Q1 2015

ROADSHOW PRESENTATION

The world of Vopak

General introduction

Market trends

Strategy execution

Forward-looking Statement

Business performance

Looking ahead

This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the accuracy and completeness of forward-looking statements. These risks and uncertainties include, but are not limited to, factors affecting the realization of ambitions and financial expectations, developments regarding the potential capital raising, exceptional income and expense items, operational developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting rules. Vopak’s EBITDA outlook does not represent a forecast or any expectation of future results or financial performance. Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties of the markets and environments in which Vopak operates. These factors could lead to actual results being materially different from those expected, and Vopak does not undertake to publicly update or revise any of these forward-looking statements.

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Roadshow presentation

Q1 2015

General introduction

Market trends

General

introduction

Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Vopak at a glance Building on an impressive history of almost 400 years

World’s largest independent tank terminal operator: 78 terminals in 28 countries

Share price from EUR 7.8 in 2004 to EUR 50.0 in 2015*

Listed at the Euronext AEX Market cap of EUR 6.4 billion*

Track record developing new terminals in new markets

Thorough analysis of future flows and imbalances

Market leader in independent storage of oil, chemicals and gas with a capacity of 34 million cbm * As per 21 April 2015

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Financial development and indicators EBITDA development

Cash flow from operating activities (gross)

In EUR million

In EUR million

370 429 314 232 263

513

598 636

768 753 763

286

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

0.55

0.63

0.70

0.80

0.88

0.90

454

455

496

2006 2007 2008 2009 2010 2011 2012 2013 2014

0.90

2006 2007 2008 2009 2010 2011 2012 2013 2014

5

387

751

In percent

In EUR

0.48

335

713

Occupancy rate

Dividend

0.38

659

94

96

95

94

93

93

91

88

88

2006 2007 2008 2009 2010 2011 2012 2013 2014

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Investment thesis

     

Increasing global flows require storage infrastructure Diversified portfolio with presence at prime locations Stable margins and long-term take-or-pay contracts

Strong capital structure with balanced leverage Disciplined capital allocation with strict investment criteria Focus on cash flow generation

Unique combination of robust cash flow, consistent dividend and growth opportunities

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Vopak’s ambition

Presence at prime locations

Safety and service

Strong link supply chain

Value creation

Our values

Solid leadership position in the global independent tank storage market 7

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Our strategic framework

Growth leadership

Operational leadership

Customer leadership

Our Sustainability Foundation Excellent People I Environmental Care I Health and Safety I Responsible Partner

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Strategy execution Divestment

Reduce *

Reduce *

Growth

Program

Capex

Cost base

4

15

100

30

categories

terminals

Strategic

EUR million

EUR million

* Up to and including 2016

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Priorities for cash

1

Debt servicing EUR 2.0 billion, remaining maturity 8 years, average interest 4.0%

2

Dividend EUR 0.8b paid to shareholders in the last 10 years

3

Disciplined growth Network expended from 20 to 34 million cbm*

4

Capital optimization Create further flexibility for growth * With almost 6 million cbm under construction

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Business challenges Strategic

Operational

Increasing competition

People with the right skills

Changing flows

Expansion projects

Geopolitics

Capital constraints

Legislation

Reputation

Compliance

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Financial

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Discussions from investor meetings Market dynamics

Projects

• Overcapacity and pricing pressure

• Projects under development

• Impact contango and backwardation

• Ramp-up of new capacity

Governance • Governing Joint Ventures

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Network alignment • Divestment program

Roadshow presentation

Q1 2015

General introduction

Market trends

Market trends

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Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Trends driving storage demand Population

GDP

15-35%

US oil and gas export scenarios

LNG as transport fuel

Energy demand

70-170%

Shale gas in China

European refining & petrochemical

15-55%

Biofuel scenarios

Energy role of Africa

Source: UN (2013); World bank (2013); IMF (2013); IEA (2012); Shell (2013) and various other sources.

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Imbalances continue to develop 2014

2014

2020

2020 2014

2020

2014

2014

2020

2020

Refined petroleum accumulated deficits

2014

2020

2014

2020

Refined petroleum accumulated surpluses

increasing trade expected to continue 15

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Imbalances continue to develop

Source: ATEC / ICIS database and Vopak intelligence

US and Middle East export; Asia and Europe import 16

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Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Product developments 2014

Oil production exceeds

Chemicals: North

Biofuels demand is

LNG trade grew with

demand resulting in price reduction. Lower oil prices and interest rates, contango decreases cost of holding stock

America is investing in petrochemicals benefiting from prolonged advantaged feedstock positions

stable in mature markets and growing in non-OECD countries. Duties limit flows into EU. Intra EU at stable levels

more short-term contracts and a larger diversity of players

Customer interest increased to take positions.

Rationalization and consolidation of production capacity in Europe and North East Asia as a result of higher cost and lagging demand

Vegoils demand grew steadily due to growth in population and wealth level

Asian and European LNG prices decreased yet small price differentials across regions remained Arbitration has closed

Production growth in China and Middle-East continues

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Selective capital discipline growth

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Looking ahead

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Global presence Gothenburg

Malmo

Sodertalje

Gavle

Kotka

Hamina

Tallinn

Rotterdam

Antwerp

Shanghai

Ningbo Lanshan

Hamburg

Zhangjiagang

London Teesside

Tianjin

Windmill

Ulsan

Tarragona

Karachi

Barcelona

Nagoya Moji

Algeciras

Yokohama

Quebec Hamilton

Kobe

Montreal

Kawasaki

Long Beach

Kandla

Los Angeles

Rayong

Houston

Ho Chi Mihn City

Savanah

Kertih

Altamira

Pengerang

Vera Cruz

Singapore Jakarta

Coatzacoalcos

Merak

Barranquilla Cartagena

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Puerto Cabello

Paranagua

Alemoa

Rocio

Durban

Yanbu

Al Jubail

Fujairah

Roadshow presentation

Darwin

Q1 2015

Sydney

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Return requirements for investment Footprint in emerging markets

Optimization growth opportunities

I

First-mover advantage

Contribution from key accounts

II

VI

III

Mitigating downward risks Strategic alliances

Growth along with key accounts

V Local WACC Pay-back period Project NPV / IRR Equity IRR

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Option value

IV Commercial coverage on projects Contracted infrastructure Launching Customers MoUs/LoIs

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Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Investments and divestments Oil Chemicals

Industrial Gasses

Pengerang (Industrial terminal)

Divestments

2,100,000 cbm

Galena park

Pengerang (Hub location)

(170,000 cbm) 413,000 cbm Wilmington terminals

Europoort (Hub location)

(130,700 cbm)

400,000 cbm

Note: This is only a selection of projects.

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Storage capacity developments Storage capacity developments In million cbm; commissioned and under development

+5.8 39.8

4.8 +0.2 1.0 33.8

0.1

0.4

34.0

Greenfield

Q1 2015

Brownfield

Divestments

Greenfield

2014

Brownfield

0.3 2019

Note: Including only projects under development estimated to be commissioned for the period FY 2014-2019 and excluding the to be realized divestments as announced in the business review 2014.

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Selective growth opportunities Storage capacity In million cbm

+5.8 +14.2 33.8 27.1

20.2

19.9

20.4

21.2

15,1

15,5

15,8

27.8

29.9

18,1

18,3

19,7

20,3

37.7

37.7

21,7

21,8

21,8

21,8

39.8

21,8

21,7

21,4

10,3

12,1

12,6

12,6

12,6

14,7

9,9

20,8

16,7 8,2

8,7

9,0

1,4

1,4

1,5

2007

2008

2009

3,7

4,0

3,8

4,0

3,7

1,1

1,1

1,1

1,4

2003

2004

2005

2006

Subsidiaries

28.8

36.7

30.5

21.8 17,5

15,1

28.3

34.1

36.1

6,6

8,1

8,1

1,5

1,5

1,5

1,6

2,2

2,3

2,3

2,3

3,3

3,3

3,3

2010

2011

2012

2013

2014

Q1 2015

FY 2015

2016

2017

2018

2019

Joint ventures and associates

Only acting as operator

Vopak well positioned to further improve risk-return profile Note: Including only announced projects under development estimated to be commissioned for the period 2015-2019 and excluding the to be realized divestments as announced in the business review 2014.

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Storage capacity under construction Country

Terminal

Vopak's ownership

Products

Capacity (cbm)

2013

2014

2015

2016

2017

2017

Existing terminals Netherlands

Vlisssingen

100%

LPG

13.100

Canada

Canterm

100%

Oil products

22.500

South Africa

Durban

70%

Oil products

64.000

Belgium

Antw erp (Eurotank)

100%

Chemicals

40.000

Germany

Hamburg

100%

Oil products

65.000

China

Lingang

50%

Chemicals

40.000

Brazil

Alemoa

100%

Chemicals

37.000

Singapore

Banyan

55.6%

LPG

80.000

South Africa

Durban

UAE Various

Fujairah Small expansions at various terminals

70%

Oil products

60.200

33.3%

Oil products

478.000

Various

42.100

start construction expected to be commissioned

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Roadshow presentation

Q1 2015

2017

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Storage capacity under construction Terminal

Vopak's ownership

Products

China

Dongguan

50%

Chemicals

China

Hainan

49%

Oil products

Saudi Arabia

Jubail Banyan Cavern Storage Services

25%

Chemicals

220.000

n.a.1

Oil products

990.000

25%

Chemicals/oil products/LPG

Country

Capacity (cbm)

2013

2014

2015

2016

2017

2018

New terminals

Singapore Malaysia

Pengerang

UK

Thames Oilport

153.000 1.350.000

2.100.000

100% (Assets Oil former products Coryton refinery)

Under review

Under construction in the period up to and including 2017: 5.8 million CBM start construction expected to be commissioned

1. Only acting as operator; Vopak Terminals Singapore (in which Vopak holds 69.5%) has a 45% interest in a joint service company.

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Roadshow presentation

Q1 2015

2019

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Selective capital disciplined growth Total investments 2005-2019

Expansion capex**

In EUR million

In EUR million; 100% = EUR 3,300 million

3,284

Remaining Vopak share in capex (Group capex and equity share in JV’s)

~400

2,235 ~2,900

Forecasted capex ~≤800

2005-2009

2010-2014

500

Other capex*

300

100

Expansion capex**

2015-2016

2017-2019

Group capex spent Contributed Vopak equity share in JV’s Total partner’s equity share in JV’s Total non recourse finance in JV’s

Note: Total approved expansion capex related to 5.8million cbm under development is ~EUR 3,300 million; * Forecasted Sustaining and Improvement Capex up to and including 2016 ** Total approved expansion capex related to 5.8 million cbm under development in the years 2015 up to and including 2019.

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Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Selective capital disciplined growth Senior net debt : EBITDA ratio Maximum ratio under other PP programs and syndicated revolving credit facility

5 3.75

4

Maximum ratio under current US PP programs

3.0

3 2.75 2 1

2.42

2.20

2.54 1.76

1.61

2.23

2.63

2.65

2.38

2.53

2.83

2.85

1.71

0 2003* 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Q1 2015

Note: due to the retrospective application of the Revised IAS 19, EBITDA for 2012 has been restated. For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; * Based on Dutch GAAP.

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Vopak’s capital structure Ordinary shares

Private placement program*

Listed on Euronext Market capitalization: EUR 6.4 billion as per April 2015

USD: 2.0 billion SGD: 225 million and JPY: 20 billion Average remaining duration ~ 8 years

Syndicated revolving credit facility*

Equity(-like)*

EUR 1.0 billion 15 banks participating Duration until 2 February 2018 Eur 250 million drawn

Subordinated loans Subordinated USPP loans: USD 101.8 million Preference shares Cancelled as per 1 January 2015 EUR 44 million

* As per 30 March 2015

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Debt repayment schedule Debt repayment schedule In EUR million RCF flexibility

US PP

RCF drawn

Asian PP

Subordinated US PP

Other

1,200 1,000 600 400 200 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2040

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Net finance costs Net finance costs 2013

Net finance costs 2014

In EUR million

In EUR million

Interest and dividend income

3.3 -108.6

Finance costs Net finance costs

7.9 -97.7

-105.3

-89.8

Net interest bearing debt

Average interest rate

In EUR million

In percent 2,266

426

562

2006

2007

30

997

1,018

2008

2009

1,431

1,606

1,748

2010

2011

2012

7.0%

1,825

2013

2014

2006

6.3%

2007

5.4%

2008

5.4%

2009

5.2%

4.7%

4.4%

4.5%

4.0%

2010

2011

2012

2013

2014

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Solvency ratio Total equity and liabilities In EUR million

5,226 4,152

4,386

4,644

64%

Net liabilities*

Equity

3,649 2,585 1,703

57%

1,997

56%

61%

2,947

58%

56%

60%

58%

44%

40%

42%

36%

2011

2012

2013

2014

55%

43%

44%

39%

45%

42%

2006

2007

2008

2009

2010

(restated)

Over EUR 100 million equity adjustments for pensions * Cash and cash equivalents are subtracted from Liabilities; Note: Due to the retrospective application of the Revised IAS 19, Equity and Liabilities for 2012 have been restated.

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

2014 dividend Dividend and EPS 2006-2014** In EUR

2.73 2.45 1.92

2.08

2.16

2.31

1.62 1.31 0.98

0.63

0.70

0.80

0.90

0.90

0.38

0.55

0.88

0.48

2006

2007

2008

2009

2010

2011

2012

2013

2014

Dividend policy: Barring exceptional circumstances, the intention is to pay an annual cash dividend of 25-50% of the net profit*

Pay-out ratio 39% Note: due to the retrospective application of the Revised IAS 19, EBITDA for 2012 has been restated ;* Excluding exceptional items; attributable to holders of ordinary shares; ** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated 17 May 2010.

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Roadshow presentation

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General introduction

Market trends

Customer leadership

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Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Vopak’s business model Blending nitrogen Adding / cooling Heating / unloading of ships / railcars / trucks Loading Excess througput fees Monthly invoicing in arrears

Share of revenues

Services Fixed rental fees for capacity Fixed number of throughputs per year Vopak does not own the product Monthly invoicing in advance

Tank storage

Note: general overview of business model. Can vary per terminal.

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General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Global, regional and local clients Global clients

Active at multiple Vopak locations around the world Current turnover and future potential define Vopak’s global network account approach

35

Regional clients

Active in more than one Vopak location on regional level Can be largest clients at a division Regional marketing

Local clients

Active in one Vopak location Can be largest clients at a specific Vopak location Local sales approach

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Market share according to definition Oil storage market In million cbm

Non oil storage market* In million cbm

Total storage market In million cbm

Primary competition

132.5

36.3

168.8

Secondary competition

81.8

10.8

92.6

Vopak

20.2

12.3

32.5

Total

234.5

59.4

293.9

Vopak share As a % of world market

8%

21%

11%

As a % of primary storage market**

13%

25%

16%

* Non-oil includes chemicals, vegoils, biofuels and gasses; ** Defined as the primary competition plus Vopak’s Storage Capacity. Note: In million cbm per 31 December 2014; excluding storage market for LNG. Source: Vopak own research.

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Strategy execution

Looking ahead

Business performance

EBIT(DA) margin development EBIT(DA) margin In percent 55 50

EBITDA margin

45 40 35 30

EBIT margin

25 20 15 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Focus on creating more value from our core assets Note: Excluding exceptional items; excluding net result from joint ventures and associates.

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Original contract duration Contract position 2012

Contract position 2013

Contract position 2014

In percent of revenues

In percent of revenues

In percent of revenues

18%

20%

52%

21%

52%

53%

30%

28%

< 1 year

1-3 year

26%

> 3 year

Balanced contract portfolio Note: Based on original contract duration; Subsidiaries only.

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General introduction

Market trends

Strategy execution

Operational excellence

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Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Sustainability Excellent people

Safety and Health

Environmental care

Responsible partner

Have the right people and create an agile and solution driven culture

Provide a healthy and safe workplace for our employees and contractors

Be energy and water efficient and reduce emissions and waste

Be a responsible partner for our stakeholders

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Market trends

Strategy execution

Looking ahead

Business performance

Safety performance Total injury rate (TIR)

Lost time injury rate (LTIR)

Total injuries per 200,000 hours worked by own employees and contractors

Total injuries leading to lost time per 200,000 hours worked by own employees and contractors

1.14

1.11

0.34 0.63

2008 2009 2010

0.59

0.41

0.36

0.39

2011 2012 2013 2014

0.28

0.23

0.22

0.14

0.12

0.13

2008 2009 2010 2011 2012 2013 2014

Process incidents

Process safety events rate (PSER)

# API RP 754 Tier 1 and Tier 2 incidents

Tier 1 and Tier 2 incidents per 200,000 hours worked by own employees and contractors (excluding greenfield projects)

56

2013

36

0.35

0.20

2014

2013

2014

Note: safety performance is reported in line with the Vopak’s sustainability scope

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Market trends

Strategy execution

Looking ahead

Business performance

Service improvements Jetty upgrades Sebarok, Singapore

New rail loading spots Savannah, US

Manifold expansion

Port pipeline connections

Westpoort, Netherlands

Fujairah, UAE

Truck management

Vapour combustion

Lanshan, China

ACS, Belgium

Note: The examples are for illustration purposes and do not cover all service improvements performed.

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Strategy execution

Business performance

Looking ahead

Efficiency enhancements Sustaining & improvement capex reduction

43

Organizational productivity enhancements

Leverage on standards and procedures

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General introduction

Market trends

Business

performance

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Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Topics influencing 2014 results

Capacity

Geopolitics

Oil price

Currency

expansions

and regulation

volatility

effects

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Roadshow presentation

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General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Results 2014 Terminal

EBITDA

Network *

Excl. ex items ***

33.8

763

In million cbm

In EUR million

Occupancy

Cash flows

Rate **

Operating ****

88%

703

Average

In EUR million

* Terminal network is defined as the total available storage capacity (jointly) operated by the Group at the end of the reporting period, being storage capacity for subsidiaries, joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlands which is based on the attributable capacity, being 1,085,786 cbm), and other (equity) interests, and including currently out of service capacity due to maintenance and inspection programs; ** Subsidiaries only; *** EBITDA (Earnings Before Interest Depreciation and Amortization) excludes exceptionals and includes net result of joint ventures and associates. **** Cash flow from operating activities on a net basis.

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Market trends

Strategy execution

Looking ahead

Business performance

EBITDA development Comprehensive scenario planning

Alignment network and competitive position

Full potential excellence Growth strategy

Tank terminal strategy 768

753

763

≥768

2012

2013

2014

2015

232 2004

2005

2006

2007

2008

2009

2010

2011

Focus on Free cash flow generation 47

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Business performance

Looking ahead

EBITDA development EBITDA development In EUR million

206

202 196

194

189

Q1

185

Q2

Q3

183

Q4

187 180

Q1

2013

Q2

Q3

Q4

2014

Q1 2015

While expanding our worldwide storage capacity we were able to increase the overall occupancy rates Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates.

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Looking ahead

Business performance

Q1 2015 summary EBITDA*

EBIT*

In EUR million

In EUR million +15%

-5%

+16%

-11%

188.9

179.6

206.2

Q1 2013

Q1 2014

Q1 2015

138.4

123.8

143.3

Q1 2013

Q1 2014

Q1 2015

Net profit**

Occupancy rate***

In EUR million

In percent +24%

-15% 79.9

68.2

Q1 2013

Q1 2014

84.9

89%

88%

91%

Q1 2015

Q1 2013

Q1 2014

Q1 2015

* Excluding exceptional items; including net result from joint ventures and associates; ** Net profit attributable to holders of ordinary shares -excluding exceptional items- ; *** Subsidiaries only.

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Looking ahead

Business performance

Q1 2015 EBITDA analysis 4.4

7.4

206.2

0.5 2.5 3.1

4.4 1.3

193.8

179.6

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Q1 2015

Other

LNG

EMEA

Asia

Netherlands

Americas

•

Acquisitions /Greenfields /Divestments /Pre-opex

Q1 2014 against FX Q1 2015

FX-effect

Q1 2014

14.2

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Occupancy rate developments Occupancy rate In percent

96 95 94 93 93 91 92 94 88 88

Full potential playing field

90-95%

Current playing field

85-90%

89 88 87 87 88 88 89 88 91

84

’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ‘14

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2013 2014

Challenging competitive and dynamic business environment remains Note: Subsidiaries only.

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Business performance

Occupancy rate per division Netherlands +4pp

+3pp

Occupancy rate

85%

88%

92%

89%

88%

Q1 2013

Q1 2014

Q1 2015

Q1 2013

91%

80%

91%

Q1 2014

Q1 2015

Q1 2014

Q1 2015

Americas

Asia Q1 2013

+11pp

-9pp

+3pp

-1pp 89%

EMEA

0pp

-5pp

0pp

-2pp

95%

95%

90%

91%

91%

89%

Q1 2013

Q1 2014

Q1 2015

Q1 2013

Q1 2014

Q1 2015

Note: Subsidiaries only.

52

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Cash flow developments Cash flow from operating activities (gross) In EUR million

659

286

2006

335

2007

387

2008

451

2009

455

2010

713

751

496

2011

2012

2013

188

185

2014

2015

Increasing free cash flow I Improving capital efficiency I Enhancing risk-return profile

53

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Financial ratio’s 2014 ROCE*

ROE**

In %

In %

Non-IFRS Proportional information CFROGA*** In %

21.9% 18.8%

18.1%

16.7%

16.3% 14.6%

11.8%

2012

2013

2014

2012

2013

2014

2012

10.9%

10.3%

2013

2014

Focus on Free cash flow and improving capital efficiency * ROCE is defined as EBIT-excluding exceptional items- as percentage of the capital employed . ** ROE is defined as Net Profit excluding exceptionals as percentage of the Equity excluding financing preference shares and Non-controlling Interest . *** CFROGA is defined as EBITDA minus the statutory income tax charge on EBIT divided by the average historical investment (gross assets).

54

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Non-IFRS proportional information Proportionate EBITDA* In EUR million

836 537

2009

617

2010

817

824

660

2011

2012

2013

196

227

2014

2015

Cash Flow Return on Gross Assets

Occupancy rate subsidiaries and joint ventures

In %

In %

12.3% 12.2%

2009

2010

11.6%

11.8%

10.9% 10.4% 10.3%

2011

2012

2013

* EBITDA in EUR million excluding exceptional items

55

Q1 2014

Q1 2015

94%

92%

92%

90%

88%

88%

90%

2009

2010

2011

2012

2013

Q1 2014

Q1 2015

Roadshow presentation

Q1 2015

General introduction

Market trends

Divisional results

56

Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Netherlands EBITDA* In EUR million 59.8

59.5

61.3

62.0

60.9

62.8

68.0

61.0

68.2

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Occupancy rate**

Storage capacity

In percent

In million cbm

85%

84%

82%

83%

88%

86%

88%

85%

92%

9.5

9.5

9.9

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q1 2013

Q1 2014

Q1 2015

* Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. .

57

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Looking ahead

Business performance

EMEA EBITDA* In EUR million 34.7

33.6

33.1

34.2

28.9

28.1

30.4

30.9

34.0

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Occupancy rate**

Storage capacity

In percent

In million cbm

89%

90%

88%

85%

80%

83%

85%

89%

91%

9,4

9,6

9,7

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q1 2013

Q1 2014

Q1 2015

* Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. .

58

Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Asia EBITDA* In EUR million 70.7

73.2

70.6

68.0

66.4

70.0

76.9

77.9

75.4

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Occupancy rate**

Storage capacity

In percent

In million cbm

95%

95%

94%

94%

95%

95%

95%

93%

90%

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

7.3

7.4

Q1 2013

Q1 2014

10.3

Q1 2015

* Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. .

59

Roadshow presentation

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General introduction

Market trends

Strategy execution

Looking ahead

Business performance

Americas EBITDA* In EUR million

24.0

28.0

Q1 2013

Q2 2013

22.1

21.2

23.3

25.9

26.3

29.5

29.4

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Occupancy rate**

Storage capacity

In percent

In million cbm

91%

89%

89%

89%

91%

90%

89%

89%

89%

3.3

3.7

3.3

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q1 2013

Q1 2014

Q1 2015

* Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.

60

Roadshow presentation

Q1 2015

General introduction

Market trends

Looking ahead

61

Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Outlook assumptions Oil products

~50%

Chemicals

Industrial terminals & other pipeline connected infra

Looking ahead

Business performance

~x% Share of EBITDA*

Biofuels & vegoils

~20%

15% - 20%

~0 - 5 years

~1 - 5 years

~5 - 15 years

~0 - 3 years

~10 - 20 years

2014

Different demand drivers

Steady

Solid

Mixed

Solid

2015

Different demand drivers

Steady

Solid

Mixed

Solid

Contract duration



Major Hubs supporting intercontinental product flows



Import/distr. in major markets with structural deficits



Other infra

7.5% - 10%

LNG

2.5% - 5%

Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items ;including net result from joint ventures and associates.

62

Roadshow presentation

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General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Outlook elements

2014

Expansions and acquisitions

Divestments

Productivity and organisations efficiency enhancements

Fx and pension costs

Uncertainties incl. phased build-up

2015

In line with our previous outlook and based on current market insights, Vopak expects to realize an EBITDA -excluding exceptional items- in excess of EUR 768 million. 63

Roadshow presentation

Q1 2015

General introduction

Market trends

Other topics

64

Strategy execution

Business performance

Looking ahead

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

FX translation effects 2014 EBITDA transactional currencies

FX translation-effect on 2013 EBITDA

In percent

In EUR million

USD

Netherlands EMEA Asia Americas Non allocated Total

SGD EUR Other 22%

14%

38%

-20.0

FX translation-effect on 2014 EBITDA In EUR million

26%

65

Netherlands EMEA Asia Americas Non allocated Total

-6.9

Roadshow presentation

Q1 2015

General introduction

Market trends

Strategy execution

Business performance

Looking ahead

Other topics Effective tax rate* In percent

18.0

17.1

20.9

2012

2013

2014

* Excluding exceptional items.

Pension cover ratio In percent

112

118

118

2012

2013

2014

66

Roadshow presentation

Q1 2015

General introduction

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