COMPETITION FOSTERS WEAK SECOND-HALF RESULTS IN TOP 10, CONTINUED

Second-Half Performancecial results for the 10 largest supermarket chains with public equity or debt. Although reporting dates vary, the chart represents sales, operating income and comparable-store sales for the two quarters most closely paralleling the last six months of calendar 2004, encompassing the third and fourth quarters for Kroger, Safeway, Albertsons, Delhaize America, Ahold USA Retail

Second-Half Performance

cial results for the 10 largest supermarket chains with public equity or debt. Although reporting dates vary, the chart represents sales, operating income and comparable-store sales for the two quarters most closely paralleling the last six months of calendar 2004, encompassing the third and fourth quarters for Kroger, Safeway, Albertsons, Delhaize America, Ahold USA Retail and Pathmark; the first and second quarters for Winn-Dixie; the second and third quarters for A&P; and the fourth and first quarters for Whole Foods and Stater Bros. Markets.

Company: Sales (in billions); % Change; Operating Profit (in millions); % Change; 3Q Comps; 4Q Comps; Reporting Period

Kroger: $26.6; +5.5%; 1,027.6e; +3.7%; +1.8%**; +0.8%**; 8/15/04 - 1/29/05

Albertsons: 21.1; +21.9%; 703; +24.0%; +0.3%; +5.3%; 8/1/04 - 2/3/05

Safeway: 19.7+1.9%737-14.7% -0.5%**-0.3%**6/20/04 - 1/1/05

Ahold USA Retail: 12.9; +0.4%; 245.1; -6.0%; -1.0%; -0.7%; 7/12/04 - 1/2/05

Delhaize America: 8.0; -0.5%; 414.6; +7.0%; +1.7%; +1.5%; 7/14/04 - 1/1/05

Winn-Dixie: 5.4; -4.2%; (251.1); -- ; -3.7%; -4.8%; 7/1/04 - 1/12/05

A&P: 5.0+; 1.3%; 28.8*; +14.7%; +0.1%; -0.1%; 6/20/04 - 12/4/04

Whole Foods: 2.3; +22.8%; 132.6; +25.5%; +14.0%; +11.4%; 7/5/04 - 1/16/05

Pathmark Stores: 2.0e; +0.2%; 72.4e*; -24.0%; -0.5%; -0.9%e; 8/1/04 - 1/30/05

Stater Bros.: 1.7; -3.1%; 46.2; -47.2%; +13.4%; -22.2%; 6/28/04 - 12/26/04

* EBITDA (Earnings before interest, taxes, depreciation and amortization)** Excludes fuel.; e - estimate