Royal Vopak : Analyst Presentation Q3 2019

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4 November 2019

Vopak Q3 2019 Interim Update - Analyst Presentation

Gerard Paulides - CFO of Royal Vopak

Forward-looking statement

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 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.

Vopak Q3 2019 - Analyst presentation 2

Q3 Key messages

Robust financial performance

Significant increase in earnings per share

Delivery on Vopak's strategy with important steps in portfolio transformation

• LNG Colombia is 4th regas terminal in Vopak LNG portfolio
• New greenfield industrial terminal in Qinzhou, China
• Chemical capacity expansions in Antwerp and Altamira
• Divestment of terminals in Amsterdam and Hamburg completed

Vopak Q3 2019 - Analyst presentation 3

Key figures YTD Q3 2019

EBITDA*	CFFO (gross)	EPS*
In EUR million	In EUR million	In EUR

625 537 2.07

ROCE*	Occupancy rate**	Terminal network
In percent	In percent	In million cbm

12.4 84 35.5

• Including net result from joint ventures and associates and excluding exceptional items
• Occupancy rate include subsidiaries only

SPEC LNG, Colombia

Vopak Q3 2019 - Analyst presentation 4

YTD Q3 2019 vs YTD Q3 2018 EBITDA

Pro forma EBITDA increased by EUR 35 million, reflecting good aggregate business performance

											625.0
							4.5			36.4
						6.9		588.6
					11.0			3.9
		565.2
			14.4
553.6	11.6		9.5
YTD Q3	FX-effect	Adjusted	Europe &	Asia &	Americas	China &	LNG	Global	pro forma	IFRS 16	YTD Q3
2018		YTD Q3	Africa	Middle East		North Asia		functions,	YTD Q3	effects	2019
		2018						corporate	2019
								activities
								and others

Figures in EUR million, excluding exceptional items including net result from joint ventures and associates

Vopak Q3 2019 - Analyst presentation 5