SNI STOCK OPTIONS

In December 2010, employees of Stolt-Nielsen Limited
(formerly Stolt-Nielsen S.A.)exercised options to
acquire a total of 39,003 Common Shares of Stolt-
Nielsen Limited. All shares have been acquired at a
volume weighted average price of USD 12.81. Total
proceeds were USD 499,758.94.

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, 2010 is 64,133,796.

Total number of Common Shares held by Stolt-Nielsen
Limited as of December 31, 2010 is 4,532,195.

Total number of Common Shares therefore outstanding
as of December 31, 2010 is 59,601,601.