Influencia de la sociedad.

During 2010 Vopak has issued new senior unsecured Notes in the Asian Private Placement market of respectively Singapore dollar 225 million (approximately EUR 125 million) and Japanese yen 20 billion (approximately EUR 184 million).

The Singapore dollars were drawn in November 2010 and have a ‘bullet maturity’ of 7.2 years and a fixed interest rate of 4%. The Japanese yens were drawn in December 2010 and have a ‘bullet maturity’ of 30 years and a fixed interest rate of 2.9%.

The US Private Placement financing program entered into in 2001 still totalling of EUR 239.6 allows a maximum Senior Net debt : EBITDA ratio of 3.75, with a floating interest rate increasing by 25 basis points for ratios between 3.00 and 3.25 and by 75 basis points for ratios between 3.25 and 3.50. The interest rate increases by 200 basis points for ratios from 3.50.

The senior unsecured US Private Placement totalling of USD 375 million entered into in May 2007 has tranches with terms of 8, 10, 12 and 15 years, all redeemable at the end of the term. The 8-year tranche (USD 75 million) has a floating interest rate. The other three tranches of USD 100 million each have a fixed interest rate, with an average interest rate of approximately 6%.

The US Private Placement program drawn in December 2009, consists of various tranches with maturities ranging from 8 to 20 years in 3 different currencies of which 575 million is denominated in USD. The annual fixed interest rates for these US PPs are between 4.75% for the 8 years Euro tranche and 6.02% for the 20 years USD tranche with a weighted average annual interest rate of 5.5%.

The Singapore Private Placements drawn in 2009 have a remaining ‘bullet maturity’ of 3.7 years and a fixed interest of 5%.

The EUR 1 billion Revolving Credit Facility entered into in August 2007 can be drawn in amounts in the various currencies and repaid at any time. The Facility runs until August 2012. The Facility was fully available at the end of 2010.

Vopak Terminals Singapore Pte. Ltd. entered into floating rate bank loans in August 2006 and October 2008 for respectively SGD 116 million and 84 million. The tranches mature in April 2013 and September 2015 and have a weighted average annual interest rate at the end of 2010 of 1.24%.

This note provides further information on the contractual provisions of the interest-bearing loans, which are measured at amortized cost. For further details on possible currency and interest rate risks, please see note 31. The fair value is presented in note 14.

A break-down is set out below:

Note 2010 2009

Non-current interest-bearing loans

US Private Placements 26.1 829.4 958.7

SGD Private Placements 26.2 253.8 103.5

JPY Private Placement 26.3 184.1 –

Bank loans 26.4 116.7 99.5

Credit facilities 26.5 – –

Other long-term loans 4.5 3.5

Total 1,388.5 1,165.2

Current interest-bearing loans

US Private Placements 26.1 190.7 24.7

Other long-term loans – 0.4

Total 190.7 25.1

Movements in interest-bearing loans were as follows:

2010 2009

Balance at 1 January 1,190.3 972.1

SGD Private Placements drawn 124.8 101.7

JPY Private Placement drawn 184.1 –

Credit facilities drawn 141.9 173.3

US Private Placements drawn – 452.7

Bank loans and other long-term loans drawn 0.7 –

Repayments credit facilities - 143.5 - 485.7

Repayments US Private Placements - 27.3 - 27.7

Repayments bank loans and other long-term loans - 0.4 - 20.4

Effects of effective interest method 1.2 1.1

Effective part of fair value changes interest rate swaps (fixed to floating) – - 0.8

Acquisitions – 2.9

Exchange differences 107.4 21.1

Balance at 31 December 1,579.2 1,190.3

The repayment obligations for the non-current liabilities are as follows:

26.1 US Private Placements

The total US Private Placements (US PP) amounts to EUR 1,020.1 million, with an average remaining term of 7.8 years. The maximum remaining nominal term is 19 years and in most cases repayment is effected as at the end of the term. A regular repayment of EUR 190.7 million will be effected in 2011.

2012 16.0

2013 94.3

2014 124.7

2015 107.2

After 2015 1,046.3

Total non-current liabilities at 31 December 2010 1,388.5

Breakdown of loans by currency:

Local currency Euro

2010 2009 2010 2009

Euro (EUR) 56.4 55.9 56.4 55.9

US dollar (USD) 1,206.7 1,242.1 898.2 863.7

Pound sterling (GBP) 60.0 60.0 70.0 67.7

Singapore dollar (SGD) 635.0 410.0 370.5 203.0

Japanese yen (JPY) 20,000.0 – 184.1 –

The following main conditions apply to the US PP programs:

- The Senior Net debt to EBITDA ratio may not exceed 3.75. Furthermore, the Net debt (including subordinated loans) to EBITDA ratio for the US PP program entered into in 2007 may not exceed 4.25.

- The ratio between the EBITDA and the net finance costs (Interest Cover Ratio or ‘ICR’) may not drop below 4.0 for the 2001 program and not below 3.5 for the 2007 and 2009 US PP programs.

- As from 30 June 2010, shareholders’ equity may not be less than EUR 725 million. - A number of sub-holding companies have provided guarantees regarding compliance with

the obligations under the terms of this financing.

26.2 SGD Private Placements

The following main conditions apply to the Singapore Private Placements (Singapore PP) of SGD 435 million:

- The Net debt : EBITDA ratio may not exceed 3.75. - The ICR may not be lower than 3.5.

- For the 2009 Singapore PP a number of sub-holding companies have provided guarantees regarding compliance with the obligations under the terms of this financing. For the 2010 Singapore PP only one sub-holding company has provided a guarantee as per year-end 2010.

26.3 JPY Private Placement

The following main conditions apply to the JPY 20 billion Private Placement: - The Net debt : EBITDA ratio may not exceed 3.75.

- The ICR may not be lower than 3.5.

- One sub-holding company has provided a guarantee regarding compliance with the obligations under the terms of this financing as per end of 2010.

26.4 Bank loans

The bank loan of SGD 200 million drawn by Vopak Terminals Singapore Pte. Ltd. (VTS) was granted on the basis of VTS’s credit standing and is subject to the following financial ratios: - The Debt : Equity ratio may not exceed 1.5 : 1.

- The ratio between EBITDA and the net finance costs should be at least 4 : 1. - Shareholders’ equity must be at least SGD 150.0 million.

26.5 Credit facilities

The EUR 1 billion credit facility was fully available at year-end 2010 and at year-end 2009. The ratios applicable to these bank loans are the same as those for the Singapore Private Placement (see 26.2)

26.6 Financial ratios

At 31 December 2010, Royal Vopak comfortably met the applicable financial ratios referred to in paragraphs 26.1, 26.2, and 26.3. Based on the consolidated figures, the ratios as at 31 December 2010 were as follows:

- The Net debt : EBITDA ratio was 2.63 (31 December 2009: 2.23). For a breakdown of the calculation of the Net debt, please see page 42 of this report.

- The ICR was 8.2 (31 December 2009: 10.4).

- The minimum required shareholders’ equity, in accordance with the calculation method outlined in paragraph 26.1, is EUR 725 million (year-end 2009: EUR 710 million).

The shareholders’ equity for ratio calculation was EUR 1,458.4 million (31 December 2009: EUR 1,258.1 million).

Vopak Terminals Singapore Pte. Ltd. also met the financial ratios referred to in paragraph 26.4 at 31 December 2010 and 31 December 2009.