Aegis Logistics Ltd. — Capital/Financing Update 2021

Jul 12, 2021

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Investor Release

Aegis Logistics and Royal Vopak of the Netherlands to form a major joint venture for LPG and chemical terminals in India

Mumbai, India / Rotterdam, the Netherlands, July 13th 2021

Today, Aegis and Vopak announced that the companies have decided to join forces in India with the aim to grow together in the LPG, chemicals storage and handling business.

The new partnership, Aegis Vopak Terminals Ltd (AVTL), will operate a network of terminals that are currently located in five strategic ports along the east and west coast of India. With a total capacity of around 960,000 m[3] , the partnership will become one of the largest independent tank storage companies for LPG and chemicals in India. LPG is earmarked by the Indian government to provide cleaner and safe cooking fuels for households.

The partnership is well positioned for further growth, which targets mainly LPG and also chemicals and industrial terminal opportunities. This investment is another step for Vopak towards its strategy to allocate capital to grow in gas markets.

“This joint venture with Vopak will accelerate the growth of Aegis in the terminals business and has the potential to allow Aegis to diversify into new areas of gas storage such as LNG and other energy projects including renewables, in partnership with the world’s leading independent tank storage company . We expect the deal to be significantly earnings enhancing for Aegis shareholders due to the deployment into growth opportunities of the combined financial firepower of the two groups and management in the terminals business.” said Raj Chandaria, Chairman of Aegis Logistics Ltd.

" This is an investment in a growth market and by joining forces with Aegis we aim to deliver growth over the next ten years in line with the new joint ventures and India’s ambition for LPG.” said Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak. “ We are very excited for this new partnership. Aegis is a reputed local

partner with a ready organization and proven track record of conceiving and executing tank farm assets in strategic locations along the Indian coastline,"

The transaction is expected to close early 2022, subject to customary closing conditions.

Joint venture structure

This transaction entails two separate legal entities that Vopak will simultaneously buy into on the basis of joint control:

• The Aegis Vopak Terminals Ltd entity, in which Vopak will acquire a 49% shareholding. Vopak's existing CRL terminal entity in Kandla will become a wholly owned subsidiary of Aegis Vopak Terminals Ltd. Aegis’ network of terminal assets at 5 different locations in Kandla, Pipavav, Mangalore, Kochi and Haldia covering the West and East coast of India will be added to the JV asset base.

• The Hindustan Aegis LPG Ltd entity , in which Vopak will acquire a 24% shareholding. This is currently a joint venture between Aegis and Itochu. After the transaction Aegis will own 51% and Itochu will continue to hold 25%.

• Aegis will continue to retain 100% ownership of its Mumbai Liquid and LPG terminals and its LPG retailing business.

Financial details

The enterprise value for Vopak’s shareholding in the joint ventures will amount to €200 million. In addition to a net consideration at closing of € 115 million, Vopak and Aegis have agreed the following: a payment of a minimum € 18m and up to a maximum of € 40m payable to Aegis via a call and/or put option in 2025.

Aegis will receive a total gross pre-tax cash proceeds from the sale of up to Rs 2,766 crores.

Profile Vopak

Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com.

Profile Aegis Group

Aegis Group plays a key role in India’s downstream oil and gas sector, and its flagship company, Aegis Logistics Limited, is India’s leading oil, gas, and chemical logistics company. Our vision is to be the industry leader in our business segments by delivering

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superior customer service with a focus on quality, safety, and environmental standards. The Group has five distinct but related business segments, and operates a network of bulk liquid handling terminals, liquefied petroleum gas (LPG) terminals, filling plants, pipelines, and gas stations to deliver products and services. The client base includes many leading industrial companies in India as well as individual retail customers whom the company serves at their Aegis Autogas stations. Aegis Group also operates internationally through its sourcing and trading subsidiaries located in Singapore. Aegis Logistics Ltd. was incorporated in 1956 and its shares have been listed on the Bombay Stock Exchange since 1978. Its shares also trade on the National Stock Exchange. For more information, please visit www.aegisindia.com

For more information:

Vopak - Press

Liesbeth Lans, Manager External Communication global.communication@vopak.com

Vopak - Analysts and investors

Fatjona Topciu, Head of Investor Relations +31 (0) 10 400 2776 investor.relations@vopak.com

Aegis - Analysts and investors

Ms. Payal Dave +91 9819916314 Payal.Dave@linkintime.co.in

Mr. Sagar Shroff +91 9820519303 sagar.shroff@linkintime.co.in

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