Vopak Presentation PDF

Storing vital
products
with care•
Royal Vopak
HY1 2017 Roadshow Presentation
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.
HY1 2017 Roadshow Presentation 2

The world’s leading independent
tank storage company building Introduction
•
on an impressive history of more
than 400 years
Demand Strategy Capital Business Looking ahead
Introduction
drivers execution management performance & other topics
Vopak at a glance
Number of terminals* Number of countries* Market capitalization* FY2016 Revenues**
In EUR billion In EUR million
67 25 4.8 1,347
Compared to 2015
-3%
Storage capacity* Number of employees FY2016 EBITDA*** FY2016 Net profit****
In million cbm Per year-end 2016 (in FTE) In EUR million In EUR million
35.9 5,672 822 Compared to 2015

326
+1%
85% 15%
* As per 18 August 2017

** Subsidiaries only
*** Excluding exceptional items and including net result of joint ventures and associates
**** Excluding exceptional items; attributable to holders of ordinary shares

Introduction
Four centuries of history

1616
‘De Blaauwhoudenveem’ was founded 1967
(much later known as ‘Blaauwhoed’) Merger of Pakhuismeesteren
and Blaauwhoed into
1818 Pakhoed
Establishment of Pakhuismeesteren van de
Thee in Amsterdam and Rotterdam
1999
Merger of Pakhoed and
Van Ommeren into Vopak
1839
Founding of the Phs. Van Ommeren
shipbroking company
2016
400th anniversary of Vopak
NOTE: above mentioned timeline is a selection of our history. We invite you to look at the full timeline on our website (www.vopak.com)

Introduction
Who we are
We ensure safe, efficient and clean storage of

products that are needed to meet the basic needs of
people. This is what our stakeholders value us for.
We store vital products with care •
Vopak in the supply chain

Introduction
Business model
Blending
Heating / cooling
Additional handling services related to loading / unloading
Excess throughput fees
Administrative support
Monthly invoicing in arrears
Services
Fixed rental fees for rented capacity (per cbm)
Fixed number of throughputs per year
Vopak does not own the product
Monthly invoicing in advance
Share of revenues
Tank storage The occupancy rate

is the commercial rented-out
portion of the full base capacity
NOTE: general overview of Vopak’s business model. This can very per terminal.
Introduction
Occupancy rate developments

Vopak expects to realize an average occupancy rate
of around 90% in 2017
Occupancy rate*
In percent
90-95%
85-90%
94 96 95 94 94 94
92 93 93 91 92 93 93 92 91
88 88 90
84
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017
*Subsidiaries only

Introduction
Strategic terminal types

Industrial terminals Gas terminals Distribution terminals Hub terminals
Industrial terminals Terminals facilitating Import and distribution Major hubs,

in the Americas, growth in global gas terminals in major supporting
the Middle East and markets markets with structural intercontinental
Asia Based on the shale gas deficits product flows
Petrochemical customers developments in North The capacity for refining Major hubs are terminals
are increasingly interested America, the global growth and petrochemical along major shipping
in contracting storage and in LNG liquefaction and the production is expected to routes, where many
handling services that are diversification of energy disappear in certain energy suppliers and customers
integrated in their industrial and feedstock in the consuming countries. are active and where
processes but executed by Middle East, we observe These countries will efficient supply chain
specialists like us. increasing demand for continue to have a high management processes
storage and handling demand for energy and are of utmost importance.
services of LNG, LPG and chemicals. However, they Major hubs in our network
various industrial gases. lack competitive production are: Houston, the ARA*
capabilities. region, Fujairah and the
Singapore Strait.
*Amsterdam-Rotterdam-Antwerp

Introduction
Global presence
Per Q2 2017
ARA region*
Houston
Fujairah
Singapore Strait
Number of Number of Storage

terminals countries capacity
*Amsterdam-Rotterdam-Antwerp
= Hub location = Vopak terminal

67 25 35.9 HY1 2017 Roadshow Presentation 10
In million cbm
Introduction
Diversified product-market mix
Vopak

Introduction
Well-balanced global portfolio

Oil Chemical Industrial Vegoils Gas
products products terminals & biofuels products
Typical contract duration
0-5 years 0-5 years 5-20 years 0-3 years 10-20 years per product /
terminal category
Share
40-45% 20-25% 20-25% 5-7.5% 3-5% of EBITDA*
Netherlands EMEA Asia Americas LNG

FY 2016
EUR 286.5 million EUR 121.1 million EUR 296.7 million EUR 120.5 million EUR 28.0 million
EBITDA*
Oil products
Chemical products
Industrial terminals
Vegoils & biofuels
Gas products
*Excluding exceptional items; including net result of joint ventures

Introduction
Key developments
Occupancy rate* EBITDA development**
In percent In EUR million
94 96 95 94 93 93 91 92 93 812 822
88 88 768 753 763
598 636
513
429
370
314
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cash flow from operating activities (gross) Dividend

In EUR million In EUR per ordinary share
867
760 787 781 1.00 1.05
685 0.88 0.90 0.90
0.80
474 492 523 0.63 0.70
341
401 0.48 0.55
289 0.38
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
*Subsidiaries
**Excluding exceptional items; including net result of joint ventures
Introduction
Business challenges
Strategic Operational
Competitive environment Safety and sustainability
Service
Shifting energy landscape
and product flows Cost competitiveness
Compliance Financial
Geopolitical and
environmental issues Cash flow generation
Trade policies Capital management

and legislation

Introduction
Discussions with investors
Economic & market dynamics Projects
 Geographical differences and  Projects under construction and

variations per product-market group business development pipeline
 Strategic considerations for

 Supply and demand commodities disciplined capital allocation
Governance Network alignment
 Strategic partnerships  Portfolio optimization

and long-term value creation

Introduction
Why invest in Vopak
Independent global storage and service provider active in all

continents and all product groups
Market leader in safety and service standards with a strong focus

on sustainability
Strategic locations with land available in emerging markets
New projects under construction and a full funnel of business

development plans, supported by long-term demand drivers
Capital disciplined with strict investment criteria
Robust cash flow generation against a balanced risk-return

profile with consistent dividend growth/distribution to shareholders
As the world population is growing
and becoming more affluent, Demand
demand for vital products like
energy, chemicals and food are drivers
•
increasing
Introduction
Megatrends
Influencing global demand and supply
Industrialization and urbanization Changing Disruptive

in emerging economies demographics technologies
Geopolitical developments Sustainability

and global trade and climate
Introduction
Impact on end markets

Energy, Manufacturing and Food & Agriculture
Trends
ENERGY MANUFACTURING FOOD & AGRICULTURE
End  Power generation sector to be  Demand growth in the  Growth driven by increasing
Markets the largest segment of energy Construction and Automotive population and wealth levels
demand by 2035 sector, with material balance
shifting towards the use of more  Most GDP impact in Asia where
 Within the energy mix, gas will plastics diets will ‘shift’ towards
grow the most Westernized diets
 Increase in demand for plastic
 Majority of growth will take place resins  Demand will grow in the East,
in China and India supply growth will be in the West

Introduction
Imbalances of petroleum products

Growing need for efficient hub functions and
import/distribution type facilities
FSU
Greater Europe
North America
Middle East
2016 2026
2016 2026
2016 2026
2016 2026 Asia Pacific

Latin America
Sub-Saharan Africa
2016 2026 2016 2026
Refined petroleum accumulated deficits 2016 2026
Refined petroleum accumulated surpluses
NOTE: Countries highlighted in red have shorts that increase with more than 2.5 million tons or have structural logistics constraints
SOURCE: Wood Mackenzie product markets long-term outlook 2016

Introduction
Chemicals outlook
Increasing global demand for plastics
Ethylene Capacity Growth
250
World consumption in mln tons
200
Other
150
Europe
100 Asia & Pacific
Middle East
50
North America
North East Asia
0
2000 2005 2010 2015 2020 2025 2030
World average plastics consumption in kg per capita
Plastics usage per capita increases for all key polymers

20 LlondellBasell’s La Porte, Texas, plant – one of
PE the many (future) petrochemical expansions in
18
16 the U.S.
14 PP
12 PET
10
8 PVC
6
4 Other
2
0
2000 2005 2010 2015 2020 2025 2030
NOTE: PET includes PET resins and fibers; Other includes PS, EPS, ABS, PC. SOURCE: IHS 2015
Introduction
Rebalancing of the LNG market

A new wave of supply expected, predominately coming from
the US and Australia Norway
~4%
Russia
~7%
North
America
Qatar
~23%
North Africa ~14%
~5%
West Africa
~7%
Malaysia ~4%
Indonesia ~3%
LNG exported in 2015 Existing LNG flow

Australia
LNG exported in 2025 New LNG flow
~17%
LNG exported in 2035 Existing pipe flow
% of world exports in 2035 New pipe flow
NOTE: The size of the circles depicts the supply forecasts for 2015, 2025 and 2035 for the largest LNG exporters. The sequence of concentric circles represents the growth
dynamic of the exporter. Existing exporters that are forecast to expand (such as Australia and the US) have yellow circles (2015) within red and/or blue circles. Existing
exporters that are forecast to decline (such as Malaysia or Indonesia) have blue (2035) or red (2025) circles surrounded by yellow (2015). New exporters with no 2015 exports
are shown as red circles surrounded by blue
SOURCE: ICIS (2015) & MJMEnergy/Interfax (2015)
Introduction
Vopak’s LNG strategy

LNG is received, stored, reloaded or regasified
Mature markets
Drivers
Inland gas markets
LNG trading Hub terminal
Break-bulk distribution
Transport / bunkering
Single-customer terminal
Growth markets
Drivers
LNG-to-power
Political – security of supply
Industrial FSRU 138,000 / 175,000 cbm
Emerging markets
Drivers FSRU 50,000 cbm
Bunker market
Industrial
LNG-to-power
ISO-container / bullet

Our success depends on our
ability to show leadership in five Strategy
key areas
execution
•
Introduction
Leadership in five areas
Storing vital products with care•
Leading Operational Service Technology People

assets in leadership leadership leadership leadership
leading
locations
Founders mentality
Vopak Values

Introduction
Leading assets in leading locations

67 terminals in 25 countries*
Hamburg Talinn Amsterdam Rotterdam Antwerp Yangpu Ningbo Haiteng Lanshan Tianjin Zhangjiagang
Tarragona Karachi
Barcelona Kandla
Algeciras Rayong
Quebec Ho Chi Mihn City
Hamilton Kertih
Montreal Pengerang
Long Beach Singapore
Los Angeles Jakarta
Houston Merak
Savanah Sydney
Terminal
Altamira Darwin
Terminal(s) at hub location
Vera Cruz Al Jubail
Coatzacoalcos Bahia Las Minas Cartagena Puerto Cabello Paranaque Alemoa Rocio Durban Fujairah Yanbu
*As per 18 August 2017
Introduction
Storage capacity developments

In million cbm between 2003 – HY1 2017
+16.0
33.8 34.3 34.7 35.9

29.9 30.5 Subsidiaries
27.1 28.3 28.8 27.8
19.7
Joint ventures
20.2 20.4 21.2 21.8 20.1 19.7 and associates
19.9 21.7
17.5 18.1 18.3 20.3 20.8
19.7 Operatorship
15.1 15.1 15.5 15.8 16.7
11.9 12.2 12.4
8.2 8.7 9.0 8.1 8.1 9.9
4.0 3.7 6.6
3.7 4.0 3.8
1.1 1.1 1.1 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.6 2.2 2.3 2.8 3.8
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2
2017
Joint venture partnerships

Access to new markets and networks Supporting
Compliance with local jurisdictions a balanced
Future options and growth opportunities
risk-return profile
and selective
Competitive advantages
growth
Combination of skills, sharing local specialized resource opportunities
•
Introduction
Return requirements for investments
Footprint in Optimization growth

emerging markets opportunities
1 2
First-mover Option
advantage value
Contribution from
key accounts 6 3 Mitigating downward risks
Growth along Strategic

with key accounts partnerships
5 4
Local WACC Commercial coverage on projects
Pay-back period Contracted infrastructure
Project NPV / IRR Launching customers
Equity IRR MoUs/LoIs

Introduction
New projects under construction

3.2 million cbm currently under construction
The timely completion of the current projects under construction, of which, most are
backed by commercial storage contracts will contribute to the aimed for EBITDA growth
and positive EPS development in the 2017-2019 period
Storage capacity developments

In million cbm
FY2016 34.7
Greenfield 1.2 +1.2
HY1 2017 35.9
Brownfield 0.8
+3.2
Greenfield 2.4
2019 39.1
Note: ‘storage capacity’ is defined as the total available storage capacity (jointly) operated by the Group at the end of the reporting period, being storage capacity for
subsidiaries, joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlands, which is based on the attributable capacity, being 1,090,861 cbm),
and other (equity) interests and operatorships, and including currently out of service capacity due to maintenance and inspection programs.
Introduction
Operational leadership
The right people, high quality assets and robust repeatable
processes
1. Safety
 Maximizing operational safety
 Minimizing environmental impact
2. Service
 Maximizing operational productivity
 Reducing the cost of our customers value chain
3. Efficiency
 Active monitoring of assets
 Optimized sustaining capex programs
 Reducing Vopak’s cost of operations

Introduction
Safety performance
Process safety and occupational health and safety is
our top priority
Total Injury Rate (TIR) Lost Time Injury Rate (LTIR)

Total injuries per 200,000 hours worked by Total injuries leading to lost time per 200,000 hours
own employees and contractors worked by own employees and contractors
1.5 0.3
1.0 0.2
0.12
0.40
0.5 0.1
0.0 0.0
2009 2010 2011 2012 2013 2014 2015 HY1 2016 HY1 2009 2010 2011 2012 2013 2014 2015 HY1 2016 HY1
2016 2017 2016 2017
Total Injury Count (TIC) Process Safety Events Rate (PSER)

Total injuries of own employees and contractors Tier 1 and Tier 2 incidents per 200,000 hours worked by
own employees and contractors (excluding greenfield projects)
53 47
32 31 0.40 0.30
16 0.24 0.18 0.23
HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017 HY1 2013 HY1 2014 HY1 2015 HY1 2016 HY1 2017

Introduction
Service leadership
Based on a thorough understanding of specific customer
needs combined with our in-depth knowledge of markets,
products and operational expertise
Global customers
 Active at multiple Vopak
locations around the world
Local customers  Current turnover and future
potential define Vopak’s
 Active at one Vopak location
global network account
 Can be largest customers at approach
a specific Vopak location
 Local sales approach Customer
portfolio
Wide range of
customers active
Regional customers
in the production,  Active in a specific region at
purchasing more than one Vopak location
 Can be the largest customer
and/or marketing within a division
of liquid products
•  Regional marketing
Introduction
Contract durations
A well-balanced global portfolio supported by a diversified
customer base with different underlying demand drivers
Contract position FY2014 Contract position FY2015 Contract position FY2016

In percent of revenues In percent of revenues In percent of revenues
21% 24% 23%
45%
48%
53%
26%
28% 32%
<1 year 1-3 year > 3 year
NOTE: Subsidiaries only . Contract duration based on original contract duration;.

Introduction
Technology leadership
Eliminating human error, further improving our safety
performance and increasing the productivity of our terminals
Vopak will accelerate

investments to
experiment with new
technologies and, Scaling
if attractive, scale these within the network
capabilities to our
network
•
Pilot and
innovation implementation
Proof of Concept
Business challenges
of a terminal

Introduction
People leadership
We aim to inspire and challenge our people without losing
sight of our strong competences and core values
Team spirit
Integrity
Care for Safety,

Health and Commitment
Environment Agility

Disciplined capital allocation,
maintaining a balanced risk-return Capital
profile, and consistent dividend
policy management
•
Introduction
Priorities for cash
1 Debt servicing
EUR 1.8 billion, remaining maturity ~7 years, average interest 4.1%
2 Dividend
EUR 0.9 billion paid to shareholders in the last 12 years
3 Disciplined growth
Network expanded from 19.9 to 35.9 million cbm*
4 Capital optimization
Create further flexibility for growth
* As per 18 August 2017 with 3.2 million cbm under construction

Introduction
Capital commitments
Total investments 2005-2019 Expansion capex**

In EUR million In EUR million; 100% = EUR ~2,500 million
Remaining
2,012 Forecasted capex ~700 Vopak share
1,899
1,729
in capex
?
New projects* (Group
capex and
~1,800 equity share
850 in JV’s)
901 Other capex**
700
Expansion capex***
Group capex spent
Contributed Vopak equity share in JVs and associates
2005- 2008- 2011 - 2014 - 2017 -
2007 2010 2013 2016 2019 Total partner’s equity share in JVs and associates
Total non-recourse finance in JVs and associates
Note: Includes all project announcements year-to-date. Other new announcements might increase future expansion capex.
* For illustration purposes only
** Forecasted service, maintenance, compliance and IT capex up to and including 2019
*** Total approved expansion capex related to 3.2 million cbm under development is ~2,500 million

Introduction
Financial flexibility
Supporting Vopak’s long-term capital disciplined
growth strategy
“The solid operational cash flow generation, strong balance sheet and
sufficient financial flexibility, provides an excellent platform to continue
our long-term focused capital disciplined growth journey”
Senior net debt : EBITDA ratio

5
4 3.75
3.00
3 2.75 Maximum ratio under other PP
programs and syndicated
2 revolving credit facility
2.73 Maximum ratio under current
1 2.04 2.20
US PP programs
0
2003 2015 2016 Q2
2017
NOTE: the 2003 figures are based on Dutch GAAP.

For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA;
Introduction
Capital structure
Financial flexibility to support growth
Syndicated
Ordinary shares Private placement Equity(-like)
Revolving
program Credit Facility
Listed on Euronext USD: 1.7 billion EUR 1.0 billion Subordinated USPP
Market capitalization: JPY: 20 billion 15 banks loans:
EUR ~4.8 billion as Average remaining participating USD 104 million
per 18 August 2017 duration ~ 7 years duration until June
2022, undrawn as
per 30 June, 2017

Introduction
Debt repayment schedule
Debt repayment schedule RCF flexibility US PP

In EUR million RCF drawn Asian PP
Subordinated US PP Other
1,100
1,000
400
300
200
100
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2040

Introduction
Net finance costs
Net finance costs HY 2017 Net finance costs HY 2016

In EUR million In EUR million
Interest and
dividend income
6.5 6.0
Finance costs -58.8 -61.9
Net finance costs -52.3 -55.9
Net interest bearing debt Average interest rate (after hedging)

In EUR million In percent
2,266 2,296 6.3%

5.4% 5.4% 5.2%
1,606 1,748 1,825 1,804 1,768 4.7% 4.4% 4.5%
4.0% 4.2% 4.1% 4.4%
1,431
997 1,018
562
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 HY 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 HY
2017 2017

Introduction
Solid financial position

Maintaining a consistent solvency while growing our global
network
Total equity and net liabilities

Net liabilities*
Equity
60% 51% 50%
49% 50%
64% 40%
36%
FY FY FY HY
2003 2015 2016 2017
* Cash and cash equivalents are subtracted from Liabilities.

NOTE: the 2003 figures are based on Dutch GAAP. In addition, due to the retrospective application of the Revised IAS 19, Equity and Liabilities for 2012 have been restated.
Introduction
Stable dividend growth

Increase dividend with 5% to EUR 1.05 per share
Dividend and EPS* 2003-2016

In EUR
3.0
2.56
EPS BARRING
2.5
EXCEPTIONAL
2.0 CIRCUMSTANCES,
1.5
+5% THE INTENTION IS
1.0
TO PAY AN ANNUAL
0.64
CASH DIVIDEND OF
0.5 0.90 1.00 1.05
25-50% OF THE NET
0.0 PROFIT*
2003 2014 2015 2016
Total dividend
In million EUR
115 115 128 134
102 112
80 89
59 69
47
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
*Excluding exceptional items; attributable to holders of ordinary shares; and also adjusted for 1:2 share split effectuated 17 May 2010
NOTE: the 2003 figures are based on Dutch GAAP. In addition, due to the retrospective application of the Revised IAS 19, Equity and Liabilities for 2012 have been restated.
Long-term value creation, robust
cash flow generation and margin Business
management
performance
•
Introduction
Long-term value creation

Key elements supporting our business model
Focus on
Strong capital
risk-return
structure with
Stable margins and
healthy
Diversified and take-or-pay cash flow
leverage
portfolio contracts with Selective generation
of terminals at sound durations capital
key locations Disciplined
growth
strategy

Introduction
Robust business results

Capital disciplined, step-by-step EBITDA growth
EBITDA and Net result joint ventures and associates
In EUR million
2005 - 2007 2008 - 2010 2011 - 2013 2014 - 2016
822 EBITDA*
763 812
Net result
joint ventures
and associates
304 included in
EBITDA
88 104 124
37
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AVG. EBITDA EUR 315m EUR 514m EUR 719m EUR 798m
AVG. EPS EUR 1.03 EUR 1.87 EUR 2.45 EUR 2.47
AVG. DIVIDEND EUR 0.41 EUR 0.66 EUR 0.86 EUR 1.00
EOP NET DEBT /
1.71 2.63 2.53 2.04
EBITDA RATIO
NOTE: the 2003 figures are based on Dutch GAAP
*Group operating profit before depreciation and amortization (EBITDA) –excluding exceptional items– and excluding net result joint ventures and associates;
Introduction
Key figures HY1 2017
Terminal network Revenues*

In million cbm In EUR million
+7% vs. HY1 16 -2% vs. HY1 16
35.9 669
Occupancy rate* EBITDA**
-3pp vs. HY1 16 -6% vs. HY1 16
91 394
*Revenue and occupancy figures include subsidiaries only
** Including net result from joint ventures and associates excluding exceptional items
Introduction
Events and topics in HY1
Growth Cost
projects competitiveness
Successful FID new projects In line with the 2017-2019

and announcement of strategic direction we want to
feasibility study strengthen our competitive
position
 Total capacity announced
new growth projects H1Y:  Capital investments,
387,000 cbm operating costs,
service offering
 Intention to expand
Pengerang in Malaysia  Efficiency program to save
with 430,000 cbm for CPP at least EUR 25 million
by 2019 well underway
 Further expansion Alemoa
terminal in Brazil with  Continue focusing on
44,900 cbm safety and sustainability
performance

Introduction
HY1 2017 key figures -excluding exceptional items-
Revenues* EBITDA** Terminal network

In EUR million In EUR million In million cbm
-2% -6% +2.3
700.7 679.9 669.3 384.5 366.5 408.4 420.9 394.1

648.8 647.2 35.9
30.4 32.1 32.7 33.6
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
EBIT** Net profit*** Occupancy rate*

In EUR million In EUR million In percent -3pp
-11% -14%
280.3 281.6 291.0 258.1 162.5 162.4 173.9 88 88 91 94 91

251.3 138.3 150.4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
* Revenue and occupancy figures include subsidiaries only

** Including net result from joint ventures and associates excluding exceptional items
*** Attributable to holders of ordinary shares excluding exceptional items
Introduction
HY1 EBITDA analysis

Adjusted for the divestments completed early 2016,
the pro forma EBITDA decreased by 4%
1.8
420.9 7.3
0.4
3.9 414.7 6.2
10.1
2.2 394.1
25.3
EMEA
LNG
Other
Americas
Asia
Divestments
FX-effect
HY1 2016
HY1 2017
Adj. HY1 2016
Netherlands
NOTE: Figures in EUR million, excluding exceptional items; including net result from joint ventures and associates.

Introduction
HY1 2017 Segmented EBITDA

EBITDA development per division
Netherlands EMEA Results in the Netherlands are

below expectations, the results
148.0 68.4 65.1 62.7
119.4 123.7 137.2 122.4 57.0 55.0 for EMEA, Asia and LNG are in
line with outlook, while the
Americas results are above
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
expectations
Asia Americas LNG

In EUR million In EUR million In EUR million
143.9 136.4 148.7 150.2 145.7 68.8 16.0 17.3

59.4 61.9 14.6
52.0 49.2 12.5 11.4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
EBITDA Including net result from joint ventures and associates and excluding exceptional items
Introduction
EBITDA to Net profit analysis
HY1 2017 HY1 2016

EBITDA 394.1 420.9
Depreciation and
amortization
136.0 129.9
EBIT 258.1 291.0
Net finance costs 52.3 55.9
Income tax 33.8 38.7 Income tax HY1 2017:

mix of profitable income
Non-controlling interests 21.6 22.5
Net profit to holders
150.4 173.9
of ordinary shares
EPS 1.18 EPS 1.36

Introduction
Non-IFRS proportionate information

HY 2017 key figures
IFRS BASED NON-IFRS PROPORTIONAL
Occupancy rate Occupancy rate

In percent In percent
88 94 91 90 94 91
2015 2016 2017 2014 2015 2016
EBITDA* EBITDA*
408 421 394 452 466 441
2015 2016 2017 2014 2015 2016
Note: In the non-IFRS proportionate financial information -excluding exceptional items- , the JVs and associates and the subsidiaries with non-controlling interests are consolidated based
on the economic ownership interests of the Group in these entities.
* EBITDA in EUR million excluding exceptional items HY1 2017 Roadshow Presentation 54
Introduction
Non-IFRS proportionate Free Cash Flow

Proportionate Free Cash Flow -excluding expansion capex-
is in line with previous year
HY1 HY1
Proportionate consolidated
2017 2016
EBITDA 440.9 466.1
Service, maintenance,
compliance and IT capex -100.3 -113.1
Finance costs -70.4 -75.4
Income tax -48.0 -51.3
Free Cash Flow

222.2 226.3
-excluding expansion capex-
Introduction
HY 2017 return indicators

Focus on cash flow and capital disciplined growth
NON-IFRS
IFRS BASED
PROPORTIONAL
ROE* ROCE** CFROGA***

(after interest, after tax) (before interest, before tax) (before interest, after tax)
In percent In percent In percent
17.1
15.9
13.8 14.3
12.0 12.3
10.3 10.3 9.4
2015 2016 2017 2015 2016 2017 2015 2016 2017
* Return on Equity is defined as the net profit excluding exceptionals as a percentage of the equity excluding non-controlling interest
** Return on Capital Employed is defined as EBIT excluding exceptionals as percentage of the capital employed
*** CFROGA is defined as EBITDA minus the statutory income tax charge on EBIT divided by the average historical investment (gross assets)
Introduction
Margin developments
Maintaining solid margins further supported by the efficiency
program to reduce Vopak’s future cost base with EUR 25
million well under way
EBIT(DA) margin*
In percent
60
EBITDA margin
50 EBIT margin
40
30
20
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 HY1
2017
*EBIT(DA) margins excluding exceptional items and excluding net result from joint ventures and associates

Introduction
HY1 2017 Netherlands developments
Occupancy rate* Revenues*

93 96 91 237.4 251.9 235.4

84 87 219.2 220.0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Storage capacity EBITDA** EBIT**

In million cbm In EUR million In EUR million
9.4 9.5 9.9 10.0 10.0 137.2 148.0 90.1 95.5

119.4 123.7 122.4 82.9 82.0
69.1
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
* Subsidiaries only;
**EBITDA including net result from joint ventures and associates; excluding exceptional items;

Introduction
HY1 2017 EMEA developments

89 91 95 92 126.9 135.1
81 119.8
101.5
89.0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

9.5 9.6 68.4 65.1 62.7 48.1

8.5 8.7 57.0 41.6 43.2
7.9 55.0
32.7 33.3
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Introduction
HY1 2017 Asia developments

95 95 88 92 90 182.3 177.6 193.0 191.9 194.1
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

11.5 12.5 143.9 148.7 150.2 145.7 116.4 109.6 116.1 117.3 112.8
136.4
10.2
8.5
7.4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Introduction
HY1 2017 Americas developments

90 91 90 92 90 149.9
124.3 134.4 134.1
119.4
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

3.7 3.9 68.8 44.9

3.3 3.3 3.4 59.4 61.9 38.0 40.4
52.0 49.2 33.6
29.0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Introduction
HY1 2017 JVs and associates
Net result JVs and associates* Netherlands* EMEA*

56.9 62.7 61.4 1.3 1.2 1.3 20.2 18.7

55.4 17.6
42.4 0.8 0.9
9.6 11.3
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Asia* Americas* LNG*

25.7 26.6 0.6 18.8

23.4 0.5 15.2 16.9 16.5
19.4 14.0
17.3
0.2
0.1 0.1
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
* excluding exceptional items;

Outlook 2017, strategic priorities
2017-2019 and other topics Looking ahead
and other topics
•
Introduction
Looking ahead
Continue long-term growth journey
“Supported by solid operational cash flow generation, a strong balance sheet and
sufficient financial flexibility, Vopak will continue its capital disciplined long-term growth
journey, while maintaining on average a Cash Flow Return On Gross Assets after tax
(CFROGA) between 9-11% for the total portfolio in the period 2017-2019”
2005 - 2007 2008 - 2010 2011 - 2013 2014 - 2016 2017 - 2019
812 822
763
Continue
long-term
304 growth
journey
88 104 124
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EBITDA excluding exceptional items
Net result JV and associates included in EBITDA

Introduction
Strategic priorities 2017-2019

Disciplined growth and productivity improvement
Vopak is well-positioned to take several investment decisions in the

Growth 2017-2019 period to capture growth.
In addition to growth capex and in line with the previous 2014-2016

capex program, Vopak aims to spend a maximum of approximately
Capex
EUR 750 million on sustaining and service improvement capex for
the period 2017-2019.
To support margin developments, Vopak aims to drive further
productivity through organizational and operational efficiency
Productivity
resulting, among others, in a reduction of the cost base with at least
EUR 25 million by 2019.
Vopak has decided to invest approximately EUR 100 million in the

IT and
period 2017-2019 in new technology and innovation programs as well
innovation
as replacing its IT systems.
Introduction
Other topics
Effective tax rate* 2017 EBITDA* transactional currencies

In percent In percent
22%
21.0 21.2
16.5 16.4 USD
SGD
EUR 18%
Other 34%
HY1 2014 HY1 2015 HY1 2016 HY1 2017
27%
Funding level Dutch pension fund FX translation-effect on 2017 EBITDA*

118 121 114 111 EMEA 1.6
Asia 2.5
Americas -0.2
Total 3.9
2013 2014 2015 2016
*EBITDA including net result from joint ventures and associates,

excluding exceptional items;
Storing vital
products
with care•
Royal Vopak
HY1 2017 Roadshow Presentation

Vopak Presentation PDF

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Storing vital

HY1 2017 Roadshow Presentation 2

35.9 5,672 822 Compared to 2015

* As per 18 August 2017

HY1 2017 Roadshow Presentation 4

Four centuries of history

HY1 2017 Roadshow Presentation 5

We ensure safe, efficient and clean storage of

Vopak in the supply chain

HY1 2017 Roadshow Presentation 6

Tank storage The occupancy rate

Occupancy rate developments

HY1 2017 Roadshow Presentation 8

Strategic terminal types

Industrial terminals Terminals facilitating Import and distribution Major hubs,

HY1 2017 Roadshow Presentation 9

Number of Number of Storage

= Hub location = Vopak terminal

Diversified product-market mix

HY1 2017 Roadshow Presentation 11

Well-balanced global portfolio

Netherlands EMEA Asia Americas LNG

*Excluding exceptional items; including net result of joint ventures

Cash flow from operating activities (gross) Dividend

Competitive environment Safety and sustainability

Trade policies Capital management

HY1 2017 Roadshow Presentation 14

Discussions with investors

Economic & market dynamics Projects

 Geographical differences and  Projects under construction and

 Strategic considerations for

Governance Network alignment

 Strategic partnerships  Portfolio optimization

HY1 2017 Roadshow Presentation 15

Why invest in Vopak

Independent global storage and service provider active in all

Market leader in safety and service standards with a strong focus

Strategic locations with land available in emerging markets

New projects under construction and a full funnel of business

Capital disciplined with strict investment criteria

Robust cash flow generation against a balanced risk-return

Industrialization and urbanization Changing Disruptive

Geopolitical developments Sustainability

Impact on end markets

ENERGY MANUFACTURING FOOD & AGRICULTURE

HY1 2017 Roadshow Presentation 19

Imbalances of petroleum products

2016 2026 Asia Pacific

2016 2026 2016 2026

Refined petroleum accumulated deficits 2016 2026

Refined petroleum accumulated surpluses

HY1 2017 Roadshow Presentation 20

Plastics usage per capita increases for all key polymers

Rebalancing of the LNG market

LNG exported in 2015 Existing LNG flow

Vopak’s LNG strategy

HY1 2017 Roadshow Presentation 23

Leadership in five areas

Storing vital products with care•

Leading Operational Service Technology People

HY1 2017 Roadshow Presentation 25

Leading assets in leading locations

EBIT Net profit* Occupancy rate*