Royal Vopak : Roadshow Presentation Q4 2019

Storing

vital products with care

Q4 2019 - 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.

Q4 2019 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

Q4 2019 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

Q4 2019 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

Q4 2019 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.

Q4 2019 Roadshow Presentation 6

Robust Vopak strategy

Leadership in 5 pillars with clear strategy execution

Q4 2019 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.

Q4 2019 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

Q4 2019 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

Q4 2019 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

Q4 2019 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

Q4 2019 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)

Q4 2019 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

Q4 2019 Roadshow Presentation 14

Q4 2019 Summary financial performance

• EBITDA of EUR 830 million reflect good aggregate business performance including new asset performance and positive IFRS 16 effects
• Earnings Per Share (EPS) significantly increased to EUR 2.80
• Cost savings program is delivered - 2019 cost base is EUR 633 million
• Continued growth investments
• EUR 100 million share buyback program and (proposed) dividend increased of 5%

Q4 2019 Roadshow Presentation 15

2019 vs 2018 EBITDA

Pro forma EBITDA increased reflected good aggregate business performance including new asset performance

												829.8
						7.9	5.2			784.8	45.0
								5.8
					22.5			5.6
734.3	14.4	14.9	733.8	26.8
2018	FX-effect	Divested	Adjusted	Asia &	Americas	China &	LNG	Europe &	Global	pro forma	IFRS 16	2019
		terminals	2018	Middle		North Asia		Africa	functions,	2019	effects
				East					corporate
									activities
									and others

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

Q4 2019 Roadshow Presentation 16

Q4 2019 vs Q3 2019 EBITDA

Q4 reflected positive effects from settlements, good performance from IMO 2020 capacity and growth projects replacing divested EBITDA

						1.2	0.9
202.4					7.2			2.2		204.8
						3.0
	0.1
		15.7		14.1
			186.6
Q3 2019	FX-effect	Divested	Adjusted	Asia &	China &	Americas	Europe &	LNG	Global	Q4 2019
		terminals	Q3 2019	Middle East	North Asia		Africa		functions,
									corporate
									activities
									and others

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

Q4 2019 Roadshow Presentation 17

Divisional segmentation

Europe & Africa reflect divestments; Asia & Middle East and China benefit from settlements; Americas and LNG show continued robust gas and chemical markets

Europe & Africa			Asia & Middle East			Americas
85	82	83	84	84	85	92	80		82	89	89	91	92	90
	71

70.3	73.6	76.2	72.8	59.1	65.9	77.5	66.9	66.3	80.4	28.5	35.9	39.6	40.1	41.0

Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

China & North Asia			LNG
73	83	79	73	64	95	96	96	96	97
						Occupancy rate (in percent) for subsidiaries

only, with the exception of LNG

19.0	15.1	13.7	12.8	20.1	10.2	9.8	9.5	10.7	11.0

Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

(pro forma) EBITDA (in EUR million) excluding exceptional items and including net result from JVs & associates and currency effects

Q4 2019 Roadshow Presentation 18

Non-IFRSproportionate information

	EBITDA
BASEDIFRS	In EUR million
763	734	785
	2017	2018 Pro forma
			2019

Occupancy rate

In percent

90	86	84
2017	2018	2019

Maintenance, Service & IT Capex

In EUR million

239	266	300
2017	2018	2019

Non-IFRS proportionate information provides transparency in Vopak's

underlying performance

NON-IFRSPROPORTIONATE

EBITDA

In EUR million

853	822	930
2017	2018	Pro forma
		2019

Occupancy rate*

In percent

90	86	86
2017	2018	2019

Maintenance, Service & IT Capex

In EUR million

245	280	322
2017	2018	2019

and free cash flow generating capacity

Excluding exceptional items

* Proportionate occupancy rate excluding divested joint venture in Estonia and Hainan that were fully impaired in 2018

Q4 2019 Roadshow Presentation 19

Cash flow overview

Investment momentum driven by growth project phasing towards 2019

2019	2018
In EUR million	In EUR million

710		647
					500
	63				561
			300					390
				347
						18
CFFO* Tax & other	CFFO	Sustaining,	FCF	Divestments	Growth	Other	Free Cash
(gross)	operating	(net)	service & IT before	investments	CFFI	Flow
	items		investments growth				before
								financing

687		640
	47
			266		38
				374
						341
							21	50
CFFO	Tax & other	CFFO	Sustaining,	FCF	Divestments	Growth	Other	Free Cash
(gross)	operating	(net)	service & IT before	investments	CFFI	Flow
	items		investments growth				before
								financing

Figures in EUR million
* IFRS 16 classifies lease payments mostly as financing cash flows versus operating cash flows in prior years	Q4 2019 Roadshow Presentation 20

Occupancy rate developments

Occupancy rate trended upwards following contracted IMO 2020 capacity coming into operations; Adverse market conditions at oil hub terminals continued

Occupancy rate*

In percent

90-95%

85-90%

86 84 82 84

IMO related out-of-service capacity

2010

2011

2012

2013

2014

2015

2016

2017

2018

Q1

Q2

Q3

Q4

2019

*Occupancy rate figures include subsidiaries only

Q4 2019 Roadshow Presentation 21

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

Q4 2019 Roadshow Presentation 22

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

Q4 2019 Roadshow Presentation 23

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		Q4 2019 Roadshow Presentation 24

Growth investments
Shift towards industrial terminals, chemical and gas terminals
			Botlek			Vietnam
RIPET		Vlissingen					Caojing
		63,000 cbm
	Deer Park				20,000 cbm
96,000 cbm*		9,200 cbm	German LNG		Qinzhou	65,000 cbm*
Corpus Christi	33,000 cbm	Antwerp					PT2SB
	Openseason completed
			290,000 cbm
	Veracruz
		ETPL
130,000 cbm		50,000 cbm				1,496,000 cbm*
Altamira	110,000cbm*		151,000 cbm*			Sebarok	PITSB
40,000 cbm	SPEC	Lesedi				67,000 cbm*	430,000 cbm*
					Jakarta
Panama					Merak
	170,000 cbm*
		100,000 cbm
360,000 cbm*							100,000 cbm
Gas	Alemoa		50,000 cbm	Sydney
Industrial terminals
	Durban
Chemicals
					105,000 cbm
Oil	106,000 cbm*
		130,000 cbm
* Fully or partly commissioned in 2019							Q4 2019 Roadshow Presentation	25

Project timelines

Vopak's

Capacity

2017

2018

2019

2020

2021

2022

Country

Terminal

ownership

Products

(cbm)

Growth projects

Existing terminals

Malaysia

Pengerang Independent Terminals (PITSB) 44.1%

Oil products

215,000

Vietnam

Vopak Vietnam

100%

Chemicals

20,000

South Africa

Durban

70%

Oil products

130,000

Indonesia

Jakarta

49%

Oil products

100,000

Indonesia

Merak

95%

Chemicals

50,000

Netherlands

Vlissingen

100%

LPG & Chemical gases

9,200

Netherlands

Rotterdam - Botlek

100%

Chemicals

63,000

Mexico

Veracruz

100%

Oil products

79,000

Australia

Sydney

100%

Oil products

105,000

United States

Deer Park

100%

Chemicals

33,000

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

China

Qinzhou

51%

Industrial Terminal

290,000

United States

Corpus Christi

100%

Industrial Terminal

130,000

start construction

expected to be commissioned

Q4 2019 Roadshow Presentation 26

Global fuel oil network

Good performance from contracted IMO 2020 capacity

Fuel Oil capacity

~35% ~3.5m cbm

15%

55%

~65%

30%

2017 2020

VLSFO

Flexible (HSFO/VLSFO/MGO)

HSFO

Rotterdam

IMO contracted

Los Angeles

Panama

Operational

Fuel oil hub terminal

Fuel oil bunker terminal

Singapore

Fujairah	IMOcontracted
IMO contracted

Q4 2019 Roadshow Presentation 27

Investment phasing

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

Investments

In EUR million

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

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

Q4 2019 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	Q4 2019 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 1.9 billion, remaining average maturity ~6 years, average interest 3.75%
	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

Q4 2019 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)

Q4 2019 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

Q4 2019 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 (incl. short-term money markets) Subordinated loans

Asian PP

US PP

As per 31 December 2019

Q4 2019 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

Q4 2019 Roadshow Presentation 34

Looking ahead

• We 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.
• In the period 2020-2022, Vopak may invest EUR 750 million to EUR 850 million in sustaining and service improvement capex, subject to additional discretionary decisions, policy changes and regulatory environment.
• To complete the Vopak's digital terminal management system build and roll-out, Vopak expects to spend annually EUR 30-50 million in IT capex over the period 2020-2022.
• We continue with further strengthening our cost culture and expect to compensate for annual inflation in our cost performance.
• We will continue to look for attractive ventures in new energies and innovative technologies.
• Growth investment for 2020 could amount to EUR 300 million to EUR 500 million.

Q4 2019 Roadshow Presentation 35

Storing

vital products with care

Q4 2019 Roadshow Presentation Appendix

Europe & Africa developments

Storage capacity		Occupancy rate*				Revenues*
In million cbm		In percent					In EUR million
1.3	Total Q4 2019	85	82	83	84	84	158.2	153.8	151.9	152.7
	10.8 million cbm									131.9

Subsidiaries

9.5 Joint ventures & associates

Operatorships

Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

16 Terminals (4 countries)

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

70.3	73.6	76.2	72.8
	59.1
						44.7	40.9
						35.5
					31.3			28.0
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

* Subsidiaries only

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

Q4 2019 Roadshow Presentation 37

Asia & Middle East developments

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

3.3		Total Q4 2019	85	92	80		82	79.1	84.5	76.5	70.6	73.4
4.2	15.1 million cbm		71
		Subsidiaries
7.6		Joint ventures & associates
	Operatorships
			Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
			2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

19 Terminals (9 countries)

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

65.9	77.5	66.9	66.3	80.4
		52.4	64.5	53.9	53.5	67.5
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

* Subsidiaries only

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

Q4 2019 Roadshow Presentation 38

China & North Asia developments

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

	Total Q4 2019	73	83	79	73
0.8	2.8 million cbm
		64
					10.5	9.8	9.7
							8.3	8.9
2.0	Subsidiaries
	Joint ventures & associates
	Operatorships
		Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
		2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

8 Terminals (3 countries)

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

19.0				20.1
	15.1	13.7	12.8		16.6				17.3
				12.4
					11.0
						10.1
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

* Subsidiaries only

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

Q4 2019 Roadshow Presentation 39

Americas developments

Storage capacity		Occupancy rate*				Revenues*
In million cbm		In percent					In EUR million
	Total Q4 2019	89	89	91	92	90			79.3	81.8
0.2 0.5	4.4 million cbm	75.6	77.0
							71.1

Subsidiaries

3.7 Joint ventures & associates

Operatorships

Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

19 Terminals (6 countries)

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

	35.9	39.6	40.1	41.1
							28.5
28.5						24.3	26.9	26.9
					16.9
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

* Subsidiaries only

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

Q4 2019 Roadshow Presentation 40

JVs & associates developments

Net result JVs and associates*	Europe & Africa*	Asia & Middle East*
In EUR million	In EUR million	In EUR million
	56.5

	40.3		46.8											25.3
36.6	37.7											22.9
									19.8
											16.0
										10.7
					0.7	0.6	0.6	0.4	0.6
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

China & North Asia*	Americas*	LNG*
In EUR million	In EUR million	In EUR million

14.5				15.6
												12.0	12.6
										10.5	10.8	11.1
	8.8	8.4	8.6
							1.7	2.9	2.4
					0.2	0.3
Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4	Q4	Q1	Q2	Q3	Q4
2018	2019	2019	2019	2019	2018	2019	2019	2019	2019	2018	2019	2019	2019	2019

* Excluding exceptional items

Q4 2019 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

Q4 2019 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

Q4 2019 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.

Q4 2019 Roadshow Presentation 44

IFRS 16 Leases

IFRS 16 Leases		Impact Vopak

• No economic impact on the business and how we manage it, accounting change only
• Sizeable portfolio of long-term land leases (explains more than 90% of the lease liability)
• Modified retrospective method
• Pro forma -excluding IFRS 16- figures presented for comparison purposes

Key figures*	In EUR million
EBITDA	40 - 50
Net profit	0 - (10)
IFRS 16 Lease liabilities	~675
Return on Capital Employed (ROCE)	reported on
consistent basis
Net debt to EBITDA ratio	'Frozen GAAP'
Cash Flows*
Cash flows from operating activities	45 - 55
Cash flows from financing activities	(45) - (55)
Total cash flows	No impact

* Impact is based on the lease contract portfolio, foreign currency rates and discount rates per the end of 2019,	Q4 2019 Roadshow Presentation 45
Actual financial impact may change due to sensitivities, new projects, acquisitions and divestments