Vopak is a capital-intensive company. The financing policy is directed at establishing and maintaining an optimal financing structure that takes due account of the current asset base and the investment program. Vopak seeks access to the capital markets and flexibility at acceptable finance costs.

Corporate Treasury acts as an in-house bank that internally allocates funds raised centrally. Operating companies are funded by a combination of equity and inter-company loans. The bank loan of Vopak Terminals Singapore Pte. Ltd. (SGD 200 million) is an exception. Joint ventures and associates, where possible, are funded optimally with debt on a nonrecourse basis for Vopak, with account being taken of local circumstances and contractual obligations.

The objective is to have a borrowing capacity that facilitates financing of investments, possible acquisitions and loan capital repayments. Vopak has a revolving credit facility with a remaining term of 3.5 years at year-end 2008. The facility may be drawn in various currencies and with different terms, up to an amount of EUR 1.0 billion. The facility includes an option to raise the amount to EUR 1.2 billion. At year-end 2008 we had drawn a total amount of EUR 301.5 million in multi-currency.

The liquidity requirements are continuously monitored in different ways and at different reporting instances. Active cash management is a daily responsibility and each quarter the liquidity requirements are identified based on thorough scenario planning. Furthermore, the long-term liquidity risk is assessed prior to every major investment obligation. The current financing policy is reviewed on the basis of this assessment and adjusted where necessary.

Liquidity risk at 31 December 2008 (IFRS7)

The funds and credit facilities available at 1 January 2009 comprise unused credit facilities, unused bank loans (note 15) and the freely available cash and cash equivalents (note 21). The option to increase the credit facility by EUR 200 million has not been included in the table above.

The table above analyses the Group’s derivative financial instruments at 31 December 2008 which will be settled on a gross basis into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.