The main principle underlying the Boskalis dividend policy is to distribute 40% to 50% of the net result from ordinary operations as dividend.

In doing so, Boskalis aims to achieve a stable development of the dividend to its shareholders.

The choice of dividend form (cash or shares or a combination of the two) takes into account the company’s desired balance sheet ratios and the interests of its shareholders.

Current dividend arrangements

On 10 May 2012 the dividend of Royal Boskalis Westminster N.V. for 2011 was set at € 1.24 per ordinary share with a choice of stock or cash dividend.

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On 1 June 2012 the stock dividend exchange ratio will be set,  based on the volume-weighted average share price of all Royal Boskalis Westminster N.V. shares traded on 30, 31 May and 1 June 2012.

Payment of the dividend of the ordinary shares will take place as of 6 June 2012.

	2011	2010	2009	2008	2007
Number of shares (mln)	103.5	101.0	98.7	85.8	85.8
Net result (mln euros)	254.3	310.5	227.9	249.1	204.4
Dividend per share	1.24	1.24	1.19	1.19	1.19
Ratio	50.5%	40.3%	51.5%	41.0%	50.0%
Policy	40 - 50%	40 - 50%	40 - 50%	40 - 50%	40 - 50%
Form	Stock/cash	Stock/Cash	Stock/Cash	Stock/Cash	Cash

Payout ratio in % of net result