (16.7%) Income from continuing operations % Basic EPS from continuing operations % Dividend per share 0.52* % Dividend payout %** 49% 51% * Subject to shareholder approval ** Based on adjusted income from continuing operations

32 Dividend Dividend per common share Timetable April 21, 2016* Ex-dividend date for common shares April 22, 2016 Dividend record date May 4, 2016 Payment date April 20, 2016 for ADR s (American Depositary Receipts)

33 Free cash flow and uses of cash (in millions of euro s) Strong free cash flow Balanced approach to capital allocation Operating cash flow* 2,139 Cash capex (804) 1,051 1,109 1,055 1,184 Disposals 51 Other (202) Free cash flow 1,184 Acquisitions / divestments (150) Dividend (396) Share buyback (161) Other cash changes (404) Change in cash and cash equivalents** 73 * Operating cash flow from continuing operations ** Before impact of exchange rates 33

34 Uses of cash (in millions of euro s) Disciplined capital expenditure ,500 2,000 1,500 1, Attractive shareholder returns over 5 billion in the last 4 years , , , * Share buyback Dividend Capital expenditures (cash) Acquisitions (cash) Capital repayment Dividend per share * Expected

35 Capital structure (in billions of euro s) 4.0 Increase in cash, reduction of net debt Lease adjusted leverage decreased Cash balances* up 0.5 billion to 2.4 billion million share buyback completed in Program stopped after merger announcement Deleverage of net lease-adjusted debt / EBITDAR at 1.7 times Gross debt Cash Net debt * Includes cash and short-term deposits

36 Outlook 2016 Underlying operating margins in 2016 expected to trend in line with full year 2015, excluding the potential impact from the intended merger with Delhaize Ongoing Simplicity cost saving and efficiency program, expected to deliver 350 million in This target is incremental to synergy targets related to the intended merger Online businesses well on track to meet 2017 target of 2.5 billion net consumer sales Additional logistical investments planned in the Netherlands, resulting in increased cash capex for 2016 of around 1 billion

37 Rob van den Bergh Chairman Remuneration Committee Supervisory Board

38 Explanation of the implementation of the remuneration policy of the Management Board Performance year Performance year Annual cash incentive plan Payout as % of target 135% 45% 89% 55% 101% Performance measures Net sales growth (30%) Operating margin (30%) Operating cash flow (30%) Responsible Retailing (10%) Year of vesting Year of vesting Long-term equity-based program Shares granted in 2011 (5 year plan) Payout based on TSR performance 110% 90% 130% 110% 110% Shares granted in 2013 (3 year plan) Payout based on TSR performance 100% 90% 130% 110% 110% Payout based on RoC performance 60% Conditional Shares 100%

39 Jan Hommen Chairman Supervisory Board

40 Cautionary notice These presentations contain 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 statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to Ahold, based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as anticipate, believe, plan, could, estimate, expect, forecast, guidance, intend, may, possible, potential, predict, project or other similar words, phrases or expressions. These presentations contain Ahold forward-looking statements as to, amongst others, Ahold tackling major challenges in society as to, amongst others, health, food security, diversity and responsible consumption, its Responsible Retailing Strategy, which covers, amongst others, organic products, sourcing, being a better neighbor, sourcing and people, capital repayment, strong local brands, the intended merger between Ahold and Delhaize, dividend, Ahold s simplicity program and operating efficiency and cost reductions, reinvestments in Ahold s business to reduce prices, to improve quality and to drive sales growth, reverse stock split, returns to Ahold s shareholders and Ahold s remuneration policy. Many of the risks and uncertainties relate to factors that are beyond Ahold s control. Therefore, investors and shareholders should not place undue reliance on such statements, which include but are not limited to Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the occurrence of any change, event or development that could give rise to the termination of the merger agreement; the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; failure to satisfy other closing conditions with respect to the transaction on the proposed terms and timeframe; the possibility that the transaction does not close when expected or at all; the risks that the new businesses will not be integrated successfully or promptly or that the combined company will not realize the expected benefits from the transaction; Ahold s ability to successfully implement and complete its plans and strategies and to meet its targets; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the benefits from Ahold s plans and strategies being less than anticipated; the effect of the announcement or completion of the proposed transaction on the ability of Ahold to retain customers and retain and hire key personnel, maintain relationships with suppliers, and on their operating results and businesses generally; litigation relating to the transaction; the effect of general economic or political conditions; Ahold s ability to retain and attract employees who are integral to the success of the business; business and IT continuity, collective bargaining, distinctiveness, competitive advantage and economic conditions; information security, legislative and regulatory environment and litigation risks; and product safety, pension plan funding, strategic projects, responsible retailing, insurance and unforeseen tax liabilities. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Ahold does not assume any obligation to update any public information or forward-looking statement in these presentations to reflect events or circumstances after the date of these presentations, except as may be required by applicable laws. Outside the Netherlands, Koninklijke Ahold N.V., being its registered name, presents itself under the name of "Royal Ahold" or simply "Ahold."

41 Agenda items 2 6 / Agendapunten 2 6 Agenda item 2: Report of the management board for the financial year 2015 Agenda item 3: Explanation of policy on additions to reserves and dividends Agenda item 4: Explanation of the implementation of the Management Board remuneration policy Agenda item 5: Proposal to adopt the 2015 financial statements Agenda item 6: Proposal to determine the dividend over financial year 2015 Agendapunt 2: Verslag van de Raad van Bestuur over het boekjaar 2015 Agendapunt 3: Toelichting op het reserverings- en dividendbeleid Agendapunt 4: Toelichting op de uitvoering van het bezoldigingsbeleid van de Raad van Bestuur Agendapunt 5: Voorstel tot vaststelling van de jaarrekening over het boekjaar 2015 Agendapunt 6: Voorstel tot vaststelling dividend over het boekjaar 2015

42 Questions and Answers

43 Voting procedure / Stemprocedure Register your vote by pressing 1, 2 or 3 Om te stemmen, druk 1, 2 of 3 1 = for / voor 2 = against / tegen 3 = abstention / onthouding Correction / Correctie Make your choice again. Your last choice will be registered. Maak opnieuw uw keuze. Uw laatste keuze geldt.

44 Agenda item 5 / Agendapunt 5 Proposal to adopt the 2015 financial statements Voorstel tot vaststelling van de jaarrekening over het boekjaar 2015

45 Agenda item 6 / Agendapunt 6 Proposal to determine the dividend over financial year 2015 Voorstel tot vaststelling dividend over het boekjaar 2015

46 Agenda item 7 / Agendapunt 7 Proposal for discharge of liabilities of the members of the Management Board Voorstel tot het verlenen van décharge aan de leden van de Raad van Bestuur

47 Agenda item 8 / Agendapunt 8 Proposal for discharge of liabilities of the members of the Supervisory Board Voorstel tot het verlenen van décharge aan de leden van de Raad van Commissarissen

48 Agenda item 9 / Agendapunt 9 Proposal to amend the Remuneration Policy of the Management Board Voorstel tot wijziging van het bezoldigingsbeleid van de Raad van Bestuur

49 Rob van den Bergh Chairman Remuneration Committee Supervisory Board

Proposal to amend the Remuneration Policy of the Management Board Reference market A new reference market has been established following the remuneration policy review scheduled for 2015 and in light

50 Proposal to amend the Remuneration Policy of the Management Board Reference market A new reference market has been established following the remuneration policy review scheduled for 2015 and in light of the upcoming merger The new global reference market combines perspectives from both cross-industry and sector specific companies in the three most relevant geographies Ahold Delhaize positions in the middle of the group in terms of size and scope Peer Group US Peers Kroger Costco Target Walgreens B.A. Best Buy Co Staples Salaries AEX Blend Unilever Philips Heineken Randstad Akzo Nobel Relx EU Peers Tesco Carrefour Metro Casino Guichard P. J Sainsbury WM Morrison Ahold Delhaize Positioning Ahold Delhaize: 52% (average) Global Reference Total Revenue 61% Market Capitalization 50% Total Assets 44% Employees 83% Change The proposed remuneration policy results in limited increases in overall at target pay packages Base salaries increased with 1.75% LTI increased with 15%-pts (25%-pts for CFO) Amounts in thousands Base STI at target LTI at target Total Direct CEO 1, % 1, % 2,390 4, % CFO % % 1,187 2, % COO USA (McCann) % % 1,356 2, % Deputy CEO 1, % 1, % 2,015 4,029 COO USA (Holt) $ % $ % $1,526 $3,053 COO Europe % % 962 2,244

Proposal to amend the Remuneration Policy of the Management Board Incentives Financial and Individual Key Performance Indicators in the Short-Term Incentive Long-term

importance of sustainability More weight Moved into long-term incentive Long-Term Incentives Performance shares Individual KPIs Metrics Balanced TSR performance peer group 7

51 Proposal to amend the Remuneration Policy of the Management Board Incentives Financial and Individual Key Performance Indicators in the Short-Term Incentive Long-term Incentive fully subject to forward looking performance criteria Short-Term Incentives 30% 10% 30% 30% Metrics Sales Growth Operating Margin Operating Cash Flow Increased importance of sustainability More weight Moved into long-term incentive Long-Term Incentives Performance shares Individual KPIs Metrics Balanced TSR performance peer group 7 US companies and 7 European companies (including Ahold Delhaize) Pay-out range adapted to reflect larger TSR peer group 40% 20% 40% Sustainability Return on Capital Total Shareholder Return

52 Jan Hommen Chairman Supervisory Board

53 Agenda item 9 / Agendapunt 9 Proposal to amend the Remuneration Policy of the Management Board Voorstel tot wijziging van het bezoldigingsbeleid van de Raad van Bestuur

54 Agenda item 10 / Agendapunt 10 Proposal to appoint PricewaterhouseCoopers Accountants N.V. as external auditor for financial year 2016 Voorstel tot benoeming van PricewaterhouseCoopers Accountants N.V. als externe accountant voor het boekjaar 2016

55 Agenda item 11 / Agendapunt 11 Authorization to issue shares Aanwijzing tot uitgifte van aandelen

56 Agenda item 12 / Agendapunt 12 Authorization to restrict or exclude pre-emptive rights Aanwijzing tot het beperken of uitsluiten van voorkeursrechten

57 Agenda item 13 / Agendapunt 13 Authorization to acquire shares Machtiging tot inkoop van eigen aandelen

58 Agenda item 14 / Agendapunt 14 Cancellation of common shares Intrekking van gewone aandelen

59 Agenda item 15 / Agendapunt 15 Closing Sluiting

60 Questions and Answers

61 Thank you

Agenda and Explanatory Notes to the Agenda of the Annual General Meeting of Shareholders of. Koninklijke Ahold N.V.

Agenda and Explanatory Notes to the Agenda of the 2016 Annual General Meeting of Shareholders of Koninklijke Ahold N.V. To be held in Muziekgebouw aan t IJ, Piet Heinkade 1, 1019 BR Amsterdam on Tuesday