Review by division for the third quarter of 2008 (excluding exceptional items)
Operating profit of the CEMEA (Chemicals Europe, Middle East & Africa) division improved, in line with previous quarters, by 5% to EUR 22.8 million (Q3 2007: EUR 21.7 million), including an adverse currency translation effect of EUR 0.7 million. The Hemiksem terminal was transferred to the purchaser following completion of the relocation of customers to the new Linkeroever terminal in Antwerp.

The OEMEA (Oil Europe, Middle East & Africa) division achieved higher operating profit of EUR 27.9 million (Q3 2007: EUR 20.1 million), an increase of 39%. The improvement came mainly from an increase in storage capacity at various terminals.

Operating profit of the Asia division rose by 22% to EUR 24.2 million (Q3 2007: EUR 19.9 million), mainly as a result of growth in capacity in recent quarters. The result includes an adverse currency translation effect of EUR 0.6 million. At the Banyan terminal in Singapore, the first storage tanks of expansion phase 3 (80,600 cbm) were commissioned. Storage capacity at the Penjuru terminal in Singapore was also expanded by 22,000 cbm. A 95% interest was acquired in a terminal in Merak (Indonesia) with storage capacity of 76,900 cbm. In Japan, the Nippon Vopak joint venture acquired two terminals with a combined capacity of 84,700 cbm.

In North America, third quarter operating profit grew by 9% to EUR 8.4 million (Q3 2007: EUR 7.7 million), including an adverse currency translation effect of EUR 0.7 million. An enhanced portfolio of activities and a positive result from the Vopak Terminal Bahamas created the improvement. Hurricane Ike caused only limited damage to the two terminals in Houston. The Galena Park Terminal in Houston brought 9,600 cbm of new storage capacity on stream for bio-fuels, while a terminal (capacity 49,700 cbm) was acquired in Wilmington (North Carolina).

The Latin America division achieved a 5% better result of EUR 5.8 million (Q3 2007: EUR 5.5 million), including an adverse currency translation effect of EUR 0.1 million. The increase came mainly from a different mix of storage products and improved margins. The terminal in Barranquilla (Colombia) was expanded by 6,500 cbm of storage capacity.

Expenses not allocated to the divisions amounted to EUR 7.9 million (Q3 2007: EUR 6.5 million). As well as head-office expenses, this figure includes costs related to the strategic initiatives that Vopak is undertaking to improve its service to customers and operational efficiency. These expenses also include the cost of studies for certain projects, including the expansion of LNG activities. During the third quarter, Gate terminal BV, the joint venture with the Gasunie that is constructing an LNG receiving terminal on the Maasvlakte in Rotterdam, gained its fourth customer. Gate terminal BV also entered into project financing of EUR 745 million.

Capacity changes (100% basis, in million cbm)

Events since 30 September 2008 - Pensionfund
Of all Vopak’s pension obligations, which are in the form of defined benefit plans, some 85 % are related to (former) Dutch employees. These are administered by the Dutch pension fund, named ‘Stichting Vopak Pensioenfonds Nederland’. This fund’s coverage ratio was 116% at the end of September. As a result of developments on the financial market, the coverage ratio fell substantially during October to around 104%, which is below the level of 105% set by the Dutch government. The Dutch central bank has been notified of this in accordance with the regulations of the Dutch Pension Act. If the same situation persists on 31 December, Vopak will be obliged to increase the pension fund’s index-linked pension benefits reserve by means of a one-off contribution of up to EUR 10 million and an increase in the pension contributions due in 2009 by up to EUR 9.5 million. Under IFRS rules, the possible one-off contribution in 2008 and increased contributions will not have an effect on Vopak’s income statement.

Forward-looking statements
This document 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 32 countries in which Vopak provides logistics services, the company cannot guarantee the accuracy and completeness of such 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.

Profile
Royal Vopak is the world's largest independent tank terminal operator specialising in the storage and handling of liquid and gaseous chemical and oil products. On request, Vopak can provide complementary logistics services for customers at its terminals. Vopak operates 80 terminals with a storage capacity of more than 26 million cbm in 32 countries. The terminals are strategically located for users and the major shipping routes. The majority of its customers are companies operating in the chemical and oil industries, for which Vopak stores a large variety of products destined for a wide range of industries.

For more information
Royal Vopak
Corporate Communication & Investor Relations
Rolf Brouwer

Telephone: +31 (0)10 4002777
E-mail: corporate.communication@vopak.com
Website: www.vopak.com

Enclosures:

1.       Growth outlook

2.       Breakdown of group operating profit

3.       Exchange rates

Enclosure 1:     Growth outlook^*

* This list provides only an indication of the expansion efforts within the network and is not exhaustive

Enclosure 2:      Breakdown of group operating profit *

*        unaudited

Enclosure 3:     Exchange rates