STOLT-NIELSEN LIMITED UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the Three and Nine Months Ended August 31, 2017 STOLT-NIELSEN LIMITED TABLE OF CONTENTS Condensed Consolidated Interim Income Statement for the Three and Nine Months Ended August 31, 2017 and 2016 3 Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three and Nine Months Ended August 31, 2017 and 2016 4 Condensed Consolidated Interim Balance Sheet as of August 31, 2017 and November 30, 2016 5 Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Nine Months Ended August 31, 2017 and 2016 6 Condensed Consolidated Interim Statement of Cash Flows for the Nine Months Ended August 31, 2017 and 2016 7 Notes to the Condensed Consolidated Interim Financial Statements 8 Responsibility Statement 16 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED) Notes Three months ended Nine months ended August 31, August 31, August 31, August 31, 2017 2016 2017 2016 (in thousands, except per share data) Operating Revenue 4 $ 513,750 $ 474,069 $ 1,490,248 $ 1,416,910 Operating Expenses (342,569 ) (316,008 ) (990,182) (933,426) Gross Margin 171,181 158,061 500,066 483,484 Depreciation and amortization (66,828 ) (58,071 ) (195,924) (176,022) Gross Profit 104,353 99,990 304,142 307,462 Share of profit of joint ventures and associates 4,657 8,605 13,034 28,082 Administrative and general expenses (54,579 ) (52,709 ) (160,336) (153,557) Gain (loss) on disposal of assets, net 6 1,241 (1,999 ) (1,426) 73 Other operating income 492 375 1,487 1,001 Other operating expense (161 ) (1,627 ) (850) (3,358) Operating Profit 56,003 52,635 156,051 179,703 Non-Operating Income (Expense): Finance expense (33,045 ) (25,269 ) (98,677 ) (78,821) Finance income 795 635 2,965 1,827 Foreign currency exchange loss, net (2,408 ) (1,422 ) (2,927) (2,691) Other non-operating income, net 112 165 717 2,255 Profit before Income Tax 21,457 26,744 58,129 102,273 Income tax (3,110 ) (4,624 ) (8,868) (11,808) Net Profit $ 18,347 $ 22,120 $ 49,261 $ 90,465 Attributable to: Equity holders of SNL 18,490 22,173 49,249 90,327 Non-controlling interests (143 ) (53 ) 12 138 $ 18,347 $ 22,120 $ 49,261 $ 90,465 Earnings per Share: Net profit attributable to SNL shareholders Basic $ 0.30 $ 0.40 $ 0.80 $ 1.64 Diluted $ 0.30 $ 0.40 $ 0.80 $ 1.64 See notes to the condensed consolidated interim financial statements. 3 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED) Three months ended Nine months ended August 31, August 31, August 31, August 31, 2017 2016 2017 2016 (in thousands) Net profit for the period $ 18,347 $ 22,120 $ 49,261 $ 90,465 Items that will not be reclassified subsequently to profit or loss: Remeasurement of post-employment benefit obligations — — (1,960) (14,125) Deferred tax adjustment on post-employment benefit obligations — — 1,500 5,240 Items that may be reclassified subsequently to profit or loss: Net loss on cash flow hedges (53,937 ) (111,271 ) (60,530) (136,935) Reclassification of cash flow hedges to income statement 50,082 111,370 54,036 146,825 Net (loss) income on cash flow hedges held by joint ventures and associates (936 ) 1,041 850 5,061 Deferred tax adjustment on cash flow hedges 343 — 343 — Exchange differences arising on translation of foreign operations 21,035 4,374 45,043 18,249 Deferred tax on translation of foreign operations 43 (500 ) (303) (1,187) Exchange differences arising on translation of joint ventures and associates 7,692 3,106 18,557 5,080 Change in value of available-for-sale financial assets (3,704 ) 7,478 (6,337) (14,216) Net income recognised as other comprehensive income 20,618 15,598 51,199 13,992 Total comprehensive income $ 38,965 $ 37,718 $ 100,460 $ 104,457 Attributable to: Equity holders of SNL $ 39,108 $ 37,771 $ 100,448 $ 104,319 Non-controlling interests (143 ) (53 ) 12 138 $ 38,965 $ 37,718 $ 100,460 $ 104,457 See notes to the condensed consolidated interim financial statements. 4 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM BALANCE SHEET (UNAUDITED) August 31, November 30, Notes 2017 2016 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 85,952 $ 92,784 Marketable securities — 11,399 Restricted cash 101 87 Receivables 236,835 201,634 Inventories 8,271 5,940 Biological assets 41,980 44,027 Prepaid expenses 59,276 52,987 Derivative financial instruments 9 5,624 5,670 Income tax receivable 7,814 1,759 Assets held for sale — 1,559 Other current assets 40,953 49,085 Total Current Assets 486,806 466,931 Property, plant and equipment 6 3,384,720 3,195,556 Investments in and advances to joint ventures and associates 7 575,597 536,654 Investments in equity instruments 50,511 56,848 Deferred tax assets 15,019 14,653 Intangible assets and goodwill 6 52,031 47,739 Employee benefit assets 4,574 3,796 Deposit for newbuildings 6 29,182 80,200 Derivative financial instruments 9 7,890 1,426 Other assets 16,732 17,415 Total Non-Current Assets 4,136,256 3,954,287 Total Assets $ 4,623,062 $ 4,421,218 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Short-term bank loans 8 $ — $ 8,100 Current maturities of long-term debt and finance leases 8 342,260 548,874 Accounts payable 82,111 71,732 Accrued voyage expenses 52,624 53,199 Accrued expenses 189,717 188,128 Provisions 2,877 2,292 Income tax payable 9,745 8,130 Dividend payable 5 — 27,550 Derivative financial instruments 9 55,257 18,001 Other current liabilities 33,655 26,703 Total Current Liabilities 768,246 952,709 Long-term debt and finance leases 8 2,174,648 1,796,251 Deferred tax liabilities 68,396 60,964 Employee benefit liabilities 52,840 49,634 Derivative financial instruments 9 93,318 167,639 Long-term provisions 2,569 3,575 Other liabilities 7,208 6,858 Total Non-Current Liabilities 2,398,979 2,084,921 Total Liabilities 3,167,225 3,037,630 Shareholder’s Equity Founder’s shares 16 16 Common shares 64,134 64,134 Paid-in surplus 150,108 150,108 Retained earnings 1,487,868 1,466,551 Other components of equity (197,643 ) (249,302 ) 1,504,483 1,431,507 Less – Treasury shares 5 (51,486 ) (51,486 ) Equity Attributable to Equity Holders of SNL 1,452,997 1,380,021 Non-controlling interests 2,840 3,567 Total Shareholders’ Equity 1,455,837 1,383,588 Total Liabilities and Shareholders’ Equity $ 4,623,062 $ 4,421,218 See notes to the condensed consolidated interim financial statements. 5 STOLT-NIELSEN LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) Attributable to Equity Holders of SNL Foreign Common Founder’s Paid-in Treasury Retained Currency Fair Value Non-Controlling Shareholders’ Shares Shares Surplus Shares Earnings (a) Hedging (a) (a) Total Interests Equity Total (in thousands, except for share data) Balance, November 30, 2015 $ 64,134 $ 16 $ 314,754 $ (214,416 ) $ 1,416,395 $ (158,854 ) $ (56,311 ) $ (40,239) $ 1,325,479 $ 3,757 $ 1,329,236 Comprehensive income (loss) Net profit — — — — 90,327 — — — 90,327 138 90,465 Other comprehensive income (loss) Translation adjustments, net — — — — — 22,142 — — 22,142 — 22,142 Remeasurement of post-employment benefit obligations, net of tax — — — — (8,885 ) — — — (8,885 ) — (8,885) Net income on cash flow hedges — — — — — — 14,951 — 14,951 — 14,951 Fair value adjustment equity investments — — — — — — — (14,216) (14,216 ) — (14,216) Total other comprehensive (loss) income — — — — (8,885 ) 22,142 14,951 (14,216) 13,992 — 13,992 Total comprehensive income (loss) — — — — 81,442 22,142 14,951 (14,216) 104,319 138 104,457 Transactions with shareholders Purchase of 167,000 Treasury shares — — — (1,716 ) — — — — (1,716 ) — (1,716 ) Dividends — — — — — — — — — (283) (283 ) Cash dividend paid - $0.50 per Common shares — — — — (27,473 ) — — — (27,473 ) — (27,473 ) Total transactions with shareholders — — — (1,716 ) (27,473 ) — — — (29,189 ) (283) (29,472 ) Balance, August 31, 2016 $ 64,134 $ 16 $ 314,754 $ (216,132 ) $ 1,470,364 $ (136,712 ) $ (41,360 ) $ (54,455) $ 1,400,609 $ 3,612 $ 1,404,221 Balance, November 30, 2016 $ 64,134 $ 16 $ 150,108 $ (51,486 ) $ 1,466,551 $ (172,788 ) $ (29,978 )$ (46,536) $ 1,380,021 $ 3,567 $ 1,383,588 Comprehensive income (loss) Net profit — — — — 49,249 — — — 49,249 12 49,261 Other comprehensive income (loss) Translation adjustments, net — — — — — 63,297 — — 63,297 — 63,297 Net loss on cash flow hedges — — — — — — (5,301 ) — (5,301 ) — (5,301) Remeasurement of post-employment benefit obligations, net of tax — — — — (460 ) — — — (460 ) — (460) Fair value adjustment equity investments — — — — — — — (6,337) (6,337 ) — (6,337) Total other comprehensive income (loss) — — — — (460 ) 63,297 (5,301 ) (6,337) 51,199 — 51,199 Total comprehensive income (loss) — — — — 48,789 63,297 (5,301 ) (6,337) 100,448 12 100,460 Transactions with shareholders Cash dividend paid - $0.50 per Common Shares — — — — (27,472 ) — — — (27,472 ) — (27,472) Acquisition of 20% of Shanghai Stolt Kingman — — — — — — — — — (739) (739) Total transactions with shareholders — — — — (27,472 ) — — — (27,472 ) (739) (28,211) Balance, August 31, 2017 $ 64,134 $ 16 $ 150,108 $ (51,486 ) $ 1,487,868 $ (109,491 ) $ (35,279 ) $ (52,873) $ 1,452,997 $ 2,840 $ 1,455,837 (a) Other components of equity on the balance sheet of $198.4 million and $232.5 million at August 31, 2017 and 2016, respectively, are composed of Foreign currency, Hedging and Fair value.