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_

Annual General Meeting of Shareholders27 April 2011

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27 April 2011AGM 2010 22

Agenda

Details and definitions used in this presentation are derived from the FY 2010 and Q1 2011 press releases and Annual Report 2010, which are leading.

Strategic Developments

Business performance

Outlook

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27 April 2011AGM 2010 3

Robust results

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%

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27 April 2011AGM 2010 4

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

Process Incidents

141 133

0

50

100

150

2009 2010

Total Injury Rate*

7.5

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

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27 April 2011AGM 2010 55

Strategic focus Vopak

EXCELLENT CUSTOMER

SERVICE

EXCELLENT CUSTOMER

SERVICE

OPERATIONAL EXCELLENCE

OPERATIONAL EXCELLENCE

ACCELERATED COMPANY GROWTH

ACCELERATED COMPANY GROWTH

Attain service excellence

across the network

Become preferred

provider for strategic

accounts

Pursue and strengthen

leadership in key

locations

Invest in partnerships

with strategic customers

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

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27 April 2011AGM 2010 6

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

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27 April 2011AGM 2010 7

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

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27 April 2011AGM 2010 8

Focused strategy: Company growth

8

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

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27 April 2011AGM 2010 9

Various projects commissioned in 2010

Jakarta (Indonesia) 250,000 cbm

Vopak Zhangjiagang (China)

190,000 cbm commissioned

Total storage capacity added 0.5 mln cbm

Alemoa (Brazil) 38,600 cbm

Decommissioned Waltershof (Germany)

99,400 cbm decommissioned

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27 April 2011AGM 2010 1010

- Biodiesel: Wait-and-see approach by many customers pending government regulations (EU certifications)

- Bio-ethanol: Increasing intra-EU product flows and subsidized US import routes

- Vegoils: Global growth driven by increasing population stimulates captive storage expansions

Current demand for tank storage

Increasing number of specifications and increasing

geographical imbalance between demand and supply

leads to robust demand

- 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

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27 April 2011AGM 2010 11

Various projects under constructionTotal storage capacity under construction per Q1 2011: 4.5 mln cbm

MOT, Rotterdam (Netherlands)

increase in entitlement

with 360,000 cbm

Gate terminal

(Netherlands) 540,000 cbm

Algeciras (Spain) 403,000 cbm

2012

Remaining cash spend Vopak EUR 0.3 bln

Total investment for Vopak and partners EUR 1.9 bln

Q1 2011

Dongguan (China)153,000 cbm

Westpoort (Netherlands) 1,190,000 cbm

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27 April 2011AGM 2010 12

“Confidence in the future!”

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27 April 2011AGM 2010 1313

Agenda

Strategic Developments

Business performance

Outlook

–– –

27 April 2011AGM 2010 14

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 -

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27 April 2011AGM 2010 15

Robust Financial Performance

180221

273320

385445263

314

370

429

513

598

2005 2006 2007 2008 2009 2010

Net Profit*

EBITDA / EBIT*

Earnings per share

Revenues

In EUR mln In EUR mln

In EUR mln In EUR

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

2.08

1.92*

1.62*

1.31*

0.98*0.805*

2005 2006 2007 2008 2009 2010

1106

1001924

853778

684

2005 2006 2007 2008 2009 2010

99

122

163.4

202

243

265

2005 2006 2007 2008 2009 2010

EBITDA

EBIT

+9%

+11%

+8%

+16%

All figures excluding

exceptional items

*Attributable to holders of ordinary shares

*Including Result of Joint Ventures

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27 April 2011AGM 2010 16

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%

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27 April 2011AGM 2010 17

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

19%24%34%22%

Average 2005-2010 EPS growth: 21% (2010: 8%)

In EUR, - excl. exceptional items -

8%

Historical figures adjusted for 1:2 share split effectuated May 17, 2010

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27 April 2011AGM 2010 18

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

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27 April 2011AGM 2010 1919

Vopak’s Network growth on track:25.3 mln cbm storage capacity to grow to 29.8 mln cbm by 2012

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27 April 2011AGM 2010 20

Total investments

146 147188

446

268

YE 2010 YE2012

Remaining Vopak Share Approved & Under Construction Projects

EUR 0.3 bln

In EUR mln

800

188

268

446

800

535 565

2005 2006 2007 2008 2009 2010

Work in progress

YE 2010 EUR 531.9 mln

YE 2009 EUR 328.3 mln

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27 April 2011AGM 2010 21

2.18

2.63

2.42

2.20

1.76

1.61

1.71

2.54

2.23

0 0.5 1 1.5 2 2.5 3 3.5 4

2003*

2004

2005

2006

2007

2008

2009

2010

Q1 2011

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

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27 April 2011AGM 2010 2222

Agenda

Strategic Developments

Business performance

Q1 Trading update

Outlook

–– –

27 April 2011AGM 2010 23

+2%145.4148.1EBITDA excl. exceptionals

28.425.3Storage capacity (in mln cbm)

93%92%Occupancy rate

0%109.7109.5EBIT excl. exceptionals

+117%109.6237.3EBIT incl. exceptionals

∆Q1 10Q1 11In EUR mln

Q1 2011 SummaryQ1 2011 EBIT of EUR 110 mln, excluding

exceptional gains of EUR 128 mln

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27 April 2011AGM 2010 24

Exceptional items Q1 2011

EUR 16.3 mlnOther exceptional items

EUR 111.5 mlnDivestment Vopak Terminal Bahamas

Total proceeds of USD 271.4 million:

USD 164.6 million cash

USD 106.8 million Buckeye units:

- 620,861 Buckeye LP (common) units

- 1,095,722 Buckeye Class B units

After tax profit of USD 150.2 million

EUR 127.8 mlnTotal exceptional items Q1 2011

Mainly related to divestment Vopak Terminal Bahamas

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27 April 2011AGM 2010 25

Healthy occupancy rates in the 90-95% bandwidth

Q1 2011 Business environment:

� Improved results generated by new storage

capacity on stream last year in China and

Singapore (Asia)

� Better results in joint ventures (OEMEA)

� Rail car handling restrictions at Deer Park

(North America)

� Intensified maintenance and inspection

programs increasing the level of out of

service capacity (OEMEA / North America)

� Continued uncertainties for biofuels

(CEMEA / North America)

� Divestment Vopak Terminal Bahamas (North

America)

Occupancy rates per division:

CEMEA

OEMEA

Asia

North America

Latin America

Q1 2011

88%

93%

94%

91%

91%

Average occupancy decreased to 92% from 93%

Q1 2010

90%

95%

92%

96%

91%

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27 April 2011AGM 2010 26

EBIT of EUR 109.5 mln mainly driven by

Asia’s increased contribution

CEMEA

Asia

Latin America

OEMEA

Other

North America29%

36.747.4

37.6 35.8

13.3 9.8

7.3 7.3

Q1 10 Q1 11

Q1 10 Q1 11

Q1 10 Q1 11Q1 10 Q1 11

In EUR mln, - excl. exceptional items -

- 26%

0%

25.320.1

Q1 10 Q1 11

-10.5 -10.9

Q1 10 Q1 11

- 5%

- 21%

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27 April 2011AGM 2010 2727

Agenda

Details and definitions used in this presentation are derived from the FY 2010 and Q1 2011 press releases and Annual Report 2010, which are leading.

Strategic Developments

Business performance

Outlook

–– –

27 April 2011AGM 2010 28

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 ENCOURAGINGMIXED

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27 April 2011AGM 2010 29

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

FX

Rate

EUR/SGD

EUR/USD

EBIT(DA) impacted by volatile FX developments

FX Translation-effect on EBIT:

FY 2010 vs FY 2009 EUR +25.9 mln

Q1 2011 vs Q1 2010 EUR +5.1 mln

FX volatility makes the FY 2011 translation-effect uncertain.

Jan 2009 – March 2011

2003 2004 2005 20092006 2007 2008 2010 2011

Transactional currency exchange risks are limited.

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

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27 April 2011AGM 2010 30

2011

“For 2011 Vopak expects Group operating

profit before depreciation and amortization

(EBITDA) between EUR 600 – 640 million,

assuming no further appreciation of the Euro

against applicable other currencies.”

2013

“Based on our growth strategy Vopak is well

positioned to realize a Group operating profit

before depreciation and amortization (EBITDA)

between EUR 725 – 800 million in 2013.”

Outlook

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27 April 2011AGM 2010 31

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

2011

Q1 148.1

600-640

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27 April 2011AGM 2010 32

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 30 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

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27 April 2011AGM 2010 33

–

www.vopak.com