Royal Vopak : Roadshow Presentation Q1 2020

Storing

vital products with care

Q1 2020 - Roadshow Presentation

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.

Q1 2020 Roadshow Presentation 2

Full year 2019 key messages

• Strong EBITDA and significant increase in earnings per share
• Execution of our strategy with portfolio transformation and growing new digital capabilities
• Continued growth investments for 2020 and EUR 100 million share buyback program
• Portfolio well-positioned for future opportunities
• • Global well-diversified portfolio
  • Strong competitive position
  • Clear and robust financial framework

Q1 2020 Roadshow Presentation 3

External developments

Structural business drivers influenced by two global trends

Storage demand drivers

• Structural demand drivers for storage of vital products, driven by growth in population and global energy consumption
• Increasing global imbalances resulting from concentration of supply and demand

Energy transition

• Facilitate the introduction of lighter, cleaner fuels
• Pursue potential infrastructure solutions for a low-carbon energy future

Competition	 Competitive landscape changed
as a result of new storage capacity
	worldwide
	 Vopak strategic capabilities of
	more importance

Digital transformation

• Real-timedata and transparent processes are required by customers
• Connectivity with external parties

Q1 2020 Roadshow Presentation 4

Business environment update

Long-term sustainable portfolio, well positioned for future opportunities

Chemicals

Gas

Focus on operational performance Oil products

• Long-termgrowth in global demand for chemicals
• Investments in petrochemical complexes provide industrial terminal opportunities

Strong growing markets	New
 Continued growth in LNG trade	energies
increasing imports in Asia
 Growing demand in LPG for
residential and petrochemical
markets

IMO 2020 capacity delivered

• Oil hubs: short-term weakness from backwardated markets structures
• Fuel oil: IMO 2020 capacity rented out
• Import-distributionmarkets: Solid growth in markets with structural deficits

Opportunities for storage business

• Significant global growth in renewable energies
• First investments in hydrogen and solar

Q1 2020 Roadshow Presentation 5

Vopak at a glance

At year-end 2019

Number of terminals

Number of countries

Storage capacity*

In million cbm

6623 34.0

37.0
	34.4
2018	2019

Market capitalization	Number of employees
In EUR billions	In FTE
6.2	5,559

Total injury rate (TIR)

In 200,000 hours worked own

personnel and contractors

0.34

0,30	0,34
2018	2019

*Figures at year-end 2019 excluding divestments as from 31 January 2020.

Q1 2020 Roadshow Presentation 6

Robust Vopak strategy

Leadership in 5 pillars with clear strategy execution

Q1 2020 Roadshow Presentation 7

Strategic terminal types

Industrial terminals

Gas terminals

Chemical terminals

Oil terminals

As petrochemical clusters are becoming larger and more complex, logistics integration is ever more crucial. Industrial terminals establish a single operator at the heart of the cluster, which typically serve multiple plants at the same time. They optimize the sites' logistics both by securing import and export flows to and from the cluster, and by ensuring reliable flows to feed the various plants inside the cluster. Due to the interdependency between the terminal and its customers, industrial terminals, typically have long-term customer contracts.

Vopak is expanding its gas storage - in response to increased demand, partly from petrochemicals and plastics production, but also from gas-fired power plants and transport. We are introducing new infrastructure for cleaner fuels like LPG and LNG. In doing so, Vopak is contributing to the energy transition. We own and operate LPG terminals in the Netherlands, China and Singapore; we have LNG facilities in Mexico, the Netherlands, Pakistan and Colombia.

Demand for chemicals storage is growing. Vopak has a strong presence in key hub locations, including Antwerp, Rotterdam, Singapore and Houston. We operate a global chemicals distribution network. Besides growth opportunities, we are also looking at ways of operating our terminals more efficiently and strengthening customer service.

Oil import, distribution and hub terminals are an important part of our business. We have hub terminals located strategically along major shipping routes, where suppliers, customers and traders are active. These include Rotterdam, Fujairah and the Singapore Strait. Vopak plays an important role in energy distribution in major oil markets with structural supply deficits.

Q1 2020 Roadshow Presentation 8

Portfolio transformation

Shift towards industrial terminals, chemicals and gas terminals

Key projects 2019

Gas	• SPEC LNG - Colombia
	• ETPL LNG - Pakistan
	• RIPET LPG - Canada
Industrial	• Corpus Christi - US
terminals
•	Qinzhou - China
	•	PT2SB - Pengerang, Malaysia
Chemicals	• Houston Deer Park - US
	•	Antwerp - Belgium
	• Rotterdam Botlek - the Netherlands
	•	IMO 2020 conversion
Oil
	•	Mexico - Veracruz
	•	Divestments Algeciras, Amsterdam,
		Hamburg, Hainan and Tallinn

Proportionate revenue per product

~10%	~10%	10-15%
~15%	20-25%
	25-30%
35-40%	25-30%
		25-30%
40-45%	40-45%	35-40%
2014	2017	2019	>2019

Proportionate revenue per division

5-10%	5-10%	~10%
~15%	15-20%	~20%
~20%	20-25%
		~25%
	5-10%
		5-10%
45-50%			~10%
40-45%
~35%
2014	2017	2019	>2019

Gas

Industrial terminals Chemicals

Oil

LNG

Americas

Asia & Middle East

China & North Asia

Europe & Africa

Note: keeping market conditionals equal and only taking announced projects into account

Q1 2020 Roadshow Presentation 9

Digital transformation

Improve safety performance, better service for our customers and more efficient use of our assets resulting in lower costs

Cyber security  Centralized cyber security program to protect our systems

• Significant reduction in response time to cyber attacks

In progress

Digital Modernization

In progress

 Replacing and modernizing our

company-wide IT and OT

systems

 Developed own software for

core processes and standardize

non-core processes

Digital Innovation

Early phase

• Connecting our assets to generate real-time data with smart sensoring
• Digitizing our maintenance

Platforms

Early phase

 Create digital platforms around

smart terminals enabling

efficient and reliable information

sharing

 Engage in new ventures related

to technology & innovation

Q1 2020 Roadshow Presentation 10

Value creation - sustainability

Safety and sustainability developments

Safety

• Leading safety performance in storage industry

Personnel Safety (TIR)

Total injuries per 200,000 hours worked

1.0
0.5									0.34
0.0
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

Process Safety (PSER)

Tier 1 and Tier 2 incidents per 200,000 hours worked

0.20	0.27	0.23	0.26
			0.16
	0.12
2014	2015	2016	2017	2018	2019

Sustainability

• UN Sustainability Development Goals (SDGs)
• Task-forceon Climate-related Financial Disclosures
• Investing in emission-reducing methods

Q1 2020 Roadshow Presentation 11

UN Sustainable Development Goals (SDGs)

We embrace the selected SDGs to create a focus on where we can contribute to society

Description

Ambitions / targets

We facilitate the energy transition by creating reliable access to energy and cleaner fuels and by exploring ways to develop storage and handling solutions for a low-carbon future. We aim to reduce our own footprint and improve our energy efficiency

In storing vital products today and tomorrow, safety is our first and foremost priority. This includes ensuring a safe and secure working environment for all people working at and for Vopak.

To realize our purpose, we develop, maintain and operate reliable, sustainable terminal infrastructure in ports around the world. We adopt and invest in environmentally sound technologies and processes. We explore the introduction of more sustainable technologies and processes and work on the digital transformation of our company

We strive for environmentally sound management of the products we store and handle, and we work hard to minimize any negative impact on the environment, in particular by reducing releases to air, water and soil.

• Reducing our environmental footprint (daily)
• Facilitate introduction of lighter, less polluting fuels (short to medium term)
• Development of new infrastructure for cleaner, alternative fuels (to 2050)
• Zero fatalities and reduced total injury rate (short to medium term)
• Improve diversity in management in terms of both gender and nationality
  (short to medium term)

For the short to medium term: Being the industry leader in:

• Sustainability, service delivery and efficiency standards
• Designing and engineering of new assets
• Project management and commissioning of new assets
• Operating and maintaining assets throughout the Vopak network
• Reduce Process Safety Event Rate (PSER)
• Reduce releases of harmful products to the environment
• No uncontained spills
• Climate neutral by 2050 and remaining the industry leader in sustainability in the period up to 2030 and 2050

Q1 2020 Roadshow Presentation 12

Benchmark scores

Ratings based on Environmental, Social and Governance

MSCI ESG Ratings	Dow Jones Sustainability
 Rating: AAA (Scale: CCC to AAA)	 Rating: 56 (Scale: 0 to 100 / industry average: 38)

FTSE4Good	ISS
 Rating: 3.7 (scale: 0 to 5)	 Rating (scale: 10 high risk to 1 low risk)
		Governance: 2
		Environmental: 2
		Social: 2

GRESB	Sustainalytics
 Rating: B (Scale: E to A)	 Rating: 70 (Scale: 0 to 100)

Q1 2020 Roadshow Presentation 13

2017-2019 strategy delivered

Transformative portfolio changes and digital strategy is being rolled out

	Capture growth		EUR 1 billion growth investment program in line with
		long-term market developments
	Spend EUR 750 million on sustaining and		Sustaining and service improvement capex programs
	service improvement capex		remained within the spending limit
	Invest EUR 100 million in new technology,		Build and global roll-out of Vopak's digital cloud-based
	innovation programs and replacing IT systems		terminal management software in progress
	Drive productivity and reduce the cost base		Efficiency program delivered - cost base for 2019
		is EUR 633 million

Q1 2020 Roadshow Presentation 14

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

Q1 2020 Roadshow Presentation 15

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.

Q1 2020 Roadshow Presentation 16

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

Q1 2020 Roadshow Presentation 17

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

Q1 2020 Roadshow Presentation 18

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

Q1 2020 Roadshow Presentation 19

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

Q1 2020 Roadshow Presentation 20

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

Q1 2020 Roadshow Presentation 21

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

Q1 2020 Roadshow Presentation 22

Overview financial framework

Performance delivery and managing value

• Clear financial framework to support strategy
• • Balanced portfolio management with focus on strong operational cash flow generation with a disciplined capital investment approach
  • Aimed towards a strong investment case
  • • Return on capital employed (ROCE) between 10% and 15%
    • Long term net debt to EBITDA ratio between 2.5 and 3.0
    • Annual stable to rising cash dividend in balance with a management view on a payout ratio range of 25-75% of net profit

Q1 2020 Roadshow Presentation 23

Financial framework

Focus on cash flow generation to create shareholder value

Cash Flow From Operations (CFFO)

Consolidated terminals: EBITDA -/- tax + asset disposals

Joint ventures: dividends received + shareholder loans repaid

Cash Flow From Investments (CFFI)

Consolidated terminals: sustaining + service + IT + growth capex

Joint ventures: equity injection + shareholder loans granted

Free Cash Flow (FCF) = CFFO-CFFI

Cash flow from operations minus the cash flow from investments

1. Debt servicing
2. Growth opportunities
3. Shareholder dividend
4. Capital optimization

Q1 2020 Roadshow Presentation 24

Well-balanced global portfolio

Strong resilient cash flow generation

Industrial		Gas		Chemical		Oil
terminals		terminals		terminals		terminals
5-20 years		10-20 years		0-5 years		0-5 years
25-30%	10-15%	25-30%	35-40%

Europe & Africa

Asia & Middle East

China & North Asia

Americas

LNG

Typical contract duration per product / terminal category

Share of proportionate revenues 2019*

EUR 300 million	EUR 309 million	EUR 62 million	EUR 165 million	EUR 38 million	2019
EBITDA**
*Joint ventures, associates and subsidiaries with non-controlling interests are consolidated based on the economic ownership
interests of the Group in these entities.
** Including net result from joint ventures and associates and excluding exceptional items		Q1 2020 Roadshow Presentation 25

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

Q1 2020 Roadshow Presentation 26

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

Q1 2020 Roadshow Presentation 27

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

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

Q1 2020 Roadshow Presentation 28

Maintain a return on capital

Expected ROCE between 10% and 15%

Average capital employed	Return on capital employed
In EUR billion*	In percent

4.1	4.0	4.3	4.2	4.3	4.2
2017	2018	Q1	Q2	Q3	Q4	2020	2021
		2019	2019	2019	2019

12.0%	12.6%	12.5%	12.0%	12.5%	10-15%
11.6%

2017

2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

2020

2021

• Disciplined capital for sustaining, service improvement and IT capex
• Value accretive growth opportunities

*Average capital employed definition has been applied consistently for all periods presented and is not affected by the	Q1 2020 Roadshow Presentation 29
application of IFRS 16.

Priorities for cash

Balanced approach between allocating capital to growth opportunities, an efficient and robust capital structure and distributions to shareholders

1	Debt servicing
	EUR 1.8 billion, remaining average maturity ~5.4 years, average interest 3.85%
	2		Growth opportunities
			Value accretive growth
				Shareholder dividend
			3
			Annual stable to rising cash dividend in balance with a management
			view on a payout ratio range of 25-75% of the net profit
				4	Capital optimization

Efficient and robust capital structure

Q1 2020 Roadshow Presentation 30

Capital structure

Financial flexibility to support growth

Ordinary shares	Private placement	Syndicated Revolving
	program	Credit Facility

Listed on Euronext	EUR 1.5 billion equivalent	EUR 1.0 billion
Market capitalization:	Mainly USD and also JPY,	15 participating banks
EUR ~6.2 billion	GBP, CAD & EUR	duration until June 2023
(at year-end 2019)

Q1 2020 Roadshow Presentation 31

Financial flexibility

The solid operational cash flow generation, strong balance sheet and sufficient financial flexibility, provides an excellent platform to continue our capital disciplined growth journey

Equity and net liabilities	Senior net debt* : EBITDA ratio
In percent
		Equity		Net liabilities			Maximum ratio under other private placements
							programs and syndicated revolving credit facility

											3.75
36%	40%	49%	53%	52%	55%
64%	60%	51%	47%	48%	45%	2.83	2.73	2.04	2.02	2.49	2.75
2014	2015	2016	2017	2018	2019	2014	2015	2016	2017	2018	2019

(pro forma)

*For certain joint ventures, limited guarantees are provided, affecting the Senior net debt

Q1 2020 Roadshow Presentation 32

Debt repayment schedule

Debt repayment schedule

In EUR million 1,400

1,200

1,000

800

600

400

200

0

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2040

RCF flexibility RCF drawn

Other Subordinated loans

Asian PP

US PP

As per 31 December 2019

Q1 2020 Roadshow Presentation 33

Increase in dividend to EUR 1.15 per share

Continued rising cash dividends

Dividend and EPS*		Dividend policy:
In EUR
		2.80
2.55	2.56		Annual stable to rising cash dividend in balance
	2.25	2.27

with a management view on a payout ratio of

1.00	1.05	1.05	1.10	1.15

2015	2016	2017	2018	2019
39%	41%	47%	48%	41% payout ratio
EPS

25-75% of net profit and subject to market circumstances

*Excluding exceptional items; attributable to holders of ordinary shares

Q1 2020 Roadshow Presentation 34

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.

Q1 2020 Roadshow Presentation 35

Storing

vital products with care

Q4 2019 Roadshow Presentation Appendix

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

** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

Q1 2020 Roadshow Presentation 37

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

** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

Q1 2020 Roadshow Presentation 38

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

** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items

Q1 2020 Roadshow Presentation 39

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
** EBIT(DA) - including net result from joint ventures and associates and excluding exceptional items				Q1 2020 Roadshow Presentation 40

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

Q1 2020 Roadshow Presentation 41

Key developments

Occupancy rate*

In percent

92	93	90	86	84
2015	2016	2017	2018	2019

EBITDA development**

In EUR million

812	822	763	734	830
2015	2016	2017	2018	2019

Cash flow from operating activities (gross)

In EUR million

867	783
	714	687	710

2015 2016 2017 2018 2019

*Subsidiaries only / **Excluding exceptional items; including net result of joint ventures

Dividend

In EUR per ordinary share

1.00	1.05	1.05	1.10	1.15
2015	2016	2017	2018	2019

Q1 2020 Roadshow Presentation 42

EBITDA to Net profit overview

Increase in Earning per Share

2019 (pro forma) In EUR million*

2018

In EUR million*

EBITDA

Depreciation and amortization

EBIT

Net finance costs

Income tax

Non-controlling interests

Net profit to holders of ordinary shares

784.8

258.4

526.4

67.1

61.9

33.3

364.1

734.3

271.0

463.3

82.4

55.4

36.0

289.5

EPS** 2.80

*Excluding exceptional items including net result from joint ventures and associates ** Earnings per share for holders of ordinary shares - IFRS consolidated

EPS 2.27

Q1 2020 Roadshow Presentation 43

Shareholder engagement: say-on-pay

2020 Executive Board and Supervisory Board policies:

• No material changes have been made to the policies

1. Policies now include further explanation/ clarification of our current Board remuneration practices in order to meet the SRD II requirements

1. No change in the Supervisory Board policy (last fee change was in 2017).

• 1. The Supervisory Board decided to make following amendments to the Executive Board policy (subject to approval of the AGM):
  2. • As of 2020, the KPI Cost as used in Vopak's Short-term Incentive Plan for Executive Board members, will be measured on a min. - max. sliding scale. This is a change from the Meet (=100%)/ Not Meet (= nil) approach in 2018 and 2019.
     • The LTIP opportunity is increased from 100% to 110% for the CEO, and from 80% to 90% for the CFO and COO, in order to maintain overall market competitiveness on a total compensation level.
• Proposed policies for voting at the AGM will be published on the website together with the other AGM documents.
• Stakeholder engagement:
• 1. Vopak's largest investor and the Works Council have already been informed of these policies.

1. Retail shareholders will be engaged during the AGM.

o Other stakeholders' views were engaged via the Vopak Materiality survey in 2019.

Q1 2020 Roadshow Presentation 44