Amendment No. 3 to Form S-1 Table of Contents INDEPENDENT AUDITORS' REPORT The Board of Directors New Albertson's, Inc.: We have audited the accompanying combined financial statements of the New Albertson's Business of SUPERVALU INC. and subsidiaries, which comprise the combined balance sheets as of February 21, 2013 and February 23, 2012, and the related combined statements of operations and comprehensive income (loss), parent company deficit, and cash flows for each of the fiscal years in the three-year period ended February 21, 2013, and the related notes to the combined financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and in accordance with the auditing 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 combined financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers