Annual General Meeting of Shareholders25 April 2012

2

Forward-looking statement

This document 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 renders 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.

AGM 2011 25 April 2012

AGM 2011 25 April 2012

Contents

Strategy update and results

Growth projects

Business performance 2011

Q1 2012 Trading Update

Outlook

3

Global mega trends drive Vopak’s markets

4

� GDP growth in

non-OECD� Increasing need

transport and

mobility

� Increasing

(sustainable)

energy need

� Population

growth, mainly

non-OECD

AGM 2011 25 April 2012

Strengthening Vopak’s competitive position in a period of worldwide challenges

5

� Socio-economic unrests

(e.g. ‘Arab-spring’) � Geopolitical challenges� Financial turmoil and

economic uncertainties

AGM 2011 25 April 2012

Focused strategy to execute

6

Customer LeadershipOperational Excellence

Our Sustainability Foundation

• Excellent People

• Health and Safety

Our ability to construct,

operate and maintain

our terminals to

deliver our service at

competitive costs

Our ability to create

a relationship

with our customers

Our ability to find or

identify the right location

for our terminals

Growth Leadership

AGM 2011 25 April 2012

• Environment Care

• Responsible Partner

Sustainability themes within Vopak

Excellent People Health and Safety Environmental Care Responsible Partner

�Have the best

people and create

an agile and

solution driven

culture

�Provide a healthy

and safe workplace

for our employees

and contractors

�Be energy and

water efficient and

reduce emissions

and waste

�Be a responsible

partner for our

stakeholders

AGM 2011 25 April 2012 7

Personal and process safety

8

-15%

2011

1.1

2010

1.3

2009

1.4

2008

1.7

2007

1.4

2006

1.9

The lost time injury rate (LTIR) Total injuries leading to lost time per million hours worked

by own employees and contractors

AGM 2011 25 April 2012

-6%

2011

3.0

2010

3.2

2009

6.5

2008

5.8

2007

6.2

2006

7.1

Process Incidents

# incidents

Total Injury RateTotal injuries per million hours worked by own employees

+16%

2011

154.0

2010

133.0

2009

141.0

Robust results in 2011

AGM 2011 25 April 2012 9

EBITDAOccupancy rateStorage capacity

�Growth projects were

offset by divestments

(mainly Bahamas)

�The occupancy rate

was 93%, well within

the 90-95% range

aimed for

�EBITDA increased 6%

to EUR 636.0 million

AGM 2011 25 April 2012

Contents

Strategy update and results

Growth projects

Business performance 2011

Q1 2012 Trading Update

Outlook

10

Global energy product trends drive Vopak’s growth projects

Oil products Chemical products Biofuels & Vegoils LNG

�Global Crude oil

trade business

�Europe’s gasoline

surplus

�Europe’s deficit for

middle distillates

�Asia’s deficit for

Fuel Oil

�Feedstock

advantage in ME

�Renewed Gulf

re-emerges due to

shale gas

�Rationalization in

Europe

�Politics, annual

harvest and

demand growth will

lead to increased

flows between US-

Brazil-Europe-Asia

�A globalizing

natural gas market

with new business

models

�LNG growth due to

imbalances,

security of supply

and environmental

push

AGM 2011 25 April 2012 11

12

Various projects completed in 2011Storage capacity decreases by 1.0 million cbm

AGM 2011 25 April 2012

Commissioned

Acquired

Divestment

Amsterdam Westpoort (1)

620,000 cbm; oil products

Kandla

261,600 cbm; chemicals

Altamira

Altamira LNG terminal 300,000 cbm; LNG

Terminal Bahamas 3,400,000 cbm; oil products

Gate terminal 540,000 cbm; LNG

Note: Above examples not representative of all projects completed in 2011.

13

Various projects under constructionTotal storage capacity under construction 5.6 million cbm

AGM 2011 25 April 2012

Under construction

Amsterdam Westpoort (2b)

350,000 cbm; oil products

Pengerang

1,278,000 cbm; oil products

Fujairah

606,000 cbm; oil products

Europoort

400,000 cbm; oil products

Eemshaven

660,000 cbm; oil products

Hainan

1,350,000 cbm; oil products

Algeciras

403,000 cbm; oil products

Note: Above examples not representative of all projects under construction.

A Global companyA Global company…

…driven by Local entrepreneurship14 AGM 2011 25 April 2012

AGM 2011 25 April 2012

Contents

Strategy update and results

Growth projects

Business performance 2011

Q1 2012 Trading Update

Outlook

15

Financial performance is fuelled by different value drivers

16

Occupancy improvements

2003-06 2007-09 2010-2011 2012 >

Operational efficiency gains

Capacity expansion

PresentPresentPast Future

AGM 2011 25 April 2012

Playing field between 90 - 95%

17

Q4

94

Q3

93

Q2

93

Q1

92

Q4

92

Q3

92

Q2

93

Q1

93

Q4

93

Q3

93

Q2

95

Q1

95

Q4

95

Q3

94

Q2

95

Q1

96

’07

96

’06

94

’05

92

’04

84

Occupancy rate

In percent

90-95%

Healthy occupancy rates between 90-95%

2008 2009 2010 2011

AGM 2011 25 April 2012

Vopak is well positioned to maintain healthy EBIT(DA) margins

18

EBIT(DA) Margin*

In percent

0

10

20

30

40

50

2004 2005 2006 2007 2008 2009 2010 2011

Focus on logistic efficiency improvements for our clients

has led to increased EBIT(DA) margins

* Excluding exceptional items; excluding Net result from Joint Ventures.

EBIT Margin

EBITDA Margin

AGM 2011 25 April 2012

19

Development of storage capacity

+6.1

-1.0+8.9

2014

33.9

21.3

12.6

2013

32.2

20.9

11.3

2012

30.0

20.4

9.6

2011

27.8

19.6

8.2

2010

28.8

18.3

10.5

2009

28.3

18.1

10.2

2008

27.1

17.5

9.6

2007

21.8

16.7

5.1

2006

21.2

15.8

5.4

2005

20.4

15.5

4.9

2004

20.2

15.1

5.1

2003

19.9

15.1

4.8

Storage capacityIn mln cbm

Subsidiaries

Joint Ventures

AGM 2011 25 April 2012

Note: for the Joint Ventures 100% of the storage capacity is included.

Transition year 2011 in line with outlook

20

EBITDA*

AGM 2011 25 April 2012

Revenues

* Including net result from Joint Ventures.Note: In million EUR; excluding exceptional items.

Net profit*EBIT*

1,171.9+6%

20112010

1,106.3

2009

1,001.1

2008

923.5

2007

853.0

636.0+6%

20112010

598.2

2009

513.4

2008

429.3

2007

369.5

469.4+5%

20112010

445.3

2009

385.3

2008

320.4

2007

272.9

275.4+4%

20112010

264.8

2009

242.7

2008

202.1

2007

163.4

Exceptional result of EUR 116 million in 2011Mainly related to divestment Vopak Terminal Bahamas

AGM 2011 25 April 2012 21

Exceptional result 116.1

OtherExceptional result

4.6

111.5Sale of Vopak’s 20% equity

stake in BORCO (Bahamas)

Exceptional result 2011

In mln EUR

EBIT excl. exceptional items

469.4

Exceptional result

EBIT incl.exceptional items

585.5

116.1

Results 2011

In mln EUR

Net profit 275.4

5% EBIT increase mainly driven by Asia, Global LNG, OEMEA, and Latin America

22 AGM 2011 25 April 2012

33.8 -27%

20112010

46.0

North America

Note: EBIT in million EUR; Excluding exceptional items; including net result from Joint Ventures

161.4+3%

20112010

156.4

OEMEA

185.3+12%

20112010

165.7

Asia

28.2+10%

20112010

25.7

Latin America

87.8-3%

20112010

90.6

CEMEA Global LNG

2011

4.4

2010

-5.9

Joint Ventures are of importance in Vopak’s growth strategy

23 AGM 2011 25 April 2012

* For the Joint Ventures 100% of the storage capacity is included.** Excluding exceptional items; including net result from Joint Ventures.

EBIT**

In mln EURStorage capacity*

In mln cbm

Subsidiaries

Joint ventures

27.8

16.7

5.1

2007

21.8 10.5

2009

28.3

18.1

10.2

2008

27.1

17.5

9.6

19.6

28.8

18.3

2011

8.2

2010

385.3

319.2

66.1

2008

320.4

274.4

46.0

85.0

2010

360.3

91.7

445.3

20092007

469.4

2011

377.7

272.9

239.5

33.4

Capacity developments 2010-2014

In mln cbm

Capacity growth will continue in the future supported by healthy demand

4.2

Expansions

-1.0

31-12-2014

+6.1

28.8

Acquisition

0.1

31-12-2011

33.9

New

terminals

1.7

Expansions

0.8

27.8

3.5

31-12-2010

1.8

New

terminals

Divest-

ments

AGM 2011 25 April 2012 24

Note: For the Joint Ventures, 100% of the storage capacity is included.

Capital disciplined growth

AGM 2011 25 April 2012 25

4,240

20112010

3,831

2009

3,136

2008

2,634

2007

2,133

59%62%

58%

60%57%

41% 38% 42% 40% 43%

Total equity and liabilities

In mln EUR

Liabilities

Equity

Capital disciplined growth: Total investments

26

1,514

2012-2014

~950-1,100

~500

2009-2011

1,811

2006-2008

Total Investments 2006-2014

In mln EUR

Sustaining Capex

AGM 2011 25 April 2012

* Including remaining equity share in Joint Venture; in the first quarter of 2012 EUR 100 mln has been spent. Note: Total Capex related to 5.6 mln cbm under construction is ~EUR 1.6 bln.

Expansion Capex*

~450-600

Capital disciplined growth: Strategic finance

27

0

1

2

3

4

5

2011

2.65

2010

3.75

2.63

2009

2.23

2008

2.54

2007

1.71

2006

1.61

2005

1.76

2004

2.20

2003*

2.42

Net senior debt : EBITDA ratio

* Based on Dutch GAAP.

Maximum Ratio under current US PP program

Maximum Ratio under other PP programs and

syndicated revolving credit facility

AGM 2011 25 April 2012

Access to Capital Markets

�Syndicated

Revolving Credit

Facility

�Asian and JPY

Private

Placements

�US Private

Placement

63% of EBIT generated in non-euro currencies

28

Total 2.6

Non allocated 0.1

Latin America 0.7

North America 1.6

Asia 5.4

CEMEA 0.4

OEMEA 0.2

FX translation-effect on EBITIn mln EUR

EBIT transactional currenciesIn percent

Other

24%

EUR37%

SGD28%

USD

11%

� Transactional currency exchange risks are

limited

� As a rule revenues, costs and financing are

denominated in the same currency

Note: Excluding exceptional items.AGM 2011 25 April 2012

Vopak’s Pensions

29

Dutch 83%

Other 17%

� Cover ratio ultimo 2011

is 106%

� Return was 5% in 2011

� Pension contribution to

remain at the same,

maximum level of 30%

� An additional contribution

of EUR 50 million in 2011

Vopak’s Pension obligations

In percentDutch Pension Fund

Highlights

Other

20%

Dutch

80%

AGM 2011 25 April 2012

30 AGM 2011 25 April 2012

Proposed 2011 dividend amounts to EUR 0.80 per ordinary share

2.16+4%

+14%

2011

0.80

2010

2.08

0.70

2009

1.92

0.625

2008

1.62

0.55

2007

1.31

0.475

2006

0.98

0.375

2003 2004 2005

0.64 0.630.81

0.25 0.25 0.30

Dividend and EPS 2003-2011**In EUR

* Excluding exceptional items; attributable to holders of ordinary shares.** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated May 17, 2010.

Cash Dividend

Dividend policy: “Barring exceptional circumstances, the intention is to

pay an annual cash dividend of 25-40% of the net profit*”

AGM 2011 25 April 2012

Contents

Strategy update and results

Growth projects

Business performance 2011

Q1 2012 Trading Update

Outlook

31

32

Projects commissioned Q1 2012Storage capacity increases by 0.5 million cbm

Amsterdam Westpoort (2a)

220,000 cbm; oil products

Tianjin Lingang

95,300 cbm; chemicals

Note: Above examples not representative of all projects completed in Q1 2012.

Zhangjiagang

55,600 cbm; chemicals

Map Ta Phut

15,000 cbm; chemicals

Gothenburg

60,000 cbm; oil products

Commissioned

Acquired

AGM 2011 25 April 2012

Q1 2012 Summary

33

EBITDA*

In million EUR

138.0+26%

Q1 2012Q1 2011

109.5

EBIT*

In million EUR

* Including net result from Joint Ventures; excluding exceptional items.

186.2+26%

Q1 2012Q1 2011

148.1

Storage capacity

In mln cbm

93.0+1pp

Q1 2012Q1 2011

92.0

Occupancy rate

In percent

28.3+12%

Q1 2012Q1 2011

25.3

AGM 2011 25 April 2012

26% EBIT increase mainly driven by capacity expansions in Netherlands, Asia and LNG

10.6+8%

Q1 2012Q1 2011

9.8

North America

Note: EBIT in million EUR; Excluding exceptional items; including net result from Joint Ventures

Netherlands

+13%

Q1 2012Q1 2011

47.453.6

Asia

7.4+1%

Q1 2012Q1 2011

7.3

Latin America EMEA Global LNG

34 AGM 2011 25 April 2012

45.9

+37%

Q1 2012Q1 2011

33.5

Q1 2012

5.0

Q1 2011

24.1+8%

Q1 2012Q1 2011

22.4

-2.0

AGM 2011 25 April 2012

Contents

Strategy update and results

Growth projects

Business performance 2011

Q1 2012 Trading Update

Outlook

35

Contribution of Vopak value drivers in the future

36

Occupancy improvements

2003-06 2007-09 2010-2011 2012 >

Operational efficiency gains

Capacity expansion

PresentPresentPast Future

AGM 2011 25 April 2012

Playing field between 90 - 95%

Solid

Outlook assumptions

Oil products Chemicals Biofuels & Vegoils LNG

Robust

~60%

Encouraging Solid

<1%

Mixed

~17.5-20%

Industrial terminals

~12.5% ~7.5-10%

2011

~60-65% ~2.5-5%~17.5-20% ~7.5-10% ~5-7.5%

2013

Note: width of the boxes do not represent actual percentages.37

~x% Share of EBIT

AGM 2011 25 April 2012

Vopak expects to realize an EBITDA of between EUR 725-800 million in 2013

38

2013

725-800

2011

636.0

2010

598.2

2009

513.4

2008

429.3

2007

369.5

2006

314.1

2005

262.5

2004

231.8

EBITDA Development and outlookIn EUR mln

Note: Excluding exceptional items; including Net result from Joint Ventures

Historical results

Outlook

� The possibility

that Vopak

reaches the

lower end of the

2013 outlook

range in 2012

cannot be

excluded

AGM 2011 25 April 2012

Royal Vopak

Westerlaan 10 Tel: +31 10 4002911

3016 CK Rotterdam Fax: +31 10 4139829

The Netherlands www.vopak.com