–– –

_

Roadshow Presentation Results 2010

–– –Results 2010 22

• Global market leader in independent storage of liquid bulk products

• Present in 30 countries, operating 80 terminals

• Total storage capacity of 28.8 mln cbm

• Strong focus on safety and environment

• Infrastructure service provider to many oil and chemical majors

• Many successful strategic partnerships

• Market capitalization of EUR 4.4 bln

Key facts

Vopak: A worldwide tank terminal network

–– –Results 2010 3

Vopak transformation process

"This is an infrastructure play; the company is benefitting from the

outsourcing of this service by oil and

chemical producers, which form the

bulk of its customers. It is an under-recognized industry leader."

Canadian Investor

2007/2008/20092005/200620042003July 2002

–– –Results 2010 4

Tank terminal:

key role in oil and chemical supply chain

Vopak Terminal Europoort – Rotterdam, the Netherlands

–– –Results 2010 5

Vopak’s role in the supply chain“Reliability and efficiency crucial throughout the supply chain”

Feedstock

Production

Feedstock

Gathering

Production &

Refining

Products

Transmission

Independent

Storage &

Transshipment

Mid-Stream &

End-user

Distribution

Oil and Chemical supply chain

–– –Results 2010 66

Vopak’s challenge

The challenge is to facilitate the current and future product flows:

–– –Results 2010 77

Downstream Chemicals

Outgoing Logistics

Strategic position tank terminals

–– –Results 2010 88

Logistic hub terminal

Where large flows of products merge – logistics crossroad

Houston, Rotterdam / Antwerp, Singapore and Fujairah

Example fuel oil

–– –Results 2010 99

Import / Export terminal

- Break or make bulk

- Local distribution

–– –Results 2010 10

Industrial terminal

Vopak Singapore – Sakra Terminal

–– –Results 2010 11

Vopak core businesses

Existing market

Oil

Chemicals

New products inexisting market

Biofuels

New market

LNG

–– –Results 2010 1212

Growing demand for Vopak’s services by the oil industry

- Increasing product differentiation

- Increasing geographical imbalances

- Liberalization of new markets

- New giant oil players

–– –Results 2010 1313

Growing demand for Vopak’s services by the chemicals industry

- Increasing demand for storage

- Robust growth in developing markets

- Construction of new petrochemical complexes in Asia and

Middle East

World trade in major liquid chemicals

–– –Results 2010 1414

Increased interest in biofuels leading to

growing storage demands

- Interest in biofuels is soaring

- Biofuels an answer to energy security and climate change

- Increased interest in biofuels from producers due to

subsidies and governmental requirements

–– –Results 2010 1515

Worldwide LNG demand drives need for

independent import terminals

–– –Results 2010 16

Vopak market definition

Definition

Vopak’s competitive environment is defined as non-captive

marine tank storage for liquid oil and chemical products.

Primary competition

Independent competition renting only to third parties

Secondary competition

Partly using the capacity for storing own products

(Some traders, distributors, producers, state-owned companies)

Captive competition

Producers & traders using their capacity for storing only their

own products

–– –Results 2010 17

Market share according to the definition

9 %

14 %

17.4 mln

74 mln

128 mln

203 mln

Oil

23 %

26 %

11.4 mln

6 mln

44 mln

50 mln

Chemicals

28.8 mln CBMVopak

80 mln CBMSecondary Competition

11.1 %

16.6 %

Vopak Market Share:

As % of total market

As % of primary competition

172 mln CBMPrimary Competition

253 mln CBMWorld Market

TotalStorage market

In mln cbm

–– –Results 2010 18

Terminal capacity under construction

Demand growth in storage market

to support international trade flows

Additional Worldwide

Storage CapacityTotal

World Market, incl. Vopak 25.8 mln cbm

Growth % 10.0 %

Vopak 4.5 mln cbm

Growth as % of Vopak

capacity15.6%

–– –Results 2010 19

Vopak - the global market leaderSource: company websites, including inland capacity and Joint VenturesIn mln CBM

- 5 10 15 20 25 30 35

SPSE

Universal

LBC

Odfjell

STS

EAPC

Magellan

Sinochem

Horizon

Sunoco

Dalian Port

SUMED terminal

CIM

Vitol

IMTT

CLH

NuStar

Kinder Morgan

Oiltanking

Vopak

0

Vopak

–– –Results 2010 2020

Agenda

Details and definitions used in this presentation are derived from the

FY 2010 press release and Annual Report, which are leading.

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

–– –Results 2010 21

Robust results in 2010

Healthy occupancy rateAdded 0.5 mln cbm storage capacity

Strong business performance

EBITDA excl. exceptionals

450

500

550

600

650

2009 2010

EUR 598.2 mln

+17%

*Q1 2011: Adjustment of 3.4 million cbm after divestment Vopak Terminal Bahamas

–– –Results 2010 22

Personnel & Process Safety

* Number of injuries per million hours worked by employees

*

* Number of injuries leading to lost time per million hours worked by employees and contractors

Total Injury Rate*

7,1

6,25,8

6,5

3,2

0

2

4

6

8

2006 2007 2008 2009 2010

Lost Time Injury Rate*

1,9

1,4

1,7

1,4 1,3

0

1

2

3

2006 2007 2008 2009 2010

Process Incidents

141 133

0

50

100

150

2009 2010

–– –Results 2010 2323

Strategic focus Vopak

EXCELLENT CUSTOMER

SERVICE

EXCELLENT CUSTOMER

SERVICE

OPERATIONAL EXCELLENCE

OPERATIONAL EXCELLENCE

ACCELERATED COMPANY GROWTH

ACCELERATED COMPANY GROWTH

Pursue and strengthen

leadership in key

locations

Invest in partnerships

with strategic customers

Attain service

excellence across the

network

Become preferred

provider for strategic

accounts

To be the most safe,

sustainable and efficient

terminal operator

By continuous

improvements in our

operational processes

LEADERSHIP ENABLERSAlign structure with strategy and sustainable entrepreneurship

LEADERSHIP ENABLERSAlign structure with strategy and sustainable entrepreneurship

–– –Results 2010 24

Focused Strategy: Customer Service

Strengthening Key Account Management

Improved outcomes customer survey 2010

“Annual world wide

customer survey to

further improve our

customer service”

Enhanced product flow knowledge

–– –Results 2010 25

Focused Strategy: Operational Excellence

Focus on maintenance master plans

Preparing infrastructure for the future

Vopak Terminal Teesside – Infrastructure improvements to serve as fuel distribution terminal

Operational efficiency improvements

–– –Results 2010 26

Focused strategy: Company growth

26

Vopak Horizon Fujairah – Expansion of 606,000 cbm under construction in key hub location

Various new expansions announced

New strategic partnerships

Financing programs in place

–– –Results 2010 27

Various projects commissioned in 2010

Jakarta (Indonesia) 250,000 cbm

Vopak Zhangjiagang (China)

190,000 cbm commissioned

Total storage capacity commissioned 0.5 mln cbm

Alemoa (Brazil) 38,600 cbm

Decommissioned Waltershof (Germany) 99,400 cbm decommissioned

–– –Results 2010 28

Vopak Terminal Bahamas Subsequent event: Sale of 20% equity stake* in 3.4 million cbm Vopak Terminal Bahamas

*Joint venture initiated in 2008 between Vopak (20%) and First Reserve Capital (80%)

–– –Results 2010 2929

Agenda

Details and definitions used in this presentation are derived from the

FY 2010 press release and Annual Report, which are leading.

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

–– –Results 2010 3030

- Biodiesel: Wait-and-see approach by many customers

pending government regulations (EU certifications)- Bioethanol: Increasing intra-EU product flows and

subsided US import routes- Vegoils: Closely related to food consumption

Current demand for tank storage

- Increasing number of specifications and increasing

geographical imbalance between demand and supply

leads to robust demand

- Possible permanent closure/divestments of less efficient

refineries and IOC’s focussing on upstream business

- Redesign of supply chain and production facilities- Industrial terminals: Solid

- Chemical hub- and distribution terminals:- China - robust

- Asia - encouraging

- America’s - stable

- Europe - improved demand

Oil

Chemicals

Vegoils & Biofuels

–– –Results 2010 31

The tank storage market continues to evolve

But also:

• New competitors are emerging

• Previously unavailable space being considered

• NOC’s establishing in new markets

• Oil traders expanding with own storage capacity

Drivers of structural growth in demand remain:

• Increasing geographical imbalances

• Countries setting individual specifications for products

• Long term growing demand for environmentally friendlier fuels

• Liberalization of previously closed economies

–– –Results 2010 3232

Agenda

Details and definitions used in this presentation are derived from the

FY 2010 press release and Annual Report, which are leading.

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

–– –Results 2010 3333

29.9

2012

Company growth supported by

healthy demand for storage capacity

Storage CapacityIn mln cbm

21.2 21.8

27.1

28.3

2009200820072006

+0.6 +5.3 +1.2

2010

+0.5

20.4

2005

+0.8

94% 93%95%96%94%92%

Occupancy Rate

28.8

+4.5

* Adjustment of 3.4 million cbm after divestment of Vopak Terminal Bahamas

during Q1 2011

25.4

-3.4

Pro forma*

–– –Results 2010 34

Amsterdam Westpoort

Aerial photo of the Vopak Westpoort Terminal (the Netherlands) under construction

• Total storage capacity of 1,190,000 cbm• Phase 1 to come on stream in Q3 2011

• Full capacity available as of mid 2012 • A facility for storage and blending of oil products and components

–– –Results 2010 35

Algeciras, SpainStrategically located greenfield capacity expansion

• Total storage capacity of 403,000 cbm

• To come on stream end of 2012• Joint Venture between Vilma oil (20%) and Vopak (80%)

• A facility for independent bunker storage services

–– –Results 2010 36

Various projects under construction

MOT, Rotterdam (the Netherlands)

increase in entitlement with 360,000 cbm

Dongguan (China) 153,000 cbm

Total storage capacity under construction 4.5 mln cbm

Gate terminal (the Netherlands) 540,000 cbm

–– –Results 2010 37

“Confidence in the future!”

–– –Results 2010 3838

Agenda

Details and definitions used in this presentation are derived from the

full year 2010 press release and Annual Report, which are leading.

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

–– –Results 2010 39

0%

10%

20%

30%

40%

50%

60%

2005 2006 2007 2008 2009 2010

2010: Another robust year for Vopak

EBITDA margin*

EBIT margin*

* Excluding exceptional items and excluding Net result of JV’s

OCCUPANCY RATESWITHIN 90-95% BANDWIDTH

OCCUPANCY RATESWITHIN 90-95% BANDWIDTH

HEALTHY MARGINSHEALTHY MARGINSStrong business performanceStrong business performanceIn EUR mln, -excluding exceptional items-

CUSTOMER FOCUSED GROWTH

CUSTOMER FOCUSED GROWTH

262.5314.1

369.5429.3

513.4

598.2

2005 2006 2007 2008 2009 2010

EBITDA

* Adjustment of 3.4 million cbm after divestment VTB

–– –Results 2010 40

2010 Financial overview

17% EBITDA growth

16% EBIT growth

8% EPS growth

Proposed cash dividend of EUR 0.70 per share

Adequate funding of growth strategy secured

- All figures excluding exceptional items -

–– –Results 2010 41

0%

25%

50%

75%

100%

2005 2010

Supported by a robust contract portfolio

> 3yr

1yr < > 3yr

< 1yr

Focused (growth, customer service and operational excellence) strategy delivers results

262.5

EBITDA

2005

Divestments

EBITDA improvements by:

• Higher occupancy rates

• Improved revenue per cbm

• Effective cost management

• Storage capacity growth

• Benefits from economies of scale

598.2

EBITDA

2010

In EUR mln, - excl. exceptional items -

–– –Results 2010 42

Net Profit

Revenues EBIT

Earnings per share

In EUR mln

1,106.31,001.1

In EUR mln

445.3385.3

In EUR mln

264.8242.7

In EUR

2.081.92*

+9% +8%

+16%2009 2010+11%

2010 EBIT excl. exceptional items:

up 16% to EUR 445.3 mln

2009 2010

2009 2010 2009 2010

All figures excluding exceptional items

* Adjusted for 1:2 share split effectuated May 17, 2010

923.5

2008 2008

320.4

202.1

2008

1.62*

2008

–– –Results 2010 4343

Storage CapacityIn mln cbm

21.2 21.8

27.1

28.3

2009200820072006

+0.6 +5.3 +1.2

2010

+0.5

20.4

2005

+0.8

94% 93%95%96%94%92%

Occupancy Rate

Revenue developments supported

by robust demand for storage

capacity

Joint Ventures

Group Companies

18.3

28.810.5

Adjustment for announced

divestment Vopak Terminal Bahamas (Q1 2011)

25.4

Pro forma

-3.4

–– –Results 2010 44

All divisions contribute to the

11% revenue growth

CEMEA

Asia

Latin America

OEMEANorth America

32%

206.2 272.5269.5 278.1

131.7 138.3

77.9 88.2

2009 2010

2009 2010

2009 20102009 2010

In EUR mln

5% 3%

13%

312.7 325.1

2009 20104%

–– –Results 2010 45

EBIT - excluding exceptional items -

increased by 16%

38%60.583.4Net result Joint Ventures

13%391.1442.0EBIT incl. exceptional items

EBIT excl. exceptional items

Exceptional gain (loss)

Operating profit

5.8(3.3)

16%385.3445.3

8%330.6358.6

∆20092010

In EUR mln

–– –Results 2010 46

OEMEA 2.1

CEMEA 1.4

Asia 17.4

North America 2.6

Latin America 3.2

Non allocated -0.8

Total 25.9

FX Translation-effect on EBITper division

USD

SGD

EUR

Other

46

64% of EBIT generated in

non-euro currencies

14%

26%

36%

24%

Transactional currency exchange risks are limited.

As a rule revenues, costs and financing are denominated in the same currency.

SGD

USD

EUR

OtherIn EUR mln

–– –Results 2010 47

16% EBIT increase mainly

driven by Asia and OEMEA

CEMEA

Asia

Latin America

OEMEA

Other

North America

33%

127.5

169.9135.3

152.2

46.1 46.0

24.3 25.7

2009 2010

2009 2010

2009 20102009 2010

In EUR mln, - excl. exceptional items -

0% 12%

6%

91.2 90.6

2009 2010

-39.1 -39.1

2009 2010-1%

0%

–– –Results 2010 48

Net result from Joint Ventures

increases with 29%

CEMEA

Asia

Latin America

OEMEA

Other

North America

18%

28.8

33.932.1

41.9

3.68.6

0.7 1.1

2009 2010

2009 2010

2009 20102009 2010

In EUR mln, - excl. exceptional items -

31%

57%

1.8 1.5

2009 2010

-0.9 -2.0

2009 2010-17%

139%

–– –Results 2010 4949

Healthy EBIT(DA) marginsSupported by robust occupancy rates, improved

revenue per cbm, effective cost management and

economies of scale

EBITDA margin*

EBIT margin*

* Excluding exceptional items,

excluding Net result of JV’s

0%

10%

20%

30%

40%

50%

60%

2005 2006 2007 2008 2009 2010

–– –Results 2010 50

-72.8

264.8

-68.4

445.3

2010

385.3

242.7

Net Profit - excluding exceptional items -

increased by 9%

16%

9%

2009 ∆

EBIT

Net Profit attributable to holders of ordinary shares

Net finance costs

Tax *

-45.7

-68.9

2.08 1.92EPS 8%

1,106.3Revenues 1,001.1 11%

* Includes exceptional items

In EUR mln, - excl. exceptional items -

–– –Results 2010 51

Net Finance Costs aligned

with expansion program

-45.7

20092010

In EUR mln

6.7Interest and dividend income

Net finance costs

Finance costs -52.4

4.6

-73.0

-68.4

Net-interest bearing debt Average interest rate

0%

2%

4%

6%

8%

10%

2004 2005 2006 2007 2008 2009 2010

411.7 425.7

561.9

996.7 1017.7

1431.4

0

250

500

750

1000

1250

1500

2005 2006 2007 2008 2009 2010

–– –Results 2010 52

-72.8 19.5% 19.9%

2010 2009

In EUR mln

Effective tax rate 2010

Tax

Effective Tax Rate

2010

–– –Results 2010 53

0.805 0.98

2.081.92

1.62

1.31

0.00

0.50

1.00

1.50

2.00

2.50

2005 2006 2007 2008 2009 2010

Solid improvements in EPS

8%19%24%34%22%

Historical figures adjusted for 1:2 share split effectuated

May 17, 2010

In EUR, - excl. exceptional items -

–– –Results 2010 54

Dividend: Increase with 12%

Proposed 2010 dividend amounts to EUR 0.70 per ordinary share

Proposed

dividend

+12%

0.70

0.55

0.625

0.475

0.375

0.30

2005 2006 2007 2008 2009 2010

Historical figures adjusted for 1:2 share split effectuated

May 17, 2010

–– –Results 2010 55

Sources and uses of cash

In EUR mln

-100

0

100

200

300

400

500

600

NetCash position 31 Dec 2010

NetCash position

1 Jan 2010

Net finance

costsTax paid Financing

activitiesDivestments Derivative

Settlement

455.1

564.7

11.2

12.8

147.8172.6

53.0

194.9

Gross operating

cash flow

Investments58.7

–– –Results 2010 56

Pensions

Dutch 83%

Other

17%

Vopak defined Pension obligations Dutch Pension obligations

• Pension fund cover ratio 110%

(per end of February 2011)

• Included additions to pension obligations

due to increased life expectancy in total 7%

• Employer’s contribution for 2011remains at the maximum of 30%

FY 2010

–– –Results 2010 57

Business performanceEBIT per Division

Vopak Singapore Sebarok Terminal

Vopak Terminal Europoort

Vopak Terminal

Deerpark, Houston

Vopak Horizon Fujairah

–– –Results 2010 58

Q1 Q2 Q3 Q4

79,285,6

109,7

77,6

98,6

113,3

80,8

104,2

114,8

82,8

96,9

107,5

Q1 Q2 Q3 Q4

Quarterly EBIT development“Solid year-on-year growth”

16%

In EUR mln, - excl. exceptional items -

9%9%23%

2008

2009

2010

–– –Results 2010 59

31-12-2008 3.98

Divestments -0.03

Expansions 0.33

31-12-2009 4.28

Divestments -0.06

Expansions 0.00

31-12-2010 4.22

Capacity developments

17.7

25.322.6

24.626.4

22.324.5

18.4

Q1 Q2 Q3 Q4

Chemicals EMEA“Increased customer activity offset by lower

demand for storage of biofuels”

9%

Vopak Terminal Botlek Zuid, Rotterdam

In EUR mln, - excl. exceptional items -

-25%-16%43%

In mln cbm

2009 2010

–– –Results 2010 60

31-12-2008 11.07

Divestments -0.43

Expansions 0.35

31-12-2009 10.99

Divestments -0.12

Expansions 0.18

31-12-2010 11.04

Capacity developments

31.5

36.633.6

38.8

35.9

41.0

34.335.8

Q1 Q2 Q3 Q4

Oil EMEA“Increasing geographical imbalances drive

demand for tank storage”

16% 15%

Vopak Terminal Europoort, Rotterdam

14%

In EUR mln, - excl. exceptional items -

4%

In mln cbm

2009 2010

–– –Results 2010 61

31-12-2008 5.82

Divestments 0.00

Expansions 0.60

31-12-2009 6.41

Divestments -0.01

Expansions 0.45

31-12-2010 6.87

Capacity developments

30.6

37.7

33.9

41.0

31.6

43.7

31.4

47.5

Q1 Q2 Q3 Q4

Asia“Increasing consumption in Asia offers

Vopak a robust growth perspective”

23% 21%

Vopak Terminal Sakra, Singapore

38%

In EUR mln, - excl. exceptional items -

51%

In mln cbm

2009 2010

–– –Results 2010 62

31-12-2008 5.32

Divestments 0.00Expansions 0.43

31-12-2009 5.74

Divestments -0.01Expansions 0.00

31-12-2010 5.73

Capacity developments

11.4

13.3

11.212.0

13.0

10.110.5 10.6

Q1 Q2 Q3 Q4

North America“Healthy results in turbulent year”

17% 7%

Vopak Terminal Deerpark, Houston

-22%

In EUR mln, - excl. exceptional items -

1%

In mln cbm

2009 2010

–– –Results 2010 63

31-12-2008 0.88

Divestments 0.00

Expansions 0.03

31-12-2009 0.92

Divestments -0.01

Expansions 0.05

31-12-2010 0.95

Capacity developments

6.4

7.3

5.5

7.1

6.26.6

6.2

4.7

Q1 Q2 Q3 Q4

Latin America“Continuing steady performance”

14% 29%

Vopak Terminal Cartagena, Colombia

6%

In EUR mln, - excl. exceptional items -

-24%

In mln cbm

2009 2010

–– –Results 2010 64

Investments

Vopak Singapore Penjuru Terminal

Vopak Terminal Westpoort

Gate terminal

Vopak Terminal

Deerpark, Houston

–– –Results 2010 65

Growth continues2010 storage capacity increased with 0.5 mln cbm

25.4 mlnPro forma (11 March 2011)

-3.4 mlnAnnounced divestment Vopak Terminal Bahamas (Q1 2011)

0.5 mlnTotal net capacity increase 2010

4.5 mlnAnnounced expansion plans for 2011 and 2012 (incl. LNG)

28.3 mln YE 2009 Capacity

28.8 mlnYE 2010 Capacity

29.9 mlnTotal ultimo 2012

In cbm

Tallinn, Estonia

Product: Oil productsCapacity addition: 75,000 cbm

Zhangjiagang, China

Product: ChemicalsCapacity addition: 190,000 cbm

Ningbo, China

Product: Chemicals Capacity addition: 5,500 cbm

–– –Results 2010 66

Expansion projects progressing well

Gate terminal Rotterdam

540,000 cbm

Vopak Terminal Westpoort

1,190,000 cbm

Vopak Terminal Fujairah

606,000 cbm

Vopak Terminal Barcelona

155,200 cbm

–– –Results 2010 67

Total investments

146 147188

446

268

YE 2010 2012

Remaining Vopak Share Approved & Under Construction Projects

EUR 0.4 bln

In EUR mln

800

188

268

446

800

535565

2005 2006 2007 2008 2009 2010

–– –Results 2010 68

Investing in 4.5 mln cbm storage capacity growth

Total CAPEX projects 2011 and 2012

Approved & Under Construction Projects

Remaining Vopak share in CAPEX Spend 2011

and 2012 Approved & Under Construction

Projects

Group companies

and joint ventures Around

EUR 0.4 bln

Yearly Sustaining Capex +/- EUR 125-150 mln

Around

EUR 1.9 bln

Total investments up to and including 2012

–– –Results 2010 6969

Agenda

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

Details and definitions used in this presentation are derived from the

full year 2010 press release and Annual Report, which are leading.

–– –Results 2010 70

Debt funding program further strengthened

EUR 1,200,000,000

Syndicated Revolving Credit Facility

Bookrunning Mandated Lead Arrangers

Mandated Lead Arrangers

February 2011

EUR 1,200,000,000

Syndicated Revolving Credit Facility

Bookrunning Mandated Lead Arrangers

Mandated Lead Arrangers

February 2011

Second Asian PP - November 2010

SGD 225 mln Asian private placement notes

7.2 years bullet maturity

Third Asian PP - December 2010JPY 20 bln private placement

30 years bullet maturity

Renewal RCF - February 2011EUR 1.2 bln revolving credit facility (RCF)

Maturity 5 + 2 years

Total program around EUR 2.8 bln

–– –Results 2010 71

3.53.5Minimum EBITDA /

Net Interest Payable

-Amount outstanding

Redemption

payment

> 3.75> 3.75

Additional headroom

when financed with

subordinated debt

3.75

Maximum

Net Senior Debt/

EBITDA

3.75 3.75

Maturity of debt funding further enhanced

PP = Private Placement RCF = Revolving Credit Facility

- Up to 4.25 > 3.75

Term

Asian PP

Current Revolving Credit Facility of EUR 1.2 billion fully available

US PP RCFCovenant

2001 2007 2009 SGD2009 SGD2010 JPY PP EUR 1.2 bln

4.0 3.5 3.5

321 mln 375 mln 674 mln

USD USD USD

2011-2016 2015-2022 2017-2029

210 mln 225 mln 20 bln

SGD SGD JPY

2014 2018 2040 2016

–– –Results 2010 72

2.63

2.23

2.49

2.42

2.20

1.76

1.61

1.71

2.54

0 0.5 1 1.5 2 2.5 3 3.5 4

2002*

2003*

2004

2005

2006

2007

2008

2009

2010

Strategic financeNet Senior debt : EBITDA ratio

Maximum Ratio under current US PP programs

Maximum Ratio under other PP programs and syndicated revolving credit facility

* Based on Dutch GAAP

–– –Results 2010 73

Balanced debt repayment schedule

In EUR mln

2010 Overall weighted average interest rate 5.2%

0

50

100

150

200

250

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2029 2040

–– –Results 2010 7474

Agenda

Achievements 2010

Business environment

Growth projects

Business performance

Financing

Outlook

Details and definitions used in this presentation are derived from the

full year 2010 press release and Annual Report, which are leading.

–– –Results 2010 75

Proceeds of sale consist of:

Over USD 168 million in cash

Approximately USD 100 million in Buckeye units:

– 620,861 Buckeye LP units

– 1,095,772 Buckeye Class B units

Subsequent Event: Sale of 20% equity stake

Vopak Terminal Bahamas

In February 2011 Vopak decided to sell its 20% equity stake in Vopak Terminal Bahamas

Expected after tax profit of over USD 150 million, to be recognized in Q1 2011

–– –Results 2010 76

Outlook Assumptions

Oil

~ 60.0% of EBIT

Biofuels and vegoils~ 7.5 – 10%

of EBIT

Chemicals

~ 17.5 – 20.0%

of EBIT

Industrial terminals

~ 12.5% of EBIT

Healthy demand for storage capacity

Contract renewals

+

Some new storage capacity commissioned

SOLIDROBUST MIXEDMIXED

–– –Results 2010 77

Reconciling FY10 with FY11 outlook

Actual 2010 EBITDA

EUR 598.2 mln

+

Outlook 2011 EBITDA

Growth around 5%

- / -

Currency developments ?

� Expansions to be commissioned in HY2

� Contract renewals

� Operational efficiency

improvements / margin management

� Tanks out-of-operation

� Pre-operating expenses

� Continued uncertainty in biofuels storage

� Divestment VTB

� Costs associated with further

professionalization of strategic

network

–– –Results 2010 78

Outlook update

2012

“Based on its growth strategy and the

positive developments in 2010 Vopak

could potentially achieve its 2012

guidance of EUR 625-700 million

EBITDA one year earlier.”

2011

“For 2011 Vopak expects EBITDA

to grow by around 5%.”

2013

“Based on our growth strategy

Vopak is well positioned to

realize a EBITDA of between

EUR 725 – 800 million in 2013.”

2010

“For 2010 Vopak expects a EBITDA of

at least EUR 585 million.”

2010“Realized EBITDA of EUR 598.3 million”

UpdatedQ3 2010

–– –Results 2010 79

445.3

220.9272.9

EBITDA Outlook 2013: in the EUR 725-800 mln range

* Excluding exceptional items, including net result from Joint Ventures

2006 2007 2009

EBIT*

369.5EBITDA*314.1

Outlook

2008

179.7

262.5

2005

Guidance

429.3

320.4

513.4

385.3

Long-term guidance ROCE of 16%

Bearing in mind substantial

investments in green field projects/ expansions

Long-term guidance ROCE of 16%

Bearing in mind substantial

investments in green field projects/ expansions

In EUR mln

20132010

598.2

725-800

+5%

2011

–– –Results 2010 80

• Vopak has realized a 16% EBITDA growth in 2010

(2010 EUR 598 mln: 2009 EUR 513 mln)

• Vopak has realized a 8% EPS growth in 2010 (2010 EUR 2.08: 2009 EUR 1.92*)

• Vopak proposes a EUR 1.25 Cash-Dividend per share (2009: EUR 0.625)

• Vopak continues its expansion strategy based on positive market development and a robust global

terminal network

• Vopak secured adequate funding of its growth strategy

• Vopak expects around 5% EBITDA growth in 2011 and is well positioned to realize a 2013 EBITDA of between EUR 725-800 mln

Summary

a EUR 0.70 Cash-Dividend per share

a 8% EPS growth in 2010

a 17% EBITDA growth in 2010

Vopak continues its expansion strategy

Vopak secured adequate funding of its growth strategy

* Adjusted for 1:2 share split effectuated May 17, 2010

–– –Results 2010 81

–– –Results 2010 82

Storage capacity under construction

55,600C100%China, Zhangjiagang

95,300C50%China, Tianjin

15,800C100%Mexico, Altamira

153,000C50%China, Dongguan

155,200O50%Spain, Barcelona

360,000*O16.67%Netherlands, MOT

540,000LNG42.5%Netherlands, Gate

160,000O 100%Netherlands, Europoort

26,300C100%Brazil, Aratu

2011

30,000C50%China, Caojing

2010cbmLocation Ownership Product* 2009 2012

* O = Oil products, C = Chemicals, B = Biofuels, V = Vegetable oils, LNG = Liquefied Natural Gas

–– –Results 2010 83

660,000O50%Netherlands, Eemshaven

403,000O80%Spain, Algeciras

606,000O33%U.A.E., Fujairah

620,000

570,000O100%Netherlands, Westpoort

38,100V/B100%Netherlands, Vlaardingen

20112010cbmLocation Ownership Product* 2009 2012

* O = Oil products, C = Chemicals, B = Biofuels, V = Vegetable oils, LNG = Liquefied Natural Gas

Storage capacity under construction

–– –Results 2010 84

This presentation contains statements of a forward-looking nature, based on

currently available plans and forecasts. Given the dynamics of the markets

and the environments of the 31 countries in which Vopak provides logistics

services, the company cannot guarantee the accuracy and completeness of

forward-looking statements.

Unforeseen circumstances include, but are not limited to, exceptional income

and expense items, unexpected economic, political and foreign exchange

developments, and possible changes to IFRS reporting rules.

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.

Forward-looking statement

–– –Results 2010 85

–

www.vopak.com