DECEMBER 2014

THE MIDDLE EAST

CAPITAL MARKETS DAY

IMPACT

FORWARD-LOOKING

STATEMENTS 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.

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.

Various sources are used in this presentation including among others: Wood MacKenzie, IEA, IHS and Vopak intelligence

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • 2 • • • • • • • • • • • • • • • • • • • • • • • • • • • •

REGION

AT A GLANCE

Fujairah , UAE

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

UNIQUE GEOGRAPHIC POSITION IN THE WORLD IN THE CENTER OF TRADE BETWEEN EAST AND WEST

Terminal

Terminal(s) at hub location

4 CMD 2014

Geographic position

Resources and

population

Production

Balance and mix

Political developments

Middle East: a region shaped by resources

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

11.000

12.000

13.000

14.000

15.0003.000

2.500

2.000

1.500

1.000

500

0

20

14

20

12

20

10

20

08

20

06

20

04

20

02

20

00

19

98

19

96

19

94

19

92

19

90

19

88

19

86

19

84

19

82

19

80

20

18

20

16

Bahrain

Yemen

Oman

Kuwait

Qatar

Iraq

United Arab Emirates

Islamic Republic of Iran

Saudi Arabia

AVG GDP/ Capita

GDP per country In trillion current USD

200

180

220

160

140

120

100

80

60

40

20

0

2030 2025 2020 2015 2010 2005 2000 1995 1990 1985

Other Middle East

Yemen

Iraq

Saudi Arabia

Iran

Population (in millions)

Population reached ~180 million (2014) Overall GDP value growth at 5.9% CAGR (2014 – 2018)

POPULATION GROWTH DRIVING LOCAL DEMAND FOR ENERGY PRODUCTS

Left chart data source: US census bureau database, October 2014. Right chart data source: World Trade Organization (WTO) database; international monetary funds (IMF) database; ICIS (ATEC) database,

November 2014. Note: for some countries and years no data is available (i.E. Iraq prior to 2004 and Yemen prior to 1990)

The Middle East defined as: Saudi Arabia, Yemen, Iraq, Iran, Oman, Kuwait, Bahrein, Qatar, United Arab

Emirates.

5 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

REGIONAL TREND TOWARDS DIVERSIFICATION SINCE 2004 A REMARKABLE JUMP IN NON-OIL SECTOR REVENUES

Non-oil outpaces oil-related export growth Demographics of the Middle East (2014)

800

700

600

500

400

300

200

100

0

1.300

1.200

1.100

1.000

900

1.400

+12.7%

+15.9%

2013 2010 2005 2000

Export value in trillion current USD CAGR growth 2000 - 2013

Services

Goods - Other

Goods - Chemicals

Goods - Agriculture

Goods - Fuels & Mining

024681012

35-39

10-14

5-9

15-19

40-44

45-49

50-54

55-59

60-64 65-69

70-74

75-79 80-84

85-89

90-94

95-99

100+

25-29

30-34

20-24

0-4

Male Population (in millions)

0 2 4 6 8 10 12

Female Population (in millions)

A continuous flow of new investments in oil, gas and petrochemical projects signals a strong desire to create downstream

infrastructure, adding value to natural resources locally and jobs for the young population on the back of availability of

cheap feedstock and ample funds to invest.

Left chart data source: US census bureau database, October 2014. Right chart data source: World Trade Organization (WTO) database, November 2014

6 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

ECONOMIC OUTLOOK & DRIVERS CONTINUOUS FLOW OF INVESTMENTS NOT DISTURBED BY LOCAL TENSIONS

Middle East economic developments & drivers

• Positive economic developments and diversification

• Oil revenues

• Energy and feedstock supplier of Europe and Asia

• Political instability and security issues

Projects planned Q4 2014 with a value of US$ 254 billion

0

20.000

40.000

60.000

80.000

100.000

KSA IRAN UAE IRAQ QATAR KUWAIT OMAN

TRANSPORT

POWER

OIL

INDUSTRIAL

GAS

CONSTRUCTION

CHEMICAL

7 CMD 2014

Source: MEED, Vopak intelligence

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

POLITICAL DEVELOPMENTS & DECISION-MAKERS ROYAL FAMILIES BUILT ON THE TRIBAL SYSTEM

Middle East decision making

• Royal families

• House of Saud (KSA)

• House of Nahyan (Emirates)

• House of Sabah (Kuwait)

• House of Khalifa (Bahrain)

• House of Thani (Qatar)

• House of Said (Oman)

• Tribal leaders

• National oil & chemical companies

Gulf cooperation council

• Established in 1981 with the objective to create

amongst others a regional economic market and

strengthen relations to achieve unity between

member states

8 CMD 2014

Fujairah, UAE

INCREASING

FLOWS

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

THE INCREDIBLE SUCCES STORY OF A REGION THAT PUT ITSELF ON THE MAP WITHIN A CENTURY

1900

1950

1980

2010

2015

2030

Export crude

First refineries

First

independent

storage

terminals

Downstream

integration

Largest

chemical

exporter in the

world?

10 CMD 2014

Chemical

production

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

Global share of proven gas reserves in %

43%

31%

8%

8% 6% 4% MIDDLE EAST

EUROPE & EURASIA

ASIA PACIFIC

AFRICA

NORTH AMERICA

S. & CENT. AMERICA

185,7

Trillion

Cubic

Meters

48%

19%

14%

9%

8% 2% MIDDLE EAST

S. & CENT. AMERICA

NORTH AMERICA

EUROPE & EURASIA

AFRICA

ASIA PACIFIC

238,2 k

Million

Tons

Global share of proven oil reserves in %

MIDDLE EAST CENTER OF GRAVITY WITH SIGNIFICANTLY LARGE PRODUCT RESERVES IN THE KSA AND IRAN

Oil in k million ton

Gas in k trillion cbm

11 CMD 2014

Source: BP Statistical Review of World Energy 2014

Regional distribution of proven oil & gas reserves

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

MIDDLE EAST REFINING CAPACITY EXPANDING

AND UPGRADING TO MEET HIGH VALUE SPECIFICATIONS

Middle East refinery market, 2014

• 46 refineries

• 7.7 million barrels per day

• 10% of global refining capacity

• 90% owned by NOC’s

• Expansions & upgrades to add 2.5 million barrels per day

• New marketing companies

Refining capacity per # units (2014 - 2020)

Refining capacity per country

In 1,000x barrels per day (2014 - 2020)

0

5

10

15

20

25

Bahrain Yemen Oman Kuwait KSA UAE Iran Iraq Qatar

Current refineries #

Additions #

Upgrades #

-200

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2.200

2.400

2.600

2.800

3.000

3.200

3.400

UAE Qatar KSA Iran Bahrein Kuwait Iraq Yemen Oman

Upgrades

Refining capacity

Additions

12 CMD 2014

Data source: wood Mackenzie, October 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

GROWTH CAPACITY FOR LOCAL DEMAND

YET 9% GROWTH IN EXPORT EXPECTED MAINLY IN MIDDLE DISTILLATES

Middle East refined product exports Export of products to grow 9% in 2015 (in Mtons)

Destinations Middle East output in 2013

• 129 million tons exports in 2013

• 66% of exports leave the gulf

• Regional trade driven by fuel oil

• Increase of middle distillates exports >2015

Source: Middle East petroleum databook, October 2014, FGE

-

20

40

60

80

100

120

140

160

180

2010 2013 2014 2015 2016 2017 2018 2019 2020

Naphtha

Jet / Kero

Gasoline

Gasoil

Fuel Oil

1% 1%

0%

-1% 5%

9%

2%

6%

47%

7%

12%

0%

34%Asia

Africa

Europe & Med

Americas

Middle East

13 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

IMPACT OIL PRICE ON BUDGETS

Government budgets’ break-even oil price (2014)

US $ per barrel

DE

FIC

IT

S

UR

PL

US

Brent crude oil price US $ per barrel

Iran

Iraq

Saudi Arabia

UAE Qatar Kuwait

Bahrein

Oman

2013 2014

60

70

80

90

100

110

120

130

140

Data source: US energy information administration (EIA), November 2014; The Economist, October 2014

14 CMD 2014

NATIONAL BUDGETS MAY TURN DEFICIT

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

0

10.000

20.000

30.000

40.000

50.000

60.000

2014 2020

Bahrain

UAE

Kuwait

Oman

Qatar

Iran

KSA

MIDDLE EAST PRODUCES 136M TONS CHEMICALS

Middle East liquid exports to grow

by 32% in Ktons

Middle East chemical production capacity in Ktons

KSA HAS 55% SHARE OF MIDDLE EAST LIQUID EXPORTS IN 2014

Source: ICIS database, & VME assessment

0

50.000

100.000

150.000

200.000

2014 2020

ME LiquidExport

ME LiquidIntegrated

ME Non-LiquidProduction

Middle East chemical market 2014

• 32 steam crackers

• 19% global capacity

• 80% owned by NOC/NCC’s

• 2 new crackers on naphtha

• Sabic OTC

• New marketing companies

15 CMD 2014

• Main destination Asia

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

KEY CHEMICAL PROJECTS UNTIL 2020 WILL MAINLY HAPPEN IN SAUDI ARABIA

- Bulk & intermediate chemical exports 2013

- Potential chemical exports >2016 - Ref: jubail 2013 is ~60mio tons total

- Chemical imports 2013 ex ME

- Potential chemical imports >2016 ex ME

- Regional distribution

Middle East key chemical projects

1. Sadara, Jubail

2. Sabic Expansions, Jubail

3. Petro Rabigh II, Rabigh

4. Al Karaana, Qatar

5. Chemaweyaat, Ruwais

6. Aramco, Jizan

7. ORPIC, Sohar

8. Sabic oil-to-chemicals, Yanbu

9. Various in Iran

16 CMD 2014

Source: Vopak intelligence

MIDDLE EAST

AND VOPAK

Fujairah, UAE

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

Terminals facilitating

growth in global gas

markets

Import distribution

terminals in major

markets with structural

deficits

Industrial and

chemicals terminals,

in the Americas, the

Middle East and Asia

Major hubs,

supporting

intercontinental products flows

VOPAK ROLE IN THE MIDDLE EAST HUB AND INDUSTRIAL TERMINALS

Cmd 2014 Gasses Industrial terminals Hub terminals Distribution terminals

18 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

KEY ACCOUNT MANAGEMENT LEVERAGING THE NETWORK

Account management

• Network connection

• Ease of business

• Joint development of supply chains

• Product studies

• Aim to facilitate storage at origin and destination

Vopak in the Middle East

• Vopak maintains regular contact with all National Oil Companies and National Chemical Companies in the region

19 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

EXAMPLE: MARKETING + ACCOUNT MANAGEMENT MEG WITH MIDDLE EAST ORIGIN AT MORE THAN HALF OF OUR TERMINALS

Sabtank - Yanbu

Sabtank – Al Jubail

MEG export terminal

MEG import terminal ex Middle East

MEG import terminal ex Other

Others 184 48%

Middle East

197KT 52%

Middle East 43KT 100%

Others 37 9%

Middle East

369KT 91%

Others 437 62%

Middle East

271KT 38%

Others 114 31%

Middle East

259KT 69%

NOTES: WE ARE ONLY ACTING AS OPERATOR IN SABTANK TERMINALS WHERE VOPAK HAS A 10% INTEREST IN A JOINT SERVICE COMPANY. THIS REPRESENTS 2013 VOPAK STORAGE IN KT.

20 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

COMPETITION IN THE CHEMICAL MARKET IS MAINLY ESTABLISHED IN THE FREE ZONES OF THE UAE

New built capacity needed

From 2016 onwards (rotation 6)

294kcbm of independent storage capacity in 2014 Chemical storage capacity Arabian Gulf & Oman

(excl Ruwais & Qatar)

-

500.000

1.000.000

1.500.000

2.000.000

2.500.000

2013 2014 2015 2016 2017 2018 2019 2020

Third Coast

Solvochem

Oiltanking OdfjellTerminals & Co

Dow Jebel AliTerminal

Sasol

Star EnergyOiltanking

Shell Jebel AliChemicalsTerminalPetrochem

Petrochem

Horizon Jebel AliChem Terminals

ACT

PCQ2

Sabtank Jubail

-

50.000

100.000

150.000

200.000

250.000

300.000

350.000

400.000

2013 2014 2015 2016 2017 2018 2019 2020

Solvochem

Third Coast

Exir Iran

Oiltanking OdfjellTerminals & Co

Star EnergyOiltanking

Petrochem

Petrochem

Horizon Jebel AliChem Terminals

ACT

PCQ2 Multi Purpose

(40.000)

(20.000)

-

20.000

40.000

60.000

80.000

100.000

2013 2014 2015 2016 2017 2018 2019 2020CBM

Base case market storage demand (3.5%)

Best case market storage demand (5%)

Worst case market storage demand (2%)

21 CMD 2014

Source: Vopak intelligence

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

JOINT VENTURE AND PARTNERSHIPS WITH THREE TERMINALS ALREADY SUCCESSFULLY OPERATIONAL

Vopak in KSA

• Vopak and Sabic are JV partners in the operating company Sabtank Jubail and Sabtank Yanbu

• Vopak and Sabic are JV partners in the Jubail terminal expansion of PCQ2

Vopak in UAE

• Vopak, Horizon, Fujairah government and Kuwait Independent Petroleum Group are JV partners in the VHFL terminal in Fujairah

22 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

EXAMPLE: PCQ2 - INDUSTRIAL TERMINAL LONG TERM PARTNERSHIP WITH SABIC SINCE 1995

Ch

em

icals

PC

Q 1

52

53

42

43

44

41

29

28

27

26

SASREF

(refined

products)

34

35

32

33

31

25 24

23

22

21 Ara

mco

Su

lph

ur

Fert

iliz

ers

Iron Ore

Chemicals PCQ 2

Chemicals PCQ1

36

37

23 CMD 2014

REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS REGION

AT A GLANCE

INCREASING

FLOWS

MIDDLE EAST AND

VOPAK

QUESTIONS AND

ANSWERS

SUMMARY

24 CMD 2014

Higher integration of refinery and downstream clusters with focus

on specialty chemical production

• Additional oil and diversified chemical production leads to increased

global export

Vopak well positioned in partnerships with Middle East oil &

chemical companies

• Through local presence, global network and account management

Vopak has potential to grow in the hub location and industrial

terminalling

Job and value creation driving investments in the region

• Growing population leads to increasing demand for energy and jobs

• Proximity to high growth export markets

• World class infrastructure and economies of scale

QUESTIONS AND

ANSWERS

Global SHE Day, Sabtank

We have built our

company over 400 years

on trust and reliability

Royal Vopak I Westerlaan 10 I 3016 CK Rotterdam I The Netherlands I Tel: +31 10 400 2911 I Fax: +31 10 413 9829 I www.vopak.com