REMUNERATION REPORT 2014 2014 REPORT REMUNERATION REMUNERATION REPORT 2014 — BOSKALIS 3 CONTENTS TABLE OF 11 9 7 5 REMUNERATION POLICY SUPERVISORY BOARD IN 2014 REMUNERATION POLICY APPLICATION OF MANAGEMENT FOR THEBOARDOF REMUNERATION POLICY INTRODUCTION

4 REMUNERATION REPORT 2014 — BOSKALIS REMUNERATION REPORT 2014 — BOSKALIS 5 INTRODUCTION advice tothemembersofBoardManagement. thatthisremunerationadviserdoesnotprovide ascertained ofanindependentremunerationadviserandhas services The RemunerationCommitteeregularlyavailsitselfofthe C. van Woudenberg andM.P. (chairman) Kramer. The RemunerationCommitteeconsistsoftwomembers: MEMBERS OFTHEREMUNERATION COMMITTEE dredger Willem vanOranje. Dredging workbytrailingsuctionhopper ‚ ‚ ‚ ‚ The Remuneration Committee performs thefollowingduties: The RemunerationCommitteeperforms THE REMUNERATION COMMITTEE DUTIES ANDRESPONSIBILITIESOF ‚ ‚ ‚ ‚ Board. policy pursued,subjecttoadoption bytheSupervisory ontheremuneration Compiling theremunerationreport Shareholders). remuneration policyadoptedbytheGeneralMeetingof Board ofManagement(thisinaccordancewiththe regard totheremunerationofindividualmembers Boardwith proposalstotheSupervisory Putting forward necessary. still up-to-dateandproposingpolicyadjustmentswhere Investigating whethertheadoptedremunerationpolicyis approval totheGeneralMeetingofShareholders. Board ofManagement.Thepolicyissubmittedfor regard totheremunerationpolicybepursuedfor Boardwith aproposaltotheSupervisory Putting forward under the Boskalispensionschemehavingbeenamended. applicable rate and themaximumpensionablesalary had to bemadetothepensionscheme,withaccrual Changes inDutchtaxlegislationmeantthatadjustments OF THEBOARDMANAGEMENTFROM2015 PENSION PROVISIONOFTHEMEMBERS compensation basedoncostneutrality. where necessary, insuchawayastoensurebalanced members oftheBoardManagementhasbeenadjusted the findingsofinvestigationpensionprovision members oftheBoardManagementfrom2015.Basedon Dutch pensionlegislationfortheprovisionof conducting aninvestigationintotheimplicationsofnew In 2014theRemunerationCommittee’s activitiesincluded also heldregularconsultationsoutsidethesemeetings. members havingattendedeachofthemeetings.Thecommittee The RemunerationCommitteemettwiceduring2014,withthe ACTIVITIES DURING2014 international remuneration market. international to stayabreastofthedevelopmentsinnationaland In 2015theRemunerationCommitteewillonceagainseek AGENDA FOR2015 exceedingEUR100,000. salary ofthegrossfixed effective contribution,appliestothepart has beensetat25%andisbasedontheprojectedcost- annual grosspensionsupplement.Thissupplement,which ofan They willreceivecompensationforthisintheform exceedingEUR100,000. oftheirsalary pension onthepart from 2015theyarenolongerallowedtoaccruetax-efficient For themembersofBoardManagementthismeansthat 4. 3. 2. 1. The changestothepensionschemeareasfollows:

EUR 100,000. exceeding ofthesalary dependents’ pensionforthepart pension accrualhasbeenlimitedtoEUR100,000. (2014: EUR19,600). been reducedto1.875%(2014:2.15%). Additional grouplifeinsurancetobetakenoutforthe The maximumpensionablesalar The statepensionoffsethasbeenreducedtoEUR13,500 The maximumaccrualratefortheretirementpensionhas Diver preparesfor subseamaintenancework. y for fiscally permitted y forfiscallypermitted 6 REMUNERATION REPORT 2014 — BOSKALIS REMUNERATION REPORT 2014 — BOSKALIS Remuneration policy for the Board of Management 7 Variable Fixed remuneration Type of REMUNERATION PACKAGE FORMEMBERSOFTHEBOARDMANAGEMENT and Ziggo. PostNL,ReedElsevier Arcadis,ASMInternational, Aalberts, Nutreco, SBMOffshore,TNTExpress,Vopak, Wolters Kluwer, indices. The14companiesare:BAMGroup,Fugro,Imtech, consists of14companiesthatarelistedontheAEXandAMX ofsize and/or complexity.to Boskalisinterms Thepeergroup the peergroupmustconsistofcompaniesthatarecomparable against apeergroup.Theremunerationpolicystipulatesthat the definedpolicyremunerationischeckedperiodically basedonthe Dutchlabormarket.Inlinewith are determined The amountandcompositionoftheremunerationpackage LABOR MARKETPEERGROUP Boskalis website(www.boskalis.com). The fulltextoftheremunerationpolicycanbefoundon indicators withdueconsiderationoftheriskstocompany. andnon-financial the Boskalis’sharepriceperformance structure ofthe remuneration included the development of results, theamountand Other factorstakenintoaccountindetermining scenarioanalyses. byperforming determined and inpart the remunerationofindividualboardmemberswereanalyzed for andlongterm) the variableremunerationelements(short the companywereadheredtoandthatpotentialoutcomesof executing theremunerationpolicyratioswithin thatindefiningand The RemunerationCommitteeascertained employees aswellthe‘widerenvironment.’ into accounttheinterestsofBoskalis’shareholders,clients, orientationandcontinuitytake centered onlong-term with thestrategyandcorevaluesofBoskalis,whichare 2011.Theremunerationpolicyisconsistent on 21January GeneralMeetingofShareholders adopted bytheExtraordinary The remunerationpolicyfortheBoardofManagementwas THE BOARDOFMANAGEMENT REMUNERATION POLICYFOR C. Short-term element C. Short-term B. Pensionplan (xEUR1,000) A. Basicsalary Element ofremuneration D. Long-term element D. Long-term - Realizingcorporate policy - - 50%individualtargets - 50%full-yearnetresult measure: Performance Period: 1year — Period: 2014 Performance period&measures Performance measured: Performance Period: 3years Share priceper formance Boskalis’ strategicagendaandareinlinewiththecorporate objectivesare directlyderivedfrom Individual performance that therelevantproceduresarefollowedcorrectly. variableelementandisresponsible forensuring short-term ofthe auditorisinvolved inthefinaldetermination external ofquantity. solely interms net resultisdetermined The quantity (dependingonthespecifictarget),whilefull-year ofqualityand/or Individual targetsareassessedinterms variable elementsubjecttothesebeingmet. withpayment oftheshort-term and individual performance, Boardsetstargetsforfull-yearnetresult The Supervisory AD C–SHORT-TERM VARIABLE ELEMENT scheme. In2014theretirementagewasraisedto67. averageearnings an unconditionallyindexednon-contributory Pensioenfonds GrafischeBedrijven.Pensionaccrualisbasedon in theBoskalispensionscheme,whichisadministeredby The membersoftheBoardManagementparticipate AD B–PENSIONPLAN advisor.external policy andcheckedperiodicallyusingdataobtainedbyan labor marketpeergroupinaccordancewiththeremuneration basedonthe isdetermined The amountofthebasicsalary AD A–BASICSALARY measures). performance (including pay-outlevelsand–whereapplicable package formembersoftheBoardManagement oftheremuneration The tablebelowprovidesanoverview ELEMENTS OFREMUNERATION Maximum BoMmember: 67,5%ofbasic salary At targetBoMmember: 45%ofbasicsalary Maximum CEO:75%ofbasicsalary At targetCEO:50%ofbasicsalary Maximum BoMmember:67,5%ofbasicsalary At targetBoMmember:45%ofbasicsalary Maximum CEO:75%ofbasicsalary At targetCEO:50%ofbasicsalary See tableonpage10 BoM member:EUR538 CEO: EUR743 Payout repayment of both the short-term variable and the long-term variableand thelong-term repayment ofboththe short-term Board alsohastheauthoritytodemand The Supervisory periods. circumstances have arisenduringtheperformance Board hastheauthoritytoadjust thepayoutifexceptional inconsistent withsoundbusiness practice.TheSupervisory such awayasnottoencourage thetakingofrisksthatare variableelementarestructured in variable andthelong-term thatboththeshort-term Boardascertains The Supervisory Boskalis’ strategicagenda. company. Thecorporate objectivesaredirectlyderivedfrom price andisthereforelinkedtothevaluedevelopmentof the dependentontheBoskalisshare of Managementispartly This meansthatthevariableincomeofmembersBoard that therelevantproceduresarefollowedcorrectly. variableelementandisresponsibleforensuring long-term ofthe auditorisinvolvedinthefinaldetermination external ofquality.objectives arelargelyassessedinterms The of quantity,value is assessedinterms whilethecorporate withregardtothecreation ofshareholder Performance the successful realizationoftheCorporateBusinessPlan. NINA (NoInjuries-NoAccidents)safetyprogramand targets includethecompany-wideimplementationof met overthepastthree-yearperiod.Examplesofthese bythedegree to whichthestatedtargetswere determined variable element)isultimately The level(ofthelong-term Management and45%fortheotherexecutives). oftheBoard fixed annualincomeforthechairman is establishedequaltothe‘attarget’percentages(50%of periodabasic bonusamount oftheperformance At thestart period. performance andpriortotheendofthree-year prior tothestart ratio betweentheaveragesharepriceoverthreemonths ismeasuredbythe Sharepriceperformance performance. the creation ofshareholdervalueisbasedonshareprice variableelementthatislinkedto of thelong-term The part subject tothesebeingmet. variableelement these areas,withpaymentofthelong-term Boardsetstargetsin staff development.TheSupervisory of thecompanyaswellCSRaspectssuchsafetyand corporate objectivesareachieved,suchasgrowthandresult long-term andtheextenttowhichcertain price performance variableelementdependsontheBoskalisshare the long-term (three-year)remunerationscheme.Theamountof long-term ina The membersoftheBoardManagementparticipate AD D–LONG-TERMVARIABLE ELEMENT the Board ofManagement). accordingtothepositionheldon achievements (varying division, post-mergeractivitiesandspecificcommercial of aneworganizationalmodel,expansiontheTowage preparation ofanewCorporateBusinessPlan,implementation objectives asdefinedfor2014.Examplesincludethe ‚ ‚ ‚ 2013 to14May2014 Member from8May A. Goedée, F. A.Verhoeven T.L. Baartmans Chief FinancialOfficer J.H. Kamps Chief ExecutiveOfficer Dr. P.A.M. Berdowski of Management Members oftheBoard AND SEVERANCEPAY OFTHEMEMBERSBOARDMANAGEMENT LENGTH OFEMPLOYMENT(ANDOTHER)CONTRACTS,TERMSOFFICE regard tomaximumseverancepay. (i.e. after2004)complywiththerequirementsset Code to theintroductionofDutchCorporateGovernance Board ofManagementwhojoinedthecompanysubsequent The employment(andother)contractsofmembersthe severance payofthemembersBoardManagement. ofofficeand employment contractsandothercontracts,terms ofthelength The tablebelowprovidesanoverview OTHER TERMSANDCONDITIONS tightened uptoreflecttheDutchClawbackAct. further thecontractsfor2014were clause’). Wherenecessary (‘clawback of incorrectfinancialorotherinformation variable bonusintheeventthesewereawardedonbasis ‚ ‚ ‚ Supervisory Board. Supervisory ofthe with the explicitpriorapprovalofthechairman Positions outsidethecompanymayonlybeaccepted executives. No loans,advancesorguaranteeswillbeextendedto car, expenses). by thecompanyisinlinewithmarket(includingphone, employmentconditionsoffered The packageofsecondary Contract indefinite 3 years 4 years 4 years length 1 year indefinite Term of 3 years 4 years 4 years 1 year office Severance 1.5 years 2 years 1 year 1 year 1 year pay 8 REMUNERATION REPORT 2014 — BOSKALIS REMUNERATION REPORT 2014 — BOSKALIS 9 IN 2014 REMUNERATION POLICY APPLICATION OF the successful execution ofBoskalis’ strategicagenda. respectively. achieved contributedtowards Assuchtheperformances achievedin2014, 2013and2012, appropriate to theperformances Boardtheremunerationgranted is In theopinionofSupervisory accordingly. deemed tobeinexcessofthe ‘attarget’levelandwaspaidout variableelementovertheperiod2011-2013 wasalso The long-term variableelementin2014. the short-term exceeded. Thisresultedinapayoutexcessofthe‘attarget’ levelof variableelementwere During 2013thetargetssetforshort-term the basicsalariesofmembersBoardManagement in2014. the GeneralMeetingofShareholdersaminoradjustment wasmadeto the executives.Inaccordancewithremunerationpolicy asadoptedby withregardtotheremunerationof The tablebelowprovidesanoverview 2011. Meeting ofShareholderson21January General the remuneration policyaslastadoptedbytheExtraordinary In 2014theremunerationpolicywasappliedinaccordancewith company intheyearconcerned) (x EUR1,000)(paymentsmadebythe OVERVIEW OFTHETOTAL REMUNERATION OFTHEMEMBERSBOARDMANAGEMENT Chief ExecutiveOfficer Dr. P.A.M. Berdowski Chief FinancialOfficer J.H. Kamps T.L. Baartmans member since10May2012 F.A. Verhoeven 13 May2014 member from8May 2013to A. Goedée 2012 2013 2012 2013 2012 2013 2012 2013 2013 2014 2014 2014 2014 2014 Year remuneration Basic salary Fixed Fixed 708 512 319 682 493 512 493 493 512 743 538 538 538 184 remuneration Variable remuneration Short-term 490 305 319 464 275 319 275 520 338 310 331 308 - - remuneration Long-term Long-term 454 296 296 625 407 407 498 324 324 - - - - - navigation channelinQatar. A cuttersuctiondredgerdeepeningandwideninga Pension 177 128 128 135 164 118 118 188 135 135 137 96 63 59 allowances Other 28 28 25 25 27 27 14 21 28 28 27 21 2 2 1,857 1,318 1,280 1,320 1,977 1,363 1,268 1,334 1,027 1,963 Total 987 420 570 553 10 REMUNERATION REPORT 2014 — BOSKALIS 11 REMUNERATION REPORT 2014 — BOSKALIS SUPERVISORY BOARD REMUNERATION POLICY as adopted. policy wasappliedinaccordancewiththe Shareholders in2012.In2014theremuneration Board wasadoptedbytheGeneralMeetingof The remunerationpolicyfortheSupervisory REMUNERATION POLICY SUPERVISORY BOARD (x EUR1,000) BOARD OVERVIEW OFTHEANNUALANDCOMMITTEEALLOWANCES FORTHESUPERVISORY Member oftheSelectionandAppointmentCommittee oftheSelectionandAppointment Committee Chairman Member oftheRemunerationCommittee oftheRemunerationCommittee Chairman Member oftheAuditCommittee oftheAuditCommittee Chairman Board Member oftheSupervisory Board oftheSupervisory Chairman extended to members of the Supervisory Board. extended tomembersoftheSupervisory not remuneratedinshares,norareanyloans,advancesorguarantees Boardmembersare expenses allowanceofEUR2,368.Supervisory Boardreceiveanannual In additionmembersoftheSupervisory

10 45 60 4 6 5 7 7 The Dockwise Vanguard loaded with the FPSO Goliat with a diameter of 107 meters. Royal Boskalis Westminster N.V. Rosmolenweg 20 PO Box 43 3350 AA Papendrecht The Netherlands [email protected] T +31 78 6969000 F +31 78 6969555 www.boskalis.com