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.

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

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.


Publication of 2016 annual results Trading update on first quarter of 2017 Annual General Meeting of Shareholders

10 May 10 May 12 May 15 May

Ex-dividend date

Record date for dividend entitlement (after market close)

29 May

Final date for stating of dividend preference 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) Date of dividend payment and delivery of shares

1 June

6 June

17 August Publication of 2017 half-year results 10 November Trading update on third quarter of 2017

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