REMUNERATION REPORT 2019 REPORT REMUNERATION 019 2

REMUNERATION REPORT 2019 — BOSKALIS 1 CONTENTS TABLE OF 12 11 8 5 3 BOARD IN 2019 FOR THESUPERVISORY REMUNERATION POLICY APPLICATION OFTHE REMUNERATION POLICY SUPERVISORY BOARD MANAGEMENT IN2019 FOR THEBOARDOF REMUNERATION POLICY APPLICATION OFTHE MANAGEMENT FOR THEBOARDOF REMUNERATION POLICY INTRODUCTION

2 REMUNERATION REPORT 2019 — BOSKALIS REMUNERATION REPORT 2019 — BOSKALIS 3 INTRODUCTION on 8May 2019.He was succeeded byMr. Hazewinkel as members. Mr. Van Woudenberg steppeddown asChairman and Ms.HaaijerandMr.chairman Van derVeer as consisted ofthreemembers, with Mr. Van Woudenberg as At thebeginningof2019 RemunerationCommittee MEMBERS OFTHEREMUNERATION COMMITTEE into account. last voteoftheAnnualGeneralMeetinghasbeentaken an explanationofthemannerwhereinoutcome doesnotyetcontain This entailsthatthisremunerationreport voteisbeingscheduled. This isthefirsttimeanadvisory vote. of Shareholderson13May2020foranadvisory scheduled fortheagendaofAnnualGeneralMeeting shallbe Code 2016(the“Code”).Theremunerationreport EU ShareholdersDirectiveandtheCorporateGovernance drawn upinaccordancewiththeActImplementation forthefinancialyear2019is This remunerationreport ‚ Boardon: Supervisory It istheroleofRemunerationCommitteetoadvise REMUNERATION COMMITTEE DUTIES ANDRESPONSIBILITIESOFTHE Committee areindependentinaccordancewiththeCode. More thanhalfofthemembersRemuneration Ms. Tammenoms replacedherasfromthatsamedate. down asmemberoftheRemunerationCommittee. per thatdate.Alsoon8May2019,Ms.Haaijerstepped ‚ by law, theAct Implementation EU more inparticular Committee shall considerandincludeallmatters required pay ratios withinthecompany.internal TheRemuneration connected withitandwhich shall takeintoaccountthe value creationforthecompanyandbusiness long-term members oftheBoardManagement withfocuson theremunerationpolicytobepursuedfor concerning the submissionofaclearand understandableproposal ‚ Remuneration Committeeincluded: During theyearunderreviewactivitiesof Board. Committee werepresentedtotheentireSupervisory andfindingsofthemeetingsRemuneration Reports consultations outsidethesemeetings. in March2019.TheCommitteealsoheldregular fromMs.Haaijer,Committee, apart whomissedonemeeting Committee was100%forallmembersoftheRemuneration The attendancerateforthemeetingsofRemuneration The RemunerationCommitteemetthreetimesduring2019. ACTIVITIES DURING2019 ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ ‚ reviewing themarketreference groupandconductinga evaluating thecurrentremuneration policy. Directive. itselfontheActImplementationEUShareholders informing who arenotmembersofthe Board ofManagement. remuneration ofthemembersGroupManagement, discussing withtheBoardofManagement framework oftheremunerationpolicy. amount andstructureoftheirownremunerationinthe members oftheBoardManagementwithregardto others notehasbeentakenoftheviewsindividual accordance withthelawandCode,whereinamong individual membersoftheBoardManagementin theremunerationof submitting aproposalconcerning scenarioanalyses. performing developments intheNetherlandsandinternationally. staying abreastofthelatestcorporategovernance markets. and international remuneration policyforseniormanagementintheDutch itselfofdevelopments surroundingthe informing shall beplacedonthecompany’sreport website. Board’s remuneration by lawandtheCode.TheSupervisory Committee shallconsiderandincludeallmattersrequired implemented inthepastfinancialyear. TheRemuneration ontheremunerationpolicy the preparationofreport regard totheamountandstructureoftheirremuneration. individual membersoftheBoardManagementwith Remuneration Committeeshalltakenoteoftheviews remuneration oftheBoardManagement, theproposalfor affiliated enterprise.Whenformulating carried outandthepayratioswithincompanyits criteriaused,thescenarioanalysesthatare performance the fixedandvariableremunerationcomponents, any event,covertheremunerationstructure,amountof remuneration policythathasbeenestablishedandwill,in The proposalshallbedrawnupinaccordancewiththe of individualmemberstheBoardManagement. theremuneration the submissionofaproposalconcerning Shareholders foradoption. Board shallpresentthepolicytoGeneralMeetingof Shareholders Directive,andtheCode.TheSupervisory policy. a proposaltoadjustthecurrent remuneration formulating remuneration survey.

group consistsofBAM,DSM,Fugro,SBMOffshore,Sligro, RELX withVolkerWessels. Atpresent themarketreference based onrelevantsizecriteria,whichresultedinreplacing activities. Themarketreferencegroupwasrevisedin2019 ofsizeandbusiness companies thatarecomparableinterms Dutch(AEXandAMX-listed) composed offourteen remuneration activitiesamarketreferencegroup,thatis The RemunerationCommitteeappliesfortheexecutionofits Management. not provideadvicetothemembersofBoard thatthisremunerationadvisordoes Committee ascertained to assistintheexecutionofitsactivities.TheRemuneration independentremunerationadvisor commissioned anexternal In theyearunderreview, theRemunerationCommittee AND THEREMUNERATION SURVEY REVISION OFTHEMARKETREFERENCEGROUP ‚ ‚ EU Shareholders Directive. accordance withtherequirements oftheActImplementation tobringthepolicyin incorporate theamendments necessary for theBoardofManagement. Inadditiontheproposalwill incentiveschemewillbeintroduced a share-basedlong-term ofthat, will bebroughtmoreinline with themarket.Aspart Board for theBoardofManagementandSupervisory current remunerationpolicy. Inthisproposaltheremuneration Meeting ofShareholderson13May2020toadjustthe schedule aproposalfortheagendaofAnnualGeneral Boardhasdecidedto Based ontheabove,Supervisory market referencegroup. (P25)ofthe Board isbeloworaroundthelowestquartile results showedthattheremunerationofSupervisory Board.The remuneration ofmemberstheSupervisory alsocalibratedthelevelof remuneration surveys incentivescheme.The have ashare-basedlong-term addition, moreand(AEXAMX-listed)companies variablecomponent.In result ofarelativelylowlong-term (P25).Thisasa group beloworaroundthelowestquartile Management areincomparisonwiththemarketreference compensation packageforallmembersoftheBoard appropriate basicsalary, butthattheoveralldirect members oftheBoardManagementreceivean showedthatthe The outcomeoftheseremunerationsurveys wascarriedoutagainin2019. Management. Thesurvey remuneration policyforthemembersofBoard In 2017,theRemunerationCommitteeevaluated Industries,OCI,KPNandTKHGroup. Aalberts VolkerWessels, PostNL,Wolters Kluwer, Arcadis,Vopak, ‚ ‚ remuneration policy. shareholders in2020tocollectfeedbackonthe holding aconsultationroundwithlargeinstitutional Directive. requirements oftheActImplementationEUShareholders bringing thecurrentremunerationpolicyinlinewith 4 REMUNERATION REPORT 2019 — BOSKALIS REMUNERATION REPORT 2019 — BOSKALIS Remuneration policy for the Board of Management 5 Variable Fixed remuneration Type of REMUNERATION PACKAGE FORMEMBERSOFTHEBOARDMANAGEMENT following components:basicsalary, pensionplan,short-term The remunerationfortheBoardofManagementcontains REMUNERATION COMPONENTS Boskalis website(www.boskalis.com). The fulltextoftheremunerationpolicycanbefoundon consideration oftheriskstocompany. andnon-financial indicatorswithdue share priceperformance results withreferencetomarketcircumstances,theBoskalis and structureoftheremunerationincludeddevelopment theamount Other factorstakenintoaccountindetermining scenarioanalyses. byperforming determined and inpart the remunerationofindividualboardmemberswereanalyzed for andlongterm) variable remunerationcomponents(short taken intoconsiderationandthatpotentialoutcomesofthe policy theremunerationratioswithincompanywere thatindefiningandexecutingtheremuneration ascertained as the‘widerenvironment’.TheRemunerationCommittee interests ofBoskalis’shareholders,clients,employeesaswell the continuityofbusinessandtakeintoaccount balanced riskrewardapproachforcontractingprojects,and valueorientation,a These arecenteredonalong-term is consistentwiththestrategyandcorevaluesofBoskalis. 2011.Theremunerationpolicy Shareholders on21January Management wasadoptedbytheGeneralMeetingof The currentremunerationpolicyfortheBoardof OF MANAGEMENT FOR THEBOARD REMUNERATION POLICY

D. Long-term component D. Long-term component C. Short-term B. Pensionplan (xEUR1,000) A. Basicsalary Remuneration component - Realizingcorporate policytargets -  in acombination of: ismeasured The performance Period: - 50%individualtargets - 50%full-yearnetresult measure: Performance Period: — Period: Performance period&measures Share priceperformance 3years 1year 2019 checked periodicallyusingdataobtainedbyanindependent reference groupinaccordancewiththeremunerationpolicy, isbasedonthemarket The amountofthebasicsalary A –BASICSALARY measures). performance (including pay-outlevelsand–whereapplicable package formembersoftheBoardManagement oftheremuneration The tablebelowprovidesanoverview other allowances. variablecomponentand variable component,long-term The amountofthepensionsupplementdependsonage fiscal capofEUR107,593(2019). exceeds thedetermined that ofthesalary pension supplementispaidoutforthepart 2015,a pension accrualhasbeencappedasof1January scheme. Asthe averageearnings indexed non-contributory pension fund.Pensionaccrualisbasedonaconditionally Boskalis pensionscheme,whichisadministeredbythePGB inthe The membersoftheBoardManagementparticipate B –PENSIONPLAN staff employees. budgetforDutch the samepercentageasdetermined isincreasedannuallyby specific context.Thebasicsalary advisor,external takingintoconsiderationthecompany’s

Maximum BoMmember: At targetBoMmember: Maximum CEO: At targetCEO: Maximum BoMmember: At targetBoMmember: Maximum CEO: At targetCEO: See tableonpage9 BoM member: CEO: Payout EUR870 EUR630or487 50%ofbasicsalary 50%ofbasicsalary 75%ofbasicsalary 75%ofbasicsalary

45%ofbasicsalary 45%ofbasicsalary 67.5%ofbasic salary 67.5%ofbasicsalary financial yearwilltakeplaceinthefollowingyear. variablecomponentovera The paymentoftheshort-term financial year. the corporateobjectivesasdefinedforapplicable derived fromBoskalis’strategicagendaandareinlinewith commercial andoperationalobjectives,whicharedirectly objectivesrefer toorganizational, Individual performance the appropriatenessofanypayouts. Boardreviewstheoutcomesanddetermines The Supervisory variable componentandassessingtheunderlyingprocesses. oftheshort-term auditor isinvolvedinthefinaldetermination Theexternal solely inquantitativeterms. element isdetermined (depending onthespecifictarget),whilefull-yearnetresult Individual targetsmaybequantitativeorqualitative. variablecomponentsubjecttothesebeingmet. term withpaymentoftheshort- and forindividualperformance, Boardsetstargetsforthefull-yearnetresult The Supervisory C –SHORT-TERM VARIABLE COMPONENT calculate thepensionpremium. target ageis68.Theretirementusedto of thememberBoardManagement.Theretirement is establishedequal tothe‘attarget’percentages (50%of periodabasicbonusamount oftheperformance At thestart period. and priortotheendofthree-year performance average sharepriceoverthe threemonthspriortothestart is measuredbytheratiobetween price performance Share shareholder valuebasedon share priceperformance. variablecomponentislinkedtothecreation of The long-term these beingmet. variablecomponentsubjectto with paymentofthelong-term Board setsmeasurable/assessabletargetsintheseareas, the CorporateBusinessPlanareachieved.TheSupervisory objectives derivedof long-term (2) theextenttowhichcertain and combination of(1)theBoskalissharepriceperformance variablecomponentdependsonthe of thelong-term (three-year)remunerationscheme.Theamount a long-term in The membersoftheBoardManagementparticipate D –LONG-TERMVARIABLE COMPONENT This means that the long-term variableincomeofmembers This meansthatthelong-term theappropriateness ofanypayouts. determined Boardreviewstheoutcomesand processes. TheSupervisory variablecomponentandassessingtheunderlying long-term ofthe auditorisinvolvedinthefinaldetermination external corporate objectivesarelargelyassessedqualitatively. The shareholder valueisestablishedquantitativelywhilethe met overthepastthree-yearperiod.Thecreationof bythedegreetowhichstatedtargetswere determined variablecomponent)is the ultimatescore(oflong-term Management and45%fortheothermembers).Establishing oftheBoard fixed annualincomeforthechairman the membersof theBoardofManagement. phone). Noloans, advancesorguarantees areextendedto (including healthinsurance, expenses, carand(mobile) companybenefitsasperBoskalis’ staffpolicies certain The membersoftheBoard Managementareentitledto E –OTHERALLOWANCES following thatthreeyearperiod. three yearconsecutiveperiodwilltakeplaceinthe variablecomponentovera The paymentofthelong-term tighteneduptoreflecttheDutchClawbackAct. further in2014 thecontractswere clause’). Wherenecessary (‘clawback of incorrectfinancialorotherinformation variable bonusintheeventthesewereawardedonbasis variableandthe long-term repayment ofboththeshort-term Boardalsohastheauthoritytodemand The Supervisory periods. circumstances havearisenduringtheperformance Board hastheauthoritytoadjustpayoutifexceptional the riskappetitethathasbeenestablished.TheSupervisory and take risksthatarenotinlinewiththestrategyformulated the BoardofManagementtoactintheirowninterestnor structured insuchawayasnottoencouragethemembersof variablecomponentsare variable andthelong-term thatboththeshort-term Boardascertains The Supervisory from theapplicableCorporateBusinessPlan. derived fromBoskalis’strategicagenda,morespecifically value creationofthecompany. Theobjectivesaredirectly Boskalis sharepriceandisthereforelinkedtothelong-term dependentonthe the BoardofManagementispartly 6 REMUNERATION REPORT 2019 — BOSKALIS REMUNERATION REPORT 2019 — BOSKALIS Remuneration policy for the Board of Management 7 ‚ ‚ ‚ ‚ * Annualbasicsalary Member oftheBoard B.H. Heijermans Member oftheBoard T.L. Baartmans Chief FinancialOfficer C. vanNoort Chief ExecutiveOfficer Dr. P.A.M. Berdowski of Management Members oftheBoard OF THEMEMBERSBOARDMANAGEMENT LENGTH OFCONTRACTS,TERMSOFFICEANDSEVERANCEPAY comply withtheCode. All contractsofthemembersBoardManagement severance payofthemembersBoardManagement. ofofficeand including thelengthofcontracts,terms of thecontractsmembersBoardManagement, ofthemainelements The tablebelowprovidesanoverview OTHER TERMSANDCONDITIONS ‚ ‚ ‚ ‚ Supervisory Board. Supervisory ofthe the explicitpriorapprovalofchairman Positions outsidethecompanymayonlybeacceptedwith ofsuchmember.negligent behavioronthepart of Managementorintheeventseriouslyculpable earlyattheinitiative ofamembertheBoard terminated Severance paywillnotberewardedifthecontractis Conduct and/orotherpoliciesoftheCompany. and theCompanyorGeneralCodeofBusiness contract betweenthememberofBoardManagement the law, ofassociationtheCompany, thearticles the Management repeatedlyorinaseveremannerbreaches Company intheeventthatamemberofBoard onbehalfofthe contract. Thecontractmaybeterminated dateofsuch ends automaticallyuponthetermination The contractofamembertheBoardManagement Management threemonths. The noticeperiodisforamemberoftheBoard Contract 4 years 4 years 4 years 4 years length Term of 4 years 4 years 4 years 4 years office Severance 1 year 1 year 1 year 1 year pay*

The Supervisory Board reviews the outcomes and determines Boardreviews theoutcomes anddetermines The Supervisory variable component andassessingtheunderlying processes. oftheshort-term auditor isinvolved inthefinaldetermination Theexternal solelyinquantitativeterms. result isdetermined (depending onthespecifictarget), whilethefull-yearnet Individual targetsmaybequantitative orqualitative value creationofthecompany.long-term thestrategyfor variable componentaretosupport the applicablefinancialyear. Thetargetssetforthelong-term theexecution ofthestrategicagendaBoskalisin support variablecomponentareto The targetssetfortheshort-term remuneration ofthemembersBoardManagement. withregardtothe The tableonpage9providesanoverview 2011,withoutanydeviations. Shareholders on21January policy aslastadoptedbytheGeneralMeetingof payout wereappliedinaccordancewiththeremuneration In 2019theremunerationpolicyand MANAGEMENT IN 2019MANAGEMENT IN FOR THEBOARDOF REMUNERATION POLICY APPLICATION OFTHE agenda wereexceeded. which aredirectly derivedfromtheBoskalis’ strategic organizational, commercial and operationalobjectives, variablecomponent,andwhichreferto short-term variable componentwasmet. Thequalitativetargetsforthe For 2019thequantitativetarget setfortheshort-term component. variable below the‘attarget’levelofshort-term agenda wereexceeded.Thisresultedin2019apayout which aredirectlyderivedfromtheBoskalis’strategic organizational, commercialandoperationalobjectives, variablecomponent,andwhichreferto the short-term variable componentwasnotmet.Thequalitativetargets for During 2018thequantitativetargetsetforshort-term thorough anddetailedmanner. assesses theachievementofqualitativetargetsina Board the appropriatenessofanypayouts.TheSupervisory 8 REMUNERATION REPORT 2019 — BOSKALIS REMUNERATION REPORT 2019 — BOSKALIS Remuneration policy for the Board of Management 9 The percentagesbetweenbracketsrefertothepayoutintableonpage5 Chief FinancialOfficer C. vanNoort** Member oftheBoard B.H. Heijermans** Member oftheBoard T.L. Baartmans Chief FinancialOfficer J.H. Kamps** ** * Chief ExecutiveOfficer Dr. P.A.M. Berdowski the yearconcernedxEUR1,000) (Payments madebythecompanyin OVERVIEW OFTHETOTAL REMUNERATION OFTHEMEMBERSBOARDMANAGEMENT factor) (share priceperformance quantitative variablecomponent Long-term qualitative variablecomponent Long-term qualitative variablecomponent Short-term quantitative variablecomponent Short-term variable components Short-term andlong-term in 2018and2019wereasfollows: variablecomponentfortheBoardofManagement long-term variablecomponentandthe The scoresoftheshort-term 2019 isalsoachievedinexcessofthe‘attarget’level. variablecomponentovertheperiod2017- The long-term was paidoutaccordingly. 2018 wasdeemedtobeinexcessofthe‘attarget’leveland variablecomponentovertheperiod2016- The long-term activities andspecificM&Aaccomplishments. objectives tostrengthenthecommercialandorganizational ‘optimize’ and‘expand’thecompanywererespectively in theharbortowagejointventures.Otherachievementsto company wereamongstothersthedivestmentsofinterest Achieved corporateobjectivesin2019to‘focus’the Focus, OptimizeandExpand. Boskalis’ CorporateBusinessPlanandthestrategicpillars: Individual qualitativeobjectivesaredirectlyderivedfrom as per1September 2018 The contractbetween Mr. witheffectfrom8May2019.Asperthat dateMr. Kampsandthecompanywasterminated Van wasappointed.Mr. Noort was appointed Heijermans % oftotaldirectcompensation cost(includingotherallowances andexcludingpensioncost)

2018 2 2018 2 2018 2 2018 2019 2019 2019 2019 2019 Year 017 017 017 12 34.4% - 31.2% 487 630 225 remuneration Basic salary 2016-2018 2016-2018 (of 37.5%) (of 37.5%) (of 75%) 71.9% 10.0% 2018 0.60 Fixed Fixed 313 147 574 582 574 582 793 805 870

50% 51% 50% 51% 98% 48% 48% 57% 24% 95% 88% 55% 07 2019 2017- 2019 2017- %* (of 37.5%) (of 37.5%) o 75%) (of 29.1% 71.9% 34.4% 2019 remuneration 0.67 230 222 357 57 57 Variable remuneration Short-term - During the financial year the Supervisory Boarddidnothave During thefinancialyearSupervisory have beengrantedand/orofferedtodirectors. incentivescheme.Therefore, nosharesorshareoptions term remuneration policydoesnotcontainashare-basedlong- to subsidiariesofthecompanyorothercompanies.The No remunerationoftheBoardManagementwascharged scenarioanalyses. performing by determined board memberswereanalyzedandinpart fortheremunerationofindividual andlongterm) (short potential outcomesofthevariableremunerationcomponents within thecompanyweretakenintoconsiderationandthat the remunerationpolicyin2019ratios thatinexecuting The RemunerationCommitteeascertained development. responsibility, organizationalreadinessandleadership such assafety, environmentalandcorporatesocial and resultofthecompanyaswellsustainabilityaspects Focus, OptimizeandExpandwithobjectivessuchasgrowth Boskalis’ CorporateBusinessPlanandthestrategicpillars achieved contributedtowardsthesuccessfulexecutionof 2019, 2018,2017and2016.Assuchtheperformance achievedin granted isappropriatetotheperformance Boardtheremuneration In theopinionofSupervisory remuneration policyin2019haveoccurred. deviations ofthedecision-makingprocessforapplying no any memberoftheBoardManagement.Furthermore, to useitsauthoritydemandrepaymentofanybonus 235 291 235 291 352 483 -

remuneration 474 Long-term Long-term 301 245 301 245 463 376 219 337 - - -

47% 47% 47% 47% 50% 51% 41% 75% 10% 44% 0% 0% %* 301 Pension 67 148 150 148 150 205 243 133 188 cost 35 35 68 allowances Other 31 31 28 28 28 28 17 30 10 28 3 8 1,297 1,893 1,893 685 998 1,289 1,286

1,841

1,299 1,296 1,935 1,935 Total

185 398

pay ratioof21.76(2018:23.35). BoskalisB.V.Baggermaatschappij Thisleadstoaninternal excluding pensioncost)perFTEoftheDutchemployees total directcompensationcosts(includingbenefitsand and excludingpensioncost)dividedbytheaverageof compensation costsoftheCEO(includingotherallowances calculation methodhasbeenapplied:thetotaldirect payratiothefollowing In theapproachofinternal payratiowithinthecompany.considered theinternal the RemunerationCommitteehasinyearunderreview In connectiontotheapplicationofremunerationpolicy, INTERNAL PAY RATIO 100 120 140 160 180 200 20 40 60 80 0 2015 2016 2017 2018 director duringthisperiod). time basis)oftheemployeescompany(notbeing aswelltheaverageremuneration(onafull performance the BoardofManagement,developmentcompany change intheremunerationforCEOandamemberof oftheannual The graphbelowprovidesafive-yearoverview FIVE YEAROVERVIEW REMUNERATION 2019 Order book Boskalis employee CEO EBITDA BoM member Revenue

10 REMUNERATION REPORT 2019 — BOSKALIS 11 REMUNERATION REPORT 2019 — BOSKALIS SUPERVISORY BOARD REMUNERATION POLICY Meeting ofShareholders in2020. shall bescheduled foradoptiontheAnnual General Board Directive theremuneration policyfortheSupervisory In accordancewiththeActImplementation EUShareholders since 2012. Board remunerationhasnotchanged The Supervisory annual expensesallowanceofEUR2,368. Boardreceivean In addition,membersoftheSupervisory Member oftheSelectionandAppointmentCommittee oftheSelectionandAppointmentCommittee Chairman Member oftheRemunerationCommittee oftheRemunerationCommittee Chairman Member oftheAuditCommittee oftheAuditCommittee Chairman Board Member oftheSupervisory Board oftheSupervisory Chairman (x EUR1,000) FOR THESUPERVISORY BOARD OVERVIEW OFTHEANNUAL ANDCOMMITTEEALLOWANCES Board. Supervisory or guaranteeswillbeextendedtomembersofthe ofsharesand/orrights toshares.Noloans,advances form of theirrole.Theremunerationshallnotbeawardedinthe members isbasedonthetimespentandresponsibilities Board theremunerationofSupervisory Furthermore, independent advisor.assistance ofanexternal datawillbecollectedwiththe businesses. Thenecessary benchmark theallowancesperiodicallytocomparable ofsizeandbusiness activities. Thepolicyisto terms from companieswhicharecomparabletotheCompanyin based ontheDutchmarketandinaccordancewithdata The amountoftheremunerationpackageisdetermined allowances andtheexpensesallowance. following components:annualallowances,committee Boardcontainsthe The remunerationfortheSupervisory adopted bytheGeneralMeetingof2012. Boardwas The remunerationpolicyfortheSupervisory REMUNERATION POLICY SUPERVISORY BOARD

10 45 60 4 6 5 7 7 Supervisory Boardmustbeobserved. Supervisory any appointmentorreappointment,theprofileof Board.In oftheSupervisory should begiveninthereport event ofareappointmentafteraneight-yearperiod,reasons appointment maybeextendedbyatmosttwoyears.Inthe reappointed againforaperiodoftwoyears,which Boardmembermaythensubsequentlybe Supervisory reappointed onceforanotherfour-year period.The Boardmaybe years. AmemberoftheSupervisory accordance withtheCodeforaperiodofmaximumfour Boardarein ofofficefortheSupervisory The terms TERMS OFOFFICE

accordance withtheremunerationpolicyasadopted. Boardwasappliedin In 2019theremunerationofSupervisory BOARD IN2019 FOR THESUPERVISORY REMUNERATION POLICY APPLICATION OFTHE 12 REMUNERATION REPORT 2019 — BOSKALIS Royal Boskalis Westminster N.V. Rosmolenweg 20 PO Box 43 3350 AA Papendrecht The Netherlands [email protected] T +31 78 6969000 www.boskalis.com