BAM reports break even result before tax for the first half of 2014

• Construction and M&E services: lower revenue and results related to Dutch activities
• Civil engineering: result includes losses of €68 million on two projects as announced on 7 July
• Property: result driven by success of commercial property divestments; encouraging trends in Dutch residential market
• PPP: five projects transferred into the joint venture with PGGM
• Order book: growth in Construction and M&E services, Civil engineering and PPP
• Actions: preparation phase for cost reduction/restructuring (€100 million) and working capital improvement (€300 million) programmes nearly complete
• Outlook: BAM expects a result before tax, impairments and restructuring charges for the full year of about €20 million

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