EXCEPTIONAL ITEMS BOOST A. P. MOLLER’S ANNUAL RESULTS

   Denmark’s A. P. Moller, the parent company of Maersk Line, reported an
improved net profit of DKr2.7 billion ($425 million) for its shipping activities in 1998,
as exceptional profits more than offset a drop in operating profit.

   The result compared to a net profit of DKr2.2 billion in 1997.

   The operating result before special items decreased by 15 percent in 1998,
to DKr1.8 billion ($284 million), from DKr2.1 billion in 1997.

   Net turnover (revenue) from shipping activities rose by 7 percent, to
DKr38.2 ($6.0 billion), as the company carried increased cargo volumes but at lower unit
freight rates.

   Large exchange rate losses of DKr876 million incurred in 1997 were not
repeated last year. A. P. Moller also posted an exceptional gain of DKr595 million ($94
million) in 1998 accounts on the liquidation of a war risk insurance scheme for Danish
ships.

   A. P. Moller said that its container shipping, tanker, gas and dry bulk
shipping businesses had a difficult year in 1998.