Internal control
and procedures under the Exchange Act and the related SEC
rules referred to above.
Based on our evaluation of the operation of our internal risk
management and internal control systems, the Corporate
Executive Board is of the opinion that the internal controls
over financial reporting provide a reasonable level of
assurance that the financial reporting does not contain any
material inaccuracies. Also, the Corporate Executive Board
is of the opinion that there are no indications that the
internal risk management and internal control systems have
not operated properly in the year under review or will not
operate properly in the current year. This evaluation and
the current status have been discussed with the external
auditor, the Audit Committee and the full Supervisory
Board.
As regards risks other than financial reporting risks,
including operational/strategic and legislative/regulatory
risks, reference is made to the most important risk factors
inherent in our businesses and our objectives as listed in the
"Risk Factors" section and to the preceding paragraphs on
"Ahold Business Control Framework" and "Monitoring" in
this annual report.
In view of the above the Corporate Executive Board is of the
opinion that it is in compliance with the requirements of
provision II.1.4 of the Dutch Corporate Governance Code,
taking into account the recommendation of the Corporate
Governance Code Monitoring Committee on the application
thereof. Since the internal controls over financial reporting
throughout the organization are under review in light of our
future obligations pursuant to Section 404 of the Sarbanes-
Oxley Act, the opinion stated above by the Corporate
Executive Board does not imply an assessment on those
internal controls over financial reporting as required by
Section 404 of the Sarbanes-Oxley Act.
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