As at 31 December 2007, the Foundation administered 19,451,000 registered financing preference shares with a nominal value of EUR 1.00 each in Royal Vopak, for which an equal number of depositary receipts for shares had been issued.

During the year under review, the Board of the Foundation convened twice. During these meetings, items on the agenda included the manner in which the Foundation would vote at the Annual General Meeting to be held on 26 April 2007. At that meeting, the Foundation agreed to all proposals made to the General Meeting.

Furthermore, the Board of the Foundation passed a resolution - outside of meetings - on 10 September 2007 on the manner in which the Foundation would cast its vote during the Extraordinary General Meeting of Shareholders held on 27 September 2007. At that meeting, the Foundation agreed to the sole proposal made to the meeting of shareholders. The holders of depositary receipts did not request any proxies or give the Foundation any voting instructions for the purpose of the aforementioned meetings.

During the year under review, the Board of the Foundation was composed of two Officers A, Mr J.H. Ubas and Mr H.J. Baeten, appointed by the meeting of depositary receipt holders, and an Officer B, Mr L.P.E.M. van den Boom, appointed by the Board, who is also the Chairman.
Prior to taking up their duties, the Officers of the Foundation held senior management positions at various financial institutions.
All Officers satisfy the independence conditions as stipulated by article 6.6 of the by-laws of the Foundation. They receive annual compensation of EUR 6,353 each.

The Board of the Foundation will grant proxies to the holders of depositary receipts at their request. The Board of the Foundation will also comply with all voting instructions from the holders of depositary receipts. The granting of proxies and the acceptance of voting instructions will always be in accordance with a limit of two-hundred-and-twelve votes for every thousand financing preference shares.

Rotterdam, 6 March 2008

Stichting Administratiekantoor Financieringspreferente Aandelen Vopak
Westerlaan 10, 3016 CK Rotterdam