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ANNUAL REPORT 2016 – BOSKALIS

17

In 2016 we expanded the geographic coverage of our roadshows

and investor conferences. We participated in conferences in the

Netherlands, China, France, Norway, Switzerland and the UK.

Roadshows for institutional investors were organized in Belgium,

Canada, Finland, France, Germany, Hong Kong, Ireland,

Luxemburg, the Netherlands, Japan, South Korea, Switzerland,

Taiwan, the UK and the US. In addition, a large number of investor

meetings were held at our head office in the Netherlands. In 2016

more than 350 meetings were held with investors.

Boskalis is covered by all the major Benelux brokers. We are in

frequent contact with their analysts, who play a key role in

distributing information to their clients about the markets in which

Boskalis operates.

On 10 May, 2016 we held our Annual General Meeting (AGM) of

Shareholders, in addition to two Extraordinary General Meetings

(EGM) of Shareholders held on 17 August and 10 November

respectively. More information on the AGM and EGMs can be

found in the Report of the Supervisory Board.

DIVIDEND POLICY

The main principle underlying the Boskalis dividend policy is to

distribute 40% to 50% of the net profit from ordinary operations

as dividend. At the same time Boskalis aims to achieve a stable

development of the dividend in the longer term. The choice of

dividend – in cash and/or entirely or partly in shares – takes into

account both the company’s desired balance sheet structure and

the interests of shareholders.

EQUITY

On 10 May 2016 the AGM approved a proposal to pay out 45%

of the 2015 net profit, equivalent to EUR 1.60 per ordinary share.

The dividend was paid in ordinary shares, unless shareholders

opted to receive the dividend in cash. Seventy-two per cent (72%)

of the 2015 dividend was distributed in the form of stock.

During 2016 the number of issued and outstanding ordinary

shares increased by approximately 4.45 million, all of which were

issued for stock dividend. As a consequence, the issued share

capital as at 3 June 2016 was around EUR 104 million, consisting

of 130,076,852 ordinary shares with voting rights with a nominal

value of EUR 0.80 each.

On 17 August 2016 the Extraordinary General Meeting of

Shareholders approved a reduction of the authorized capital of

Boskalis and the nominal value of the ordinary shares and the

cumulative protective shares. On 9 December 2016 this capital

reduction was implemented through an amendment of the Articles

of Association of the company. The authorized capital amounts to

EUR 4.8 million with 240 million ordinary shares and 80 million

cumulative protective shares, with a respective nominal value per

share of EUR 0.01 and EUR 0.03.

LISTING AND INDICES

Royal Boskalis Westminster N.V. is publicly listed on Euronext

Amsterdam (ticker BOKA.AS), where Boskalis shares and options

can be traded. Boskalis shares are included in the AEX-Index

as well as indices such as the Euronext Next 150 index, STOXX

Europe 600 Index and the MSCI Europe Index.

MAJOR SHAREHOLDERS

The following shareholders are known, based on the public

register of the AFM, to have been holders of at least 3% in

Boskalis share capital as at 31 December 2016:

HAL Investments B.V.: 35.45%

Sprucegrove Investment Management Limited: 5.16%

Blackrock Inc.: 4.38%

Marathon Asset Management: 3.57%

Oppenheimer Funds, Inc.: 3.07%

Besides these large shareholders, an estimated 15% of the shares

are held by shareholders in the UK, 13% in the US and Canada

and the remainder in mainly the Netherlands, Norway, Germany,

France, Switzerland and Hong Kong.

DUTCH INVESTOR RELATIONS AWARD

At the presentation of the Dutch IR Awards 2017 in early January

2017 Boskalis received an honorable award. Martijn Schuttevâer,

Director of Investor Relations at Boskalis, was chosen as best

IR professional in the AEX-Index, as he was in 2015 and 2013.

The Dutch IR Awards are presented by the Dutch Society for

Investor Relations (NEVIR) to companies and professionals that

excel in maintaining their relationships with investors and analysts

by means of good and clear disclosure, accessibility, knowledge

and reliability.

SHARE PERFORMANCE

In 2016, around 126 million Boskalis shares were traded on

Euronext Amsterdam (2015: 120 million). The average daily

trading volume in 2016 was in excess of 492,000 shares. In the

course of the year, the share price fell by 12% from EUR 37.63 to

EUR 32.99. The market capitalization declined 9% compared to

the end of 2015 to EUR 4.29 billion.

FINANCIAL AGENDA 2017

8 March

Publication of 2016 annual results

10 May

Trading update on first quarter of 2017

10 May

Annual General Meeting of Shareholders

12 May

Ex-dividend date

15 May

Record date for dividend entitlement

(after market close)

29 May

Final date for stating of dividend preference

1 June

Determination and publication of conversion rate

for dividend based on the volume weighted

average share price on 30 and 31 May and

1 June (after market close)

6 June

Date of dividend payment and delivery of shares

17 August

Publication of 2017 half-year results

10 November Trading update on third quarter of 2017