Fugro Determines Stock Dividend Ratio

On May 19, 2004 the cash dividend of Fugro N.V. [AEX: FUGR] for 2003 was set at 1.85 per (certificate of) common share. The dividend will either be paid fully in cash or fully in shares, such at the choice of the shareholder. The number of dividend rights that entitles to one new common share is determined at 25.

This ratio is based on the average closing price of Fugro during the last three trading days. Taking into account the mentioned ratio and the average closing price, the value of the pay out in shares is 3.08 per cent higher than the cash dividend.

About 65 percent of the shareholders have chosen to receive dividend in stock. Fugro N.V. will issue approximately 382,000 shares to pay out the stock dividend.

The dividend will be paid on June 16, 2004 at Fortis Bank, Rokin 55, Amsterdam.

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