Stolt-Nielsen Limited

Stolt-Nielsen Limited Third-Quarter 215 Results Presentation October 1, 215

Forward-Looking Statements Included in this presentation are various forward-looking statements, including statements regarding the intent, opinion, belief or current expectations of the Company or its management with respect to, among other things, (i) goals and strategies, (ii) plans for new development, (iii) marketing plans, the Company s target market, (iv) evaluation of the Company s markets, competition and competitive positions, and (v) trends which may be expressed or implied by financial or other information or statements contained herein. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other facts that may cause the actual results, performance and outcomes to be materially different for any future results, performance or outcomes expressed or implied by such forward-looking statements. These factors include in particular, but not limited to, the matters described in the section Principal Risks (p42 et seq.) in the most recent annual report available at www.stolt-nielsen.com. Page 2

Company Representatives Niels G. Stolt-Nielsen CEO Stolt-Nielsen Limited Jan Chr. Engelhardtsen CFO Stolt-Nielsen Limited Page 3

Agenda SNL 3Q15 Highlights Stolt Tankers Stolthaven Terminals Stolt Tank Containers Stolt Sea Farm Stolt-Nielsen Gas Financials Q&A Page 4

Third-Quarter 215 Highlights vs Second Quarter Stolt Tankers operating profit of $37.5M was up from $3.4M, reflecting lower bunker costs, a supportive spot market and a stronger US dollar Operating Stolthaven Terminals profit of $6.4M, was down from $14.3M, reflecting increased M&R costs in Houston and $4.3M impairment of goodwill combined with $1.1M accelerated depreciation related to terminal operations in Australasia Stolt Tank Containers operating profit of $15.6M, down from $18.6M, reflecting downward pressure on rates due to increased competition Stolt Sea Farm reported an operating profit of nil, compared with a profit of $.6M in 2Q15, excluding the FV accounting of inventories The accounting for SSF inventories at fair value had a negative impact of $2.1M, compared with a positive impact of $4.6M in previous quarter Financial (Unaudited) Quarter Nine Months 3Q15 2Q15 3Q14 215 214 Revenue $5.7 $5.7 $545.4 $1,489.1 $1,65.5 Operating Profit 59.8 71.3 45.4 22.6 15. Net Profit (attributable to SNL equity holders) 3.1 42.5 14.6 111.3 64. EPS Diluted.54.76.25 1.98 1.1 Weighted average number of shares outstanding diluted 56.2 56.2 58.1 56.2 58.1 Page 5

SNL: 2Q15 to 3Q15 Net Profit Variance Figures in USD Millions a) a) a) Net Profit attributable to equity holders of SNL Page 6

Management Changes Mark Martecchini Appointed President, Stolt Tankers in September 215 Mark has spent 32 years in various positions at Stolt-Nielsen, including chartering, operations and most recently as Managing Director of Stolt-Nielsen Ship Owning Paolo Enoizi Appointed Managing Director, Stolt-Nielsen Shipowning in September 215 Paolo joined Stolt-Nielsen in 28 as General Manager of the Newbuilding and Technical department Page 7

Stolt Tankers $US Millions $US Millions REVENUE GROSS PROFIT 35 42 35 28 21 14 7 318. 37. 278.2 285.3 291. 3Q14 4Q14 1Q15 2Q15 3Q15 28 21 14 7 55.6 47.7 33.1 33.8 37.8 3Q14 4Q14 1Q15 2Q15 3Q15 $US Millions Days OPERATING PROFIT/(LOSS) 6, STJS - OPERATING DAYS 35 5, 28 4, 21 14 3.4 37.5 3, 2, 5,45 5,513 5,355 5,472 5,477 7 19. 8.4 8.6 3Q14 4Q14 1Q15 2Q15 3Q15 1, 3Q14 4Q14 1Q15 2Q15 3Q15 Volumes overall were flat Average freight rates (COAs and spot) were mostly unchanged in the quarter Lower transhipments and barging expenses Contracts renegotiated during the quarter were on average renewed at an annual increase of 2.1% Page 8

Stolt Tankers: 2Q15 to 3Q15 Operating Profit Variance Figures in USD Millions Page 9

Total Bunker Cost Stolt Tankers: Bunker Costs Net bunker cost decreased $1.5M from previous quarter Average price of bunkers consumed increased to $34/ton from $334/ton in the second quarter, while average price of bunker purchased was down to $319/ton from $349/ton from last quarter COA bunker surcharge clauses covered on average approximately 67% of total bunker price risk in 3Q15 12 Figures in USD Millions 6 9 6 3 $7.2 $6.6 $88.5 $87. $2.8 $82.3 $75. $9.5 $66.3 $64.8 $11.5 $1.4 5 4 3 IFO Price $/ton 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2 Source: Stolt-Nielsen Bunker surcharge recovery Net bunker cost IFO price Bunker surcharge repayment Page 1

Stolt Tankers Joint Service Sailed-in T/C Index Asia Pacific economic crisis and large NB programmes Global economic downturn starts Sept.11 3Q15=.75 Strong CPP market Index as published through 213, based on SIR STJS member-ships + net result outside T/C ships, base is 1Q96 + adjusting for inflation based on U.S. Consumer Price Index (CPI) Source: Stolt-Nielsen and the Bureau of Labor Statistics (U.S. CPI) Page 11

DWT (in MT) DWT (in MT) Chemical Tanker Fleet and Orderbook 3Q15 2,1 1,9 1,7 1,5 1,3 Tonnage Delivered NB orderbook- SS NB orderbook - Coated Expected Scrapping 3yrs Total OB is 28.6% of current fleet; 22.4% stainless steel 1,1 9 7 5 3 1 (1) (3) Basis 3 years scrapping Core fleet 3Q15 = 14.4M DWT 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 21 211 212 213 214 215 Source: Stolt-Nielsen and Drewry, as of Sept 1, 215 Page 12

Stolt Tankers Market Situation Port congestion in Houston, Santos and Jubail continues to impact the scheduling of ships, impacting earnings even after demurrage, and tying up tonnage Regional fleets also posted improved results compared to the prior quarter The fleet renewal program is progressing as planned; we expect to take delivery of the first 38, DWT newbuilding from China during 2Q16 Name Stolt Pride Stolt Sincerity Stolt Integrity Stolt Tenacity Stolt Loyalty Stolt Excellence Expected Delivery 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Page 13

We Are Concerned About 216 and 217 The improved tanker results so far in 215 are based on a healthy product tanker market and lower bunker costs, not a stronger chemical tanker market COA rate increases on certain trade routes are under pressure from bunker rebates and large NB orderbook Trade volume has been weak despite global GDP growth of 2.5%; historical 1.3-1.7 trade growth multiplier over GDP growth no longer applies Source: Richardson Lawrie Associates Ltd. Page 14

Cost Reduction Initiatives Continue Bunker consumption savings - Variable speed drives on electric motors to reduce KW - Fuel slide valves on main engines - Hull & propeller cleaning - Energy audits Manning Savings - Continue shift to lower-cost officer pools Maintenance & Repair - Lower number of technical incidents by improving planned maintenance - Increased use of data management tools (reduce equipment breakdowns, improve performance management of seafarers) - Preventing of repetitive errors by sharing results of root cause analysis A&G - Chartering reorganization: STJS completed a reorganisation during 3Q, changed from three services (Indian, Pacific and Atlantic ocean) to two services (Parcel Tankers and Chemical Tankers); main objective is to focus increasingly on voyage optimisation - Norwalk office was closed and many people were relocated to Houston Page 15

Stolthaven Terminals $US Millions REVENUE $US Millions GROSS PROFIT 56 24 48 4 18 32 24 16 8 54.4 57.9 55.7 55.5 54. 12 6 21.9 2.6 2.2 17.5 1.3 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15 $US Millions Thousand cubic metres - (owned terminals) a) OPERATING PROFIT AVERAGE CAPACITY - UTILISATION 2 1,8 95% 15 1,35 1 5 13.2 14. 15.6 15.1 11.8 9 45 1,522 1,572 1,598 1,65 1,68 85% 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15 75% Operating results for the quarter decreased due to i) higher maintenance costs and actions to improve efficiency at Stolthaven Houston, ii) $4.3M impairment of goodwill and $1.1M in accelerated depreciation of some terminal assets in Australasia (next slide) Overall utilisation decreased to 86.7% from 87.5%, reflecting the expiration of a customer contract at a terminal in Australasia a) 3Q14 excludes business interruption insurance proceeds due to Hurricane Isaac; 4Q14 excludes an early contract termination from a customer in NZ; 2Q15 excludes $.8M from impairment of goodwill in NZ; 3Q15 excludes $4.3M from impairment of goodwill and $1.1M accelerated depreciation, both in Australasia Page 16

Terminals: 2Q15 to 3Q15 Operating Profit Variance Figures in USD Millions a) a) a) Reported figures Page 17

Stolthaven Owned Terminals Main Concerns Since 28 we have doubled capacity of our wholly owned terminals to 1.6M CBM, investing $1.bn The rapid growth in capacity has not produced an equal growth in EBITDA due to falling utilisation, operational inefficiencies and cost creep: Commercial and operational inefficiencies: average utilisation dropped to a low of 87% in 215 Decrease in profitability: EBITDA margin has dropped from 58% in 29 to 36% in 215 Stolthaven Houston in particular has failed to turn expansion into profitability JV terminals are performing to our expectations Page 18

Stolthaven Houston Specific Concerns Severe berth congestion leads to significant waiting time for ships and reduced throughput overall Jetty utilisation increased from 57% in 28 to 95% in 215 Delays in building new jetty capacity Cost creep due to high local inflation not recovered in storage contracts Capacity growth has outpaced operational efficiency resulting in a reduced EBITDA margin Competitive engineering market due to shale gas industry Labour intensive operations Too much focus on growth Page 19

What We Are Doing? Terminal Owned terminals Houston New Orleans Santos Actions Focusing on commercial and operational improvements Standardisation Management has been reorganised Focusing on infrastructure improvement, automation and cost cutting Investment in new jetty capacity Reducing waiting time Following hurricane Isaac, $2M protection wall was built Pursuing customers lost to bring utilisation back up Change of product mix due to ethanol seasonality Cost cutting Singapore Pursuing new customers and new products Australasia Completing expansions at cost and improving profitability Lingang Recovering operating license for the terminal Page 2

Stolt Tank Containers $US Millions REVENUE $US Millions GROSS PROFIT 15 35 28 1 5 137.3 135.8 126.1 131.3 127.9 21 14 32. 35.1 3.4 32.1 31. 7 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15 $US Millions OPERATING PROFIT 32, SHIPMENTS - UTILISATION 1% 21 14 7 17.6 19.5 16. 18.6 15.6 24, 16, 8, 29,7 28,445 27,915 29,997 3,49 8% 6% 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15 4% Lower revenue mainly due to lower volume and increased competition Margin per shipment decreased slightly Utilisation decreased to 7.% from 71.3% mainly due to the delivery of new tanks Page 21

STC: 2Q15 to 3Q15 Operating Profit Variance Figures in USD Millions ` Page 22

1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 YTD 3Q15 Stolt Tank Containers Market Situation The market is growing steadily as we expand into new regions and continue to convert cargoes from other modes Economic growth in China is impacting activity negatively Surplus capacity of tanks and low lease rates are enticing forwarders to begin operating tanks; rates and margins remain under pressure Port congestion and restricted cleaning station capacity are causing significant lost time and operational difficulties 14, 12, 1, 8, 6, 4, 2, 4, 35, 3, 25, 2, 15, 1, 5, Shipments Fleet Page 23

Stolt Sea Farm $US Millions $US Millions REVENUE GROSS PROFIT (before IFRS adjustment) 18 3 12 2 18.4 6 12. 13.7 14.4 14.8 1 2. 1.5 2. 1.3 1.5 3Q14 4Q14 1Q15 2Q15 3Q15 3Q14 4Q14 1Q15 2Q15 3Q15 $US Millions a) OPERATING PROFIT/LOSS % GROSS OPERATING MARGIN (before IFRS adj) 2 2% 1.5 15% 1 1%.5 1..8.6 5% 1.9% 12.5% 14.6% 9.% 1.1%.. 3Q14 4Q14 1Q15 2Q15 3Q15 % 3Q14 4Q14 1Q15 2Q15 3Q15 Both revenue and volume from turbot decreased from previous quarter, 1.1% and 6.% respectively Revenue from sole increased considerably by 13.8% mainly due to increased production from our farm in Iceland Caviar volume increased though the price decreased during the third quarter The accounting for inventories at fair value had a negative impact of $2.1M in 3Q15 a) Excludes the accounting for inventories at fair value Page 24

SSF: 2Q15 to 3Q15 Operating Profit Variance Figures in USD Millions Reported figures Page 25

Stolt-Nielsen Gas - LPG Avance Gas SNL s ownership is 7.2% AGHL owns and operates a fleet of 13 VLGCs of approx. 83, CBM each; one on order with an expected delivery date during the fourth quarter of 215 Our investment in AGHL: Figures in USD Thousands History of AGHL Shares Number of Cash Shares Return Cash Contribution to AGHL 7,834 (89,26) Accumulated equity earnings Dilution gain Cash from Sungas 7, Sale of stock through IPO (2,855) 57,133 Sale of stock May 215 (2,5) 4,451 Dividends 18,275 Equity investment at Jun.3.15 2,479 33,599 Market value of remaining shares (NOK 18) 31,644.24 Share price as of Sept.29, 215 Page 26

Stolt-Nielsen LNG Stolt LNGaz JV formed to develop a small-scale liquefaction, storage, shipping and distribution system for LNG in Quebec, Canada, with expected start-up in 218 Land acquired, environmental and export licenses obtained, off-take agreements progressing Sardinia Project Stolt-Nielsen has signed an LOI for the shipment, storage and distribution of LNG in Sardinia with local partners Golar LNG Acquired 2,18,338 shares in GLNG The intention is to explore and develop a JV with the aim to leverage each companies capabilities Page 27

Financials Page 28

Net Profit Figures in USD Millions Quarter Nine Months 3Q15 2Q15 3Q14 215 214 Operating Profit (before one offs) $67. $69.9 $42.4 $188.9 $123. US pension plan gain - - - 19.8 - Hurricane Isaac insurance reimbursements - - 3. - 8. Gains on AGHL Transactions - 3. - 3. 24.4 Loss on sale of assets - (1.5) - (1.5) (2.) Australasia one-offs (5.4) (.8) - (6.5) Restructuring expenses (1.8).7 - (1.1) - Other - (3.4) Operating Profit (as reported) $59.8 $71.3 $45.4 $22.6 $15. Net Interest Expense (26.3) (25.2) (24.) (75.1) (7.) FX Gain/(loss), net (1.6) 1. (.9) (.7) (2.7) Income Tax (2.7) (4.3) (5.6) (15.9) (12.6) Other 1.1 - (.3) 1.1 (.3) Net Profit $3.3 $42.8 $14.6 $112. $64.4 Net Profit Attributable to: SNL Shareholders $3.1 $42.5 $14.6 $111.3 $64. Minority Interest.2.3 -.7.4 Page 29

Balance Sheet Figures in USD Millions Period ended Aug.31.15 Nov.3.14 Cash and cash equivalents $91 $45 Receivables 226 21 Other current assets 141 162 Total current assets 458 48 Property, Plant and Equipment, deposits 2,83 2,835 Investment in and advances to JV and associates 483 515 Other non-current assets 24 157 Total non-current assets 3,526 3,57 Total assets $3,984 $3,915 ST bank loans 125 216 Current mat. of LT debt and finance leases 357 242 Accounts payable and accrued expenses 32 332 Other current liabilities 182 116 Total current liabilities 983 96 LT debt and finance leases 1,31 1,254 Other non-current liabilities 296 326 Total non-current liabilities 1,66 1,58 Figures in USD Millions (Except ratios) At the end of: August 215 Debt $1,792 Tangible Net Worth (TNW) $1,553 Debt:TNW 1.15:1 EBITDA / Interest expense 4.44:1 Cash $91 Unused committed available credit lines $295 75% fixed / 25% variable interest rate at August 31, 215 Average interest rate of 5.3% at August 31, 215 4Q15 net interest expense expected to be approximately $27M Total liabilities $2,589 $2,486 Shareholders equity $1,395 $1,429 Total liabilities and SH equity $3,984 $3,915 Page 3

Cash Flow Figures in USD Millions Quarter Nine Months 3Q15 2Q15 215 Net income $3 $43 $112 Depreciation, amortisation and non-cash items 49 31 12 Changes in working capital 1 (7) (21) Other receipts, net 2 19 2 Net cash generated by operating activities $91 $86 $213 Capital expenditures and intangible assets (67) (53) (222) Sale of assets 1 42 51 Newbuilding deposits (15) (7) (22) Refund guarantee repayment 11 11 Investment in Golar LNG (1) (1) Investments and advances to JV and associates 5-3 Net cash used in investing activities ($76) ($17) ($279) Increase (decrease) in short-term bank loans (75) 117 (91) Proceeds from issuance of long term debt 62 161 492 Repayment of long-term debt (34) (155) (222) Dividend and other (28) (68) Net cash provided by financing activities ($47) $96 $111 Effect of exchange rates (2) 2 1 Total Cash Flow ($34) $77 $46 Cash and cash equivalents at beginning of period $125 $5 $45 Cash and cash equivalents at end of period $91 $125 $91 Page 31

EBITDA 7 6 5 4 3 2 1 $US Millions TANKERS 38 32 28 42 48 41 39 43 43 49 62 69 14% 11% 8% 5% 2% 3 25 2 15 1 5 $US Millions TERMINALS 28 24 23 2 25 25 23 24 26 27 27 25 14% 11% 8% 5% 2% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15-1% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15-1% $US Millions $US Millions 3 TANK CONTAINERS 14% STOLT-NIELSEN LIMITED a) 14 14% 2 11% 8% 12 1 8 11% 8% 1 24 2 25 24 24 2 23 24 25 22 24 21 5% 2% 6 4 2 82 74 95 95 11 89 89 93 99 13 119 123 5% 2% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15-1% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15-1% EBITDA Quarterly EBITDA as a % to NAB a) EBITDA before fair value of biological assets, insurance reimbursements and other one-time, non-cash items Page 32

Administrative and General Expenses Figures in USD Millions Quarter 3Q15 2Q15 3Q14 215 214 Updated Quarterly Guidance Stolt Tankers $21.4 $19.8 $23.1 $62.2 $7.1 $2.5 Stolthaven Terminals 1.7 1.2 1.9 31.9 32.7 1.5 Stolt Tank Containers 15.6 13.8 14.8 44.1 44.7 15. Stolt Sea Farm 1. 1..8 3.1 3.4 1.2 SNL Corporate Nine Months SNL Corporate and Other 1. 1.4.9 3. (1.8).2 US pension curtailment.. - (19.8). - Profit Sharing / LTIP 2.4 3.7 3.4 9.1 8.4 4. Total $52.2 $5. $53.9 $133.7 $157.4 $51.4 Page 33

Depreciation and Amortisation Figures in USD Millions Quarter Nine Months 3Q15 2Q15 3Q14 215 214 Updated Quarterly Guidance Stolt Tankers $31.7 $31.6 $31.5 $94.5 $93.8 $33. Stolthaven Terminals a) 18.2 12.2 11.1 42. 3.8 14. Stolt Tank Containers 5.7 5.5 5.2 16.4 15.4 5.8 Stolt Sea Farm 1.8 1.1 1.2 3.8 2.2 1.4 SNL Corporate 1.4 1.7 2.6 4.1 7.1 1.8 Total $58.9 $52. $51.6 $16.9 $149.3 $56. a) Includes $4.3M from impairment of goodwill Page 34

Share of Profit of JVs and Taxes Figures in USD Millions Share of Profit of JVs Quarter Nine Months Updated Quarterly Guidance 3Q15 2Q15 3Q14 215 214 Stolt Tankers $4.1 $4.2 (1.5) $1.4 1.5 $2.3 Stolthaven Terminals 6.7 6.7 6.1 2. 19.2 5.8 Tank Containers.2.3.2.6.9.2 Corporate and Other 3.8 1.9 4.6 8.8 11.8 3.9 $14.7 $13.1 $9.4 $39.8 $33.3 $12.2 Taxes Quarter Nine Months 3Q15 2Q15 3Q14 215 214 Tankers, Terminals and T. Containers $1.3 $4.1 $3.9 $9.3 $1.3 Stolt Sea Farm (.7) 2.1-1.4 (.4) SNL Corporate 2.1 (2.) 5.1 5.2 2.7 Total Taxes $2.7 $4.2 $9. 15.9 $12.6 Page 35

Capital Expenditures Programme of $.8Bn Figures in USD Millions Figures in USD Millions Actual Projections YTD 3Q15 4Q 216 217 218 219 Total Stolt Tankers $91 $47 $225 $134 $5 $2 $413 Stolthaven Terminals 1 46 152 46 22 17 283 - Stolt Tank Containers 37 32 26 - - - 58 Stolt Sea Farm 3 2 5 26 - - 33 Stolt Bitumen Services 1 6 - - - - 6 SNL Other 6 35 - - - - 35 Total $238 $168 $48 $26 $27 $19 $828 Capital Expenditures Programme includes business acquisitions, newbuilding deposits, contributions in Joint Ventures and Associates and does not include capitalised interest Page 36

Debt Maturity Profile er Figures in USD Millions $5 Refinancing SNI1 ($3M bond maturing in June 216): We are building up cash in order to pay it off in case the bond market is not active or not favourable close to maturity In case the market is there, we will split up the bond in lower amounts in order to reduce future refinancing risk $4 $3 5 $2 $1 $ 215 216 217 218 219 22 221 222 Amortization of senior debt Balloon payments Bonds Revolver Notes: 1. 218 includes the current outstanding balance of our credit revolver 2. 22 includes the new 5-year bond completed on March 26, 215 3. 215 includes only the remaining of the year Page 37

Key Takeaways Diversified portfolio of August 215 YTD: Net Profit: $112 businesses million best year since 28 Steady tank container results Good balance sheet and strong liquidity Fundamentals in terminals remain solid Tanker market is still a concern Capex projects funded Page 38

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