Royal BAM Group equity offering substantially oversubscribed and priced at EUR 69.00 per share

Payment for and delivery of the new ordinary shares will take place on 15 November 2005, at which date the new ordinary shares will be admitted to trading and listing on Eurolist by Euronext Amsterdam N.V. After the offering, Royal BAM Group will have approximately 24.5 million ordinary shares outstanding. ING Wholesale Banking acted as Sole Global Coordinator and Sole Bookrunner of the Offering. Rabo Securities acted as Joint Lead Manager.

This is (also) a public announcement pursuant to the provisions of Section 9b, subsection 1, of the Dutch Securities Trade Supervision Decree 1995.

For further information, please contact:

• Press: A.C. Pronk, +31 30 659 8621
• Analysts: P. Juge, +31 30 659 8601

Selling Restrictions:

These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Royal BAM Group nv or AM nv, nor shall these materials or any part of them nor the fact of their distribution form the basis of, or be relied upon in connection with, any contract or investment decision in relation thereto.

Recipients of these materials who are considering a purchase of shares in Royal BAM Group are reminded that no reliance may be placed for any purposes whatsoever on the information contained in these materials or on their completeness. No representation or warranty, express or implied, is given by or on behalf of Royal BAM Group, its shareholders, any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in these materials, and no liability is accepted for any such information or opinions.

Netherlands

The New Shares are not and will not be offered to any person in the Netherlands other than professional market parties within the meaning of Section 1a of the Exemption Regulation of the Netherlands Securities Trade Supervision Act 1995, as amended (Vrijstellingsregeling Wet Toezicht Effectenverkeer 1995).

United States of America

The New Shares have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

United Kingdom

This communication does not contain or constitute any invitation or inducement to engage in investment activity. This communication is directed only at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") (iii) high net worth entities and (iv) other persons to whom it may lawfully be communicated in accordance with the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any or its contents.

No offering is being made, and no securities are to be offered or sold, in the United Kingdom other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses, or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995.