Boskalis Annual Report 2020

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REPURCHASE AND CANCELLATION OF SHARES Early 2019, Boskalis announced and initiated a EUR 100 million share buyback program of which 46.8 percent was completed at the end of 2019. The share buyback program was temporarily suspended on 3 April 2020, as part of the abovementioned COVID-19 related steps taken to preserve cash. The program was resumed on 21 August and as per the 31 December 2020, 76.2 percent of the program was completed. To reduce its share capital, Boskalis canceled 5,100,506 ordinary shares held in treasury on 17 December 2020. The treasury stock was acquired by Boskalis through its share buyback programs. The total number of issued ordinary shares now amount to 130,277,832 with 57,572 held as treasury stock as per 31 December 2020. SHARES AND LISTINGS Ordinary shares in Royal Boskalis Westminster N.V are listed on the Euronext stock exchange in Amsterdam, the Netherlands (ticker BOKA.AS, ISIN code NL0000852580). Options on ordinary Boskalis shares are traded on the European Option Exchange in Amsterdam (Euronext.liffe). Boskalis shares are included in the AMX-index. 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. MAJOR SHAREHOLDERS Under the Dutch Financial Markets Supervision Act, shareholdings of 3% or more in any Dutch company must be disclosed to the Netherlands Authority for the Financial Markets (AFM). According to the register kept by the AFM the following shareholders disclosed that they have a direct or indirect (potential) interest in Boskalis as at 31 December 2020:

Early 2020, we presented our new corporate business plan for the period 2020-2022. Normally, we would have been on the road presenting this in the months thereafter, however the COVID-19 pandemic also impacted both the immediate interest in the business plan and the ability to partake in the customary roadshow and investor conference programs. In the early part of the pandemic, investor interaction was focused on responding to incoming enquiries how the pandemic was impacting our day-to-day business. Throughout the year, we interacted with investors by means of online meetings both during virtual conferences and virtual roadshows. This included meetings with investors located in Belgium, Canada, Finland, France, Germany, the Netherlands, Spain, Switzerland, the UK and the US. The total number of meetings held in 2020 was approximately 130, substantially less than in prior years and due to COVID-19. 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. In 2020, HSBC initiated research on Boskalis. Due to the developments surrounding COVID-19, Boskalis postponed the Annual General Meeting of Shareholders (AGM) from the planned date of 13 May to 30 June 2020. For health and safety reasons, the AGM was held as a virtual meeting with a webcast that was broadcast to the shareholders. More information on the AGM can be found on our corporate website. DIVIDEND 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 takes into account both the company’s desired balance sheet structure and the interests of shareholders. In view of the global developments related to COVID-19, Boskalis announced on 2 April 2020 that various proactive measures were taken to keep a strong focus on the cash management of the company, such as minimizing the non-project related out-of-pocket expenses, optimizing the working capital and halving the investment program. Given these developments and to preserve the strong financial position of the company, Boskalis decided not to schedule a dividend proposal over the financial year 2019 for the agenda of the AGM, thereby deviating from its dividend policy. The full net result of EUR 74.9 million was therefore added to the retained earnings.

HAL Investments B.V.: 43.82%* Sprucegrove Investment Management Limited: 5.16% Marathon Asset Management: 3.57% Black Creek Investment Management, Inc.: 3.03%

* According to the 2020 half year disclosure of HAL Holding N.V.

Besides these large shareholders, an estimated 17% of the shares are held by shareholders in the US plus Canada, 7% in the UK and the remainder in mainly Spain, Norway, France and the Benelux.

ANNUAL REPORT 2020 – BOSKALIS