SNI STOCK OPTIONS

In December 2009, employees of Stolt-Nielsen S.A.
exercised options to acquire a total of 4,200 Common
Shares of Stolt-Nielsen S.A. All shares have been
acquired at a volume weighted average price of
14.625. Total proceeds were USD 61,425.

As a consequence of use of treasury shares to satisfy
stock options exercised, no new Common Shares were
issued.

The total number of issued Common Shares as of
December 31, 2009 is 64,133,796.

Total number of Common Shares held by Stolt-Nielsen
Transportation Group Ltd. as of December 31, 2009 is
4,479,808.

Total number of Common Shares therefore outstanding
as of December 31, 2009 is 59,653,988.