Results 2001 and First Quarter 2002

Explanation by Harrie L.J. Noy, Chairman Executive Board

General Meeting of Shareholders

Arnhem, the Netherlands, May 16, 2002

ARCADIS is on course

•Income per share 2001: +10%In line with financial goals

•Good progress in implementing strategyNew initiatives in stead of telecom

•Net income Q1 2002: +9%Continued growth infra and environment

•Outlook 2002: net income +5 to 10%Despite economic uncertainty

Gross revenue

Operating income

Net income (excl. extraordinary, excl. goodwill)

EPS (excl. extraordinary, excl. goodwill)

Extraodinary income

Net income (incl. extraordinary, incl. goodwill*)

EPS (incl. extraordinary, incl. goodwill*) *) Goodwill: € 0.1 mln

2000

776

35.2

20.7

1.04

-

20.7

1.04

2001

797

38.8

23.2

1.14

2.0

25.1

1.24

Growth

3%

11%

12%

10%

21%

19%

ARCADIS continues profit growth 2001: +12%

Sources of growth 2001

Total

- Autonomous

- Acquisitions

- Currency-effect

*)Excluding effect real estate valuation

2001 adj.*

5%

5%

0%

0%

2001

3%

3%

0%

0%

Gross revenue

Results versus goals

1 Growth gross revenue- Autonomous- Acquisitions- Currency-effect

2 Margin- EBIT/net revenue

3 EPS growth

*)Excluding effect property valuations (Netherlands)

2001

5%* 5%*0%0%

6.9%

10%

1995-99

13%3%7%3%

19996.1%

8%

Goal

13%6.5%6.5%

-

In 20058%

15%

2000

18%7%6%5%

6.4%

16%

Important developments •Netherlands: good results infrastructure outweighed for strong decline in property valuations

•U.S.: growth in infrastructure and environment compensates for decline in buildings and telecom

•Growth telecom substantially lags expectations

•Further decline in less profitable activities - Reduction in buildings segment Germany, Netherlands - Sale of composting activities Netherlands

•Integration Netherlands operations

•Sale of 35%-stake in SAGEOS France

Development operating income

26.2 27.2 27.8

35.238.8

0.0

10.0

20.0

30.0

40.0

1997 1998 1999 2000 2001

+19% +4% +2% +26% +11%

In millions of euros

Development net income and EPS(excl. extraordinary and excl. goodwill)

14.6 15.517.6

20.723.2

0.0

5.0

10.0

15.0

20.0

25.0

1997 1998 1999 2000 2001

+15% +6% +14% +18% +12%

In mln euro

Net income

1.50

1.00

0.50

0.00

In euro

0.77 0.810.90

1.041.14

0.75

0.25

1.25

Cash flow

0

10

20

30

40

50

60

Cash flow Operational cash flow1999 2000 2001

In millions of euros

Balance sheet and returns

1.3

0.7

0.6

0.0

0.5

1.0

1.5

2.0

1999 2000 2001

Debt to EBITDA

13.8%15.6%

17.6%

0%

5%

10%

15%

20%

1999 2000 2001

20.1% 20.6% 21.6%

0%

5%

10%

15%

20%

25%

1999 2000 2001

Return on equity

32.8% 37.4% 42.2%

0%

10%

20%

30%

40%

50%

1999 2000 2001

Solvency

Return on invested capital

Gross revenue by market segment

0

100

200

300

400

2000 2001

Buildings -/-20%

0

100

200

300

400

2000 2001

Infrastructure +13%

0

100

200

300

400

2000 2001

Environment +8%

0

100

200

300

400

2000 2001

Communications -/-12%

Infrastructure +13%

Major projects Netherlands

Strong growth United States

Recovery Chile: synergy

Wind energy Germany

Environment +8%

MNC program works well

Composting sold

Acquisition Hidro Ambiente Brazil

GRiPTM successful in the U.S.

Buildings –20%

Outsourcing in Belgium

Strong decline United States

NL: higher value added

Turnkey in Spain

Communications –12%

Telecom: strong decline U.S. in Q4

Telecom: growth Germany

GIS market grows well

First mile in the Netherlands

Gross revenue by region

0

100

200

300

2000 2001

Other Europe +4%

0

100

200

300

2000 2001

Other countries -/- 13%

0

100

200

300

2000 2001

NL contracting +7%

0

100

200

300

2000 2001

North- and South-America +5%

0

100

200

300

2000 2001

NL consulting 0% (+11% excluding property valuations)

EBITA by region

0

5

10

15

20

2000 2001

North- and South-America +18%

0

5

10

15

20

2000 2001

Netherlands +4%

-1

0

1

2

2000 2001

Other countries

0

5

10

15

20

2000 2001

Other Europe +1%

Geographical spread

Netherlands39%

Other European countries

18%

North and South

America38%

Other countries

5%

2000

Netherlands38%

Oher European countries

18%

North and South

America39%

Other countries

5%

2001

Strategy: more focus on value creation

Enhanced profit growth

Organic growth in existing core activities

Strong growth in specific segments

Expansion of services to industry

Acquisitions

Better utilization of network •Leveraging expertise and client contacts•Investments in web enabling

Margin improvement •Reduction/sale less profitable activities

- buildings, composting, Euroconsult

•Integration Netherlands operations

•Outsourcing detailed engineering

Organic profit growth in existing core activities

Strong growth in specific segments

Telecommunications

•Growth lags expectations

Infrastructure•Strong market in Europe, U.S. and Latin

America

New growth-initiatives

•New business initiatives (DBFO)•Program to strengthen commercial skills •New local growth impulses

•Account management - MNC program successful- Broadening services towards existing client base

•Outsourcing offers opportunities

•Facilities Management started - Grabs strong attention in the market place - Developing alliances - First assignments

Expansion of services to industry

Acquisitions

•2001: focus on margin improvement

•2002: acquisitions high priority

•Goal:- Strengthening portfolio - Additional growth through network

•Priority for expansion in the United States - in infrastructure market - Goal: improve client mix and portfolio

•Targeted acquisitions in Europe

Implementation

•Measurement and steering drives strategy- Balanced score cards per opco

Financial performanceContribution to strategic initiativesHuman resources managementValue creation initiatives

•Option plan and bonus program•Employee participation w/ Lovinklaan Found.

- Netherlands: 700 participants - Per July 2002 in United States, Germany and Belgium

•Intensifying investor relations

0

50

100

150

200

250

2001 2002

Gross revenue +7%

0

2

4

6

8

10

2001 2002

Operating income +15%

0

1

2

3

4

5

2001 2002

Net income +9%

0

50

100

150

200

2001 2002

Net revenue +3%

Net income Q1- 2002: EUR 3.9 mln

Headlines Q1-2002

•Growth was mainly organic

•Infrastructure strong globally

•Environment mainly growth in U.S.

•Buildings/communications at level Q4-2001

•Geographically strong: Spain, Belgium, Latin-

America

•Net income lower than EBITA through:Higher taxes, larger minority interest, lower contribution

NCC’s

Market outlook • Infrastructure

Stable growth, possible shift in priorities Need for investments remains high

• Environment Growth in market share GRiPTM also for DOD

• Buildings Recovery U.S. second half Outsourcing to improve competitive position

• Telecommunications Recovery takes time, long term prospects good Short term opportunities for niche growth

Outlook 2002

Further growth infrastructure and environment

Additional growth initiatives

Also priority for acquisitions

Further margin improvement

Net income 5-10% higher (excluding extraordinary)

Barring: Unforeseen circumstances

Excluding new acquisitions

Peer group: EBITA-margin

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

1997 1998 1999 2000 2001

Jaakko Pöyry

Grontmij

Tetratech

URS (*gross revenue)

WS-Atkins

ARCADIS

Peer group: Stock Price Developments

50%

75%

100%

125%

150%

July2000

Jan2001

Mar2001

May2001

July2001

Sept2001

Nov2001

Jan2002

Mar2002

May2002

URS

ARCADIS

Grontmij

Jaakko Pöyry

Tetratech

WS-Atkins

AEX

NASDAQ