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AUDITORS' REPORT
To:
The Founders,
Supervisory Board and
Executive Board of
AFC Ajax NV
Arena Boulevard 29
1101 AX Amsterdam
The Management and
The Board of Directors of
Vereniging Amsterdamsche
Football Club "Ajax"
Arena Boulevard 29
1101 AX Amsterdam
Introduction
In accordance with your instructions we have audited the pro forma consolidated financial
statements (referred to hereinafter as: pro forma financial statements) of AFC Ajax NV,
Amsterdam for the years ended June 30, 1995, June 30, 1996, June 30, 1997 and for the six
month period ended December 31, 1997. These pro forma financial statements are
included on page Fi to F15. These pro forma financial statements have been prepared in
connection with this Prospectus and are the responsibility of the Management and
Directors of the Vereniging Amsterdamsche Football Club "Ajax", Amsterdam (referred to
hereinafter as: the Association). Our responsibility is to express an opinion on these pro
forma financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
Netherlands. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the pro forma financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the pro forma financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall pro forma financial statements presentation. We believe
that our audit provides a reasonable basis for our opinion.
Factual findings
All assets and liabilities of the Association have been contributed to the NV in exchange
for shares. The activities of the association will be for the account and risk of the NV
effective as from January 1, 1998. The pro forma financial statements are based on the
assumption that this would have been applicable since July 1, 1994.
In our opinion, assuming that the activities would have been continued in a NV since July
1, 1994, had the NV been in existence, the pro forma financial statements give a true and
fair view of the pro forma financial position of the NV at June 30, 1995, June 30, 1996,
June 30, 1997 and at December 31, 1997 and of the pro forma result for the years and six
month period then ended in accordance with accounting principles generally accepted in
the Netherlands.
Amsterdam, May 5, 1998.
Scope
Opinion
