Highlights first quarter 2007

• Continued strong demand for storage services
• 127,200 cbm additional capacity commissioned worldwide
• New projects announced for Singapore; Vopak to add more than 2.0 million cbm to global storage capacity over next few years
• Barring unforeseen circumstances, Vopak expects Group operating profit excluding exceptional items to increase by 15% to 20% in 2007 (2006: EUR 220.9 million)
• Group operating profit first quarter 2007:

John Paul Broeders, Chairman of the Executive Board of Royal Vopak:

"The efforts we put into expanding our capacity and improving profitability produced a healthy operating profit for the first quarter. The demand for our professional services remains high, mainly because of a larger imbalance between the production regions and the consumption regions and the increasing use of biofuels.
Responding to the needs of our customers, we commissioned additional capacity this quarter in Sydney (Australia), Lanshan and Ulsan (Korea) and Vlaardingen (Netherlands). We also added two new expansions at the Banyan and Penjuru terminals, Singapore, to our project list, and we will add capacity in Vietnam.
In line with corporate strategy, Vopak invests in projects to expand capacity, increase services to customers and conduct operations efficiently."

Group operating profit
Vopak's operating profit for the first quarter of 2007 increased 31% to EUR 69.0 million (Q1 2006: EUR 52.8 million).
Following the trend of previous quarters, growth in operating profit for this quarter was the result of increased capacity, higher occupancy rates and improved margins.
The sale of the tank truck cleaning stations in Sweden produced a gain of approximately
EUR 1.4 million, classified as an exceptional item. Excluding this item, Group operating profit rose by 28% to EUR 67.6 million (Q1 2006: EUR 52.8 million).

Event after 31 March 2007
Vopak has sold its equity interest in VOTG Tanktainer GmbH, which will produce an exceptional income of around EUR 6.5 million in the second quarter of 2007.

2007 outlook
Thanks to an excellent first quarter and healthy outlook, Vopak is raising its forecast for 2007. Barring unforeseen circumstances and allowing for the expenses of implementing the strategic initiatives, Vopak expects Group operating profit excluding exceptional items to increase by 15% to 20% in 2007 (2006: EUR 220.9 million).

Review by division of first quarter 2007 (excluding exceptional items)

As in the preceding quarters, the CEMEA division (Chemicals Europe, Middle East & Africa) further improved its occupancy rates and margins, increasing the operating profit for the first quarter of 2007 to EUR 20.9 million (Q1 2006: EUR 13.1 million), a rise of 60%. At the Vlaardingen terminal (Netherlands), 5,500 cbm in additional capacity was commissioned for oleo chemicals (chemical raw materials prepared from vegetable or animal oils).

Operating profit of the OEMEA division (Oil Europe, Middle East & Africa) grew 31% to reach EUR 21.3 million (Q1 2006: EUR 16.3 million). Vopak achieved a further increase in throughput, occupancy rate and margins. The capacity expansions for various types of oil products at the Europoort (Rotterdam, Netherlands) and Fujairah (UAE) terminals will be phased into operation during 2007.

Operating profit of the Asia division rose by 14% to EUR 19.2 million (Q1 2006: EUR 16.9 million), including a negative currency translation effect of EUR 0.5 million. The increase is mainly due to the commissioning of the new chemicals terminal in Banyan (Singapore), with expansions at the oil terminals in Darwin (Australia) and the chemicals terminal in Caojing (China) also contributing to the higher profit. This quarter, expansion at the terminals in Sydney (Australia), Lanshan terminal (China) and Ulsan (Korea) was commissioned.
Further expansions have been announced for the Banyan and Penjuru terminals, which will bring Vopak Singapore's combined capacity to 2.6 million cbm. The terminal in Vietnam will be expanded with 40,000 cbm.

In North America, first quarter operating profit grew 7% to EUR 7.2 million (Q1 2006: EUR 6.7 million). The figure includes a negative currency translation effect of EUR 0.6 million. The 2006 trend of improving occupancy rates and margins continued.

The Latin America division maintained the same level of operating profit in local currencies for higher throughput and an occupancy rate that was below average owing to seasonal factors. A negative currency translation effect of EUR 0.4 million caused the operating profit for the first quarter to fall to EUR 5.1 million (Q1 2006: 5.4 EUR million).

Expenses not allocated to the divisions amounted to EUR 6.1 million (Q1 2006: EUR 5.7 million). Apart from head-office expenses, the figure includes research costs relating to projects, among them the Gate terminal project, a joint venture with N.V. Nederlandse Gasunie for the development of a LNG terminal on the Maasvlakte, near Rotterdam, and the initiative for the development of an LNG terminal in Rostock (Germany). The Gate terminal project is proceeding according to plan and, if all the remaining goals are met, a decision on the capital expenditure is feasible in mid-2007.
Vopak is speeding up the implementation of its excellence programmes and strategic initiatives, causing an increase in head office and other expenses.

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 30 countries in which Vopak renders 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.

Financial calendar

26 April 2007  Annual General Meeting
30 April 2007  Ex-dividend quotation
3 May 2007  Record date
4 May 2007  Dividend payable
31 August 2007  Publication of 2007 half year results
26 October 2007 Publication of 2007 third quarter results in the form of a trading update

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 75 terminals with a storage capacity of more than 21 million cbm in 30 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. Breakdown of Group operating profit
2. Exchange rates in euros
3. Vopak's growth perspective

1. Breakdown of Group operating profit *

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