0 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

AJAX ARCHIEF

Jaarverslagen Ajax NV (vanaf 1997) | 1998 | | pagina 70