Port Security Conference

May 21, 2003

Stolt issues statement on WSJ story
The Stolt-Nielsen Transportation Group (SNTG), a wholly-owned subsidiary of Stolt-Nielsen S.A. (Nasdaq:SNSA) (Oslo:SNI), today commented on recent press reports regarding investigations in the U.S. regarding business dealings with Sudan and Iran.

Stolt-Nielsen S.A. (SNSA) says it has disclosed previously its cooperation with the U.S. Department of Treasury's Office of Foreign Asset Control (OFAC) regarding two investigations. On March 20, 2003, SNSA's subsidiary, SNTG, agreed with OFAC to pay a civil penalty of $95,000 relating to the payment of incidental port expenses to entities in Sudan without any finding by OFAC of a violation. SNSA has also previously disclosed an ongoing investigation by OFAC related to certain transactions in Iran and is cooperating fully with OFAC's review of those transactions.

SNSA says it is aware that an article in the May 20, 2003 edition of The Wall Street Journal reported a probe of SNTG by the U.S. Attorney's Office in Connecticut. SNTG says it has contacted the U.S. Attorney's Office and is committed to cooperating fully in any probe.

SNTG says it has adopted policies and procedures designed to ensure compliance with OFAC regulations and has communicated those policies and procedures to OFAC.

"We have also informed OFAC," continues today's statement, "that last year SNTG adopted a policy that bars parcel tanker trade with all OFAC restricted countries, regardless of whether such trade would otherwise be permissible under applicable regulations. SNTG has its principal place of business in Rotterdam, Netherlands. As far as we know, we are the only major parcel tanker owner in the world to forego this trade. SNTG does not have a joint venture or an ongoing business relationship with any sanctioned country."

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