Forward-looking statements notice

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 our operations, price fluctuations and estimations of the factors that will cause such expected changes;
expectations as to reduction of our debt and the consequences on our financial position, results of operations and liquidity;
expectations as to the tax rate and our tax position;
expectations as to the impact of operational improvements on productivity levels, operating income and profitability in our stores;
expectations as to the savings and synergies from our arena strategy, new projects and programs and from increased cooperation between our subsidiaries;
statements as to the timing, effects, limits and effectiveness of the remedial measures we have taken or are taking to strengthen our internal controls and of improvements and other changes to our accounting policies, internal control systems and corporate governance;
expectations as to our financial position and prospects, our initiatives to lower costs, our access to liquidity, the sufficiency of our working capital and the sufficiency of our existing credit facilities, our letter of credit requirements, exposure to currency exchange and interest rate fluctuations, as well as to the timing and amounts of certain repayments under our existing indebtedness and the sources of funds available for such payments and the impact of our financial plan and strategy;
statements regarding meeting the criteria for investment grade rating from the two applicable rating agencies;
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 retail and foodservice industries;
expectations as to trends in fuel cost, pension and health care costs, insurance costs and coverage, exchange rate fluctuations and food price inflation;
statements regarding the timing, scope, progress and expected impact of the U.S. Foodservice strategy and recovery plan, including its training program, the reorganization of its operations, the integration and improvement of its operating platforms, the strengthening of its governance and internal controls and the restoration of its procurement leverage;
statements regarding re-engineering of the food retail business and store operations, consolidating and streamlining within this re-engineering, and improving our product assortment;
statements as to the expected timing, strategy, outcome, cost and impact of certain legal proceedings and investigations and the sufficiency of our available defenses and responses;
statements as to the extent of our obligations under certain contingent liabilities;
expectations as to the cost of contributions to certain pension plans and other employee benefit plans, and the review of such plans;
statements as to the amount and timing of any future dividend payments;
expectations as to our competitive position, industry consolidation and the impact of the weakened economy on our business, liquidity and results of operations and financial position;
expectations regarding our growth and capital expenditures;
statements as to our goals and future strategy with respect to supplier and customer relationships, market positioning, net sales growth, portfolio strategy and operating margin;
expectations as to our information technology outsourcing initiative;
expectations as to the impact of the settlement of the securities class action on our operations, liquidity and business;
expectations as to the timing of certain appointments of key executive personnel;
expectations as to corporate executive board compensation;
expectations as to our relationships with the relevant trade unions and retention of personnel; 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:

our liquidity needs exceeding expected levels, amounts available under our credit facilities and our ability to refinance our debt obligations maturing in 2006;
our ability to maintain normal terms, or improve terms, with suppliers and customers;
our ability to successfully reorganize U.S. Foodservice;
our ability to address legal obstacles to the consummation of certain divestments and acquisitions and to satisfy other closing conditions to certain divestments and acquisitions;
our ability or the ability of any of our arenas and 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 our 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, our ability to attract, retain and unexpected delays in appointing key executives and employees;
our ability to strengthen our internal controls and the amount of resources required to implement and maintain strengthened accounting systems and controls;
increases in competition in the markets in which our subsidiaries and joint ventures operate and changes in marketing methods utilized by competitors;
fluctuations in interest rates in the countries in which we operate and in exchange rates between the euro and the other currencies in which our assets, liabilities and operating income are denominated, in particular, the U.S. dollar;
our ability to maintain our market share in the markets in which we operate;
the effect of announced accounting treatment on certain charges and expenses;
the results of pending or future legal proceedings to which we and certain of our current and former directors, officers and employees are, or may be, a party;
the actions of government regulators and law enforcement agencies;
any downgrading of our credit ratings or our inability to return to an investment grade profile;
sufficiency of our insurance coverage and any increases in insurance premiums;
our ability to successfully outsource information technology within the allotted cost and time period;
our ability to maintain normal relations with personnel and trade unions;
the potential adverse impact of any disclosures made in this annual report on our results of operations and liquidity; and
other factors discussed elsewhere in this annual report.

Many of these factors are beyond our 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. We do 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 our 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 our public filings.

Outside the Netherlands, we present ourselves 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. Our registered name is "Koninklijke Ahold N.V."