Stolt Nielsen Capital Markets 2014

1. Stolt-Nielsen Limited
Capital Markets Day
Houston
March 27,2014

2. 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.

3. 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

4. Page 4Page 4
Experienced Management Team
Niels G. Stolt-Nielsen
Chief Executive Officer
24 years with Stolt
Jan Chr. Engelhardtsen
Chief Financial Officer
39 years with Stolt
Mike Kramer
President
Stolt Tank Containers
32 years with Stolt
Pablo Garcia
President
Stolt Sea Farm
19 years with Stolt
Hans Feringa
President
Stolt Tankers
18 years with Stolt
Walter Wattenbergh
President
Stolthaven Terminals
20 years with Stolt

5. 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
$156M
FY2013 EBITDA
Key Highlights
4.1M Cubic meters
of storage capacity
20 Owned and joint-
venture terminals
648,000 cbm under
construction
$103M
FY2013 EBITDA
Key Highlights
32,000 Tank
containers in the fleet
14 Maintenance and
repair depots
2 New depots in 2014
$93M
FY2013 EBITDA
Key Highlights
~5,000
Production capacity of
turbot (tons)
2,000
Planned production
capacity of new sole
farm (tons)
$13M
FY2013 EBITDA
Key Highlights
3 Bitumen terminals
2 Ships, one T/C out
and one T/C in
2 Ships on order
125
Bitutainers
Key Highlights
583k cbm
Capacity of Avance
Gas Fleet
6 VLGCs in the
Avance Gas fleet
8 VLGCs on order
Listed on Norwegian
OTC

6. 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

7. 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

8. 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

9. Page 9Page 9
Stolt Tankers: Hans P. Feringa, President

10. Page 10Page 10
Chemical Parcel
Tanker
Average
segregation tanks
~ 46
$80+
Crude Oil
$95M
Petroleum
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)

11. 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

12. 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

13. 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.

14. Page 14Page 14
Our Fleet
DWT 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

15. 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.

16. Page 16Page 16
Regional Trade Routes
SNITS 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

17. 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)

18. Page 18Page 18
RLA Projects Tightening S&D through 2017
RLA Defined
“good
market”

19. 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

20. Page 20Page 20
Newbuildings
Scale 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)

21. 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

22. 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

23. Page 23Page 23
Stolthaven Terminals: Walter Wattenbergh, President

24. 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

25. 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

26. 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
StorageCapacityin'000M3
Current Capacity
Approved Capacity
4.2M cbm
As of February 28, 2014

27. Page 27Page 27
Worldwide Network of 20 Terminals
Locations
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

28. 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
VALUETOCUSTOMERS

29. 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

30. 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

31. 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

32. 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

33. 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

34. 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

35. 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
ShippingObjectives
TerminalObjectives

36. Page 36Page 36
People vs. Hardware

37. 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

38. 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

39. Page 39Page 39
Stolt Tank Containers: Mike Kramer, President

40. Page 40Page 40
What is A Tank Container

41. 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
GMBH
Acquisition 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

42. 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

43. 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 Operators
Stolt Tank
Containers,
14%
Hoyer,
11%
Bulkhaul,
8%
Interbulk,
4%
VOTG,
3%
Others,
60%
Owned
61%
Leased
39%
Operator Fleet
Operators,
68%
Producer
& Others,
28%
Leasing idle stock,
4%

44. 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

45. 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, Japan
Vado 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

46. Page 46Page 46
Quality and Safety
Maintenance & Repair Tank HeatingTank Storage
Cleaning
Technical Expertise &
assistance
Water waste treatment

47. Page 47Page 47
Petrochemicals Specialty
Chemicals
Life Science &
Consumer
Products
Logistic
Providers
Traders Food &
Beverages
STC’s Client Base & Market Segments

48. Page 48Page 48
Integrated Systems Drive Competitive Advantage
Web-based Decision-
Support Tools
Integrated Legacy Systems
Oracle/STATUS/Conterem
Customers
Depots Vendors
EDI
Links
EDI Links EDI Links

49. Page 49Page 49
Global Shipment Map
• Over 115,000 shipments a year
• More than 450 trade routes a year

50. Page 50Page 50
STC Applications
• Drives pricing & sales
• Improves fleet balancing
• Increases turns per tank
Tank inventory dataForecast
alterations
Yield
Analysis
STORMSForecasting
Demand Planning
Existing
profitability
Full tank data

51. 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

52. 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 Europe
to 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

53. 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

54. 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

55. Page 55Page 55
Stolt Sea Farm: Pablo Garcia, President

56. 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

57. 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

58. 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

59. 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

60. 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

61. 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

62. 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

63. Page 63Page 63
Our Commitment
Operational 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

64. 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

65. Page 65Page 65
Overview on:
• Stolt Bitumen Services
• Stolt-Nielsen Gas
Bitumen & Gas: Niels G. Stolt-Nielsen, CEO

66. 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

67. 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

68. 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

69. Page 69Page 69
Avance Gas Strategy and Outlook
Outlook
• 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

70. 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

71. 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

72. 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

73. Page 73Page 73
For more information please visit our website: www.stolt-nielsen.com
Appendix

74. 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
$2,117
69%
$462
15%
$315
10%
$75
2%
$112
4%
Total: $186 M
Total: $3,887 M
2013 Operating Profit by
Business(a)
2013 Assets
$1,933
50%
$1,108
29%
$447
11%
$153
4%
$246
6%
$134
66%
$35
17%
$50
25%
$8
4%
Total: $202 M
Total: $3,082 M
(a) Excludes Corporate and Other.
2008 Operating Profit by
Business(a)
2008 Assets
$27
15%
$78
42%
$73
39%
$8
4%

75. 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)
$1,933
50%
$1,108
29%
$447
11%
$153
4%
$246
6%
$27
15%
$78
42%
$73
39%
$8
4%
Total: $186 M
Total: $3,887 M
(a) Excludes Corporate and Other.
2013 Operating Profit by
Business(a)
2013 Assets
$2,117
69%
$462
15%
$315
10%
$75
2%
$112
4%
Total: $202 M
Total: $3,082 M
(a) Excludes Corporate and Other.
2008 Operating Profit by
Business(a)
2008 Assets
$134
66%
$35
17%
$50
25%
$8
4%

76. 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)
$1,933
50%
$1,108
29%
$447
11%
$153
4%
$246
6%
$27
15%
$78
42%
$73
39%
$8
4%
Total: $186 M
Total: $3,887 M
(a) Excludes Corporate and Other.
2013 Operating Profit by
Business(a)
2013 Assets
$2,117
69%
$462
15%
$315
10%
$75
2%
$112
4%
$134
59%$35
16%
$50
22%
$8
3%
Total: $227 M
Total: $3,082 M
(a) Excludes Corporate and Other.
2008 Operating Profit by
Business(a)
2008 Assets

77. 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)
$1,933
50%
$1,108
29%
$447
11%
$153
4%
$246
6%
$27
15%
$78
42%
$73
39%
$8
4%
Total: $186 M
Total: $3,887 M
(a) Excludes Corporate and Other.
2013 Operating Profit by
Business(a)
2013 Assets
$2,117
69%
$462
15%
$315
10%
$75
2%
$112
4%
$134
59%$35
16%
$50
22%
$8
3%
Total: $227 M
Total: $3,082 M
(a) Excludes Corporate and Other.
2008 Operating Profit by
Business(a)
2008 Assets