Stolt Nielsen Capital Markets 2014

Stolt-Nielsen LimitedCapital Markets Day

Houston

March 27,2014

Page 2Page 2

Forward-Looking Statements This presentation has been prepared by Stolt-Nielsen Limited (or the “Company”) for prospective investors, solely for informational

purposes and neither the presentation nor any statements made now or during any meetings constitute an offer or the solicitation of

offers to purchase securities in any jurisdiction where such offer or solicitation is prohibited.

This presentation is prepared for Stolt-Nielsen Limited’s Capital Markets Day on March 27, 2014. The following slide should be

read and considered in connection with the information given orally during the presentation. Information contained in the

presentation or given orally will not be updated.

Included in this presentation are various “forward-looking statements”, including statements regarding the intent, opinion, belief or

current expectations of Stolt-Nielsen Limited 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” (p45 et seq.) in the most recent annual report

available on the Stolt-Nielsen website, www.stolt-nielsen.com.

Stolt-Nielsen Limited or its management is making no representation or warranty, expressed or implied, as to the accuracy,

reliability or completeness of this presentation, and neither Stolt-Nielsen Limited nor any of its directors, officers or employees will

have or accept any liability to you or any other persons resulting from your use.

Page 3Page 3

Agenda

Delivering ValueTime Activity

09:00 – 09:30 Introduction Page 03

09:30 – 10:15 Stolt Tanker Page 09

10:15 – 10:30 Coffee break

10:30 – 11:15 Stolthaven Terminals Page 23

11:15 – 12:00 Stolt Tank Containers Page 39

12:00 – 13:15 Lunch

13:15 – 14:00 Stolt Sea Farm Page 55

14:00 – 14:30 Final Comments and

Q&A Page 65

14:30 – 14:45 Coffee break

14:45 – 16:45 Site visit to Stolthaven Terminals’

and Stolt Tank Containers’

premises

16:45 – 17:30 Transportation to hotel

19:00 Around the World Party

Page 4Page 4

Experienced Management Team

Niels G. Stolt-NielsenChief Executive Officer24 years with Stolt

Jan Chr. EngelhardtsenChief Financial Officer39 years with Stolt

Mike KramerPresident

Stolt Tank Containers32 years with Stolt

Pablo GarciaPresident

Stolt Sea Farm19 years with Stolt

Hans FeringaPresident

Stolt Tankers18 years with Stolt

Walter WattenberghPresident

Stolthaven Terminals20 years with Stolt

Page 5Page 5

SNL Business Divisions

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

• 14 farms worldwide

• Developing a

bitumen distribution

network in fast-

growing Asia

Pacific markets

• Owns 25.8% of

Avance Gas

Holding Ltd., the

third largest VLGC

operator in the

world

Key Highlights

58 Deep-sea parcel

tankers

93 Coastal and inland

tankers

6 NBs on order with

delivery 2015-17

$156MFY2013 EBITDA

Key Highlights

4.1M Cubic meters

of storage capacity

20 Owned and joint-

venture terminals

648,000 cbm under

construction

$103MFY2013 EBITDA

Key Highlights

32,000 Tank

containers in the fleet

14 Maintenance and

repair depots

2 New depots in 2014

$93MFY2013 EBITDA

Key Highlights

~5,000Production capacity of

turbot (tons)

2,000Planned production

capacity of new sole

farm (tons)

$13MFY2013 EBITDA

Key Highlights

3 Bitumen terminals

2 Ships, one T/C out

and one T/C in

2 Ships on order

125Bitutainers

Key Highlights

583k cbmCapacity of Avance

Gas Fleet

6 VLGCs in the

Avance Gas fleet

8 VLGCs on order

Listed on Norwegian

OTC

Page 6Page 6

Products we carry

Commodity chemicals

Speciality chemicals

Oleo chemicals

Vegetable oil/Palm oil

Lube oils

Acids

Key

Stolt Tankers

Regional Tankers

Stolthaven Terminals

Stolt Tank Container Depots

Trade Flows

Specialty chemicals flow to and from the

US Gulf and Asia.

Sulphuric acid, a by product of industrial activity, flows to the west cost of South America where it is

used in copper mining

Specialty and commodity

chemicals flow both east and

west across the North Atlantic.

Phosphoric acid flows from North

Africa east to India, where it

is used to make

fertilisers.

Commodity chemicals – with

endless applications flow

both east and west from the

Arabian Gulf, to Europe and the

U.S., Africa and to Asia.

Brazilian ethanol, veg oils and

petrochemicals flow east to South Africa and Asia, with commodity and specialty chemicals and

palm oils flowing west.

Palm oils flow from Asia

Pacific to the U.S. Gulf,

Europe and South

America.

High grade lube oils flow from South

Korea to the U.S. Gulf and

Europe.

What Drives Our Business

Page 7Page 7

Transformation Through Strategic Growth

• Strategically moved away from the

traditional shipping model to integrated

logistics service provider

• Since the end of 2008 Stolt has invested

$1.9 billion and currently has committed

$1.2 billion in capital expenditures

• Company has doubled the asset base of its

two most profitable divisions

• Increased total storage capacity at

Stolthaven Terminals from 1.9 to 4.1

million cbm through the acquisition of 14

terminals and expansions at existing

facilities; operating profit increased more

than 50% since 2009

• Grown the fleet at Stolt Tank Containers

by 30%; operating profit increased more

than 40% since 2009

• Stolt Tankers has taken delivery of 20

sophisticated stainless steel ships and

company has ordered six further

sophisticated stainless steel 38,000 dwt

newbuildings

Total: $229 M Total: $2,487 M

Total: $186 M Total: $3,887 M

(a) Excludes Corporate and Other.

2007 Operating Profit by

Business(a) 2007 Assets

2013 Operating Profit by

Business(a) 2013 Assets

Tankers Terminals STC SSF SNL Corporate and Other

Page 8Page 8

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

Debt $1,678

Tangible Net Worth (TNW) $1,521

Debt:TNW 1.10:1

EBITDA / Interest expense 4.90:1

Cash $35

Unused committed available credit lines $302

November 2013

Strong Balance Sheet and Committed Capital Programme

Capital Expenditures Programme includes business acquisitions, contributions in Joint Ventures and Associates and does not include capitalised interest

Committed Capital Expenditures include:

• Tankers: 6 X 38,000 dwt Chinese newbuildings,

safety and environmental projects

• Terminals: expansions at existing locations and

annual maintenance capex

• Sea Farm: World first sole farm in Iceland plus

annual maintenance capex

• SNL Corporate and other include $60M per year

in uncommitted delegated authority

2013 2012

Operating Profit (before one offs) 161 132

One off items 34 38

Operating Profit (as reported) 195 170

Net Interest Expense (88) (83)

FX (Loss) / Gain, net (1) 1

Income Tax (Provision) (22) (18)

Other 2 1

Net Profit 86 71

Net Profit Attributable to:

SNL Shareholders 86 70

Minority Interest (0) 1

Full Year

Figures in USD Millions

Total

2013 2014 2015 2016 2017 2018 2014-2018

Stolt Tankers $117 $55 $108 $157 $130 $6 $456

Stolthaven Terminals 133 261 198 102 34 18 613

Stolt Tank Containers 38 50 12 - - - 62

Stolt Sea Farm 15 14 4 23 - - 41

Stolt Bitumen Services 6 11 - - - - 11

SNL Other - 57 60 60 60 60 297

Total $309 $448 $382 $343 $224 $84 $1,480

Projected Capital OutlaysFull Year

* Includes $52M for two ships previously on time charter which were sold to an existing joint venture

Page 9Page 9

Stolt Tankers: Hans P. Feringa, President

Page 10Page 10

Chemical Parcel

Tanker

Average

segregation tanks

~ 46

$80+

Crude Oil

$95MPetroleum

Products

Average

segregation tanks

~ 14

$38M+

Product Tanker

Coated Tanks

(40,000 DWT)

What is a Parcel Tanker • Fully automated control and monitoring of

cargo handling operations

• Two longitudinal cofferdams add strength,

speed cleaning, improve segregation

• All integral and deck cargo tanks are

duplex stainless steel

• High generator capacity to facilitate

cleaning

• Thermal heating capability

• Cooling ability

Parcel Tanker

Stainless Steel Tanks

(37,000 DWT)

Crude Carrier

(VLCC)

Page 11Page 11

Stolt Tankers – Providing Differentiated Value• Our Customers work with a “license to operate”. Safety is a necessary

condition. We invest in the assets, the maintenance, the systems and

the people to ensure we deliver a safe service. We can do this

because we are strong and we know the value of getting this right

• We are as much a cleaning company as a transportation company.

This competence together with our investment in specialized assets

means we can carry a wide range of products. We nearly always carry

cargo, very little ballast so high utilization

• We are global and horizontally integrated. We have the leading

deepsea parcel tanker fleet which interacts with regional fleets in

Europe, Asia, Caribbean and with inland parcel tankers in Europe and

USA. This means we can consolidate cargoes, berth calls and trading

patterns

Page 12Page 12

Stolt Tankers – Providing Differentiated Value cont…

• Stolt Tankers is vertically integrated with Stolthaven Terminals. We

think in supply chains and in total cost

• We provide a flexible and reliable service with a global fleet of around

150 sophisticated parcel tankers, regional tankers, inland parcel

tankers and barges, ranging in size from 1,000 dwt to 44,000 dwt with

a focus on stainless steel and a high degree of segregations

• Stolt Tankers is the leader in the transportation of bulk-liquid

chemicals, edible oils, acids and specialty chemicals. Don’t

underestimate the value of scale. You need 4 ships to offer monthly

service on the USG to Asia tradelane. We offer at least 4 sailings a

month. This means high reliability, it also means you can reduce

inventory and thus working capital

Page 13Page 13

Customers• We have the strongest Customer portfolio in the business. Top companies choose top

suppliers.

• Increasingly we are engaged with our Customers to look at safety, sustainability and

efficiency; this comes naturally if you are long-term thinkers.

• We are 75% CoA, most of them evergreen. This engagement along with contract

duration and the synergy with our terminal and tank container network means

customers and Stolt Tankers are deeply entwined. There is a significant change costs

for both.

Page 14Page 14

Our FleetDWT No. of ships

Stolt Tankers Joint Service (STJS)

Stolt Tankers B.V. 1,463,048 44

NYK Stolt Tankers S.A. (NYKST) - (JV) 185,360 5

Unicorn Tankers Int Ltd. 33,232 1

Gulf Stolt Tankers DMCCO (GST) - (JV) 184,226 4

Total Pool partners Vessel 1,865,866 54

STJS Time-Chartered Ships 147,786 4

Total STJS 2,013,652 58

Regional Services

Stolt-Nielsen Inter-Europe Service (SNIES) 71,863 13

Stolt NYK Asia Pacific Service (SNAPS) - (JV) 97,716 8

Stolt-Nielsen Inter-Asia Service (SNIAS) 17,298 4

Stolt-Nielsen Inter Carribean Service (SNICS) 8,594 1

Stolt-Nielsen Inland Tanker Service (SNITS) 23,950 8

Sinochem-Stolt Shipping - (JV) 42,438 11

Total regional Services 261,859 45

SNIES Bare-Boat Chartered Ships 34,310 7

SNAPS (JV) Time-Chartered Ships 32,741 3

SNICS Bare-Boat Chartered Ships 36,600 3

SNITS Time-Chartered Ships 70,727 28

US Gulf Barging - (JV) Time Chartered Ships 8,604 4

Total TC & BBC 182,982 45

Total Tankers 2,458,493 148

Fleet as of 1Q14

Page 15Page 15

Deep-sea Routes

Pacific Ocean

Service 96 round

voyages/year:

regular outbound

service from North

and South America

to the Pacific and

Asia via the Panama

Canal; ships ranging

from 20,000 dwt to

44,000 dwt

Atlantic Ocean Service 85 round

voyages/year: regular service in

both directions between the US

Gulf and Europe, and both coasts

of South America; ships ranging

from 15,000 dwt to 40,000 dwt.

Indian Ocean Service 120 round voyages/year:

rregular service on routes between North and South

America, Europe and Mediterranean to the Indian

Ocean region, including the Arabian Gulf, Red Sea,

India and Africa; routes within the Indian Ocean

region serving Africa, India and Southeast Asia are

also available. Ships ranging from 15,000 dwt to

44,000 dwt.

Page 16Page 16

Regional Trade RoutesSNITS Fleet

Regular service to all markets in

the Gulf of Mexico/Caribbean

Sea, including the north coast of

South America. Stainless steel

and coated cargo space, with

capacities ranging 8,500 dwt to

12,000 dwt Round voyage service between South-East Asia

and North-East Asia, and from South-East Asia

and North-East Asia to Australia/New Zealand,

India and Pakistan; voyage frequency varies from

monthly to four sailings a month, depending on

the trade route. Mainly stainless steel capacity

ranging from 8,800 dwt to 13,000 dwt

A joint-venture with

Sinochem providing high

quality coastwise chemical

transportation service in

China. Stainless ships with

capacities ranging from 3,200

dwt to 3,700 dwt.

Regular service to North West Europe,

UK East and West Coast, German North

Sea and Southern Scandinavia, Bay of

Biscay, the Iberian Peninsula and the

Mediterranean Sea. Fully stainless steel,

double hull, high-spec chemical tankers

with cargo capacities ranging from 4,200

dwt to 5,250 dwt.

SNICS

SNAPS

Stoltchem Fleet

SNIAS

Inland parcel tanker service in

Antwerp, Rotterdam,

Amsterdam area as well as up

the Rhine up to Switzerland

SNIES Fleet

North Asia service focused

mainly of transhipment of

deep-sea cargo to

consolidate berth calls and

optimize port calls

Page 17Page 17

Core Competitors Overview

Source: Drewry and Stolt Tankers based on 4Q13 fleet

2,163

2,097

1,232

1,437

1,107

715

839

682

589

648

496

306

183

139

139

149

130

298

234

228

224

324

73

821

200

158

40

57

40

0 500 1,000 1,500 2,000 2,500 3,000

Stolt Tankers

Odfjell

Milestone

Fairfield/lino

Navig8

MISC

Nordic

Aurora

BLT Chembulk

Eitzen Chemical

Sinochem

MTMM

Ace Tankers

Zodiac

Eastern Pacific Shipping

Utkilen/Stream

Daitoh/Serromah

Hansa Tankers

Ultranav

DWT end 2013 NB's 2014-2019

DWT (in ‘000 MT)

Page 18Page 18

RLA Projects Tightening S&D through 2017

RLA Defined

“good

market”

Page 19Page 19

Chinese Newbuildings• ST took advantage of favourable yard conditions to place an order for six

38,000 dwt stainless steel parcel tankers at Hudong-Zhonghua

Shipbuilding Co. in China; expected delivery to take place from early

2016 onwards

• 43 stainless steel tanks with a total volume of 44,000 cubic meters

• The ships are designed to deliver substantial improvements in fuel

efficiency, while providing operational flexibility with their fully stainless

steel cargo tanks, cargo pumps, heating and cooling capacity

Page 20Page 20

NewbuildingsScale is important here. A C38 is equal to 2 J19’s on paper but there are major

differences.

• Technically: J19’s less sophisticated and no IMO I space

• Efficiency: 2 J19’s burn much more fuel than 1 C38 and the C38 really

represents a big step forwards in terms of energy management

• Operating expense: 2 J19’s have 44 officers and crew, a C38 has 27

19,963 dwt –

Stolt Ami (J19)

Page 21Page 21

Performance

• In 2008 we went long on contracts and short on ships

− As a result we outperformed our peer group over the last 5 years through

the downturn

• Since 2010 we have acquired 22 ships at distressed pricing and ordered 6

ships at favourable pricing

• We have invested in Decision Support Systems to help optimise scheduling

and allocation. The same systems also support our energy management and

port-time management initiatives

• We have launched Safety in Excellence initiative to reduce the number of

incidents and really focus on prevention

The objective is to outperform our peer

group over the coming upcycle

Page 22Page 22

Strategy • Strive for no incidents, no unplanned offhire and full vettings

• Continue to focus on the sophisticated large ships segment and distance

Stolt Tankers from its competitors as the leader in the global market

• We will continue to engage, maintain our COA portfolio and grow with

these leading customers

• Invest in and exploit, systems and creative solutions to improve our

services and reduce our costs

• Capitalise on second-hand purchase opportunities

• Build on synergy with terminals to improve the ship-to-shore interface and

provide integrated services, in order to offer the most competitive supply

chain solutions

Page 23Page 23

Stolthaven Terminals: Walter Wattenbergh, President

Page 24Page 24

This is Stolthaven Terminals

• An integrated supply chain provider offering 20 liquid bulk terminals

• Terminals designed and operated to minimise supply chain & inventory costs

• Stolthaven’s terminals complement the capabilities of both Stolt Tankers and

Stolt Tank Containers to provide integrated transportation, storage and

distribution service to customers worldwide

• 4.2 million cubic metres of storage capacity globally between wholly owned and

joint venture terminals

• Key locations at strategic chemical tanker hub locations

• Six wholly-owned terminals

• Ten consolidated majority-owned terminals

• Four joint ventures

Page 25Page 25

Stolthaven Terminals History

Dagenham Acquisition

100% Ownership

New Orleans Greenfield

Westport Acquisition

Lingang GF

Singapore Greenfield

Houston Acquisition

Santos Acquisition

JSTT Acquisition

Oiltanking Stolthaven

Antwerp Acquisition

1994 1995 1997 1999 2000 2006 2007 2009 2011

100% Ownership

50% Ownership

100% Ownership

100% Ownership

40% Ownership,

subsequently increased

to 49%

Sold 50% ownership in

Ningbo

100% Ownership

50% Ownership

65% Ownership

Ningbo GF

50% Ownership Moerdijk Acquisition

100% Ownership

2012 2013

OTSA 50% JV

Houston

1988

Marstel Acquisition

70% Ownership

Page 26Page 26

• Over the last five years Stolthaven Terminals has been strategically growing its business, more than

doubling its capacity to 4.2 million cbm with a wide network of wholly-owned and joint venture

terminals worldwide

• ~ 0.5 million cbm of approved capacity under construction

Stolthaven Terminals – Growth Story

Graph to be

updated

Figures as of February 2014

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2002 2004 2006 2008 2010 2012 2014 2016

Sto

rag

e C

ap

ac

ity in

'00

0 M

3

Current Capacity

Approved Capacity

4.2M cbm

As of February 28, 2014

Page 27Page 27

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

502,000 m3

334,869 m3

133,725 m3

1,302,600 m3 135,000 m3

140,300 m3

1,190,000 m3

133,953 m3

21,720 m3

80,000 m3

70,000 m3

30,100 m3

7,250 m3

76,000 m3

7,000 m3

133,000 m3

44,000 m3

110,000 m3

160,200 m3

Australia (5 sites)

New Orleans

Houston

Santos

Westport

Antwerp

Ulsan

Lingang

Singapore

Moerdijk

New Zealand (5 sites)

Dagenham

26,000 m3

103,000 m3

Stolthaven Terminals

4.2 Million m3

0.5 Million m3

Current Capacity

Approved expansions

Page 28Page 28

Drivers of Independent Chemical Storage Demand

Time

- Product availability

- Cover uncertainties in the supply chain

- Speculative storage based on price volatility

Cargo consolidation & break bulk

- Availability & uncertainties in the supply chain

- Economies of scale

- Change in mode & transshipments

Value added services

- Product; blending / heating

- Handling; drumming & IBC filling labeling

- Sustainable services; wastewater treatment

VA

LU

E T

O C

US

TO

ME

RS

Page 29Page 29

Stolthaven Houston – Highlights• Most frequented port in the world for Stolt

Tankers ~150 calls p.a.

• Located on the Houston ship channel with

direct access to I-10, Beltway-8, and Texas

225

• Domestic bulk facility and international

distribution hub

– 162 tanks with capacity of over 502,000

cbm

– 94 dock lines

– 5 truck loading racks, 12 bays

– 4 rail loading racks, 68 spots

– 1 jetty, 2 ship berths and 1 barge berth

• Stable customer base; most of Stolthaven

Houston’s storage capacity is highly

embedded in the customer supply chain

• Main products include chemicals, vegetable

oil and petroleum products

– Terminal’s top customers currently

account for 85% of storage capacity

– 2013 utilization of 98.8% with 2012 and

2011 utilizations of 99.5% and 98.4%,

respectively

– Long-term contracts account for

approximately 90% of total revenue

Page 30Page 30

Stolthaven Houston – Customers

Top Customers with Long-Term Contracts

• Contracted and recurring business with blue-

chip customers

• Average customer contract period of 11

months

• Top 10 customers account for ~80% of

revenue

• Average length of customer relationship is 14

years

Page 31Page 31

Houston - Ongoing Expansion

• In 2013, Stolthaven Houston began

expansion on its east property

location in an effort to increase

capacity

• The company is currently erecting

40 new tanks, increasing capacity

by 116,026 cbm to 571,911 cbm, or

approximately 25.5%

– These tanks are expected to be

completed by July 2014

– New tanks are being leased to

existing and new customers as

soon as they are finished

Capacity Development

Stainless Steel tanks

Note: Capacity development as of November 2013

Page 32Page 32

Stolthaven Houston - Jetty Development

• Stolthaven issued

permit for

development for 2

deep sea jetties

and a barge jetty

• First deep sea jetty

11 is planned for

end 2015 / 2016

• Jetty and related

infrastructure is a

+$30M project

Jetty 11

Page 33Page 33

“When there is no berth available,

and the ship has to swing around

its anchor waiting its turn, delays

are caused right down the supply

chain and costs are racked up.”

Port Congestion: Hot Topic

Page 34Page 34

How terminal

operations think of a

parcel tanker

How parcel tanker crew

think of a terminal and its

operations

How we think at Stolt:

ship–to–shore Interface

is key

Perception

Page 35Page 35

Minimize port time

by simultaneous

Board to Board

transfers and

optimized

rotations in port

Consolidate

cargoes from

multiple customers

to maximize time

charter equivalent

Flexible terminals;

each jetty linked to

each tank. Multiple

cargo handling

through dedicated

lines handling

times

Terminal need to

cope with peak

demand 24 hrs

JETTY

OCCUPANCY

CUSTOMERS INFRASTRUCTU

RE

MANPOWER

Low jetty

occupancy / first

come first serve

Maintain stable

long-term

customer base

Optimal

infrastructure,

focused on

minimal

contamination

Spread work over

hours available,

coping with union

restrictions

Value Proposition vs. Conflicting Objectives

Sh

ipp

ing

Ob

jecti

ves

Te

rmin

al O

bje

ctiv

es

Page 36Page 36

People vs. Hardware

Page 37Page 37

What We Do Differently at Stolthaven

• Stolthaven is proactive and offers tailored made solutions for its

customers

• Shared knowledge and best practices between tankers and terminals;

product handling, SHEQ, jetty optimization

• Innovations are aimed on optimizing the tanker to terminal interface

– Close communication between terminal and Stolt port operations

– Flexibility

– People

Page 38Page 38

SHALE PLAYS SYNERGY ORGANIC GROWTH EXPAND GLOBAL

FOOTPRINT

Capitalize on US

shale plays and

explore LPG storage

opportunities in US

and in import areas

including the Far East

Further

grow synergies

between Stolt

Tankers,

Stolt-Nielsen Gas,

Stolt Tank

Containers

Expand our existing

terminals and hence

benefit from

economies of scale

Acquire terminals

with good growth

potential in

emerging areas

and at hub

locations

Executing Our Strategy

Page 39Page 39

Stolt Tank Containers: Mike Kramer, President

Page 40Page 40

What is A Tank Container

Page 41Page 41

Stolt Tank Containers’ History

Completion of

Mumbai Depot

Acquisition of

Challenge

International in

France

and Intertank in

Brazil

Establishment of

Stolt-Nielsen

Leasing &

Developed Quality

Lease

Management

concept

Stolt-PTC Bitubulk Pte

Ltd (SPB)

Opening of hub depot in

Nanhui China

Opening of hub

depots in Houston,

TX and a tank

container facility in

Shanghai

Implementation of

the WebHub

workflow tools and

operating platform

Establishment

of depot in the

Jurong area

Singapore

Establishment of depot

network in Japan and

Taiwan, with facilities in

Kobe, Tokyo &

Kaohsiung

Acquisition

of Taby

GMBHAcquisition of

United Tank

Containers

Launch of

food-grade

division

Establishment of Shanghai

Stolt-Kingman

Tank Container Ltd.

Acquisition of Ermefer

Rebuild &

expansion of

Korea depot

Acquisition of

LGT and Trafpak

Largest order

in history:

5,000

containers

Receives

approvals for

Moerdijk &

Zhanjiagang

Start of

Indian

domestic

business

Acquisition of

Deltank

Acquisition of

H&P

Freightways

Opening of

JTS JV depot

in UAE

Opening of

China market

1982 1984 1985 1986 1988 1989 1990 1991 1995 1997 2001 2002 2005 2007 2008 2011 2012 2013 2014

Page 42Page 42

Benefits of Tank Containers• Improved economics: reduced transit times

(door-to-door) and lower working capital tied up in inventory

• Greater flexibility: tailor-made supply chain

• Multimodal: easily transported on rail, ships and trucks

• A more efficient mode of transport: can hold up to 66% more cargo than 72-80 drums stowed in a 20ft. dry box container

• Environmentally friendly: tank containers are reusable and recyclable, reducing product waste and pollution and increasing safety to product and environment

• Quality & safety: ideal for carriage of high quality speciality chemicals

Page 43Page 43

Global Tank Container Fleet: Overview

Source: ITCO, June 2013

http://www.itco.be/download/ITCOGlobalTankContainerFleetSurvey_2013_June_final.pdf

Global Fleet ~ approximately 376,000 OperatorsStolt Tank

Containers, 14%

Hoyer, 11%

Bulkhaul, 8%

Interbulk, 4%

VOTG, 3%

Others, 60%

Owned61%

Leased39%

Operator Fleet

Operators, 68%

Producer & Others,

28%

Leasing idle stock, 4%

Page 44Page 44

Delivering Value

• Stolt Tank Containers operates the world’s largest international fleet of stainless steel tank containers offering door-to-door transportation of bulk liquids and chemicals

• Fleet consists of over 32,000 tanks, including food-grade, gas, special and bitumen containers

• 14 service depots globally providing cleaning & repair services for quick turnaround of tanks

• Sophisticated optimization and IT systems developed in-house to increase operational efficiency and scalability

• Scale and scope of service is a competitive advantage

• Just-in-time philosophy results in improved economics and lower working capital

Page 45Page 45

Global Network

14 Depots

24 Offices

Santos, Brazil

Sao Paulo, Brazil

Buenos Aires, Argentina

Bogota, Colombia

Mexico City, Mexico

Houston, Texas

Romford, UK

Le Havre, France

Rotterdam, The Netherlands

Hamburg, Germany

Istanbul, Turkey

Dubai, UAE

Dammam, KSA

Mumbai,

India

Melbourne, Australia

Korea Depots:

Busan,

Yangsan

Singapore,

ROS

Taipei, Taiwan

Kaohsiung, Taiwan

Manila, The Philippines

Tokyo, Japan

Nagoya, Japan

Kobe, JapanVado Ligure, Italy

China Depots:

Tianjin

Nanhui

China 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

Page 46Page 46

Quality and Safety

Maintenance & Repair Tank HeatingTank Storage

Cleaning

Technical Expertise &

assistance

Water waste treatment

Page 47Page 47

Petrochemicals Specialty

ChemicalsLife Science &

Consumer

Products

Logistic

ProvidersTraders Food &

Beverages

STC’s Client Base & Market Segments

Page 48Page 48

Integrated Systems Drive Competitive Advantage

Web-based Decision-

Support Tools

Integrated Legacy SystemsOracle/STATUS/Conterem

Customers

Depots VendorsEDI

Links

EDI Links EDI Links

Page 49Page 49

Global Shipment Map• Over 115,000 shipments a year

• More than 450 trade routes a year

Page 50Page 50

STC Applications• Drives pricing & sales

• Improves fleet balancing

• Increases turns per tank

Tank inventory dataForecast

alterations

Yield

AnalysisSTORMSForecasting

Demand Planning

Existing

profitabilityFull tank data

Page 51Page 51

58,514

84,262

100,327

94,223

108,291

109,824

115,584

124,365

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

130,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Proj.2014

AAGR: 5.0%

Growth

Shipments

Fleet

AAGR 2000-2011: 5.3%

AAGR 2010-2013: 6.5%

Our commitments over next 5

years:

• Continued expansion of the

fleet

• Continued expansion of the

depot network

• Systems development

• Staff Training

• Other STC Projects

Capex Commitment

15,189

16,846

22,027

24,678

24,297

29,458

30,490 32,102

10,000

15,000

20,000

25,000

30,000

35,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Proj.2014

Page 52Page 52

Tank Container Market – Market Trends

• Increased focus on safety, security and the environment

• Increased emphasis on supply chain efficiency and transparency

• Rapid growth in developing markets

• Trade flows in Brazil, India, Middle East and China continue to develop; South and Central America active

• Shift in chemical production from North America and Europeto Middle East and Asia

• US Shale gas will shift demand again in the future

• Profitable returns inevitably attract competition

• Purchasing and vendor management will be critical in the future

Page 53Page 53

Tank Container Market – Outlook• Market continues to expand; global

shipment volume remains strong

• Growth from mode conversion and

geographic expansion

• Potential consolidation and business

diversification opportunities

• Systems and business technology will be

critical for future success: Efficiency

improvements / demand planning / yield

management

• Continued investment in safety, quality

programs and infrastructure improvements,

with a focus on safety to the public and the

environment

Page 54Page 54

Strategy

Focus on the Pillars of Growth:

• Quality and safety

• Depots

• Specials development

• Information technology

• The fleet

• Customer segmentation and pricing

• People

Page 55Page 55

Stolt Sea Farm: Pablo Garcia, President

Page 56Page 56

Stolt Sea Farm History

Acquisition of

Acuidoro, turbot

farm, and Alrogal,

flatfish hatchery in

Spain

Building start of

Hafnir, Iceland

sole's farm

Focused on producing

Prodemar™ turbot with the

acquisition of one farm in

Portugal and several in Galicia

(Spain).

Further investment made into

salmon farming; acquisitions are

made in Chile and production

begins in Scotland

Stolt Sea Farm establishes

commercial units in the Far East

Opening of

farm in

Cape Vilán-

Camariñas,

Spain

Opening of

farm in Lira

(Carnota)

La Couronne, in Belgium,

becomes part of the Stolt

group

Acquisition of Australian

Bluefin Pty Ltd. and

commences tuna farming

1972 1995 2000 2005 2006

Acquisition of

marine

hatcheries in

Spain and

France

Beginning of salmon

production in the US,

Canada and Norway

through the acquisition of

several farms

In Norway beginning of

turbot production

Acquisition of US caviar

production company,

Sterling Caviar LLC

Divesting of Marine

Harvest holdings and its

Australian tuna

operations;

concentration on

species cultivated on

land – turbot, sole and

sturgeon

2012

Establishment of

Stolt Sea Farm

A/S in Norway

1983 - 1991

Merger of Stolt Sea

Farm and Nutreco

Holding, B.V; marine

cultivation and

production activities

for cod, sturgeon,

halibut, salmon, tilapia

and marine trout

2004

Annual

turbot

production

reaches

4,000

tonnes

1992 - 1998 2007

First sole

juveniles

delivered from

Spanish

hatcheries to our

new sole farm in

Iceland

2013

Page 57Page 57

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 eleven 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 4 facilities

Merexo

Page 58Page 58

Sole

Stolt Sea Farm Facts Sheet

Sturgeon

Caviar

Turbot

Caviar

Production

capacity

Volume Average

Price

Farms Employees

5400 Tons 4071 Tons

sold in 2013;

2014

Forecast is

for 4483

€8.2/Kg in

2013; 2014

Forecast is

for €8.7/Kg

7 in Spain

1 in Portugal

1 in Norway

280

800 Tons 259 Tons

sold in 2013;

2014

Forecast is

for 301

€9.2/Kg in

2013; 2014

Forecast is

for €8.8/Kg

1 in France

1 in Iceland

35

400 Tons 200 Tons

sold in 2013;

2014

Forecast is

for 292

€8.2/Kg in

2013; 2014

Forecast is

for €7.0/Kg

12 Tons 10 Tons sold

in 2013;

2014

Forecast is

for 11.5

US$558/Kg

in 2013;

2014

Forecast is

for US$589

4 in USA 34

Page 59Page 59

Stolt Sea Farm in Aquaculture• Stolt Sea Farm is one of the world’s most

advanced high-tech aquaculture companies

• We specialise in the production of high quality

turbot, sole, sturgeon and caviar

• Wild catch continues to decrease, resulting in

continued growth in demand for farmed fish

• We are the only significant suppliers of farmed

flatfish, when Pescanova terminate their fish

production

• Key to Stolt Sea Farm’s success is:

− Site selection; we are land based

− Experienced management team

− High quality training for staff

− Unique technology and knowhow

− Extensive research & development

− Control of full cycle, broodstock (genetics)

and hatchery technology

− Reliability in guaranteeing supply of high

quality fish

Page 60Page 60

Turbot• Turbot production of 4,000 tons growing to

5,400 following the acquisition of Acuidoro

• Our only relevant competitor, Pescanova is in financial difficulty; they are liquidating their stock at a highly discounted rate for the daily working capital

• Prices expected to increase from an average price in 2013 of €8.15/kg towards the historical average of €9/kg in the following years, when markets stabilize again

• Very high “moat” or barrier of entry for competitors because of juvenile supply and time to maturity of projects

• Market volumes quite predictable because of long cycle of production and time needed to build new farms

Page 61Page 61

Sole• Stolt Sea Farm is the only company in the world

having succeeded at farming sole at industrial scale. Knowhow and technology are exclusive

• Stolt Sea Farm produces sole through sustainable farming methods and is committed to further developing its pioneering techniques to help relieve the pressure from the fisheries most at risk

• Most globally recognised fine fish on earth; known and appreciated in the 5 continents

• Industrial production with the construction of new farms

• We have built an innovative sole farm in Iceland;

expected to come on stream in mid 2014 with

annual production of 500 tons; full capacity of

2,000 tons expected by 2018

• Juveniles in Iceland farm will take on average 13

months to reach their target growth of 420g; with

the price of €11-12/Kg

Page 62Page 62

Caviar• Sterling Caviar LLC is the leading U.S.

producer of caviar

• Production of 12 tonnes of the finest farmed caviar every year through truly sustainable farming methods

• Limited Supply; declining production from wild catches. Wild catch quotas set at nil for the last 3 years

• Production technology under full control with many small producers with low financial and technological capacity

• Expand existing farms and construction of new sites

• Aggressively working to increase in our own sales from Sacramento and therefore the net contribution to the revenue

Page 63Page 63

Our CommitmentOperational Excellence and Quality• Stolt Sea Farm follows rigorous quality and environmental controls

• In 2006, 2009 and 2012 Stolt Sea Farm achieved Friend of The SeaTM certification

• The company was the first in its sector to achieve ISO 9001 (2008) Quality Management certification for both production and commercialisation, as well as ISO 14001 (2004) certification for environmental management

Corporate Social Responsibility• Stolt Sea Farm is committed to developing sustainable and environmentally sensitive fish

farming

• Fish grow in tanks built on the shoreline and water is the lifeblood of the business. Ensuring this resource, remains pollution free and clean is one of the highest

• All activities at the company’s fish farms are conducted under the strictest quality controls and systems to ensure that everything the company does is respectful to the environment.

People• We are committed to attracting, cultivating and retaining the best people in the industry

• Ensuring employees have the opportunity to develop their skills and advance their careers within our organisation

Page 64Page 64

Stolt Sea Farm Market Strategy

Outlook

• Stolt Sea Farm expects continued modest growth in 2014, as economic conditions slowly improve in the key European markets it serves

• New species: Research and development: 10 to 15 years to start marketing the product

Strategy

• Focused on the production of land-based aquaculture species that require extensive knowledge, ongoing research and development, and sophisticated technological expertise to be successfully cultivated

• The development and management of complex land-based facilities is a key factor in SSF’s ability to cost effectively farm these species in a healthy and environmentally friendly manner

Page 65Page 65

Overview on:

• Stolt Bitumen Services

• Stolt-Nielsen Gas

Bitumen & Gas: Niels G. Stolt-Nielsen, CEO

Page 66Page 66

Outlook

• Rising demand for bitumen in Asia Pacific is driven by modernization and

infrastructure development

Strategy

• Continue to develop a storage and distribution network in Asia Pacific,

while seeking potential expansion opportunities outside the region

JAVA

BALI

Cirebon

Medan

Makassar

Gresik

Padang

Stolt Bitumen Services

Indonesia

• Provide a service, where cargo is carried from the customers where its not

needed to where its needed

• Fleet of 125 bitutainers

• Stolt Fuji (5,900 dwt) and Singapura Selatan (3,000 dwt) on T/C

• We expect the first 3,500 dwt to be delivered in 2Q14

• SBS will continue to seek spot opportunities for back-to-back bulk trading to

supplement income during the terminals ramping up period

Leased terminal -

6,000 tons storage

capacity

JV terminal - 2 x

4,200 tons storage

capacity

Fully owned terminal- 4,000

ton tank, equipped with

drumming facilities and

polymer modified bitumen

production facilities

Page 67Page 67

Stolt-Nielsen Gas – Avance Gas• In 2007 Stolt-Nielsen Limited established

Stolt-Nielsen Gas AS to explore opportunities

within the very large gas carrier segment

• At present, Avance Gas Holding Ltd (AGHL),

a JV between Sungas, Frontline 2012 and

SNG, owns and operates a fleet of six VLGCs

of approx. 83,000 CBM each; the fleet is

predominantly loading in the Arabian Gulf and

discharging in India and the Far East

• AGHL shares registered and trading on the

Norwegian over-the-counter market (NOTC)

since October 17, 2013

• AGHL completed the subscription of a private

placement of 5.9 million new shares at

$17/share with approximately $100 million in

proceeds; Stolt-Nielsen Gas recorded a

$7.8M dilution gain from the private

placement

Page 68Page 68

Stolt-Nielsen Gas – Competitive Advantage

• Strong market outlook based on growing US exports with favourable

long-term LPG fundamentals

• Highly experienced management team with strong LPG experience

• Leading VLGC shipowner and operator with a modern fleet

• Largest Fleet owners with new fuel efficient design ships on order

arrives; Well positioned to take advantage of the expected strong

freight markets

• Building size to offer customers world-wide freight solutions;

• Strong balance sheet with financing in place

• Currently operates on Spot market to take advantage of strong rates

• Utilisation is to remain strong as the orderbook is absorbed by

growing US exports

Page 69Page 69

Avance Gas Strategy and OutlookOutlook

• The supply and demand fundamentals

of the LPG transportation market

remain promising

Strategy

• Contemplating IPO to raise $100M to

facilitate further growth and

consolidation, and a secondary

offering of up to $150M

Page 70Page 70

Stolt-Nielsen World Wide Network of Operations

Stolt-Nielsen Limited is a leading provider of integrated transportation, storage and

distribution services through its three largest operating units

Textile Packaging ConstructionAutomotive AgriculturalElectronics

• Worldwide door-to-door logistics

service

• Operations supported by 14 depots

globally

• Storage facilities in main

distribution locations serving as

hubs for tankers

Door-to-door TransportationBulk Liquid StorageShipping

Specialty chemicals Organic chemicals Inorganic chemicals Vegetable oils

• Deep sea and regional fleets provide

global coverage

• Sophisticated stainless steel specialty

tonnage with high number of

segregations

Page 71Page 71

130 115

134

25 31

9 22 27 27 27 27 27 27

30 39

35

50 57

66

76 78 69 81

99 113 121

43 45

50

54

64 75

76 73 76

80

84

89 94

16 30 8

5

13 10

2 8 21

24

25

29

29

(53)

(24) (25)(10)

(4)

(7)

9

2 2

3

3

4

(90)

(40)

10

60

110

160

210

260

310

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Tankers Terminals Tank Containers Sea Farm Corporate and Other

Earnings Growth Potential for the Group

Operating Profit by Business

Figures in USD Million

238 197

208

122 130 127 118

156 156 156 156 156 156

43

52 51

80 74 81 88

103 119 132 158 173 181

51

55 61

75 83 95 95

93 99

105

110 116

123

20

27 11

8 16

12 -

13

25

29

30

34 34

(86)(54)

(14) (18)(9)

10

16

3 3

3

3 3

(90)

10

110

210

310

410

510

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Tankers Terminals Tank Containers Sea Farm Corporate and Other

EBITDA

• We will not speculate on the tanker

market recovery; this will depend on

the general recovery of the world

economy

• However, based on the historical

performance of our terminal and tank

container businesses, and our

committed expansion plans in these

businesses, the transformation from a

shipping company to an integrated bulk

liquid service provider will become very

apparent over the next few years; this

can be expected to improve operating

profit for the company significantly

• We have left the financial performance

at the 2013 level for Tankers in the

charts but leave the history 2006-08 to

complete the story

Projections

Projections

Page 72Page 72

Summary

• SNL has a strong balance sheet, good

liquidity and access to financial markets

• Through strategic investments, SNL has

been transformed from a shipping

company into an integrated and

specialised logistics services provider

• We continue to strengthen our

competitive advantage by investing in our

people and our systems

• We continue to leverage our strength and

expertise to penetrate new market and

diversify our portfolio and our global

footprint

• We are well positioned to capitalise on

both a turnaround in the parcel tanker

market and improvements in global

economic conditions

Page 73Page 73

For more information please visit our website: www.stolt-nielsen.com

Appendix

Page 74Page 74

$1,035 $1,095

$1,239 $1,266 $1,266

$-

$250

$500

$750

$1,000

$1,250

$1,500

2009 2010 2011 2012 2013

$122 $130 $127

$118

$156

$-

$25

$50

$75

$100

$125

$150

$175

2009 2010 2011 2012 2013

Revenue

(Figures in USD millions)

EBITDA

(Figures in USD millions)

Stolt Tankers - Financials

$2,11769%

$46215%

$31510%

$752%

$1124%

Total: $186 M

Total: $3,887 M

2013 Operating Profit by

Business(a)

2013 Assets

$1,93350%

$1,10829%

$44711%

$1534%

$2466%

$13466%

$3517%

$5025%

$84%

Total: $202 M

Total: $3,082 M

(a) Excludes Corporate and Other.

2008 Operating Profit by

Business(a)

2008 Assets

$2715%

$7842%

$7339%

$84%

Page 75Page 75

Stolthaven Terminals – Financials

$119 $128

$148

$190 $198

$-

$50

$100

$150

$200

$250

2009 2010 2011 2012 2013

$80 $74

$81 $88

$103

$-

$20

$40

$60

$80

$100

$120

2009 2010 2011 2012 2013

Revenue

(Figures in USD millions)

EBITDA

(Figures in USD millions)

$1,93350%

$1,10829%

$44711%

$1534%

$2466%

$2715%

$7842%

$7339%

$84%

Total: $186 M

Total: $3,887 M

(a) Excludes Corporate and Other.

2013 Operating Profit by

Business(a)

2013 Assets

$2,11769%

$46215%

$31510%

$752%

$1124%

Total: $202 M

Total: $3,082 M

(a) Excludes Corporate and Other.

2008 Operating Profit by

Business(a)

2008 Assets

$13466%

$3517%

$5025%

$84%

Page 76Page 76

Stolt Tank Containers – Financials

$430

$498 $545 $538 $533

$-

$100

$200

$300

$400

$500

$600

2009 2010 2011 2012 2013

$61

$75 $83

$95 $95

$-

$20

$40

$60

$80

$100

$120

2009 2010 2011 2012 2013

Revenue

(Figures in USD millions)

EBITDA

(Figures in USD millions)

$1,93350%

$1,10829%

$44711%

$1534%

$2466%

$2715%

$7842%

$7339%

$84%

Total: $186 M

Total: $3,887 M

(a) Excludes Corporate and Other.

2013 Operating Profit by

Business(a)

2013 Assets

$2,11769%

$46215%

$31510%

$752%

$1124%

$13459%$35

16%

$5022%

$83%

Total: $227 M

Total: $3,082 M

(a) Excludes Corporate and Other.

2008 Operating Profit by

Business(a)

2008 Assets

Page 77Page 77

Stolt Sea Farm – Financials

$48

$54

$64

$52

$59

$-

$10

$20

$30

$40

$50

$60

$70

2009 2010 2011 2012 2013

$8

$16

$12

$6

$13

$-

$2

$4

$6

$8

$10

$12

$14

$16

$18

2009 2010 2011 2012 2013

Revenue

(Figures in USD millions)

EBITDA

(Figures in USD millions)

$1,93350%

$1,10829%

$44711%

$1534%

$2466%

$2715%

$7842%

$7339%

$84%

Total: $186 M

Total: $3,887 M

(a) Excludes Corporate and Other.

2013 Operating Profit by

Business(a)

2013 Assets

$2,11769%

$46215%

$31510%

$752%

$1124%

$13459%$35

16%

$5022%

$83%

Total: $227 M

Total: $3,082 M

(a) Excludes Corporate and Other.

2008 Operating Profit by

Business(a)

2008 Assets