Singapore, 6 January, 2003:
Neptune Orient Lines Limited (the "Company") announced today that Mr. Flemming R. Jacobs has ceased to be the Group President and Chief Executive Officer with effect from 6 January, 2003.

The Board will be looking to appoint an appropriate successor in due course. Pending the appointment of a successor, the Executive Committee of the Board comprising Mr. Cheng Wai Keung (Chairman), Dr Friedbert Malt (Vice-Chairman), Mr. Boon Swan Foo (Director) and Mr. Lim How Teck (Executive Director and Chief Financial Officer) will oversee the management of the Group.

The Board has also augmented the management structure of the Group with the following appointments:

• Dr Friedbert Malt has been appointed Vice-Chairman of the Board of Directors of the Company. Dr Malt has been a board member for 2-1/2 years. Dr Malt was a lecturer in Finance at the University of Hamburg before joining DG Bank in the late 60s and was posted to various worldwide locations by the Bank. Dr Malt brings with him valuable insights and experience in international financing. He is currently an advisor to the Board of Executive Directors of DG Bank and serves at the same time on a number of other governing Boards of major European and American business concerns. These include DVB Deutsche Verkehrs Bank AG, Frankfurt am Main, German American Chamber of Commerce, New York, and EG Bank, Luxembourg.
• Mr. Ron Widdows will be appointed as acting Chief Executive Officer of APL Liner business. He is currently the Executive Vice President and has been with APL Liner for 22 years. He has 30 years' experience in the liner industry.

Commenting on the management changes, Mr. Cheng Wai Keung, Chairman of the Company said: "We appreciate Flemming's contributions during the previous difficult period faced by NOL and thank him for his past services to the Group. The NOL Board and management are determined to focus the Group towards sustained profitability in the future. The Board felt that it is time for a new leadership. We are confident that this change will position us to better meet the challenges in this industry and enhance shareholder value."

Sarah Lockie
Tel: (65) 6371 5037
Email: sarah_lockie@nol.com.sg