Royal Vopak Ar 2015

Relevant & reliable ANNUAL REPORT 2015 In the future, as in the past 400 years, we continue to adapt to new realities, aim to maintain our relevance in society and aspire to be recognized as reliable by our stakeholders Contents History 2 Vopak story WeConnect 80 Risks and opportunities related to 400 years of history 3 sustainability and climate change 82 Sustainability reporting scope 85 At a glance 6 Vopak story Operational leadership 88 Key figures 7 Letter from the Chairman 8 Governance and compliance 90 Profile, mission and strategy 10 Supervisory Board members 91 Vopak story Growth leadership 14 Supervisory Board report 93 Remuneration report 96 Corporate Governance 101 Executive Board report 16 Risks and risk management 105 Shareholder information 115 Introduction Executive Board 17 Report of the Executive Board 18 Vopak story Growth leadership 118 Our business environment 20 Growth leadership 24 Operational leadership 28 Financial Statements 120 Customer leadership 30 Financial performance 32 Consolidated Financial Statements 123 Company Financial Statements 197 Vopak story Customer leadership 36 Other relevant documents 202 Executive Board declaration 202 Independent auditor's report 203 Key developments per division 38 Assurance report of the independent auditor 208 Introduction key developments per division 39 Netherlands 40 Additional information 210 Europe, Middle East & Africa 42 Asia 44 Non-IFRS proportionate financial Americas 46 information (unaudited) 211 Global LNG 48 Profit appropriation 213 Stichting Vopak 214 Vopak story Customer leadership 50 Principal company officers at 25 February 2016 215 Five-year consolidated summary 217 Sustainability 52 Glossary 218 Contact us 222 Our ambition: sustainability at the core of every decision 53 Stakeholder engagement 55 Sustainability strategy 58 Royal Vopak | Annual Report 2015 | 1 History History Vopak’s history dates 400 back to years of 1616 history Historical overview Royal Vopak is the world’s leading independent tank storage provider for the oil and chemical industry. Our company can rely on 400 years of experience in storage and transshipment. The timeline gives a historical overview of developments and activities of Vopak and its main precursors: Blaauwhoedenveem, Pakhuismeesteren van de Thee (Tea Warehouse Keepers), Van Ommeren and Pakhoed. Origin in the Golden Age The storehouses continued to function in more or Vopak’s earliest forerunner is the Blaauwhoedenveem less the same way for two centuries. This continuity in Amsterdam, dating back to the Golden Age of the was largely due to strict regulations, imposed and Republic of the Seven United Netherlands. From the enforced by the overarching weigh carriers’ guild. late 16th century on, the Republic developed into a The downside of this system was that it restricted dominant maritime nation and economic powerhouse. the development of the storehouses. Just like other The Amsterdam port became the center of international storehouses, Blaauwhoedenveem, one of the richest trade. The large volumes of goods that were unloaded storehouses, tried unsuccessfully to wrest itself there had to be transported from the ships to the from the guild’s straitjacket. Only when the guilds warehouses through the weigh house. This was the were abolished at the end of the 18th century, work of weigh carriers, such as Blaauwhoedenveem there emerged a freer market, which allowed the and Vriesseveem. storehouses more room for growth. Royal Vopak | Annual Report 2015 | 2 400 years of history 400 years of history THE BLUE HATS 1616 The story of Vopak began in the seventeenth century in the port of Amsterdam. In a guild letter dated 26 March 1616 storehouses were first mentioned, which is why this date is regarded as the date of the establishment of Blaauwhoedenveem, the earliest predecessor of Vopak. The activities of Vopak’s oldest forerunner, Blaauwhoedenveem, TEA WAREHOUSE KEEPERS took place in and around this weigh house In 1818 Pakhuismeesteren van de Thee 1818 in Amsterdam. (Tea Warehouse Keepers) was established. This was a continuation of the warehouses of the bankrupt Dutch East India Company (VOC). Pakhuismeesteren began in Amsterdam and in Rotterdam at the same time and specialized in the storage, testing and auctioning of tea. VAN OMMEREN The company Phs. van Ommeren was 1839 established in Rotterdam. Philippus van Ommeren began as an independent shipping broker and forwarding agent. FIRST CRUDE OIL CARGO 1862 The very first crude oil cargo, which was introduced in Rotterdam, was stored by Vopak’s precursor Pakhuismeesteren. The properties and hazards of this new product were not well known, since the first modern oil drilling had taken place in Canada and America only a few years earlier. That is why Pakhuismeesteren stored the barrels without further ado in the East India House, a 150-year-old warehouse on the busy Boompjeskade, in the city center. FIRST PETROLEUM STORAGE 1875 Pakhuismeesteren commissioned its first dedicated petroleum storage outside the city center on Sluisjesdijk, Rotterdam. FIRST OIL TANKS CONSTRUCTED 1887 Pakhuismeesteren Rotterdam built its first oil tank in Charlois, Rotterdam. Royal Vopak | Annual Report 2015 | 3 VAN OMMEREN’S FIRST STEAMSHIP 1891 Founding of the Maatschappij Stoomschip Dordrecht (Steamship Dordrecht Company Inc.), in which Philippus Van Ommeren placed one ship based on the English model, which was unique in the Netherlands. He sold the shares to relatives and acquaintances in Rotterdam, whom he paid dividends. VAN OMMEREN’S FIRST TANK STORAGE 1910 Philippus van Ommeren entered into tank storage in 1910. His co-partner Hermanus de Jongh was not interested in this foreign activity, so Van Ommeren founded tank storage company Matex with private funds. CONSTRUCTION OF HUGE GRAIN SILO Blaauwhoedenveem surprised major 1913 competitor Vriesseveem with the construction of the huge grain silo complex and warehouse, St. Job, in Rotterdam. MERGER BLAAUWHOEDENVEEM-VRIESSEVEEM Blaauwhoedenveem-Vriesseveem created 1917 from a merger between Blaauwhoedenveem and Vriesseveem. UNITED STATES 1919 From 1919, Blaauwhoedenveem-Vriesseveem operated a subsidiary in the United States, called Bluefries. Until 1940, Bluefries operated from New York City as a shipping agency and warehousing company. 1940 SECOND WORLD WAR - 1945 Destruction of many of the company’s port facilities in the Netherlands. Several colleagues from the Van Ommeren’s shipping company sadly lost their lives. Royal Vopak | Annual Report 2015 | 4 PAKHOED 1967 Pakhuismeesteren and Blaauwhoed (which had recently changed its name to Blauwhoed) merged into Pakhoed. In the years prior to the merger, they both took over several companies. ACQUISITION IN THE UNITED STATES 1976 Pakhoed took over Robertson Distribution Systems (RDS) and acquired the Galena Park and Deer Park terminals in Houston, US (picture Deer Park Houston). SINGAPORE 1983 Van Ommeren opened the first independent oil terminal in Singapore. FUJAIRAH 1999 Opening of the first independent oil terminal in Fujairah (United Arab Emirates). ROYAL VOPAK 1999 Merger of Pakhoed and Van Ommeren into Vopak. DEMERGER OF UNIVAR Vopak focuses on tank storage. 2002 LNG 2011 Opening our first LNG terminal in the network: Gate Terminal in Rotterdam. PENGERANG New world-scale terminal commissioned 2014 in Malaysia. WORLD-WIDE NETWORK Vopak operates a world-wide network 2015 of 74 terminals in 26 countries. 400 YEARS Vopak celebrates its 400th anniversary. 2016 Royal Vopak | Annual Report 2015 | 5 At a glance At a glance At a glance Royal Vopak is the world’s leading independent tank storage company. We operate a global network of terminals located at strategic locations along major trade routes. With a history of 400 years and a focus on sustainability, we ensure safe, efficient and clean storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to the economy and daily lives, ranging from oil, chemicals, gases and LNG to biofuels and vegoils. Vopak is listed on the Euronext Amsterdam stock exchange and headquartered in Rotterdam, the Netherlands. Number of terminals Number of countries Storage capacity In million cbm at 31 December 74 26 34.3 33.8 2014 2015 Market capitalization Number of employees Total Injury Rate (TIR) In EUR billions at 31 December At 31 December Per 200,000 hours worked own personnel and contractors 5.1 5,902 0.39 0.39 0.39 84% 16% 2014 2015 Revenues in EUR millions EBITDA in EUR millions Cash flows from operating -excluding exceptional items- (gross) in EUR millions 1,386 812 867 Compared to 2014 Compared to 2014 Compared to 2014 +5% +6% +10% Royal Vopak | Annual Report 2015 | 6 Key figures At a glance Key figures 2015 2014 Sustainability data Total Injury Rate (TIR) per 200,000 hours worked own personnel and contractors 0.39 0.39 Lost Time Injury Rate (LTIR) per 200,000 hours worked own personnel and contractors 0.12 0.13 Process Safety Events Rate (PSER) 0.27 0.20 Results (in EUR millions) Revenues 1,386.0 1,322.5 Revenues -excluding exceptional items- 1,386.0 1,329.0 Group operating profit before depreciation and amortization (EBITDA) 805.2 707.7 Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- 811.5 762.8 Group operating profit (EBIT) 549.2 468.5 Group operating profit (EBIT) -excluding exceptional items- 555.5 523.6 Net profit attributable to holders of ordinary shares 282.2 247.1 Net profit attributable to holders of ordinary

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