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Stolt-Nielsen S.A. Names NYK’s Ishiskawa to Board

Maritime Activity Reports, Inc.

September 3, 2003

Stolt-Nielsen S.A. (SNSA) has elected Hiroshi Ishikawa, Senior Adviser of NYK Line, to its Board of Directors. Ishikawa, who previously served as a Director of SNSA from 1995 to 1997, succeeds Kinichi Hirayama of NYK, who has been appointed to new duties at NYK Group.

NYK Line acquired 10 percent ownership of SNSA in 1987.

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