BAM profits up 15% in 2004 (excluding fines)

• Result of operational activities increased 35%
• Net profit for 2004: €96 million before deducting competition fines; €56 million after deducting fines (2003: €83 million and €56 million, respectively)
• Earnings per share: €4.71 before deducting competition fines (2003: €4.45); €2.37 after deducting fines (2003: €2.59)
• BAM maintains the dividend for 2004 at €1.55 in cash per ordinary share
• Net profit for 2005 is expected to be between €90 million and €100 million (Dutch GAAP)

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