communications buildingsenvironment infrastructure Results second quarter and first half 2004 Harrie Noy, CEO Arnhem, The Netherlands, August 10, 2004

Main developments in first half 2004 Gross revenue increased 10%, net income from operations 4% higher Outside the Netherlands developments are positive Environment main growth market at 15% organic growth Continued growth in infrastructure in most European countries Market recovery in Brazil and Chile Dutch market requires further restructuring

Gross revenue Operating income Net income f/ operations 1) Ditto per share 2) 1)Before amortization of goodwill 2)In 2004 based on 20.5 million shares outstanding (2003: 20.3 million) Excl. currency +15% +16% -/-1% _  _ +13% +14% -/-3% Income second quarter 2004: € 5.5 million Lower net income from operations because of lower contribution NCC’s

Income first half 2004: € 10.0 million Gross revenue Operating income Net income f/ operations 1) Ditto per share 2) 1)Before amortization of goodwill 2)In 2004 based on 20.5 million shares outstanding (2003: 20.3 million) Excl. currency +13% +17% +7% _  _ +10% +14% +4%

Activity growth in 2004 (excl. Currency effect) Currency -4% -2% -3% Q1: growth through acquisitions Q2: organic growth GR 7%, but growth NR 3% Cause: more subcontracting (GRiP, Facility Management, GIS) Organic growth: environment, infra Europe and recovery South America Netherladns: organic decline in gross revenue of -/- 6% (H1) Sale proceeds +1% - +1%

Development operating income H In euro million 13% 24%11% -/-27%14%

Development operating income H Operating income Currency-effect -/-3% Organic -/- 6% Acquisitions +23% +14%

Net income from operations and EPS H1 +21% +13%+8%-/-10% In € million 0,44 0,49 0,52 0,47 +4% + 7%(excl. currency) 0,49 Earnings per share (in €)

Dutch market remains difficult Government: large projects are ending, restraint on government budgets Poor economy slows down private sector investment Focus on tendering procedures Sustained high pension charges Possible market recovery in 2005

Dutch market requires adjustment Sale of non-core activities 2003: Inspectrum/Dynamicon 2004: Bomendienst KAFI Mandaat Streamlining organization Adjustment to market demand Reduction overhead Efficiency improvement Invest in new activities Acquisition PRC in 2003 Focus on core activities with growth potential and higher margins Reduction in 2 years approx. 30% Number of FTE’s

Increase in net revenue per employee

Financial effects restructuring in 2004 (in € million)Operating Net income Book profit on divestments:€ 4.0€ 4.0 Restructuring charge: In first quarter€ 2.2 In second half€ 6.3 Total€ 8.5€ 5.5 Effect in 2004:-/-€ 4.5-/-€ 1.5 Annual cost savings: € 5 million Effect on profitability as of 2005: + € 2 to 3 million

Targeted margin improvement Buildings going through a transition Project management and consultancy (PRC and Homola) Facility management Communications Sale of non-profitable parts Integrate remainder with other segments

Balance sheet Balance sheet ratios remain healthy Solvency somewhat lower than 2003 as a result of goodwil for acquisitions in second half of 2003 Higher EBITDA and lower debt improves leverage Enough room for new acquisitions

Gross revenue market segments H

Infrastructure +6% (-3%) Growth through acquisitions Organic decline Dutch market 14% Healthy growth rest of Europe Recovery South America U.S. market stable ( SAFETEA comes closer – $ billion for 6 years) Synergy contributes to growth First high speed rail assignments in France through cooperation with The Netherlands

Environment +8% (+15%) Environment main growth market Organic growth U.S. 20% GRIP® success with federal government (DOD) Framework contract $ 200 million Milan contract $ 45 million Backlog remediation U.S. $ 300 million Elsewhere also growth resulting from MNC program Large GRiP®-projects DOD

Buildings +47% (+12%) Transition to higher added value Acquisition of project management and consultancy firms assures growth (PRC and Homola) Organic increase from facility management Growth Belgium, France, Spain Decline mainly U.S.: automotive industry Higher in the value chain with project management and consultancy

Communications -10% (-2%) Organic decline net revenue of 12% Particularly poor performance in real estate valuations KAFI and Mandaat sold GIS added to other segments Mobile GIS-systems

Focus on three segments 2003 E-2004

Acquisitions contribute to growth Acquisitions 2003 perform according to expectations Acquisition policy is continued Priority: expansion in the U.S. Targeted acquisitions for strengthening positions in Europe E.g. Central Europe Possible expansion to South East Asia ARCADIS office opened in Shanghai

Outlook market Infrastructure Netherlands: chances in improvement infrastructure Possible growth in trans-national European networks U.S. market stable; recovery in Brazil and Chile Environment GRiP® growth in U.S. and Europe MNC focus on longterm contracts Buildings Depending on investments through economic recovery Chances in facility management Communications Integrate remainder with other activities

Outlook 2004 Good prospects in environment Restructuring strengthens Dutch competitive position Net income from operations at level of 2003, excluding non-recurring charges In 2004 non-recurring negative effect of € 1,5 million on net income Measures are to have an effect on operating income of € 2 to 3 million as of 2005 ARCADIS better positioned for the coming years

infrastructure, environment, buildings Part of a bigger picture