BAM reports net result of €46.2 million, expects 2014 to be a year of stabilisation

• Dutch activities: lower results in a tough year, €25 million restructuring cost in Q4
• Property: non-cash impairments of €30 million on mainly Dutch retail property
• PPP: good result for the year
• BAM International: another year of strong growth
• Capital ratio 19.8% at end-2013 after equity placing
• Significant de-risking of Dutch pensions achieved, one-off effect of €24.6 million
• Dividend proposal of 5 euro-cents per share with scrip alternative; based on payout ratio of 30%

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