FY02 Financial Performance Financial Highlights (US$) FY02 FY01 Change Turnover $4,642 m $4,730 m (2%) Core EBITDA $241 m $339 m (29%) Depreciation & Amortization ($320 m)* ($261 m) FY02 Financial Performance Core EBIT ($79 m) $77 m n.m Net Interest Expense ($127 m) ($99 m) Tax ($15 m) ($20 m) Profit (Loss) before EI** ($221 m) ($42 m) 426% Exceptional Items ($109 m) ($14 m) Net Profit (Loss) ($330 m) ($56 m) 486% * $7m of amortization has been classified under exceptional items ** EI = Exceptional Items

FY02 Financial Performance Exceptional Items (US$) FY02 FY01 ($31 m) ($17 m) ($36 m) ($8 m) n.a. $22 m ($3 m) ($33 m) 1. (Loss)/Gain from asset disposal Provisions for diminution in assets Restructuring and severance costs Additional write-down of goodwill US West Coast disruption Others Total ($109 m) ($14 m) FY02 Financial Performance

FY02 Financial Performance FY01 Turnover Breakdown: Turnover by Business Units Total Turnover : US$4,642 million, down 2% Chartering 7% Others 1% FY02 Financial Performance APL Liner 74% FY01 Turnover Breakdown: (Total = US$4,730 m) APL Liner : 76% APL Logistics : 15% Chartering : 8% Others : 1% APL Logistics 18%

FY02 Financial Performance Turnover by Business Units (US$) FY02 FY01 Change APL Liner APL Logistics Chartering Others Total Turnover $3,425 m $3,592 m (5%) $813 m $723 m 12% $343 m $359 m (4%) $61 m $56 m 9% $4,642 m $4,730 m (2%) FY02 Financial Performance

FY02 Financial Performance Core EBIT by Business Units (US$) FY02 FY01 Change APL Liner APL Logistics Chartering Others Total Core EBIT ($73 m) $19 m n.m. ($22 m) ($16 m) 38% $9 m $85 m (89%) $7 m ($11 m) n.m. ($79 m) $77 m n.m. FY02 Financial Performance

Operations Review APL Profit & Loss Summary (US$) FY02 FY01 Change Turnover $3,425 m $3,592 m (5%) Core EBITDA $134 m $189 m (29%) Operations Review Depreciation & Amortization ($207 m) ($170 m) Core EBIT $19 m ($73 m) n.m

Operations Review APL: Volume Handled (‘000 FEUs) Region Americas Trans-Pacific Latin America Europe Asia Europe Transatlantic Asia / Middle East Total FY02 718 600 118 361 278 83 421 1,500 FY01 636 538 98 351 284 67 423 1,410 Change 13% 12% 20% 3% (2%) 24% - 6% Operations Review

Operations Review APL: Average Freight Rates (US$/FEU) Region Americas Europe Asia / Middle East Total FY02 $2,608 $1,888 $1,389 $2,092 FY01 $2,999 $2,056 $1,465 $2,304 Change (13%) (8%) (6%) (9%) Operations Review

APL Average Freight Rates APL : Rates Development Despite a recovery in 2H02, rates still below average 2001 level APL Average Freight Rates 1,800 2,000 2,200 2,400 2,600 2,800 1Q 99 2Q 3Q 4Q 00 01 02 Period US$/Feu Operations Review

Operations Review APL: Cost / FEU TREND ANALYSIS FOR COST (INDEXED) 100.0 91.0 92.4 83.7 96.6 86.2 84.6 83.6 77.3 70.0 80.0 90.0 110.0 FY98 FY99 FY00 FY01 FY02 Cost/feu Cost (excl bunker) / feu Operations Review

Operations Review APL: FY02 Cost Savings Cost savings achieved in FY02 – in excess of US$200 m Details G&A - organisation rationalisation, cutback on spending Operations - contract reductions, efficiency and productivity improvement Network - reconfiguration, tonnage reduction Operations 23% G&A 19% Operations Review Network 58%

APL Network Capacity & Utilisation APL carried 6% more volume with 4% less capacity* APL Network Capacity & Utilisation 36,000 100% 97% Weekly Capacity (In Teus) 97% Util. % 95% 35,000 95% 90% 34,000 90% 88% 89% Operations Review 85% 85% 33,000 85% 32,000 80% 31,000 75% 30,000 70% 29,000 65% 28,000 60% 2001Q1 2001Q2 2001Q3 2001Q4 2002Q1 2002Q2 2002Q3 2002Q4 * Figures based on headhaul leg of main linehaul services

Operations Review APL Liner: FY02 Performance Summary Volume carried increased 6% (1.5m TEUs) but turnover fell 5% to US$3,425m, a result of 9% decline in average freight rates Transpacific and Asia-Europe widened losses in FY02, a reflection of the unsustainable rates. Freight rates down 14% and 10% respectively Latin America & Transatlantic reported healthy volume growth of 20% and 25% respectively, due to new services or upsizing of ship capacity Despite rates recovering in 2H02, freight rates are still below 2001 average Cost per FEU (excl bunker) reduced by 7% as a result of further savings on both fixed and variable cost. However, reduction insufficient to compensate for freight rates decline Operations Review

Outlook APL: Focus for 2003 Target a return to profitability in FY03 Focus on: i) Cost savings initiatives Operating savings Further G&A reductions ii) Yield management Optimise utilisation of existing resources iii) Rate increases Restore freight rates to more sustainable level Outlook

Outlook APL: FY03 Cost Savings Target Targeting further cost savings of US$150 -200m in FY03. Details G&A Operations – Cargo handling/terminal Land transportation Equipment management Network – service rationalisation, vessel efficiency Yield management – optimisation in cargo and customer mix Operations 50% Network 10% G&A 14% Yield Management 26% Outlook

Container Trade Demand and Supply 1990-2004F APL: Global Demand & Supply Demand/Supply Growth expected to improve in 2003 Container Trade Demand and Supply 1990-2004F 0% 2% 4% 6% 8% 10% 12% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003F 2004F Growth % Container Trade Growth Capacity Growth Outlook Source : Clarksons/Drewry/MDS

APL: Outlook Steady volume growth with further improvements in freight rates. Early signs of recovery Asia Europe – 1 Jan 03, further rate increases Trans-Pacific – early indication positive Industry Demand/Supply balance expected to improve in 2003 Aggressive cost reduction programmes will lower breakeven point Uncertainty in world economic and political environment may slowdown recovery The shipping industry will continue to face a difficult environment in FY03 Outlook

FY02 Financial Performance APL Logistics: Profit & Loss Summary (US$) FY02 FY01 Change Turnover $813 m $723 m 12% Core EBITDA $15 m $12 m 25% Depreciation & Amortization ($37 m) ($28 m) FY02 Financial Performance Core EBIT ($22 m) ($16 m) 38%

Operations Review APL Logistics: Turnover Breakdown By Region (Total = US$813 m) Operations Review FY01 Breakdown : (Total = US$723 m) Americas : 80% Asia & Middle East : 16% Europe : 4%

Operations Review APL Logistics: FY02 Performance Summary Revenue growth lower than expected due to: Weak economic conditions and slow recovery of global economy Delays in new business implementations & less new customers Poor performance of direct logistics operations, divestment in 2H02 Re-organisation of Logistics structure Impairment associated with GATXL acquisition primarily related to direct logistics operations Continued investment in Europe infrastructure Operations Review

Outlook APL Logistics: 2003 Outlook Target a return to profitability in FY03 Focus on the existing book of business: core business of warehousing, transportation management & consolidation Accelerate strategy to introduce customers to Integrated Supply-Chain solutions Expand international services to represent a larger percentage of total revenues: Diversify revenue stream Expand integrated product offerings Outlook

Outlook APL Logistics: 2003 Outlook Create strong cost and margin improvements through: Cost containment initiatives Identify and resolve non-contributing elements of the business Develop strong yield management capabilities Stronger controls on solutions engineering and implementation. Outlook

FY02 Financial Performance Chartering: Profit & Loss Summary (US$) FY02 FY01 Change Turnover $343 m $359 m (4%) Core EBITDA $68 m $127 m (46%) Depreciation & Amortization ($59 m) ($42 m) FY02 Financial Performance Core EBIT $9 m $85 m (89%)

Operations Review Chartering: FY02 Performance Summary Significantly lower charter rates resulting from a relatively depressed tanker market Average TCE rates per day (US$) : FY02 FY01 Change Operations Review Aframax $21,050 $29,020 (27%) VLCC $22,120 - n.m. Product $13,740 $21,070 (35%) Addition to fleet 2 VLCCs in 2002 1 owned & 3 chartered-in Aframaxes via MTLP acquisition

Outlook Chartering: 2003 Outlook Prestige accident has increased demand for double- hulled Aframax tankers and led to strong recovery in chartering rates Rate improvements expected in FY03 Investment review on AET is still on-going Review of divestment opportunities for NAS, after completion of AET review Overall expectation is for Chartering division to improve on its 2002 performance Outlook

Outlook NOL Group: 2003 Outlook Focus on returning NOL Group to profitability Further cost-cutting measures within Group and business units through : Savings in operational costs G&A reductions Review opportunities to unlock or exit from non-core business Strengthen balance sheet Outlook