NOL Annual Report 2002

We have examined the summary financial statements set out on pages 40 to 50, which has been prepared by the directors of the Company.

In our opinion, the summary financial statements are consistent with the full financial statements and directors’ report of Neptune Orient Lines Limited and of the Group for the financial year ended 31 December 2002 and complies with the requirements of Section 203A of the Companies (Amendment) Act 1995, and regulations made thereunder, applicable to summary financial statements.

We have issued an unqualified audit report dated 26 February 2003 on the full financial statements of Neptune Orient Lines Limited and of the Group for the financial year ended 31 December 2002, which is as follows:

“AUDITORS’ REPORT TO THE MEMBERS OF NEPTUNE ORIENT LINES LIMITED

We have audited the financial statements of Neptune Orient Lines Limited and the consolidated financial statements of the Group for the financial year ended 31 December 2002, set out on pages 11 to 84. These financial statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion,

(a)	the accompanying financial statements of the Company and consolidated financial statements of the Group are properly drawn up in accordance with the provisions of the Singapore Companies Act ("Act") and Singapore Statements of Accounting Standard and so as to give a true and fair view of :

	(i)	the state of affairs of the Company and of the Group as at 31 December 2002, the results and changes in equity of the Company and of the Group, and the cash flows of the Group for the financial year ended on that date; and

	(ii)	the other matters required by Section 201 of the Act to be dealt with in the financial statements of the Company and the consolidated financial statements of the Group; and

(b)	the accounting and other records, and the registers required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

We have considered the financial statements and auditors' reports of the subsidiaries of which we have not acted as auditors, and the financial statements of the subsidiaries which are not required by the law of its country of incorporation to be audited, being financial statements included in the consolidated financial statements. The names of the subsidiaries are stated in Note 48 to the financial statements.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations as required by us for those purposes.

The auditors' reports on the financial statements of the subsidiaries were not subjected to any material qualification and in respect of subsidiaries incorporated in Singapore did not include any comment made under Section 207(3) of the Act.”

PricewaterhouseCoopers
Certified Public Accountants

Singapore, 26 February 2003

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