J.J.M. Veraart resigns as president Board of Management of HBG

His decision follows on the announcement that the merger between HBG and Boskalis will not take place.

In a memorandum to all employees Mr Veraart explains, that in his opinion it is in the best interest of the Group, that 'HBG embarks on its future course under a new management and HBG should have a Board of Management that can be clearly identified with the future. It is difficult for me to be part of that in view of my forthcoming retirement.'

The Supervisory Board of HBG has, with great regret, accepted  the request of Mr Veraart to resign. The Supervisory Board would like to express its considerable appreciation of the enthusiastic and energetic way, in which Mr Veraart has managed the Group during the last three years.

The Supervisory Board has appointed Mr C.J.A. Reigersman [54] as president of the Board of Management with effect from 15 July 2000. Mr Reigersman joined  HBG in 1974 and has been a member of the Board of Management since 1995. The new  Board of Management of HBG will consist of Mr C.J.A Reigersman, president, Mr D. Sinninghe Damsté [60], Mr K.K. Troost [48] and Mr D. de Waard [56]. Mr Sinninghe Damsté, a member and vice-president of the Board of Management since 1988, will retire on 1 November 2000 in accordance with earlier announcements.

The Supervisory Board intends to appoint Mr G.H. Hoefsloot [49] as a member of the Board of Management as of 1 September 2000. Mr Hoefsloot is currently director of the Dutch group company HBG Bouw en Vastgoed.

Further information:

drs. A.C. Pronk, HBG Public Relations, telefoon 070 3722121.