H KÜ1I3E3 110 13 Intangible assets (continued) 14 Investments in joint ventures and associates Our strategy Our performance Governan Financials Investors Ahold Annual Report 2013 Intangible assets under development relate mainly to software development. The additions to intangible assets under development include capitalized borrowing costs of nil (2012: €5 million). The capitalization rate used was the same as for property, plant and equipment (see Note 7 7). In 2013, there was a €8 million write-down of capitalized software development costs (2012: €92 million). On February 10, 2013 Ahold reached a sale agreement with Hakon Invest regarding its 60% holding in ICA for SEK 20 billion. The transaction was completed on March 27, 2013. For a description of the result on the divestment of ICA, see Note 5. In 1992, Ahold partnered with Jerónimo Martins, SGPS, S.A. in the joint venture JMR - Gestao de Empresas de Retalho, SGPS S.A. (JMR). Ahold holds 49% of the shares in JMR and shares equal voting power on JMR's board of directors with Jerónimo Martins, SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce. JMR is a joint venture and is accounted for using the equity method. There is no quoted market price available. Ahold is also a partner in various smaller joint arrangements and associates that are individually not material to the group. Ahold does not have subsidiaries with non-controlling interests that are material to the group. Set out below is the summarized financial information for JMR and ICA (on a 1 00% basis). JMR JMR ICA Total million 2013 2012 20121 20121 Summarized balance sheet Current Cash and cash equivalents 103 134 519 653 Other current assets 297 300 1,392 1,692 Total current assets 400 434 1,911 2,345 Financial liabilities (excluding trade payables) (140) (73) (1,315) (1,388) Other current liabilities (820) (718) (1,451) (2,169) Total current liabilities (960) (791) (2,766) (3,557) Non-current Assets 1,154 1,180 3,083 4,263 Financial liabilities (228) (426) (538) (964) Other liabilities (25) (22) (378) (400) Total non-current liabilities (253) (448) (916) (1,364) Net assets 341 375 1,312 1,687 1 See Note 3 for an explanation of the restatements.

Jaarverslagen | 2013 | | pagina 13