Investor Presentation

March 2016

Stolt-Nielsen Limited

Page 2Page 2

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 3Page 3

Agenda

• SNL 4Q15 Highlights

– Stolt Tankers

– Stolthaven Terminals

– Stolt Tank Containers

– Stolt Sea Farm

– Stolt Bitumen Services

– Stolt-Nielsen Gas

• Financials

• Q&A

Page 4Page 4

• Founded in 1959 by Jacob Stolt-Nielsen, pioneer of the parcel tanker industry

• Integrated logistics company offering transportation and storage for bulk liquids in

parcel tankers, tank containers and terminals

• Registered in Bermuda and listed on the Oslo Stock Exchange since 1995

• More than 5,000 employees world wide with 43 offices in 26 countries

• Market capitalisation of $0.5 billion; book value of equity of $1.4 billion

Stolt-Nielsen Limited (SNL)

Top shareholders (as of January 31, 2016) Share price development (NOK)

Number of Shares % of Total

FIDUCIA LTD 29,634,255 54%

FOLKETRYGDFONDET 2,719,486 4%

ML PROFFESSIONAL CLEARING CORP 1,053,019 2%

EUROCLEAR BANK S.A./N.V. ('BA') 1,050,045 2%

JEFFERIES LLC 1,044,703 2%

HOME CAPITAL AS 1,039,433 2%

CITIBANK, N.A. 848,739 1%

JP MORGAN CLEARING CORP. 680,982 1%

FIDELITY FUNDS-NORDIC FUND/SICAV 609,493 1%

A/S SKARV 550,000 1%

Page 5Page 5

Stolt Tankers

Stolthaven

Terminals

Stolt Tank

Containers Stolt Sea Farm

Stolt Bitumen

Services Stolt-Nielsen Gas

• Leading global

provider of

transportation

services for bulk-

liquid chemicals,

edible oils, acids,

biofuels and CPP

• ~20 million tons of

cargo carried yearly

• Global provider of

storage services for

bulk-liquid

chemicals, edible

oils, acids, biofuels

and CPP products

• One of the world’s

leading provider of

door-to-door

transportation

services for bulk-

liquid chemicals

and food-grade

products

• Leading

aquaculture

company focused

on the production

of premium fish

species

• 15 farms worldwide

• Developing a

bitumen distribution

network in fast-

growing Asia

Pacific markets

• Stolt-Nielsen LNG

to target small

scale supply chains

to deliver LNG to

stranded demand.

• Owns 7.2% of

Avance Gas

Holding Ltd.

Key Highlights

60 Deep-sea parcel

tankers

84 Coastal and inland

tankers

6 NBs on order with

delivery 2016-17

$253MEBITDA

Key Highlights

4.5M Cubic meters

of storage capacity

20 Owned and joint-

venture terminals

100,000 cbm under

construction

$100MEBITDA

Key Highlights

35,000+ Tank

containers in the fleet

19 Maintenance and

repair depots

$87MEBITDA

Key Highlights

5,400Production capacity of

turbot (tons)

2,000Planned production

capacity of new sole

farm (tons)

$7MEBITDA

Key Highlights

3 Bitumen terminals

2 owned ships; two

owned and one T/C in

130 Bitutainers

Key Highlights

14 VLGCs in the

Avance Gas fleet

JV in Sardinia: HIGAS

SNL Business Divisions

Page 6Page 6

Financial

Fourth-Quarter 2015 Highlights

Operating

• Stolt Tankers operating profit of $35.4M, supported by continued low bunker costs,

was down from $37.5M, reflecting accelerated depreciation on ships due for

recycling

• Stolthaven Terminals operating profit of $2.6M, down from $6.4M, due to write-offs

of certain assets, accelerated depreciation and settlement of customer claims

• Stolt Tank Containers operating profit of $13.1M, down from $15.6M, reflecting

lower shipment volume and costs related to the early recycling of tanks

• Stolt Sea Farm reported an operating loss of $2.5M, compared with a loss of $2.1M

in 3Q15; accounting for inventories at fair value had a negative impact of $2.7M,

compared with a negative impact of $2.1M in 3Q15

• Corporate and Other reported an operating loss of $5.0M, compared with operating

profit of $2.4M, reflecting increased employee profit-sharing allocations and higher

equity loss on its investment in Stolt LNGaz Ltd.

4Q15 3Q15 4Q14 2015 2014

Revenue $494.6 $500.7 $532.3 $1,983.7 $2,137.9

Operating Profit 43.6 59.8 38.6 246.2 188.6

Net Profit (attributable to SNL equity holders) 21.4 30.1 13.1 132.7 77.1

EPS Diluted 0.38 0.54 0.23 2.36 1.33

Weighted average number

of shares outstanding diluted 55.7 56.2 58.0 56.1 58.1

Quarter Full Year(Unaudited)

Page 7Page 7

Stolt Tankers

Page 8Page 8

Stolt Tankers

-

200

400

600

800

1,000

1,200

1,400

2009 2010 2011 2012 2013 2014 2015

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015

Figures in USD millions

0

50

100

150

200

250

300

2009 2010 2011 2012 2013 2014 2015

Operating Profit

EBITDA

Operating Revenue

STJS Sailed-in Index

Page 9Page 9

2015: Recovery, But…

The results are up…

– 2015 full year operating profit of $122 million, up from $35 million in 2014

…due to low bunkers & owning cost…

– Although volumes were down 1%, we saw an improvement in deep sea SIR of $50

million (up 10.7% from 2014), equal to an improvement of $2,746 per operating day;

– The improvement was mostly due to an underlying strength in the spot market, driving

a steadily improving contract market, allowing us to retain most of the benefit of lower

bunker prices

– Operating costs decreased 8.4% per calendar day compared to 2014, delivering a

cost reduction of $10.8 million

…but volumes & rates remain stagnant…

– SIR continue to improve as bunker costs remain low, while spot rates and COA rates

are steady; Fewer trading days have resulted in lower deep sea volume

…and the trend continues

Page 10Page 10

0.60

0.70

0.80

0.90

1.00

1.10

1.20

-

0.20

0.40

0.60

0.80

1.00

1.20

Dec-

04

Jun-

05

Dec-

05

Jun-

06

Dec-

06

Jun-

07

Dec-

07

Jun-

08

Dec-

08

Jun-

09

Dec-

09

Jun-

10

Dec-

10

Jun-

11

Dec-

11

Jun-

12

Dec-

12

Jun-

13

Dec-

13

Jun-

14

Dec-

14

Jun-

15

Dec-

15ChemicalCrude and Product

Crude spot earnings. 12m rollingaverage

Product spot earnings. 12m rollingaverage

Chemical achieved TCE earnings.Stolt-Nielsen and Odfjell. Quarterlysmoothed

R² = 0.88

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

0.25 0.35 0.45 0.55 0.65 0.75 0.85 0.95 1.05

Chemical tankerearnings

Product tanker earnings

Chemical Markets Supported by Other Segments

• A strong CPP

market helped

chemical markets

in 2015

• USG chemical

exports remain

strong due to low

feedstock cost

despite weaker

CPP markets

We are

retaining the

benefit of lower

bunker prices

Chemical tanker earnings represented by average achieved TCE rate for Stolt-Nielsen Ltd. and Odfjell SE.

Monthly figures based on smoothed reported quarterly figures. Indexed with base December 2004.

Product tanker earnings represented by 12 months rolling average spot TCE earnings for LR2, LR1, MR and Handysize.

Crude tanker earnings represented by 12 months rolling average spot TCE earnings for VLCC, Suezmax and Aframax.

Source: Clarkson, Company reports and Nordea

Page 11Page 11

(300)

(100)

100

300

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

2,300

DW

T (i

n ‘0

00

MT)

Tonnage Delivered

NB orderbook- SS

NB orderbook - Coated

Expected Scrapping 30yrs

Orderbook is ~30% of existing fleet, out of which SS tonnage accounts for ~24%

OB split between countries:China: 29.6%Japan: 54.4%Korea: 14.8%

Chemical Tanker Fleet and Orderbook – 4Q15

Source: Stolt-Nielsen and Drewry, as of January, 2016

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000 16,000 18,000 20,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2010 2011 2012 2013 2014 2015

DW

T (

in ‘000 M

T)

Core fleet 4Q15 = 14.4M DWT

Page 12Page 12

Concerns About 2016 and 2017 • Significant orderbook due for delivery in the next

two years, however there is uncertainty around

what will actually be delivered due to the financial

situation around Chinese yards

• Economic growth in China has slowed, but the

economy is still growing

• Trade growth has been weak in recent years

despite global GDP growth of 2.5%

• USG export capacity, which benefits from low

feedstock cost, may drive the trade growth

multiplier back to its historic average of 1.3-1.7

• We have seen strong export growth out of the USG

so far in 2016

Supply/Demand Balance

Source: Richardson Lawrie Associates Ltd

Page 13Page 13

Chinese 38,000 DWT Newbuildings

Name Expected

Delivery

Stolt Pride 2Q16

Stolt Sincerity 3Q16

Stolt Integrity 4Q16

Stolt Tenacity 1Q17

Stolt Loyalty 2Q17

Stolt Excellence 3Q17

Page 14Page 14

Stolthaven Terminals

New Orleans terminal, US

Page 15Page 15

Stolthaven Terminals

-

50

100

150

200

250

2009 2010 2011 2012 2013 2014 2015

Operating Revenue

0

10

20

30

40

50

60

70

80

90

2009 2010 2011 2012 2013 2014 2015

Operating Profit

Figures in USD Millions

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014 2015

EBITDA

4.5 cbm

Storage capacity

Average utilisation

Th

ousand c

bm

Storage Capacity and Utilisation

86.8%

Page 16Page 16

Worldwide Network of 20 TerminalsLocations

Stolthaven’s terminals are strategically located along the world’s major chemical shipping routes; with hub

terminals on all continents, Stolt is able to offer a cost effective basis for global chemical producers

571,926 m3

334,869 m3

133,727 m3

1,330,600 m3 135,671 m3

147,550 m3

1,215,000 m3

190,452 m3

32,347 m3

81,678 m3

7,250 m3

25,000 m3

136,300 m3

28,000 m3

150,280 m3

36,000 m3

Australia (5 sites)

New Orleans

Houston

Santos

Westport

Antwerp

Ulsan

Lingang

Singapore

Moerdijk

New Zealand (5 sites)

Dagenham

16,000 m3

49,300 m3

Stolthaven Terminals

4.5 Million m3

0.1 Million m3

Current Capacity

Approved expansions

Page 17Page 17

2015 Results are down, but…Operating profit is down…

– 2015 operating profit of $39 million vs. $65 million in 2014

…due to falling utilization, cost creep and delays to expansion projects…

– Average utilization 2015 was 86.8%, down from 87.8% in 2014

– EBITDA margin for owned terminals fell from 38% in 2014 to 35% in 2015

…but a major turnaround project is underway…

– Change of management and implementation of new organisation globally, with the

launch of various improvement projects focused on safety, customer service and

efficiency

– Specific focus on Stolthaven Houston where business process optimisation,

automation and volume throughput needs to improve

…progress made, but this will take time

Page 18Page 18

Stolthaven Owned Terminals Main Concerns

• Since 2008 we have doubled capacity of

our wholly owned terminals to 1.6M

CBM, investing $1.0bn

• The rapid growth in capacity has not

produced an equal growth in EBITDA

due to falling utilisation, operational

inefficiencies and cost creep

• Stolthaven Houston in particular has

failed to turn expansion into profitability

• Poor growth in China is impacting

utilization in Singapore, while it is taking

time to bring utilization up in New

Orleans

• Capacity expansion programs have run

behind schedule

Page 19Page 19

What We Are Doing?

Terminal Actions / Achievements

• New Orleans • Bring further tanks back online

• Pursuing new business to bring utilisation back up

• Houston• Change of Management

• Infrastructure improvement

• Integrate field operations with back office

• Expand jetty capacity

• Customer contract review

• Santos• Expand product mix to reduce reliability on ethanol

• Cost cutting to counter high inflation

• Singapore • Pursuing new customers and new products

• Australasia • Complete expansions at cost; improve profitability

• Lingang • Recovering operating license for the terminal

• New contract signed up

• Utilisation up: 78%

• Added Caustic Soda contract

• Utilisation up: 99%

• Automated control room built

• Permits obtained for new jetty

• Improved jetty scheduling

• Barge jetty completed

• Added Contracts

• Utilisation up: 83%

• Uncertainty on timing remains

Page 20Page 20

Stolt Tank Containers

Page 21Page 21

Stolt Tank Containers

-

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013 2014 2015

Operating Profit

-

100

200

300

400

500

600

2009 2010 2011 2012 2013 2014 2015

Operating Revenue

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014 2015

EBITDA

Figures in USD Millions

Page 22Page 22

STC Global Network – Local Representation

19 Depots

24 Offices

Santos, Brazil

Sao Paulo, Brazil

Buenos Aires, Argentina

Bogota, Colombia

Mexico City, Mexico

Houston, Texas

Romford, UK

Le Havre, France

Moerdijk, The Netherlands

Hamburg, GermanyIstanbul, Turkey

Mumbai,

India

Melbourne, Australia

Korea Depots:

Busan,

Ulsan

Singapore,

ROS

Taipei, Taiwan

Kaohsiung, Taiwan

Manila, The Philippines

Japan Depots:

Tokyo, Kobe,

NagoyaVado Ligure, Italy

China Depots:

Nanhui, Hangu,

ZhangjiagangChina Offices:

Tianjin

Shanghai

Shenzen

Linden NJ

Services Provided in Depots:

Cleaning Wastewater management

Statutory testing Technical expertise and assistance

Maintenance and repair Emergency response

Tank heating Tank storage

Laem Chabang,

Thailand

Kandla

Saudi Arabia Depots:

Damman, Jubail

Jeddah

Jebel Ali

and Dubai, UAE

Page 23Page 23

STC: Continued Stable Performance…

Operating profit slightly down…

– 2015 full year operating profit of $63 million vs. $70 million in 2014

…competition is increasing due to low cost of new tanks, putting pressure on

utilisation…

– Chemical activity is flat globally but with growth in emerging markets helping to offset

the declines in more mature markets

– Food-grade shipments outperformed in 2015, growing by 8%

– Global fleet capacity grew at 3% in 2015 – owned tanks up 6%

– Utilisation dropped to 70.1% compared to 2014 at 74.6%

…but we continue to focus on growing utilization and turns per tank...

– STC continued its efforts to expand geographically in South America, Saudi Arabia,

India, China and Asia as a whole.

– Newbuilding programme on hold until utilisation improves to 75%

…margins still under pressure, but STC is expected to continue to perform well

Page 24Page 24

Stolt Tank Containers Market Situation

• The market is growing steadily as we

expand into new regions and continue to

convert cargoes from other modes

• Lower economic growth in China is

negatively impacting global activity

• Increased competition is putting pressure on

rates and margins

• Port congestion is causing lost time and

operational difficulties

• Focus is on growing utilisation and turns per

tank while maintaining margins per move

• We will continue to develop our depot

network in order to improve turns per tank

• To cost effectively maintain the fleet integrity

and safety in owned or JV depots where

possible

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

Shipments

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Fleet

Page 25Page 25

Stolt Sea Farm

Sole

TurbotCaviar

Page 26Page 26

Stolt Sea Farm

0

10

20

30

40

50

60

70

2009 2010 2011 2012 2013 2014 2015

Operating Revenue

-6

-4

-2

0

2

4

6

8

10

12

14

2009 2010 2011 2012 2013 2014 2015

Operating Profit

0

2

4

6

8

10

12

14

16

18

20

2009 2010 2011 2012 2013 2014 2015

EBITDA excluding FV Adjustments

Picture?

Figures in USD Millions

Sturgeon juveniles

Page 27Page 27

SSF 2015 Achievements

A marginal improvement in operating profit…

– 2015 full year operating profit of $0.4 million compared with an operating loss of

($1.4) million in 2014

…but operations are stable…

– EBITDA before FV adjustment of $7 million, same as in 2014

– Turbot volume was marginally down, but prices started to improve, despite dumping

of fish to the market by a competitor

– Sole volume was up sharply to 534 tons as the Iceland farm commenced commercial

operations, and prices firmed throughout the year

– Caviar volume was also down, though prices held steady.

…while the outlook is favorable…

– Turbot prices have continued to increase as we have expanded our markets, and

volumes continue to improve

– Iceland phase 1 is now operating at full capacity

– Caviar prices held up steadily despite increased international competition. Exception

is sales to Europe (Petrossian Paris) where our prices have dropped due to the

stronger US$ exchange rate

…which should drive improved results

Page 28Page 28

Stolt Sea Farm

• Focused on land-based aquaculture that require extensive knowledge, ongoing

R&D, and technological expertise

• Market leader in the production of turbot, sole, sturgeon and caviar

• Solid fundamentals: wild catch continues to decrease, resulting in growth in

demand for farmed fish

• Annual production capacity of 5,400 tonnes of turbot, 900 tonnes of sole, 300

tonnes of sturgeon and 15 tonnes of caviar

• We have built the world’s first

industrial sized sole farm in Iceland;

first fish to market sold in March

2015

• Net Asset Base of $113M with

planned capital expenditures of

$19M

• EBITDA of $7M in 2015

• EBITDA of $25M by 2020

Page 29Page 29

Stolt Sea Farm Overview

15 Facilities

Spain:

Cervo

Merexo

Quilmas

Vilano

Lira

Couso

Palmeira

California:

Elverta

Wilton

Laguna

Buenavista

Anglet, France

Tocha, Portugal

Øye, Norway

Reykjanes,

Iceland

SSF has 11 European aquaculture facilities, one each in France, Norway, Portugal and Iceland

and seven in Spain for the production of turbot and sole; caviar and sturgeon production is

based in California where SSF has four facilities

Merexo

Page 30Page 30

Potential New Locations

Gresik TerminalCirebon Terminal

18 tons Tank Trucks

Heating System

1 x 200 tons Day Tank

1 x 5,500 tons Tank Heating System

Stolt Bitumen Current and Potential New Locations

Thanh Thai Terminal

Truck Loading Gantry Truck Loading Gantry

2 x 4,000 tons Tanks

200 tons Day Tank 12 – 16 tons Tank Trucks Truck Loading Gantry

2 x 4,000 tons Tank Heating System 50 M from Jetty

Drumming and Polymer Modified Bitumen

Chan

May

Page 31Page 31

Stolt-Nielsen Gas

Page 32Page 32

Stolt-Nielsen Gas

AGHL

Golar LNG

Stolt LNGaz

Stolt-Nielsen LNG Holdings Ltd.

HIGAS S.r.L

Golar Stolt JV Co

Stolt-Nielsen Gas (SNG)Share holding: 2.3%

50%100%7.2%

50% 10%

• Stolt LNGaz

– Off-take agreements not progressing as planned due to falling commodity

prices

• Sardinia Project (HIGAS)

– First small-scale shipping, storage and distribution project

• Golar Stolt JV

– FRSU/small-scale distribution to stranded customers not connected to

pipeline grids

Page 33Page 33

Financials

Page 34Page 34

4Q15 3Q15 4Q14 2015 2014

Operating Profit (before one offs) $56.2 $67.7 $47.0 $246.7 $165.5

Tanker accelerated depreciation (4.1) - - (4.1) -

Terminals accelerated depreciation, claims (3.7) (5.4) - (9.1) -

Loss on sale of assets (1.9) (0.8) (3.9) (4.2) (4.8)

Restructuring expenses (1.7) (1.7) (4.4) (4.1) (4.4)

US pension plan gain - - - 19.8 -

Hurricane Isaac insurance reimbursements - - - - 8.0

Gains on AGHL Transactions - - - 3.0 24.4

Other (1.2) - (0.1) (1.8) (0.1)

Operating Profit (as reported) $43.6 $59.8 $38.6 $246.2 $188.6

Net Interest Expense (26.1) (26.3) (22.8) (101.2) (92.8)

FX Gain/(loss), net 1.1 (1.6) 1.0 0.4 (1.7)

Income Tax 1.8 (2.7) (2.4) (14.1) (15.1)

Other 0.8 1.1 (0.8) 1.9 (0.9)

Net Profit $21.1 $30.3 $13.6 $133.1 $78.1

EBITDA $114.1 $122.8 $99.3 $459.1 $368.6

Quarter Full Year

Net ProfitFigures in USD Millions

a) EBITDA before fair value of biological assets, insurance reimbursements and other one-time, non-cash items

Page 35Page 35

Figures in USD Millions (Except ratios) At the end of:

Debt $1,751

Tangible Net Worth (TNW) $1,537

Debt:TNW 1.14:1

EBITDA / Interest expense 4.06:1

Cash $78

Unused committed available credit lines $416

November 2015

Balance Sheet

Figures in USD Millions

Nov.30.15

Cash and cash equivalents $78

Receivables 203

Other current assets 146

Total current assets 426

Property, Plant and Equipment, deposits 2,785

Investment in and advances to JV and

associates 477

Other non-current assets 206

Total non-current assets 3,468

Total assets $3,894

ST bank loans -

Current mat. of LT debt and fin. leases 323

Accounts payable and ac. expenses 308

Other current liabilities 206

Total current liabilities 837

LT debt and finance leases 1,428

Other non-current liabilities 301

Total non-current liabilities 1,728

Total liabilities $2,565

Shareholders equity $1,329

Total liabilities and SH equity $3,894

Period ended

• 77.2% fixed / 22.8% variable interest rate at

November 30, 2015

• Average interest rate of 4.7% at November 30,

2015

• 1Q16 net interest expense expected to be

approximately $27M

Page 36Page 36

28

2320

25 2523 24 26 27 27

2521

-1%

2%

5%

8%

11%

14%

0

5

10

15

20

25

30

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

EBITDA

2838 42

4841 39 43 43

49

6269 73

-1%

2%

5%

8%

11%

14%

0

20

40

60

80

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

STOLT-NIELSEN LIMITED a)

$US Millions

TANKERS

$US Millions

TERMINALS

$US Millions

TANK CONTAINERS

$US Millions

20

25 24 2420

23 24 2522

2421 20

-1%

2%

5%

8%

11%

14%

0

10

20

30

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

74

95 95 10189 89 93 99 103

119 123114

-1%

2%

5%

8%

11%

14%

0

20

40

60

80

100

120

140

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

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 37Page 37

Figures in USD Millions

Actual Total

4Q15 2016 2017 2018 2019 2020

Stolt Tankers $20 $227 $132 $19 $5 $5 $388

Stolthaven Terminals 30 176 89 47 25 33 370 50 -

Stolt Tank Containers 21 55 - - - - 55

Stolt Sea Farm 1 6 19 - - - 25

Stolt Bitumen Services 1 6 - - - - 6

SNL Other 2 2 - - - - 2

Total $75 $472 $240 $66 $30 $38 $846

Projections

Capital Expenditures Programme of $0.8Bn

As of Nov.30.2015

Capital Expenditures Programme includes business acquisitions, newbuilding deposits, contributions in Joint Ventures and Associates

and does not include capitalised interest

Figures in USD Millions

Page 38Page 38

revolver

0

$0

$100

$200

$300

$400

$500

2016 2017 2018 2019 2020 2021 2022

Debt Maturity Profile

Figures in USD Millions

Amortization of senior debt

Notes:

1. Current outstanding balance of our credit revolver is $0 M

Balloon payments Bonds Revolver

Refinancing SNI01 ($300M bond maturing in June 2016):

• We have liquidity available to pay it off in case the bond market is not active or not

favourable close to maturity (Nov.30.15 liquidity available: $494M)

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Key Takeaways

• 2015 net profit of $133.1M – best year since the start of the financial crisis

• SNL has produced 48 consecutive profitable quarters; in compliance with all

bank covenants

• Diversified portfolio of businesses

• Solid performance in tankers; steady tank container results; fundamentals in

terminals remain solid

• EPS of $2.36 for 2015; P/E ratio of 4.4; P/NAV of 0.48; sum of the parts not

reflected in share price

• Current dividend yield of over 9% basis $1 per share and a share price of

NOK 100

• Good liquidity position with almost $500M available through our revolving

credit line and cash on hand; capex mostly funded

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For more information please visit our website:

www.stolt-nielsen.com