Share issue Royal BAM Group substantially oversubscribed

Not for distribution in the USA, Canada or Japan

Bunnik, 10 December 2004 – On 9 December 2004, after the closing of the Euronext Amsterdam stock exchange, Royal BAM Group has placed 1.25 million ordinary shares with domestic and international institutional investors at a price of €32.60 per share. The proceeds of the transaction are intended to be used to finance the purchase the 1.57 million non-convertible cumulative preference shares (CPSs) currently held by ING. The share issue has been arranged by ING Investment Banking.