Changes on the AM Supervisory Board (NL)

The composition of the Supervisory Board of AM NV is about to change. Messrs C. Boonstra and L.J.M. Pijnenburg have indicated their desire to step down. The Supervisory Board proposes to fill the vacancies thus arising by appointing Messrs G.M.M. Hendriks and M.J.L. Jonkhart. It is also proposed to appoint Mr L.C. Brinkman as Chairman of the Supervisory Board.

Shareholders will have the opportunity to voice their opinions concerning the proposed changes at the General Meeting of Shareholders to be held on 20 July 2004.

The proposed composition of the Supervisory Board will therefore be as follows:
L. Brinkman (chairman), A.D.J.G. van Dam, G. Hendriks and M. Jonkhart. Messrs Hendriks and Jonkhart will be appointed for a period of four years.

Messrs Boonstra and Pijnenburg have indicated their desire to step down now that the rejuvenation and expansion of the AM Management Board, announced in the 2003 annual report, has been completed. These plans were implemented with the appointment of Mr P.G.A. Noordanus as Chairman of the Management Board and the addition of Messrs J.C. Gillis and P.S.M. Ruigrok as new members of the Board.

Mr Boonstra joined the Supervisory Board of what was then NBM-Amstelland NV, one of the legal predecessors of the present company AM, in 1999. In 2000 he was appointed Chairman of the Supervisory Board. He was reappointed in May 2003 for a period of four years. During his tenure, the Supervisory Board has overseen a process of change involving the unbundling of the NBM-Amstelland core activities, with Amstelland continuing alone as an independent, listed property developer. Following the merger with MDC in 2002, the company now operates under the name AM on a European scale, specialising in the development of urban centres, shopping centres, residential estates and offices from an area-wide perspective.

Mr Pijnenburg was appointed to the Supervisory Board of the erstwhile NBM-Amstelland in 1998. Previously he had been Chairman of the Supervisory Board of Wilma International NV, whose Dutch activities were taken over by NBM-Amstelland in 1998. He was appointed Vice-Chairman of the Board in 2000. Mr Pijnenburg was reappointed in May 2002 for a period of four years.

New members
The Supervisory Board wishes to appoint Messrs Hendriks and Jonkhart, on the basis of their extensive managerial experience and spatial development expertise.

Gar Hendriks (61) is an independent consultant on public sector and private sector development activities. He previously held various management positions at Wilma Bouw en Projectontwikkeling and was head of property investment acquisitions for the pension fund PGGM. Up to January 2002 he was a member of the Management Board of Multi Development Corporation NV (MDC), the company which merged with Amstelland NV in 2002 to create AM. He is currently a member of the Supervisory Boards of Valstar Simonis BV, Inbo BV and Westersuyker NV. He holds various administrative posts, such as secretary to the Nieuw Holland Foundation, member of the Executive Committee of Stichting Hoogbouw and member of the PPP Advisory Committee of VNO/NCW. He also acts as adviser to BOAG BV and Antea BV. Mr Hendriks currently holds 69,451 AM shares and 71,853 warrants.

Marius Jonkhart (54) has held various positions as a scientist, in both the public sector and the private sector. For instance, he was extraordinary professor at the Erasmus University, worked for the Ministry of Finance and was Chairman of the Board of Management of Nationale Investeringsbank NV. Since 2000 he has been Chairman of the Management Board of NOB Holding NV. Mr Jonkhart currently holds supervisory directorships with RT Company (formerly Newconomy), Connexxion, Videohouse (Belgium) and Ruimte voor Ruimte BV. He is also a member of the Supervisory Council of the Pensions and Insurance Board and treasurer of the National Restoration Fund and the National Green Fund. Mr Jonkhart does not currently hold any AM shares.

The company would like to thank Messrs Boonstra and Pijnenburg for their contributions to t

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