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Second Quarter 2016 Performance Update Meeting

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Second Quarter 2016 Performance Update Meeting Jeff Carr London, March 2017 Chief Financial Officer Consumer Analyst Group of Europe Ahold Delhaize merger: a compelling story for success Complementary Similar Neighboring Strong local brands cultures values geographies 1867 1887 1974 1981 2015 2016 2017 Integration and synergies well on track Cage conference London, March 2017 2 Ahold Delhaize Group highlights 2016 42% Own brand sales from healthy products Pro forma underlying Pro forma underlying Pro forma operating income of Pro forma net sales of operating income of operating margin of € 62.3bn € 2.0bn € 2.3bn 3.7% 6,556 Stores world wide 370,000 associates Pro forma underlying Pro forma underlying EBITDA earnings from continuing Free cash flow Dividend per common share operations per basic share at € 4.1bn € € 1.4bn € 0.57 2,3bn 1.17 After € 1.7 bn capital expenditure Net consumer online sales Cage conference London, March 2017 3 Where we operate Cage conference London, March 2017 4 Great local brands on both sides of the Atlantic US #1 or #2 in 24 DMAs* representing c. 80% of our US Sales Food Lion Stop & Shop Hannaford Peapod Giant Carlisle Giant Landover Martin’s Food Market bfresh Europe Indonesia #1 in supermarkets #1 in the Netherlands #1 in Greece #1 in Serbia Albert Heijn Etos Gall & Gall Bol.com Maxi Pingo Doce #1 in Bucharest #1 in Portugal Super Indo #2 in Belgium Delhaize Le Lion Alfa Beta ENA Cash & Carry Albert Tempo Mega Image #2 in Czech Republic * DMA: designated market area Cage conference London, March 2017 5 Pro forma net sales and underlying operating income by segment Ahold USA 9% 9% 5% 8% Delhaize America 36% 38% The Netherlands 21% 26% Belgium 26% Central Southern 22% Europe Net sales 2016 Underlying operating income excl corporate costs 2016 Cage conference London, March 2017 6 Better Together - Ahold Delhaize Strategic Framework Our purpose Together, we build Great Local Brands, bringing Fresh Inspiration Every Day Our sustainable business model Our promises Save for our customers: Invest in our customer A better • Buy better proposition: place to • Operate smarter • Affordable for all shop • Waste less • Best own brands • Fresher & healthier Every • Most local & Day Fund growth personal service A better A better in key channels: place to neighbor • Supermarkets work • eCommerce • Smaller formats Our values Courage Integrity Teamwork Care Humor We drive change, We do the right Together, we take We care for our customers, We are humble, down-to- are open-minded, thing and earn ownership, collaborate, our colleagues, and our earth, and we don’t take Cage conference London, March 2017 7 bold, and innovative. customers’ trust. and win. communities. ourselves too seriously. Ahold Delhaize… Better Together Well positioned to win… ...by building on our Better Together strategy • Great local brands • Save for our customers: • Buy better • Best-in-class Supermarkets • Operate smarter • Superior Omni-channel / Digital • Waste less • Operating cash flow among industry leaders • Fund growth in key channels: • Supermarkets • Proven skills in: • eCommerce Fresh • • Smaller formats • Own brands • Focus on affordability • Invest in our customer proposition: • Affordable for all • Sustainable retailing and community • Best own brands engagement • Fresher & healthier • Great talent and leadership track record • Most local & personal service Together, we build Great Local Brands, bringing Fresh Inspiration Every Day Cage conference London, March 2017 8 Focus on expanding in three channels Supermarkets eCommerce Smaller formats Cage conference London, March 2017 9 Supermarkets – The key channel in our main markets US - Delhaize America markets US - Ahold USA markets * 15% 19% Supermarkets Supermarkets Discount* Discount* 25% Drug Drug 57% 24% 60% Source: Nielsen AC View, DA Sales – 2015 DA; DMAs Source: Nielsen AC View, AUSA Sales – 2015 AUSA; DMAs representing 80% of AUSA sales Netherlands Belgium 13% 20% Supermarkets Supermarkets 15% 3% Discount Hypermarkets Convenience Discount & Other 13% 77% 59% Convenience Source: Planet Retail and Nielsen food grocery market based on Source: Nielsen, Planet retail – 2014 * Supercenters and Dollar stores consumer sales - 2015 Cage conference London, March 2017 10 Focus on expanding in three channels Supermarkets eCommerce Smaller formats Cage conference London, March 2017 11 Leading online grocery positions in the U.S. and Benelux 1. Strong brands in 2. High quality, cost 4. Own brand 5. Omni-channel 3. Fresh Assortment Europe and U.S. efficient operations products leverage €1 billion net sales 2016 Cage conference London, March 2017 12 Bol.com is an unrivalled proposition for NL & BE customers Fast, free delivery Large, relevant assortment (order before midnight, delivered tomorrow) >14.000.000 items >14.000 marketplace business partners Uniquely personalized shopping experience Unique open invoice payment option, yet low bad debt Customer payment methods - 2016 % Bad debt rate 2016 (%) of sales 2.50% 2.50% 2.00% [VALUE] 1.50% 65% 1.00% 0.50% 0.25% 0.00% Payment afterwards Payment on purchase bol.com Industry average Cage conference London, March 2017 13 Ahold Delhaize eCommerce: Proven track record of Ambition 2020 Clear strategy growth* Double eCommerce sales* In € billion 2.3 1.8 1.4 Lead in online grocery x 2 2014 2015 2016 Online grocery bol.com No. 1 eCommerce platform in NL/Belgium * Including third party Plaza sales Cage conference London, March 2017 14 * Expected 2016 1 From base year 2016 including Delhaize brands Focus on expanding in three channels Supermarkets eCommerce Smaller formats Cage conference London, March 2017 15 Most of our brands have strong expertise in smaller formats #1 or #2 in smaller formats across Europe AH To Go - 100 M2 Etos – 214 M2 Gall & Gall – 90 M2 Proxy Delhaize - 560 M2 Delhaize Shop & Go - 150 M2 AB Shop & Go - 100 M2 AB Food Market - 390 M2 AB City - 450 M2 Shop & Go - 130 M2 Shop & Go – 100 M2 Test concepts in the US Hannaford - 20,000 sqft bFresh - 10,000 sqft Cage conference London, March 2017 16 Our clear financial framework Clear operational metrics Disciplined approach to capital investment • Continuous improvement of the cost base • Disciplined capax spending • Reinvestment in the customer • Return on capital among top proposition quartile of the industry • Funding growth in key channels Best in class cash Balanced approach to generation capital allocation • Medium-term NWC • Solid investmentgrade credit opportunities rating • Strong focus on FCF • Returning excess cash to • Reinforced by synergies shareholders Cage conference London, March 2017 17 Our sustainable business model Save for our Invest in our Focus on key metrics customers customer proposition • Sales growth • Price, quality and service • Store refurbishments • Underlying operating margin • Save for our customers • Free cash flow • Working capital Fund growth in key channels Cage conference London, March 2017 18 Continuous investments in growth… Food Lion Easy, Fresh & Affordable Ahold USA Price investments • 17 consecutive quarters of positive Ahold USA ID Volume growth volume growth FY14 2017: ~$290 million capex for an Annualized 2016 price • FY15 additional ~160 stores in 2017 investments FY16 ~$150 million Albert Heijn Quality investments eCommerce • Perception increase across Fresh Ambition 2020 2016* Double eCommerce sales • >750 own brands innovations (20-25% CAGR)* • Healthy offering: less sugar, fat and salt in hundreds of products • Ranked Best Supermarket in The Netherlands by GfK * Including third party Plaza sales Cage conference London, March 2017 19 *consumer sales includes sales from third parties …while maintaining strong margins Ahold USA Delhaize America 6.6% 6.8% 6.8% 6.6% 6.6% 6.6% 4.0% 4.0% 3.8% 3.3% 3.4% 3.5% Underlying Underlying Underlying Underlying EBITDA margin operating margin EBITDA margin operating margin The Netherlands Belgium CSE (excl bol.com) 6.8% 7.4% 7.1% 7.5% 6.2% 6.5% 5.1% 4.8% 5.4% 5.2% 5.0% 5.2% 3.8% 4.2% 3.3% 2014 2.1% 2.4% 1.8% 2015 2016 Underlying Underlying Underlying Underlying Underlying Underlying EBITDA margin operating margin EBITDA margin operating margin EBITDA margin operating margin 2015 includes a 53rd week All numbers are pro forma. 2014 figures have been calculated by using the same pro forma adjustments as for 2015 Cage conference London, March 2017 20 Free cashflow overview € in billion 1.8 1.8 1,8 1.7 Future free cash flow generation is driven by: 1.6 1.4 • Merger synergies • Disciplined capital expenditures • Good profitability of the underlying businesses, supported by cost savings • 1 day working capital improvement by 2018 2012 2013 2014 2015 2016 2017e Cage conference London, March 2017 21 Dividend policy: 40-50% dividend payout ratio € 0.57 0.52 • Sustainable growth in dividend per common 0.47 0.48 share (€) 0.44 0.38 • Solid BBB S&P credit rating 0.33 0.34 • 2016 full year leverage ratio of S&P Lease adj. 0.29 net debt/EBITDA at 2x • Ahold 2014-2016 in total €3.4 billion capital returns and share buy back programs • €1 billion share buyback commenced in January 2017 2012 2013 2014 2015 2016 Ahold Delhaize Ahold Delhaize Cage conference London, March 2017 22 Commitment to deliver €500 million net synergies €500 million in synergies by 2019 following the merger between Ahold and Delhaize Group in July 2016 Synergies are incremental to pro forma underlying operating income, synergies in excess of €500 million will be reinvested in the business € in million Split per geography Split per category 500 420 10-15% 30-35% 220 20-25% 5 50-55% 65-70%
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