Amsterdam, Netherlands

OPTIMIZING LOGISTICS IN THE WEST MED

VOPAK TERMINAL ALGECIRAS

February 2015 Gibraltar Forum

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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.

Forward-looking statements

General Introduction

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Vopak and storage since 1616 Almost four centuries of history

1616 1818 1839 1860 1929 1967 1996 1999 2002 2011

Vopak’s oldest Terminal (Vlaardingen) was founded Van Ommeren Blauwhoed

Full control of Univar

Vopak continues as a tank storage company

Merger Blauwhoed and Pakhuismeesteren in to Pakhoed

First ever dedicated oil storage container

Pakhuismeesters Merger Van Ommeren and Pakhoed resulting In Royal Vopak

First Vopak LNG terminal

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Global presence

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Puerto Cabello Paranagua Alemoa Rocio Durban Yanbu Al Jubail Fujairah Darwin

Ningbo

Lanshan

Zhangjiagang

Tianjin

Ulsan

Karachi

Nagoya

Moji

Yokohama

Kobe

Kawasaki

Kandla

Rayong

Ho Chi Mihn City

Kertih

Pengerang

Singapore

Jakarta

Merak

Sydney

Hamburg London Teesside Windmill Tarragona Barcelona Algeciras Quebec Hamilton Montreal Long Beach Los Angeles Houston Savanah Wilmington Altamira Vera Cruz Coatzacoalcos Barranquilla Cartagena

Gothenburg Malmo Sodertalje Gavle Kotka Hamina Tallinn Rotterdam Antwerp Shanghai

Hub Import/Export Industrial

Hub Terminal Vital link for incoming and outgoing flows of

(global) oil and chemicals

Import/Export Terminal Storage of products that are imported or

exported for end-uses in a specific region

Industrial Terminal Complete integration with the production

process of our customers

Example: Vopak Terminal Europoort (NL) Example: Vopak Terminal Durban

(South Africa) Example: Vopak Terminal Sakra (Singapore)

Strategic logistic functions of tank terminals Three types of terminals

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Automotive Electronics Construction

Introduction to Vopak Terminal Algeciras Hub dynamics

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What is a hub? Resilient fundamentals for hubs serving a physical market

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Shipping Connections

Pricing Center

Trading Liquidity

Storage and Blending capabilities

Changing product Specifications

Strategic Location

Refining Centers

Intra & inter Regional imbalances

Fundamentals continue growth path More global and regional flows due to Imbalances

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Feedstock

Refinery supply & Conversion

Demand Trade flows

Growth in production

in North America divert crude flows to Asia Chemical industry in

search for flexible feedstock

Non OECD continues to drive growth Growth in demand for

transport fuels outpaces growth in alternatives

Distance between refining and end markets is increasing Growth in global but

also regional trade volumes

Restructuring and consolidation in Europe, Japan and Australia High margins in US Export capacity in the

Middle East becomes operational

Fuel oil markets: six key elements

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Solid fuel oil bunker market with growth in Asia and the impact of ECA in Europe and North-America

Bunker demand 1 2 3

4 5 6

Growth in the Middle East whereas global demand decreases with 20% to 200 million ton in 2025

Inland demand Production

Refinery upgrades in the FSU and closures in NWE, med and OECD Asia are key drivers of decreasing supply

Russian fuel oil exports are hard to estimate

Key supplier Inter-regional trade

Inter-regional trade in fuel oil will decrease with less FSU and European exports whereas North American volumes will grow

Commodity

Fuel oil continues to be a large globally traded commodity with a volume exceeding 100 million ton in 2025

CPP markets: six key elements

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Tight oil revolution in North America: USGC is expected to take over the role of FSU as largest exporter of clean petroleum products by 2015

Rapid growth Tight oil 1 2 3

4 5 6

2015-2020 next wave of closures: upgrades and new build refineries in Asia, ME and India lead to closures of uncompetitive refineries in OECD Europe and Asia

Refinery landscape Demand growth

Economic and population growth in non-OECD is engine for CPP demand growth. Impact of alternatives is limited: 10% of global CPP demand growth between 2013-2025

Reduction of # of fuel specs: increasingly stringent fuel specifications in developing countries leads to reduced number of grades

Fuel specs Fuel subsidies

Emerging markets are likely to open up: governments are under financial pressure to step away from expensive fuel subsidies and are pushing through price reforms

Interregional trade

Trading the shorts: increasing # of ‘deficit markets’ due to rising demand in emerging markets and closures in OECD Europe and Asia. Shift in parties delivering the ‘shorts’

Terminal perspective

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Imbalances continue to develop Increasing trade expected to continue

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2020 2014

2014 2020

2014 2020

2020 2014

2020 2014

2014 2020 2014 2020

Refined petroleum accumulated surpluses

Refined petroleum accumulated deficits

Source: Wood Mackenzie Product Market Service

Physical flows versus price volatility Terminals are mainly dependent on physical trade patterns

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Storage assets are used as logistic solutions (make break - bulk, blending, etc.) Demand for physical transportation is driven by

growth of global energy use and increasing geographical imbalances between production and (industrial) consumption Further inter- and intra regional trade Continued market globalization and changing trade

patterns

Contango supports larger storage positions During backwardation our customers take a more

critical look at the size of their storage position Limited impact on occupancy rate because of

structural need for infrastructure to support physical flows

Physical flows Price volatility

Flexibility and service improvements Competitive edge and long-term value creation

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1

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3 In this changing landscape it is key to understand the

developments and adapt through: HSE investments, service improvements and selective capacity expansions

Changing customer demand (Safety, pump speeds, demurrage reduction, blending systems, stock control)

Changing environmental requirements (Safety and legislative requirements, vapor emissions)

Changing products and ships (Viscosity, sulphur content, ship sizes)

Company Presentation 07 March 2013

Capacity 402,433 cbm 22 tanks: DPP & CPP 2,000 – 40,000 cbm Mild steel

Draught 19,3 m 225,000 dwt max Vessels, barges 3 berths - 1 planned

Blending Dedicated systems Heating Additives

“Unique opportunity in the Strait of Gibraltar”

Thank You

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Vopak Terminal Algeciras S.A. I Explanada Isla Verde Exterior, s/n I 11207 Algeciras I Spain I Tel: +34 956 028 686 I www.vopak.com

We have built our company over 400 years on trust and reliability