UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K

(Mark One)

     [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003

                                       OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the transition period from  _______ to _______

Commission File Number 001-12510

            AHOLD USA, INC. 401(K) SAVINGS PLAN FOR HOURLY ASSOCIATES
                     Stop & Shop Supermarket Company, Inc.
                                1385 Hancock St.
                                Quincy, MA 02169

                        (Full title and address of plan)

                          KONINKLIJKE AHOLD N.V. (publ)
                                Albert Heijnweg 1
                                 1507 EH Zaandam
                                 The Netherlands
   (Name of issuer of the securities held pursuant to the plan and the address
                       of its principal executive office)

     The Ahold USA, Inc. 401(k) Savings Plan for Hourly Associates (the "Plan")
is subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). Therefore, in lieu of Items 1-3 of Form 11-K, the statements of net
assets available for benefits as of December 31, 2003 and 2002, and the related
statements of changes in net assets available for benefits for each of the two
years in the period ended December 31, 2003 and schedule, which have been
prepared in accordance with the financial reporting requirements of ERISA, are
attached hereto as Appendix 1 and incorporated herein by reference.
<PAGE>

Exhibits.

Exhibit Number             Description of Documents
--------------             ------------------------

1                          Independent Auditor's Consent
<PAGE>

                                   SIGNATURES

     The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this Annual Report to be signed on its behalf by the
undersigned hereunto duly authorized.

                              AHOLD USA, INC. 401(k) SAVINGS PLAN
                              FOR HOURLY ASSOCIATES

                              By:  AHOLD U.S.A., INC.
                                   As Plan Administrator

                              By:  / s /    Ward Kraemer
                                  ------------------------------------
                                  Name:     Ward Kraemer
                                  Title:    Vice President, Retirement Plans
                                            and Executive Compensation

                              Date:  November 2, 2004
<PAGE>

                                   Appendix 1

Ahold USA, Inc.
401(k) Savings Plan
for Hourly Associates

Financial Statements as of and for the
Years Ended December 31, 2003 and 2002,
Supplemental Schedule as of December 31, 2003,
and Report of Independent Registered Public Accounting Firm
<PAGE>

AHOLD USA, INC. 401(k) SAVINGS PLAN
FOR HOURLY ASSOCIATES

TABLE OF CONTENTS
--------------------------------------------------------------------------------

                                                                            Page

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                      1

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2003 AND 2002:

     Statements of Net Assets Available for Benefits                         2

     Statements of Changes in Net Assets Available for Benefits              3

     Notes to Financial Statements                                          4-9

SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2003:

     Schedule H, Part IV, Line 4i--Schedule of Assets (Held at End of Year)  10

Schedules required under the Employee Retirement Income Security Act of 1974,
other than the schedule listed above, are omitted because of the absence of
the conditions under which they are required.
<PAGE>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator and Participants
Ahold USA, Inc. 401(k) Savings Plan
   for Hourly Associates:

We have audited the accompanying statements of net assets available for benefits
of Ahold USA, Inc. 401(k) Savings Plan for Hourly Associates (the "Plan") as of
December 31, 2003 and 2002, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2003 and 2002, and the changes in its net assets available for benefits for the
years then ended in conformity with accounting principles generally accepted in
the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
Table of Contents is presented for the purpose of additional analysis and is not
a required part of the basic financial statements but is supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This schedule is the responsibility of the Plan's management. This
schedule has been subjected to the auditing procedures applied in our audit of
the basic 2003 financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic 2003 financial
statements taken as a whole.

As discussed in Note 7 to the financial statements, certain activities of the
Plan's sponsor, its owner, and affiliates (and their current and former
directors, officers and employees) with respect to the Plan and its operations
are the subject of ongoing investigations by various governmental and regulatory
entities.

[GRAPHIC OMITTED] Deloitte & Touche LLP
McLean, Virginia
June 25, 2004 (October 13, 2004, as to Note 7)

                                      -1-
<PAGE>

<TABLE>
<CAPTION>
AHOLD USA, INC. 401(k) SAVINGS PLAN
FOR HOURLY ASSOCIATES

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2003 AND 2002
---------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>                     <C>

ASSETS                                                                              2003                     2002

INVESTMENTS--At fair value:
     Interest in Master Trust                                                 $   175,869,734          $   152,012,256
     Loans to participants                                                          9,104,947                8,690,761
                                                                                  -----------              -----------
         Total investments                                                        184,974,681              160,703,017

CONTRIBUTIONS RECEIVABLE:
     Employer                                                                       4,014,118                4,650,014
                                                                                  -----------              -----------
         Total assets                                                             188,988,799              165,353,031
                                                                                  -----------              -----------
LIABILITIES

     Accrued expenses                                                                   3,533                        0
                                                                                  -----------              -----------
         Total liabilities                                                              3,533                        0
                                                                                  -----------              -----------
NET ASSETS AVAILABLE FOR BENEFITS                                             $   188,985,266          $   165,353,031
                                                                                  ===========              ===========

</TABLE>

See notes to financial statements.

                                      -2-
<PAGE>

<TABLE>
<CAPTION>
AHOLD USA, INC. 401(k) SAVINGS PLAN
FOR HOURLY ASSOCIATES

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
---------------------------------------------------------------------------------------------------------------------

                                                                                      2003                 2002
<S>                                                                                   <C>                   <C>
ADDITIONS:
     Participant contributions                                                $     10,725,453     $     11,199,705
     Employer contributions                                                          4,046,634            4,692,855
     Participant rollovers                                                             528,575              221,376
     Net investment income/(loss) from interest in Master Trust                     23,832,015          (11,530,635)
                                                                                   -----------          -----------
         Total additions                                                            39,132,677            4,583,301
                                                                                   -----------          -----------
DEDUCTIONS:
     Benefit payments                                                               15,440,877           15,792,751
     Administrative expenses                                                           121,770              158,260
     Other                                                                              (2,786)                   0
                                                                                   -----------          -----------
         Total deductions                                                           15,559,861           15,951,011
                                                                                   -----------          -----------
     Assets transferred from/(to) other plans--net                                      59,419           (1,896,813)
                                                                                   -----------          -----------
NET INCREASE/(DECREASE)                                                             23,632,235          (13,264,523)

NET ASSETS AVAILABLE FOR BENEFITS:
     Beginning of year                                                             165,353,031          178,617,554
                                                                                   -----------          -----------
     End of year                                                              $    188,985,266     $    165,353,031
                                                                                   ===========          ===========

</TABLE>

See notes to financial statements.

                                      -3-
<PAGE>

AHOLD USA, INC. 401(k) SAVINGS PLAN
FOR HOURLY ASSOCIATES

NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
--------------------------------------------------------------------------------

1.   DESCRIPTION OF THE PLAN

     The following brief description of the Ahold USA, Inc. 401(k) Savings Plan
     for Hourly Associates (the "Plan") is provided for general information
     purposes only. Participants should refer to the Plan Agreement for more
     complete information.

     General--The Plan was initially established on January 1, 1989 by Tops
     Markets, Inc. as the Tops Markets, Inc. Investment Savings Plan. On July 1,
     1997, the Plan was amended, restated, and renamed the Ahold USA, Inc.
     401(k) Savings Plan for Hourly Associates and Ahold USA Support Services,
     Inc. became the plan sponsor. The Plan is a defined contribution plan that
     was adopted by Ahold USA, Inc. (the "Company") effective July 1, 1997, to
     provide tax-deferred savings to the Company and its subsidiaries' eligible
     hourly employees. In August 2001, the Company acquired certain stores of
     Grand Union from C&S Wholesale Grocers. The employees of Grand Union were
     offered the opportunity to transfer their accounts from their plan with
     Grand Union to the Ahold USA, Inc. 401(k) Savings Plan Master Trust. Total
     assets transferred into the Plan were $2,015,819. Effective October 1,
     2001, the assets for active hourly associates of the Peapod Inc. 401(k)
     Savings Plan were transferred into the Plan. The amount of the asset
     transferred was $84,672. Additionally, assets may be transferred into or
     between related plans of the Company in connection with a change in an
     eligible employee's employment status (i.e., salaried, hourly, or union).
     Such transfers from/(to) other plans totaled $59,419 and $(1,426,237) in
     2003 and 2002, respectively. In August 2002, Ahold sold several of its Tops
     divisions. Assets transferred out of the Plan totaled $(442,157). Also, the
     net assets transferred in 2002 include some miscellaneous transfers of
     $28,419 from various previous employers.

     An employee is eligible to participate in the Plan after completing 1,000
     hours within one year of service commencing at the employee's start date
     and attainment of age 21. The Plan is a defined contribution plan subject
     to the provisions of the Employee Retirement Income Security Act of 1974
     ("ERISA").

     The Ahold USA Pension Committee approved an amendment number 6 to the Plan
     to effectuate the permanent suspension of investing in the Ahold American
     Depository Receipts ("ADR") Fund, effective December 4, 2003.

     Master Trust--Effective July 1, 1997, the Ahold USA, Inc. 401(k) Savings
     Plan Master Trust (the Trust) was established to serve as the funding
     medium of the Plan. Fidelity Management Trust Company (the Trustee) was
     appointed by the Company to hold, administer, and invest the assets of the
     Trust. The Trust is also the funding medium for other Company-sponsored
     employee benefit plans. Each of the plans participating in the Master Trust
     has a proportionate and undivided ownership interest in the Master Trust
     assets. In August 2001, the Company acquired certain stores of Grand Union
     from C&S Wholesale Grocers. The employees of Grand Union were offered the
     opportunity to transfer their accounts from their plan with Grand Union to
     the Ahold USA, Inc. 401(k) Savings Plan Master Trust. Total assets
     transferred into the Trust were $4,565,967. Effective October 1, 2001, all
     the assets of the Peapod Inc. 401(k) Savings Plan were merged into the
     Ahold USA, Inc. 401(k) Savings Plan Master Trust. The amount of the assets
     merged was $1,590,069.

                                      -4-
<PAGE>

     Administration--All administrative expenses associated with the Plan are
     paid by the Plan, except for the costs of Company employees responsible for
     Plan administration, which are paid by the Company.

     Contributions--A participant may elect to make pretax contributions to the
     Plan in an amount ranging from 1% to 18% (25% for non-highly compensated
     participants) of the participant's compensation (consisting of total
     earnings including overtime, bonuses, and other special allowances, as
     defined) up to a maximum amount established annually by the Internal
     Revenue Service (the "IRS"). The Company matches 50% of a participant's
     contribution, such that the participant's contributions do not exceed 6% of
     the participant's eligible compensation. Individual companies may make
     additional matching contributions on behalf of their eligible participants.
     Participant contributions in excess of Plan or statutory limits are
     refunded to participants and are included as excess deferrals on the
     statements of net assets.

     Investments--Participants direct the investment of their contributions into
     various investment options offered by the Plan.

     Participant Accounts--Each participant's account is credited with the
     participant's contribution and allocations of (a) the Company's
     contribution, (b) Plan earnings (losses), (c) forfeitures of participant's
     nonvested accounts, and (d) an allocation of administrative expenses.
     Allocations are based on participant earnings or account balances, as
     defined. The benefit to which a participant is entitled is the benefit that
     can be provided from the participant's vested account.

     Vesting--A participant vests in the Company contribution at a rate of 20%
     for each year a participant works at least 1,000 hours. Employee
     contributions are fully vested. Forfeited balances of terminated
     participants are used to reduce future contributions by the Company.

     Loans to Participants--A participant is eligible to borrow from the Plan
     after participating in the Plan for at least one year. The minimum loan
     amount is $1,000 and may not exceed the lower of $50,000 or 50% of the
     participant's vested account balance. Each loan is secured by the
     participant's account and bears interest at prime (4.00% at December 31,
     2003), adjusted monthly. Loans are repaid through payroll withholdings over
     terms of 6 months to 15 years.

     Payment of Benefits--A participant's account may be withdrawn upon
     attainment of age 59 1/2, retirement, death, or termination of employment.
     At such time, the participant is entitled to receive the entire value of
     his or her account either as a lump-sum amount or annual installments over
     a ten-year period.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Basis of Accounting--The accompanying financial statements are prepared
     under the accrual basis of accounting that is in accordance with accounting
     principles generally accepted in the United States of America.

     Investment Valuation and Income Recognition--Interest in the Master Trust
     is stated at fair market value as determined by the Trustee, based on
     quoted market prices of the underlying assets. The Plan utilizes various
     investment instruments. Investment securities, in general, are exposed to
     various risks such as interest rate, credit, and overall market volatility.
     Due to the level of risk associated with certain investment securities, it
     is reasonably possible that changes in the values of investment securities
     will occur in the near term and that such changes could materially affect
     the amounts reported in the statements of net assets available for
     benefits.

     Participant loans are stated at cost, which approximates fair value.

                                      -5-
<PAGE>

     Purchases and sales of securities are recorded on a trade-date basis.
     Interest income is recorded on the accrual basis. Dividends are recorded on
     the ex-dividend date.

     Use of Estimates--The preparation of financial statements in conformity
     with accounting principles generally accepted in the United States of
     America requires management to make estimates and assumptions that affect
     the reported amounts of net assets available for benefits, changes therein,
     and disclosure of contingent assets and liabilities. Actual results could
     differ from those estimates.

     Expenses--Administrative expenses associated with the Plan are paid by the
     Plan, except for the costs of Company employees responsible for Plan
     administration, which are paid by the Company.

     Payment of Benefits--Benefit payments to participants are recorded upon
     distribution.

3.    MASTER TRUST

      The Plan's interest in the assets of the Master Trust is included in the
      accompanying statements of net assets available for benefits. A summary of
      the assets of the Master Trust as of December 31, 2003 and 2002, is as
      follows:

<TABLE>
<CAPTION>
                                                                             2003               2002
<S>                                                                          <C>                 <C>
Ahold Company Stock Fund                                            $      11,793,738  $       9,044,712
Fidelity Diversified International Stock Fund                              17,739,116         10,359,990
Fidelity Equity Income Fund                                                33,483,194         24,993,421
Fidelity Freedom Income Fund                                                2,374,963          1,618,513
Fidelity Freedom 2000 Fund                                                  2,606,219          2,056,821
Fidelity Freedom 2010 Fund                                                  7,869,893          5,115,824
Fidelity Freedom 2020 Fund                                                  8,632,747          4,821,981
Fidelity Freedom 2030 Fund                                                  7,523,177          4,191,042
Fidelity Freedom 2040 Fund                                                  1,553,760            488,235
Fidelity Growth & Income Fund                                             112,230,199         96,120,746
Fidelity Low-Priced Stock Fund                                             64,584,218         41,689,208
Fidelity Magellan Fund                                                     69,278,214         51,980,005
Fidelity Managed Bond Fund                                                 57,021,925         50,996,866
Fidelity Managed Income Portfolio II Class 3 Fund                         224,797,206        201,902,354
Fidelity Puritan Fund                                                      72,725,131         59,105,055
Janus Twenty Fund                                                                   0         34,759,628
Janus Worldwide Fund                                                                0         42,818,546
Lord Abbett Development Growth                                             16,432,004          8,511,318
RBC Mid Cap Equity 1                                                        4,031,794                  0
Fidelity Blue Chip                                                          3,199,494                  0
Msift Value Adviser                                                                 0          5,585,616
Mutual Discovery Z                                                         55,640,162                  0
H&W Mid Cap Val 1                                                          16,460,626                  0
Spartan U.S. Equity Index Fund                                             44,326,332         32,278,258
Janus Adv. Cap. Appr I                                                     45,542,534                 50
MFS Value Fund A                                                            7,134,807          4,265,387
                                                                          -----------        -----------
                                                                    $     886,981,453  $     692,703,576
                                                                          ===========        ===========
</TABLE>

                                      -6-
<PAGE>

Allocations of assets of the Master Trust to participating plans as of December
31, 2003 and 2002, are as follows:

<TABLE>
<CAPTION>
2003                                                                            Amount                 Percent
<S>                                                                               <C>                    <C>
Ahold USA, Inc. 401(k) Savings Plan                                        $    646,084,404              73 %
Ahold USA, Inc. 401(k) Savings Plan for Hourly Associates                       175,869,734              20 %
Ahold USA, Inc. 401(k) Savings Plan for Union Associates                         65,027,315               7 %
                                                                                -----------             -----
                                                                           $    886,981,453             100 %
                                                                                ===========             =====

2002

Ahold USA, Inc. 401(k) Savings Plan                                        $    494,340,155              71 %
Ahold USA, Inc. 401(k) Savings Plan for Hourly Associates                       152,012,256              22 %
Ahold USA, Inc. 401(k) Savings Plan for Union  Associates                        46,351,165               7 %
                                                                                -----------             -----
                                                                           $    692,703,576             100 %
                                                                                ===========             =====

</TABLE>

Net investment income/(loss) of the Master Trust for the years ended December
31, 2003 and 2002, is as follows:

<TABLE>
<CAPTION>
                                                                        Net Appreciation
                                                        Total           (Depreciation) in             Net
                                                     Interest and         Fair Value of            Investment
                                                      Dividends            Investments           Income/(Loss)
                                                                                2003
                                                  ------------------------------------------------------------------
<S>                                                         <C>                 <C>                      <C>
Ahold Company Stock Fund                              $           0       $     226,034          $       226,034
Mutual Funds                                             21,946,951         115,841,447              137,788,398
                                                         ----------         -----------              -----------
Total                                                 $  21,946,951       $ 116,067,481          $   138,014,432
                                                         ==========         ===========              ===========

                                                                                2002
                                                  ------------------------------------------------------------------

Ahold Company Stock Fund                              $           0       $  (7,876,656)         $    (7,876,656)
Mutual Funds                                             18,776,502        (100,320,662)             (81,544,160)
                                                         ----------        ------------              -----------
Total                                                 $  18,776,502       $(108,197,318)         $   (89,420,816)
                                                         ==========        ============              ===========

</TABLE>

Investment earnings of the Master Trust are allocated according to each plan's
balance in relation to the total Master Trust fund balance.

Allocations of net investment income/(loss) of the Master Trust to the
participating plans for the years ended December 31, 2003 and 2002, are as
follows:

<TABLE>
<CAPTION>

                                                                             2003                2002
<S>                                                                          <C>                  <C>
Ahold USA, Inc. 401(k) Savings Plan                                     $  104,014,992      $  (70,857,571)
Ahold USA, Inc. 401(k) Savings Plan for Hourly Associates                   23,832,015         (11,530,635)
Ahold USA, Inc. 401(k) Savings Plan for Union Associates                    10,167,425          (7,032,610)
                                                                           -----------         -----------
Total                                                                   $  138,014,432      $  (89,420,816)
                                                                           ===========         ===========

</TABLE>

                                      -7-
<PAGE>

4.   PLAN TERMINATION

     The Company has the right under the Plan, although it has not expressed any
     intent to do so, to discontinue its contributions at any time and to
     terminate the Plan subject to the provisions set forth in ERISA. In the
     event of Plan termination, all participants' accounts will become fully
     vested.

5.   RELATED PARTY TRANSACTIONS

     Certain Plan investments are shares of mutual funds managed by affiliates
     of Fidelity Management Trust Company, the trustee as defined by the Plan.
     Therefore, these transactions qualify as party-in-interest transactions.
     Fees paid by the Plan for the investment management services amounted to
     $121,770 for 2003 and $158,260 for 2002.

6.   FEDERAL INCOME TAX STATUS

     The Internal Revenue Service has determined and informed the Plan by a
     letter dated May 22, 2002, that the Plan and related Trust are designed in
     accordance with the applicable regulations of the Internal Revenue Code.
     The Plan administrator and the Plan's tax counsel believe that the Plan is
     currently designed and being operated in compliance with the applicable
     requirements of the Internal Revenue Code and the Plan; thus the related
     Trust continues to be tax-exempt. Therefore, no provision for income taxes
     has been included in the Plan's financial statements.

7.   LITIGATION AND GOVERNMENTAL/REGULATORY INVESTIGATIONS

     On February 24, 2003 the Company's parent, Royal Ahold ("Ahold"),
     announced, among other things, that it would be restating its earnings for
     the fiscal year 2001 and the first three quarters of the fiscal year 2002,
     because of certain accounting irregularities at one of its operating
     subsidiaries, U.S. Foodservice, Inc. ("U.S. Foodservice"), and that the
     historical financial statements of Ahold would have to be restated because
     certain other subsidiaries had been improperly consolidated (the "February
     24 Announcement"). Following the February 24 Announcement, the United
     States Attorney for the Southern District of New York (the "U.S. Attorney")
     commenced a grand jury criminal investigation relating to possible
     wrongdoing, and the United States Securities & Exchange Commission ("SEC")
     commenced a civil investigation relating to possible violations of U.S.
     securities laws, by Ahold, its subsidiaries, including the Company, and
     certain of their respective current and former officers, directors and
     employees in connection with the events leading to the February 24
     Announcement and other accounting-related matters. With respect to the SEC
     civil investigation, the SEC announced on October 13, 2004, as part of an
     overall settlement agreement, that it would not seek a penalty from Ahold
     because of, among other reasons, the Company's extensive cooperation with
     the Commission's investigation. In addition, following the February 24
     Announcement, United States Department of Labor ("DOL") opened both civil
     and criminal investigations into whether any violations of ERISA were
     committed by Ahold and certain of its current and former officers,
     directors and employees in connection with the 401(k) retirement savings
     plan of Ahold USA, Inc. In the course of the DOL criminal investigation,
     which is also being coordinated with the U.S. Attorney's investigation, a
     letter request, dated July 9, 2003, was issued by the DOL relating to the
     Plan. With respect to the DOL civil investigation, Ahold received a letter
     closing the case on June 18, 2004. The DOL did not issue a fine to Ahold.
     The DOL noted that Ahold needed to improve processes with respect to the
     production of the Form 5500 and plan expenses. With respect to the DOL
     criminal investigation, the Company is fully cooperating with the
     investigation and has reached an agreement with the DOL regarding the
     production of documents in response to the letter request. Additionally,
     the Company's legal counsels are involved in ongoing discussions with the
     staff of the DOL in order to fully ascertain the staff's position in these
     matters. In view of the nature and stage of those discussions, the Company
     cannot at this point predict when the investigation will be completed,
     whether the Company will actually be charged with or

                                      -8-
<PAGE>

     convicted of any violation of law or whether any fines will be imposed upon
     the Company or what the final amount of such fines would be or what
     actions, if any, the Company will be required to take with respect to the
     Plan.

     Following the February 24 Announcement, numerous putative class actions
     claiming violations of Section 10(b) of the Securities & Exchange Act of
     1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder and Section
     20(a) of the Exchange Act (collectively, the "Securities Action") were
     filed on behalf of Ahold's stockholders. Additionally, two class actions
     were also filed on behalf of participants in the 401(k) retirement savings
     plan of Ahold USA, Inc. against Ahold, Ahold USA, Inc. and certain of
     Ahold's and its subsidiaries' respective current and former officers,
     directors and employees and one on behalf of the participants in the 401(k)
     retirement savings plan of U.S. Foodservice against U.S. Foodservice and
     certain of its current and former officers, directors and employees
     alleging violations of ERISA (collectively, the "ERISA Actions"). To date,
     this litigation does not yet involve any claims relating to the Plan. Due
     to the early stages of this litigation, however, the Company is unable to
     predict whether the likelihood of an adverse judgment against the Company
     is either probable or remote. Further, in the event of an adverse judgment,
     the Company is unable to predict the amount of damages the Company would
     face as result of such a judgment.

                                     ******

                                      -9-
<PAGE>

<TABLE>
<CAPTION>
AHOLD USA, INC. 401(k) SAVINGS PLAN
FOR HOURLY ASSOCIATES

SCHEDULE H, PART IV, LINE 4i--SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003
-------------------------------------------------------------------------------------------------------------
<S>                      <C>                           <C>                                             <C>
Party-              Identity of                   Description of Investments
in-                 Issuer, Borrower,             Including Maturity Date, Rate of                  Current
Interest to         Lessor, or Similar            Interest, Collateral, and Par                     Value
the Plan            Party                         or Maturity Value

    *               Interest in Master Trust                                                  $   175,869,734

    *               Loans to participants         Various loans, bearing interest at prime
                                                  (and prime plus 1% for
                                                  loans withdrawn prior to July
                                                  1, 2000), maturities up to 15
                                                  years

                                                                                                     9,104,947
                                                                                                   -----------
                    Total                                                                      $   184,974,681
                                                                                                   ===========


</TABLE>

* Party-in-interest.

                                     - 10 -

<PAGE>

Exhibits.

Exhibit Number             Description of Documents
--------------             ------------------------

1                          Independent Auditor's Consent