Royal Vopak : Analyst Presentation Q1 2020

Storing

vital products with care

21 April 2020

Vopak Interim Update Q1 2020 - 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 Q1 2020 - Analyst presentation 2

COVID-19 update

We are in control and our governance structures are functioning well. We continuously monitor the developments and remain alert.

• We will manage this crisis to our best ability to ensure we protect our people and support society by storing vital products with care.
• Business-continuityplans are in place and all terminals are operational to serve our customers. If and where possible, we do not procrastinate and keep an attitude of business as usual.
• Our attention is on the short term deliveryand protection of the long term value.
• We have seen a limited impact in Q1 - China and South Korea performed well. It is currently too early to assess the extent and nature of the full impact and future developments including the delays of projects under construction.

Vopak Q1 2020 - Analyst presentation 3

Q1 2020 Key messages

• Prudent COVID-19 response by taking good care of people working at our terminals and supporting society by storing vital products with care - all 66 terminals are operational
• Good financial performance with robust balance sheet and strong liquidity position
• Focus on short-term delivery and protecting long-term value by executing our strategy

EBITDA*

EPS*

Occupancy rate

Terminal network

In EUR million

In EUR

In percent

In million cbm

subsidiaries

84

Growth

1.5

2020-2022

200

0.65

only

program

Proportional 86

Today 34.3

* Including net result from joint ventures and associates and excluding exceptional items

Vopak Q1 2020 - Analyst presentation 4

Q1 2020 vs Q1 2019 EBITDA

EBITDA - post divestments - increased by EUR 3 million

214.6	0.1
		17.2			2.7	0.2	1.5	4.1
				9.5					3.7	200.2
			197.5
Q1 2019	FX-effect	Divested	Adjusted	Americas	LNG	Europe &	China &	Asia &	Global	Q1 2020
		terminals	Q1 2019			Africa	North Asia	Middle East	functions,
									corporate
									activities
									and others

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

Vopak Q1 2020 - Analyst presentation 5

Divisional segmentation

Americas and LNG reflect growth projects; Asia & Middle East and China benefit from increased occupancy rates; Europe & Africa maintenance and divestments

Americas				Asia & Middle East			China & North Asia
89	91	92	90	88	92	80		82	87	83	79	73		74
	71		64
38.1	41.7	42.2	43.2	47.6	81.9	71.4	70.8	85.0	78.0	15.3	13.9	13.0	20.2	13.8
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

Europe & Africa			LNG
82	83	84	84	83	96	96	96	97	97

78.4	81.1	77.6	62.8	60.7	9.7	9.4	10.6	8.4	12.6

Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

Occupancy rate (in percent) for subsidiaries only, with the exception of LNG

EBITDA (in EUR million) excluding exceptional items and including net result from joint ventures and associates and currency effects

Vopak Q1 2020 - Analyst presentation 6

Q1 2020 vs Q4 2019 EBITDA

Resilient performance of the portfolio including growth project performance compensation one-off items and divestments

				0.8
204.8			4.2	6.1
1.2	2.7	200.9	4.9	6.7	200.2
					2.2

Q4 2019 FX-effect Divestments Adjusted Americas	LNG	Europe &	Asia &	China &	Global	Q1 2020
Q4 2019		Africa	Middle East	North Asia	functions,
					corporate

activities

and others

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

Vopak Q1 2020 - Analyst presentation 7

Occupancy rate developments

Planned inspection and maintenance out-of-service capacity, mainly in Rotterdam (Europoort & Botlek) and Singapore

Subsidiary occupancy rate and out-of-service capacity

Subsidiary planned out-of-service

In percent, in million cbm, illustrative
												 Regular inspection and maintenance
88%	92%	93%	90%	86%	86%	84%	82%	84%	84%			 Chemical service improvement projects
													in Botlek and Penjuru to strengthen our
													chemical storage positions
					1.5	1.8	1.8		1.6				Europoort - Laurenshaven to capture
			0.8	1.0			1.2
		0.6									opportunities from current oil
2014	2015	2016	2017	2018	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	environment
						2019				2020
	Occupancy rate (in percent) for subsidiaries only
	Out-of-service capacity (in million cbm) for subsidiaries only, not corrected for divestments

Vopak Q1 2020 - Analyst presentation 8

Cash flow overview

Cash momentum driven by divestment and capital repayment

Q1 2020	Q1 2019
In EUR million	In EUR million

								171
143		141			135	132
	2		57				84
			84
CFFO Tax & other	CFFO	Sustaining,	FCF	Divestments	Growth	Other	Free Cash
(gross)	operating	(net)	service & IT	before	investments	CFFO	Flow
	items		investments growth		incl capital	before
						repayments financing

159		154
	5	53
		101
			121

6 -26

CFFO	Tax & other	CFFO	Sustaining, FCF	Growth	Other	Free Cash
(gross)	operating	(net)	service & IT before investments	CFFI	Flow
	items		investments growth			before

financing

Figures in EUR million

Vopak Q1 2020 - Analyst presentation 9

Strong liquidity position

Availability of EUR 175 million cash and cash equivalents and EUR 770 million flexibility under committed revolving credit facility

Senior net debt : EBITDA ratio

for debt covenant

3.75

2.5-3.0

2.83	2.73	2.02	2.49	2.75	2.65
	2.04

2014 2015 2016 2017 2018 2019 Q1 Target

2020

Debt repayment schedule

In EUR million

RCF flexibility

RCF drawn

Other

Asian PP

US PP

288

138

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2040

Maximum ratio under private placements programs and syndicated revolving credit facility - 'frozen GAAP'

Vopak Q1 2020 - Analyst presentation 10

Investment phasing

Balanced approach for growth, sustaining, service improvement and IT investments

Investments

In EUR million

			New
			projects*
		~500	Growth
	~340
		investments**
~125
~240	~265	~300	Other
investments***
2017	2018	2019	2020

Investments

• For 2020, growth investment could amount to
  EUR 300-500 million
• In the period 2020-2022, Vopak may invest EUR 750-850million in sustaining and service improvement capex, subject to additional discretionary decisions, policy changes and regulatory environment
• in the period 2020-2022, Vopak expects to spend annually EUR 30-50million in IT capex

• For illustration purposes only, new announcements might increase future growth investments
• Growth capex at subsidiaries and equity injections for JV's and associates

*** Sustaining, service improvement and IT capex

Vopak Q1 2020 - Analyst presentation 11

Growth investments

Growth program of 1.5 million cbm

		Laurenshaven	Botlek
Corpus Christi		Thin-film Powerfoil	63,000 cbm	Qinzhou
Deer Park		Caojing
		Vlissingen	German LNG	290,000 cbm
130,000 cbm	33,000 cbm			65,000 cbm
Altamira	Vopak Moda	9,200 cbm	Open season completed	Vietnam	PITSB
		Antwerp
40,000 cbm	46,000 cbm			20,000 cbm	215,000 cbm*
		50,000 cbm
Veracruz			Merak	Jakarta
		Lesedi
	Panama
79,000 cbm*				50,000 cbm	100,000 cbm
	40,000 cbm*	100,000 cbm			Sydney
		Durban
Gas
Industrial terminals			130,000 cbm	105,000 cbm
Chemicals
Oil

* Remaining capacity, partly commissioned in 2019

Vopak Q1 2020 - Analyst presentation 12

Non-IFRSproportional information

Proportional consolidated information provides transparency considering increase joint venture contribution relative to subsidiaries

IFRS BASED

EBITDA				Occupancy rate			Q1 2020 occupancy per division
In EUR million				In percent - subsidiaries only		In percent - subsidiaries only
215	208	202	205	200	86	84	82	84	84	88	87	74	83	n/a
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1	Americas	Asia &	China	Europe LNG
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020		Middle	& North	& Africa
											East	Asia

NON-IFRSPROPORTIONAL

EBITDA	Occupancy rate
In EUR million	In percent

240	239	232	270	241	84	84	84	85	86
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

Q1 2020 occupancy per division

In percent

87	90	86	82	97
Americas	Asia &	China	Europe LNG
	Middle	& North	& Africa
	East	Asia

Vopak Q1 2020 - Analyst presentation 13

Q1 2020 Key messages

• Prudent COVID-19 response by taking good care of people working at our terminals and supporting society by storing vital products with care - all 66 terminals are operational
• Good financial performance with robust balance sheet and strong liquidity position
• Focus on short-term delivery and protecting long-term value by executing our strategy

EBITDA*

EPS*

Occupancy rate

Terminal network

In EUR million

In EUR

In percent

In million cbm

subsidiaries

84

Growth

1.5

2020-2022

200

0.65

only

program

Proportional 86

Today 34.3

* Including net result from joint ventures and associates and excluding exceptional items

Vopak Q1 2020 - Analyst presentation 14

Looking ahead

• We reiterate our aim to grow EBITDA over time with new contributions from growth projects and IMO 2020 converted capacity and replace the EBITDA from divested terminals, subject to general market conditions and currency exchange movements. The effect of contango oil markets and the effect of COVID-19 on general economic and operating conditions will influence the performance.
• We will continue to invest in growth of our global terminal portfolio with growth investment for 2020 that could amount to EUR 300 million to EUR 500 million. It is expected that some projects are delayed in execution and commissioning.
• Cost management continues in 2020 to compensate at least for annual inflation and will take into account current and developing market conditions.
• We are prepared to respond to different economic scenarios focused on revenues, cost and cash flows to deliver performance and protect long-term value.

Vopak Q1 2020 - Analyst presentation 15

Storing

vital products with care

Vopak Q1 2020 interim update

Questions & Answers

For more information please contact:

Investor Relations contact:

Laurens de Graaf, Head of Investor Relations Telephone: [phone]

e-mail: [e-mail]

Media contact:

Liesbeth Lans, Manager External Communications Telephone: [phone]

e-mail: [e-mail]

Royal Vopak

Westerlaan 10

3016 CK Rotterdam The Netherlands www.vopak.com

Upcoming events:

Annual General Meeting

21 April 2020

Ex-dividend quotation

23 April 2020

Dividend record date

24 April 2020

Dividend payment date

29 April 2020

Capital Markets Day - arrangements subject to further update 10 June 2020

Publication of 2020 half-year results

29 July 2020

Royal Vopak

21 April 2020 Analyst presentation

Vopak Q1 2020

interim update

Americas developments

Storage capacity	Occupancy rate*	Revenues*
In million cbm	In percent	In EUR million

	Total Q1 2020	89	91	92	90	88				81.8	84.0
0.2 0.5	4.5 million cbm		77.0	79.3
					75.6
	Subsidiaries
3.8	Joint ventures & associates
	Operatorships
		Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
		2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

19 Terminals (6 countries)

EBITDA**	EBIT**
In EUR million	In EUR million

	41.7	42.2	43.2	47.6
38.1						30.9
				24.9	27.4	29.0	27.2
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

* Subsidiaries only	Vopak Q1 2020 - Analyst presentation	18
** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

Asia & Middle East developments

Storage capacity	Occupancy rate*	Revenues*
In million cbm	In percent	In EUR million

3.3		Total Q1 2020	92	80		82	87	84.5	76.5	70.6	73.4	74.9
4.2	15.3 million cbm		71
		Subsidiaries
7.8		Joint ventures & associates
	Operatorships
			Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
			2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

19 Terminals (9 countries)

EBITDA**	EBIT**
In EUR million	In EUR million

81.9			85.0	78.0
71.4	70.8
					69.2
			66.0			62.2
					55.5	55.1
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

* Subsidiaries only	Vopak Q1 2020 - Analyst presentation	19
** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

China & North Asia developments

Storage capacity	Occupancy rate*	Revenues*
In million cbm	In percent	In EUR million

	Total Q1 2020	83	79	73		74
0.8	2.8 million cbm
		64
				10.5	9.8	9.7		9.8
							8.9
2.0	Subsidiaries
	Joint ventures & associates
	Operatorships
		Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
		2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

8 Terminals (3 countries)

EBITDA**	EBIT**
In EUR million	In EUR million

			20.2
15.3	13.9	13.0		13.8				17.3
		12.4
				11.0
					10.1		10.8
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

* Subsidiaries only	Vopak Q1 2020 - Analyst presentation	20
** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

Europe & Africa developments

Storage capacity	Occupancy rate*	Revenues*
In million cbm	In percent	In EUR million

1.3	Total Q1 2020	82	83	84	84	83	153.8	151.9	152.7
10.4 million cbm	131.9	126.8
	Subsidiaries
9.1	Joint ventures & associates
	Operatorships
		Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
		2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

15 Terminals (4 countries)

EBITDA**	EBIT**
In EUR million	In EUR million

78.4 81.1 77.6

62.8	60.7		47.4	43.5
		36.7
			29.0	27.0

Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

* Subsidiaries only	Vopak Q1 2020 - Analyst presentation	21
** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

JVs & associates developments

Net result JVs and associates*		Americas*				Asia & Middle East*
In EUR million		53.4		In EUR million				In EUR million
			50.9
		46.2
39.7
37.2											22.5	24.8	24.8
										19.3
										15.5
							2.9		3.1
						1.8	2.4
					0.3
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

China & North Asia*	Europe & Africa*	LNG*
In EUR million	In EUR million	In EUR million

			15.6
												11.9		13.9
8.8		8.6								10.6	11.1	10.0
8.4		8.4
					0.6	0.6	0.3	0.6	0.6
Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1	Q1	Q2	Q3	Q4	Q1
2019	2019	2019	2019	2020	2019	2019	2019	2019	2020	2019	2019	2019	2019	2020

* Excluding exceptional items	Vopak Q1 2020 - Analyst presentation 22

Project timelines

Vopak's

Capacity

2017

2018

2019

2020

2021

2022

Country

Terminal

ownership

Products

(cbm)

Growth projects

Existing terminals

Indonesia

Jakarta

49%

Oil products

100,000

Indonesia

Merak

95%

Chemicals

50,000

Netherlands

Vlissingen

100%

LPG & Chemical gases

9,200

South Africa

Durban

70%

Oil products

130,000

Netherlands

Rotterdam - Botlek

100%

Chemicals

63,000

Mexico

Veracruz

100%

Oil products

79,000

United States

Deer Park

100%

Chemicals

33,000

Australia

Sydney

100%

Oil products

105,000

Belgium

Antwerp - Linkeroever

100%

Chemicals

50,000

Mexico

Altamira

100%

Chemicals

40,000

China

Shanghai - Caojing Terminal

50%

Industrial Terminal

65,000

New terminals

Panama

Panama Atlantic

100%

Oil products

40,000

South Africa

Lesedi

70%

Oil products

100,000

United States

Vopak Moda Houston

50%

Chemical gases

46,000

China

Qinzhou

51%

Industrial Terminal

290,000

United States

Corpus Christi

100%

Industrial Terminal

130,000

start construction

expected to be commissioned

Indicative overview, timing may change going forward, as it is currently too early to assess the extent and nature of

Vopak Q1 2020 - Analyst presentation 23

the full impact and future developments including the delays of projects under construction of the COVID-19 pandemic.