94.1% of the Securities tendered under the public offers for AM

20 January 2006 11:40 - Royal BAM Group nv

Bunnik, Netherlands, 20 January 2006 – With reference to the public announcement and the offer document, both dated 22 December 2005, Terra Amstel, a group company of Royal BAM Group, announces the following with respect to the recommended public offers for all issued and outstanding ordinary shares in the capital of AM (Shares), and for all issued and outstanding warrants, exchangeable for Shares (Warrants and together with the Shares, the Securities) (the Offers).

Per the expiration of the offer acceptance period on 20 January 2006 on 15.00 hours (CET) 93.8% of the Shares and 100.0% of the Warrants have been tendered under the Offers. The tendered Shares and Warrants together represent 94.1% of the total outstanding Securities.

Terra Amstel expects to declare the Offers unconditional after all terms and conditions as stated in the offer document of 22 December 2005 have been fulfilled. A public announcement with respect to this will be made no later than Friday 27 January 2006.

This is a public announcement in accordance with Section 9b, subsection 1 of the Dutch Securities Trade Supervision 1995.

For further information: A.C. Pronk, telephone +31 (0) 30 659 86 21.

This press release is published in both Dutch and English. The Dutch version will prevail.