Singapore, 10 January, 2003:
Neptune Orient Lines (NOL) provides the following information to correct widely reported speculation regarding compensation for Mr Flemming R. Jacobs following his departure as Group President and CEO:

Mr Jacobs will be compensated in accordance with the terms of his contract for an early departure. Termination and related expenses, including the value of share options calculated using the Black-Scholes model*, amount to around S$4.3 million.

* Please refer to http://bradley.bradley.edu/~arr/bsm/pg04.html for detailed information about the model.