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Capital Markets Day 2018 Welcome Frans Muller President and Chief Executive Officer Ahold Delhaize Capital Markets Day 2018 Our Agenda for Today

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Capital Markets Day 2018 Welcome Frans Muller President and Chief Executive Officer Ahold Delhaize Capital Markets Day 2018 Our Agenda for Today Ahold Delhaize Capital Markets Day 2018 Welcome Frans Muller President and Chief Executive Officer Ahold Delhaize Capital Markets Day 2018 Our agenda for today Topic Time Presenter Leading Together 8:00 – 9:00 Frans Muller Benelux eCommerce & Digital 9:00 – 9:30 Wouter Kolk Break 9:30 – 9:40 US - Introduction 9:40 – 10:10 Kevin Holt - eCommerce & Digital 10:10 – 10:40 JJ Fleeman - Stop & Shop 10:40 – 11:00 Mark McGowan Financial framework 11:00 – 11:20 Jeff Carr Q&A 11:20 – 12:00 All Closing 12:00 – 12:05 Frans Muller Leading Together Capital Markets Day 2018 4 10 Local, Fresher & healthier Leading in Best Countries Personal & sustainable retailing: Dependable Own Brands Proud member of DJSI Convenient Leading Value in Sustainable eCommerce Strong Great financial profile ~370,000 Local ~6,700 associates Brands stores Weekly customer visits 150 years Shopping experience top 10 in stores anytime International >50m in food anywhere retailing food retailer >20m online Leading Together Capital Markets Day 2018 5 Introduction From our successful To our ambitious Better Together strategy Leading Together strategy • Strong business performance during the • Omnichannel growth including merger integration eCommerce and meal solutions • Consistent delivery on merger synergies • Technology including AI and Robotics • Strengthened culture bringing people • Healthy & Sustainable together • Portfolio & Scale efficiencies • Efficient platform for growth • Best talent Well positioned to Accelerating what will continue to win make the difference Leading Together Capital Markets Day 2018 6 Well positioned to continue to win Strong business performance while delivering on our integration promises Sales growth Net synergies delivery in constant FX in € million € 500 2.3% 2.1% € 420 1.7% € 268 2016 2017 Q3 YTD 2018 2017 2018E 2019E Underlying operating margin Free cash flow* in € billion 4.0% 3.9% € 1.9 € 2.0+ € 1.4 3.7% 2016 2017 Q3 YTD 2018 2016 2017 2018E * Guidance for 2018 of at least €2.0 billion FCF Leading Together Capital Markets Day 2018 7 Well positioned to continue to win Winning customer proposition Fresher & Healthier Best Own Brands Sustainable Local, Personal & Convenient Dependable Value Leading Together Capital Markets Day 2018 8 Well positioned to continue to win Leading positions everywhere we play #1 position ~70% #2 position ~30% Note: Mega Image relates to Bucharest only; Peapod relates to food eCommerce on US East Coast Leading Together Capital Markets Day 2018 9 Well positioned to continue to win Continuously gaining share ADUSA CTAs Market Share Growth 0.5 Percentage points change Q3 2017 to Q2 2018 vs. Q3 2016 to Q2 2017 0.4 0.3 ADUSA Brands 0.2 +20bps 0.1 - GM HRD FL GF S&S (0.1) Change in store count* -4 +1 -31 -2 -2 * Change in stores between Q2 2018 versus Q3 2016; primary cause of reduction in store count is due to merger divestitures Leading Together Capital Markets Day 2018 10 Well positioned to continue to win Network of winning formats supporting our omnichannel proposition Leveraging our unique network… … and the proximity with our customers ~2,000 Supermarkets Strong heritage and best Average ~32K sqft High ~66K sqft locations 1867 1887 Selling area Supermarkets & ~4,700 smaller stores ~6,700 Average ~7K sqft Stores worldwide High ~51K sqft Selling area* * Europe selling area exclude 16 ENA stores (Greece), 20 Tempo stores (Serbia) and large Albert (Czech Republic) hypermarkets Leading Together Capital Markets Day 2018 11 Well positioned to continue to win Platform for future growth Ahold Delhaize USA Ahold Delhaize Europe Business Services Global Support Office Leading Together Capital Markets Day 2018 12 Our strategy Leading Together Leading Together Capital Markets Day 2018 13 Video Accelerating what will make the difference Our objectives • Comparable sales growth • Market share gains • Stable group margin in 2019 versus 2018 • Free cash flow ~€2.0b annually 2019-2021 • High single-digit EPS growth in 2019 Leading Together Capital Markets Day 2018 16 Accelerating what will make the difference Driving organic and inorganic growth Omnichannel Healthy & Portfolio & 1 2 Technology 3 4 growth Sustainable Scale efficiencies 5 Best talent Leading Together Capital Markets Day 2018 17 Omnichannel growth Investing to reposition Stop & Shop, our largest brand, and accelerate comparable sales Best in Fresh 24 consecutive quarters of comparable sales growth Best in Fresh Value for Money Right for Me Assortment Make it Easy Turnaround with new store format Emotionally Connected and rebased cost SB: To be enhanced Nominated store of the year IGD award 2018 Leading Together Capital Markets Day 2018 18 Omnichannel growth Improving our omnichannel experience Local stores Home delivery Platforms & partnerships Weekly customer visits >50m in stores >20m online Click & Collect Personalized offers & health guidance Meal solutions Leading Together Capital Markets Day 2018 19 Omnichannel growth Expanding in meal solutions >$40b meal solutions market in the US Meal kits Food counter Meals on demand Increasing our share of stomach Note: Meal solutions & catering market excludes restaurants Leading Together Capital Markets Day 2018 20 Omnichannel growth Boosting our eCommerce and digital growth ✓ Doubling net consumer online sales to ~€7 billion by 2021 Local, Personal & Convenient Offering an Enhancing omnichannel integrated solution experience for all our brands Leading Together Capital Markets Day 2018 21 Omnichannel growth We will invest to drive continued growth at bol.com ~16 million products • Largest eCommerce platform in the BeNeLux 6,500 click & collect points • Growing ~30% in 2018E ~700 million web visits • ~€2 billion net consumer sales in 2018E >1,400 associates* • EBITDA positive in 2018E * Excludes fulfillment and customer service associates Leading Together Capital Markets Day 2018 22 Technology Enriching customer experiences & increasing efficiencies Personalization Assortment optimization In-store experience Strong Easier ~3b volume checkout, personalized Enriching uplift in-store offers sent experiences through navigation annually machine app, learning digital solution screens Logistics Distribution centers Admin automation Robotic Mechanized Fully Increasing Process micro-fulfilment, mechanized Automation: efficiencies forecasting & distribution 200+ replenishment centers robots Leading Together Capital Markets Day 2018 23 Technology Partner of choice Scale Great local brands Customer reach Geographical presence Leading Together Capital Markets Day 2018 24 Technology Accelerating research in AI and Robotics Natural Search & In Store Delivery Fulfillment Language Recommendation Replenishment Robotics Robotics enhancement Processing Optimization Leading Together Capital Markets Day 2018 25 Healthy & Sustainable Delivering on our 2020 Sustainability targets 50% Own Brands 20% reduction 30% reduction in Leading food sales in food waste* greenhouse gas retailer recognized for emissions** good nutritional value * vs 2016 ** vs 2008 Leading Together Capital Markets Day 2018 26 Healthy & Sustainable Improving health and driving sustainable consumption towards 2025 Product nutritional Own Brand plastic No artificial navigation systems packaging 100% ingredients in any in all our markets recyclable, reusable, US Own Brand or compostable product Leading Together Capital Markets Day 2018 27 Portfolio & Scale efficiencies Evolving our portfolio along clear principles We build a portfolio of strong brands that reach 1 #1 or #2 positions in their local market We prioritize advantaged positions in 2 attractive markets by size and growth We ensure sufficient global scale for a strong 3 ecosystem of technology partners and share best practices among our brands Leading Together Capital Markets Day 2018 28 Portfolio & Scale efficiencies Opportunity to continue to gain share in fragmented markets 2018 Q2 CTAs Market Share Other Other Other 150+ total number of competitors for Next 3 largest Next 3 largest ADUSA players players Next 3 largest players Discounters Discounters Discounters Note: 2018 Q2 AC Nielsen CTAs market shares in food, drug and dollar channels; Walmart, Aldi and Lidl are classified as discounters (dollar stores are not); Other mainly include regional and independent supermarkets Leading Together Capital Markets Day 2018 29 Portfolio & Scale efficiencies Driving growth organically and inorganically Successful Strong Efficient Strong winning Ahold Delhaize and predictable platform omnichannel merger cash flow for growth proposition integration • Free cash flow • Strong performance • RBS & PDL Weekly customer visits ~€2.0b annually • €500m net synergies • EU organization • >50m in stores 2019-2021 • Strengthened culture • Best practice sharing • >20m online Consolidator of choice Leading Together Capital Markets Day 2018 30 Portfolio & Scale efficiencies Business model supporting self-funding of our growth investments • €1.8 billion Save for Our • Investing in our customer Customers target for 2019 - 2021 proposition supports comparable sales growth • Saving for our customers leads to stable group margin in 2019 • High single-digit EPS growth 2019 • Capital funding growth in key channels results in market share gains • Capex ~3% of annual sales 2019-2021 Leading Together Capital Markets Day 2018 31 Best talent Strong, experienced leadership team Frans Muller President and Chief Executive Officer Abbe Luersman Jeff Carr Chief Human Resources Chief Financial Officer Officer Kevin Holt Wouter Kolk Chief Executive
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