FINANCIALS BUSINESS CASE

FINANCIALS BUSINESS CASE ROADSHOW SLIDE PACK AMSTERDAM 18 August 2016 SEPTEMBER 2018 29092018 1

INDEX 01 INTRODUCTION 3 02 RESULTS H1 2018 8 03 BALANCE SHEET 27 04 STRATEGY 2017-2019 34 05 SHAREHOLDER INFORMATION 56 06 OUR ACTIVITIES 60 2

COMPANY OVERVIEW Leading global dredging & maritime expert With 10,700 employees and 900 vessels (incl. JVs) Active in 90 countries across 6 continents Customers in Energy, Ports and Infra Headquarters in Papendrecht, the Netherlands Listed on Euronext 3

OUR WORLD REVENUE BY GEOGRAPHY 11% 5% 10% The Netherlands 20% Rest of Europe Australia / Asia 14% HY2018 40% Middle East Africa North and South America 4

OUR CLIENTS AND SOLUTIONS ENERGY O&G and wind energy companies, mining companies and related EPC contractors and subcontractors PORTS Government, port and terminal operators, shipping companies, insurance companies INFRA International project developers Transport & Installation of floating and fixed structures for O&G and Renewables, pipeline & cables, survey, IRM, port construction, logistical management and terminal services Port design and construction, capital and maintenance dredging, breakwaters, towage services and salvage Land reclamation; coastal and riverbank protection; road, rail and bridge construction 5

FINANCIAL PERFORMANCE (EUR mln) 1,000 900 800 700 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3,500 3,000 2,500 2,000 1,500 1,000 500 - EBITDA Revenue 6

INDEX 01 INTRODUCTION 02 RESULTS H1 2018 03 BALANCE SHEET 04 STRATEGY 2017-2019 05 SHAREHOLDER INFORMATION 06 OUR ACTIVITIES 7

HY 2018 RESULTS Revenue: EUR 1,166 mln (1H2017: EUR 1,094 mln) EBITDA: EUR 167 mln (1H2017: EUR 225 mln) Extraordinary charges: EUR 397 mln Net operating profit: EUR 35 mln (1H2017: EUR 75 mln) Order book: EUR 3.9 bln (End 2017: EUR 3.5 bln) Solvency: 56.2% (End 17: 62.6%) 8

KEY FIGURES EUR mln H1 18 H1 17 2017 Revenue 1,165.7 1,094.0 2,342.6 Order book 3,885 3,246 3,495 EBITDA 167.2 225.1 436.6 Result JVs & associates 14.8 21.9 31.0 Operating result 47.4 101.7 185.0 Extraordinary charges 397.0 - - EBIT -349.6 101.7 185.0 Net operating profit (excl extraordinary charges) 34.5 75.1 150.5 Net profit (loss) -361.4 75.1 150.5 Solvency 56.2% 62.4% 62.6% 9

REVENUE BY REGION EUR mln H1 18 H1 17 2017 The Netherlands 232 182 498 Rest of Europe 463 433 857 Australia / Asia 169 154 364 Middle East 130 110 256 Africa 52 53 85 North and South America 120 162 283 Total 1,166 1,094 2,343 10

REVENUE & EBITDA BY SEGMENT EUR mln H1 18 H1 17 2017 Dredging & Inland Infra 657 579 1,298 REVENUE 4% Offshore Energy 476 497 972 Towage & Salvage 44 26 101 Holding & Eliminations -11-8 -28 Total Revenue 1,166 1,094 2,343 40% 56% EUR mln H1 18 H1 17 2017 Dredging & Inland Infra 122 112 219 EBITDA 8% Offshore Energy 49 105 221 Towage & Salvage 15 18 35 Holding & Eliminations -19-10 -39 Total EBITDA 167 225 437 26% 66% 11

OPERATING RESULT BY SEGMENT EUR mln H1 18 H1 17 2017 Dredging & Inland Infra 62 62 110 Offshore Energy -7 36 85 Towage & Salvage 14 17 33 Non allocated income & expenses -22-13 -43 Total Operating result 47 102 185 Extraordinary Charges -397 - - Total EBIT -350 102 185 12

ORDER BOOK BY SEGMENT Dredging: Singapore Mega Port, Singapore polder, IJmeer island Amsterdam Offshore Energy: various smaller contracts Q3: Offshore float-over installation and logistical management contract JV order book (not incl. below): EUR 1,155 mln (YE17: EUR 1,063 mln) EUR mln 30/6/18 31/12/17 Dredging & Inland Infra 3,006 2,477 Offshore Energy 862 1,011 Towage & Salvage 17 7 Total 3,885 3,495 13

DREDGING & INLAND INFRA 14

DREDGING & INLAND INFRA Revenue up and earnings stable Higher hopper fleet utilization Positive contribution from Dutch Inland Infra activities Order book increase driven by Singapore Tuas, Singapore polder, IJmeer island Amsterdam plus numerous smaller projects EUR mln H1 18 H1 17 2017 Revenue 657 579 1,298 EBITDA 122 112 219 Net result JVs and associates 1 5 4 Operating result 62 62 110 Order book 3,006 2,309 2,477 15

DREDGING UTILIZATION HOPPERS (Weeks per annum) CUTTERS (Weeks per annum) 27 35 37 14 14 9 2016 2017 H1 18 2016 2017 H1 18 H1: 25 H1: 31 H1: 10 H1: 20 16

OFFSHORE ENERGY 17

OFFSHORE ENERGY Contracting: stable revenue and slightly lower earnings Good contribution from seabed intervention and cable laying Services: revenue decline and large earnings swing into loss making Low-end heavy marine transport market structurally problematic. Decision to exit lossmaking business and vessels Good performance and contribution from survey (Gardline) EUR mln H1 18 H1 17 2017 Revenue 476 497 972 EBITDA 49 105 221 Net result JVs and associates 2 1 0 Operating result -7 36 85 Order book 862 930 1,011 2018 half year EBITDA is presented excluding extraordinary charges 18

TOWAGE & SALVAGE 19

TOWAGE & SALVAGE Salvage: good half year Towage: some JVs impacted by increased competition and pricing pressure Impairment on embedded acquisition related goodwill of Kotug Smit Towage and Keppel Smit Towage JVs EUR mln H1 18 H1 17 2017 Revenue 44 26 101 EBITDA 15 18 35 Net result JVs and associates 12 16 26 Operating result 14 17 33 Order book 17 6 7 20

OVERALL TOWAGE FINANCIALS Financials including JVs on 100% basis EUR mln H1 18 H1 17 2017 Revenue 316 348 691 EBITDA 106 122 240 Operating result 50 62 117 Order book 1,155 1,250 1,063 Net debt 584 600 550 21

HOLDING & ELIMINATIONS 22

HOLDING & ELIMINATIONS H1 2018 result includes usual non-allocated head-office costs and nonrecurring income and expenses H1 2017 result included gain of real estate transaction EUR mln H1 18 H1 17 2017 Revenue -11-8 -28 EBITDA -19-10 -39 Net result JVs and associates - - 1 Operating result -22-13 -43 23

EXTRAORDINARY CHARGES H1 2018 Offshore Energy: Impairment assets: EUR 137 mln Impairment all remaining goodwill: EUR 155 mln Wind down provisions: EUR 17 mln Harbour Towage: Impairment embedded goodwill within Keppel Smit Towage and Kotug Smit Towage: EUR 88 mln 24

OUTLOOK 2018 Market picture unchanged Dredging & Inland Infra: stable volumes and stable margins Offshore Energy Contracting: good projects in portfolio Services: positive effect from termination of low-end transport Towage: stable at current levels Salvage: positive outlook based on projects in hand Sharp increase of H2 18 net profit relative to H1 however lower than H2 17 CAPEX: approx. EUR 250 mln 25

INDEX 01 INTRODUCTION 02 RESULTS H1 2018 03 BALANCE SHEET 04 STRATEGY 2017-2019 05 SHAREHOLDER INFORMATION 06 OUR ACTIVITIES 26

GROUP BALANCE SHEET Impairments: PPE: EUR 137 mln Goodwill: EUR 155 mln Embedded goodwill within associated companies: EUR 88 mln Net working capital: neg. EUR 274 mln (YE 17: neg. EUR 386 mln) Net debt 30/6/18: EUR 239 mln (YE 17: EUR 120 mln) Solvency 56.2% (2017: 62.6%) EUR mln 30-6-2018 31-12-2017 * Property, Plant & Equipment 2,373 2,538 Intangibles & other Fixed Assets 140 298 Investments in ass. companies 709 776 Current Assets 1,226 1,024 Cash & Equivalents 220 192 Total Assets 4,668 4,828 Group Equity 2,622 3,024 Interest bearing debt 459 312 Provisions & long term liabilities 76 67 Current liabilities 1,511 1,425 Total Equity & Liabilities 4,668 4,828 * Revised for IFRS 15 27

CASH FLOW (EUR mln) 765 318 464 402 447 180 204 284 199 138 2015 2016 2017 H1 18 H1 H2 28

CAPITAL EXPENDITURE (EUR mln) 375 20 230 27 182 182 2 DSVs 5 355 91 203 177 15 76 2015 2016 2017 H1 18 Net Capital expenditure Disposals 29

CASH FLOW EUR mln H1 18 Net group profit / (loss) -362 Depreciation and amortization 120 Impairments 380 JVs and associates -9 (Book) results investment / divestments -2 Working capital and other -117 Operational cash flow 10 Net capital expenditure -74 Dividend 2017-36 Share buy back program -17 Funding from loans 147 Forex and other -1 Increase of net cash 29 30

DEVELOPMENT WORKING CAPITAL Operating working capital / Revenue (EUR mln) -19% - -12% -15% -15% -17% -19% -19% -20% -21% -23% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-28% (250) (500) (750) Operating Working Capital WIP + Receivables - Payables 31

MAIN FINANCING FACILITIES & COVENANTS FACILITIES PER 30/06/2018 COVENANTS (EUR mln) RCF Net debt / EBITDA ratio 30/06/2018: 0.9 455 145 278 USPP II Threshold: maximum 3 EBITDA / net interest ratio 30/06/2018: 28 Threshold: greater than 4 `18 `19 `20 `21 `22 `23 Drawn Headroom 32

INDEX 01 INTRODUCTION 02 RESULTS H1 2018 03 BALANCE SHEET 04 STRATEGY 2017-2019 05 SHAREHOLDER INFORMATION 06 OUR ACTIVITIES 33

BOSKALIS BUSINESS DRIVERS LONG TERM IMPACT POSITIVE Dredging & Inland Infra Offshore Energy Towage & Salvage Growing world trade + Growing energy consumption + Population growth + Climate change ++ 34

SEABORNE TRADE IN LINE WITH GDP billion tons loaded 12 Global seaborne trade 10 3.4% 8 5.7% 6 4 2 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 35

STRONG INCREASE IN VESSEL SIZE TEU Capacity Draft (m) 29% 2% 32% 10% 3% Triple E 9% 14% 16% (Post) New Panamax 16+ 15.5 34% 36% 35% 35% 33% Post Panamax Plus 14.5 31% 27% 23% (Post) Panamax (Max) 12.5 35% 31% 25% 20% 19% Feeder 10 06 09 12 15 18 36

EUR 51 BLN DREDGING PROJECTS Europe 10.1B Russia 1.2B LR & CP: 13.7B Ports: 29.2B Oil & Gas: 3.1B Other: 4.9B North America 1.3B = 500M Central America 1.5B M-East 12.2B S/E Asia 8.5B Brazil 3.0B Australia 0.4B Africa 7.9B Contract value of Hopper and Cutter projects only BP 2017-19 published in March 2017 37

HOPPER SUPPLY & DEMAND Hopper m 3 hr (bln) 10 Capacity based on 40 weeks Awarded projects Identified 8 6 Mega Jumbo 4 2 0 11 12 13 14 15 16 17 18 19 Large / Medium BP 2017-19 published in March 2017 38

2011 2012 2020 2025 2030 2035 2040 CONTINUED DEPENDENCE ON OFFSHORE OIL & GAS Quadrillion Btu (IEA) 8 Nuclear Other 7% 11% Shale Oil 6 Coal 32% 28% 28% Offshore 4 Natural gas 2 Liquids 68% 65% 61% Other Onshore 0 06 08 10 12 14 16 18 20 39

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 SUBSTANTIAL NEW OFFSHORE CAPEX NEEDED BLN $ Offshore CAPEX by field status Offshore CAPEX by water depth 400 300 New Shallow < 125m 200 9% Mid 100 0 Under Development Producing Deep > 1km 40

OFFSHORE WIND ON AVERAGE EUR 1.7 BLN / YEAR Offshore Wind T&I Market Size, NW Europe ( B) 3 2 1 0 13 14 15 16 17 18 19 20 21 Substations Export Cables Array Cables Foundations BP 2017-19 published in March 2017 41

COMPETITIVE WIND LANDSCAPE Foundation Installation (#) Total: 2,857 foundations Array Cable Installation (km) Total: 3,299 km Export Cable Installation (km) Total: 2,157 km Boskalis Boskalis (VBMS) Boskalis (VBMS) 9% Others Others Others 41% 20% 32% 30% 35% 38% Van Oord 13% 17% GeoSea Van Oord 8% 8% 11% 11% Siem Jan de Nul 10% 17% Seaway DeepOcean CT Offshore Prysmian Market Share in Europe 10-16 42

STRATEGIC FRAMEWORK Focus Market & Activity Focus Value-Adding Assets Boskalis 2017-2019 Optimize Effectiveness Efficiency Expand Dredging & Inland Infra Towage & Salvage Offshore Energy 43

S-CURVE Dynamic portfolio Contracting Market developments Impact on financial performance Assets Services 44

OPTIMIZE Selective tendering Operational/contractual excellence Boskalis Way of Working (new Group QA system) Fleet rationalization program (24 vessels, 650 FTE s) Head office cost reduction program (230 FTE s) Terminate low-end transport business (11 vessels) 45

EXPAND Invest in Dredging Helios CSD Helios sister vessel under construction Invest in Offshore Bokalift 1-3,000 MT crane vessel 2 high-end DSV vessels Broadening foot print into Survey: acquisition Gardline 46

STRATEGIC DIRECTION WRAP-UP Challenging business environment Solid basis Limited leverage on balance sheet Healthy cash generation Strong client, people & asset base Focus & optimize existing business CAPEX: EUR 250 million p.a. Invest in mid term opportunities Getting ready for the future 47

INDEX 01 INTRODUCTION 02 RESULTS H1 2018 03 BALANCE SHEET 04 STRATEGY 2017-2019 05 SHAREHOLDER INFORMATION 06 OUR ACTIVITIES 48

SHAREHOLDER BASE HAL Trust (NL), 40.30% Other, 2% France, 2% Spain, 2% Nederland, 2% Germany, 3% Scandinavia, 4% US + Canada, 8% United Kingdom, 11% Sprucegrove, 5.16% Oppenheimer, 5.06% International Value Advisers, 5.06% Marathon Asset Management, 3.57% Dimensional Fund Advisors, 3.15% Black Creek Investment Mgt, 3.03% September 2018 and updates from AFM Register substantial holdings 49

EBITDA AND MARGIN GROWTH (EUR) 1,000 900 800 700 600 500 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 35% 30% 25% 20% 15% 10% 5% 0% 50

EPS & DPS (EUR) 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5-50% 0.68 Dividend policy distribute 40% to 50% of net profit aim to have a stable development when possible choice in cash and/or shares 50% 41% 46% 40% 50% 1.19 1.19 1.19 1.24 1.24 1.24 1.24 1.60 1.60 Payout % 1.00 1.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 58% 40% 40% 45% 46% 87% EPS DPS 51

INDEX 01 INTRODUCTION 02 RESULTS H1 2018 03 BALANCE SHEET 04 STRATEGY 2017-2019 05 SHAREHOLDER INFORMATION 06 OUR ACTIVITIES 52

THREE BUSINESS SEGMENTS ACTIVITY SEGMENTS Dredging & Inland Infra Construction & maintenance of ports & waterways, land reclamation and coastal defense Earthmoving, roads, civil structures, soil remediation & improvement Offshore Energy For O&G and renewables market Contracting: Marine Installation, Seabed Intervention Services: Subsea, Marine transport services Towage & Salvage Harbour towage, Terminal services, Salvage 53

DREDGING & INLAND INFRA 54

DREDGING & INLAND INFRA ACTIVITIES Construction and maintenance of ports and waterways Land reclamation & Coastal / riverbank protection Dry earthmoving, road constructions, concrete works & soil improvement (SELECTED) CLIENT BASE PORTS: Suez Canal Authority; Port of Rotterdam; Port of Melbourne ENERGY: Chevron; Saipem; Qatar Petroleum INFRA: Dutch Ministry of Transport; Environmental agency 55

DREDGING MARKET CHARACTERISTICS MARKET High entry barriers Capital intensive Scale & versatility of fleet Specialist staff Fixed price contracting Knowledge intense Importance of track record Increasingly complex working environment and more client requirements COMPETITIVE LANDSCAPE Total free market size ~ EUR 5-6 bln European Players (70-80% share) Boskalis (NL) Van Oord (NL) De Nul (B) DEME (B) Asia based: DCI (India), Penta Ocean (JP), Hyundai (S-K), Samsung (S-K), CCCC (China) USA based: Great Lakes Various regional/local players 56

INLAND INFRA MARKET CHARACTERISTICS MARKET Boskalis primarily active in the Netherlands Local business COMPETITIVE LANDSCAPE Dutch market: BAM; VolkerWessels; Heijmans; Strukton; smaller local players Not capital intensive Focus on large complex projects SELECTED DREDGING & II PROJECTS Fehmarnbelt, Singapore FP3, Suez Canal, Gorgon LNG, Maasvlakte 2, Port Khalifa, Ras Laffan, Porto do Açu, A2 Utrecht- Amsterdam, A1/A6 SAAone, Marker Wadden, Markermeer dikes, Room for the river 57

BOOK TO BILL RATIO FOR DREDGING ACTIVITIES ONLY Book to Bill ratio (EUR mln) Revenue 2.5 2000 1800 2 1.5 1 0.5 0 1.15x book to bill 1600 1400 1200 1000 800 600 400 200 0 58

OFFSHORE ENERGY 59

OFFSHORE ENERGY ACTIVITIES Marine Installation: Floating and Fixed structures for Oil & Gas and Renewables as well as decommissioning Seabed Intervention: seabed preparation, landfall installation and pipeline intervention Subsea: Offshore wind cable installation & IRM Marine Transport & Services: Heavy Marine Transport, wet towage & marine services Marine Survey: geophysical & geotechnical ACTIVE THROUGH Boskalis (former brands Dockwise, VBMS and Fairmount) and Gardline 60

Services Contracting OFFSHORE ENERGY Marine Installation Floating & Fixed structures: platform installation, mooring & hook-up floating structures, OWF foundations & substations and decommissioning Seabed Intervention Subsea Seabed preparation, subsea rock installation, landfall construction OWF cables, IRM & light construction with air saturation diving and ROV services up to 300m water Marine Survey Geophysical and geotechnical survey Marine Transport & Services Dry transport (non) floating heavy structures, wet tow of floating structures, offshore services of AHTs, sheerlegs & barges 61

BOSKALIS ACTIVITIES IN OFFSHORE Concept design (pre FEED) Front End Engineering & Design (FEED) EPC Maritime Infrastructure Transport & Installation Production Decommissioning Oil & Gas Survey Greenfield port infrastructure Fixed & floating structures Subsea infrastructure Short term HMT (repositioning of assets) Terminal services Decommissioning: removal of platforms and subsea structures IRM Renewables Survey Foundation engineering, design & procurement Seabed preparation, T&I of foundations, interconnector and array cables Power cable IRM 62

OFFSHORE ENERGY MARKET CHARACTERISTICS (SELECTED) CLIENT BASE PROJECTS Majors (Statoil, Shell, Total, Chevron, Conoco Philips, Dong Energy) Tier 1 Offshore contractors (Saipem, Heerema, Technip) Contracting Aasta Hansteen Floatover Pipeline intervention Statoil (Norway) Landfall installation Ichthys (Australia) FPSO installation MODEC (Brazil) Wikinger OWF Iberdrola (Europe) Balance of Plant OWF Aberdeen (Europe) OWF cables Borssele Alpha Beta (Europe) Services Subsea IRM & construction - Maersk Oil (Denmark) Offshore support to Heerema, Saipem, Seaway Heavy Lifting (Gulf of Mexico and North Sea) 63

HEAVY MARINE TRANSPORT MARKET CHARACTERISTICS MARKET Growing demand for energy requires increased upstream and transport of O&G Increasing offshore exploration and production activities Deeper, more remote and harsher conditions Delivery of new rigs and production platforms Top sides becoming bigger and heavier making float over installation attractive permitting constructed in Far East COMPETITIVE LANDSCAPE Boskalis clear market leader Limited number of specialist global players (Cosco) Capital intensive Global commercial O&G network 64

TOWAGE & SALVAGE 65

TOWAGE & SALVAGE ACTIVITIES Harbour and Terminal services Activities within strategic partnerships / JV Escorting, berthing & unberthing of seagoing vessels, Pilotage, Launches, Line handling, Fire fighting, Maintenance, Beaconing Salvage Emergency response, wreck removal & environmental protection Global coverage from Rotterdam, Houston, Cape Town & Singapore ACTIVE THROUGH Harbour towage & Terminals JVs: KOTUG SMIT Towage (NW Europe), Keppel Smit Towage (Asia), Saam Smit Towage (Americas), Smit Lamnalco (Terminals) Salvage: SMIT 66

TOWAGE CLIENTS & LOCATIONS PORTS: International shipping companies, shipping agents in Rotterdam, Belgium, Germany, United Kingdom, Brazil, Mexico, Panama, Canada, Singapore, Malaysia ENERGY: IOCs, NOCs, mining companies in remote regions like Caribbean, West-Africa, East- Africa, Australia, NW Europe, South East Asia 67

BOSKALIS TOWAGE JVS Europe: KOTUG SMIT Towage Saam Smit Towage Keppel Smit Towage 400+ vessels 100 ports 35 countries Smit Lamnalco 68

TOWAGE MARKET CHARACTERISTICS Harbour Towage: Terminal Services: 10s 100s clients per port Pay per tow with indexation International shipping companies & agents Growth determined by local port growth One client (O&G major) per port Multi year day rate based with indexation Growth through new terminal contracts IOCs, NOCs, mining companies Future driven by further consolidation: Organic and consolidation growth by joint ventures Economies of scale in a region Efficient capital structure using business stability & non-recourse financing for leverage Share best practices and back-office organization cross JVs 69

TOWAGE COMPETITIVE LANDSCAPE April 2017 70

SALVAGE 71

SALVAGE MARKET CHARACTERISTICS MARKET Emergency & Environmental response Strong global network for tug boats Speed to get to casualty first (Environmental) track record Reputation with insurance & shipping co s Contract structure: LOF / SCOPIC (cost plus) Wreck removal Access to (own) assets Engineering & Innovation Cost estimating know how Track record Contract structure: LOF and fixed price COMPETITIVE LANDSCAPE Many small local players for simple casualties Global players: SMIT, Ardent (Svitzer & Titan) 72

73