FIVE LINES FORM MIDEAST INDIAN SUBCONTINENT AGREEMENT

Five steamship lines have filed an agreement with the Federal Maritime Commission to
create The Middle East Indian Subcontinent Agreement. The lines are A.P. Moller-Maersk,
CMA-CGM (America), the National Shipping Co. of Saudi Arabia, Sea-Land Service and the
United Arab Shipping Co.

The agreement, which would be effective May 1 — the same day the U.S.Ocean Shipping
Reform Act of 1998 takes effect — would allow the lines to discuss and set rates, terms
and conditions of services, and to negotiate service contracts between all U.S. ports and
inland ports in Southwestern and Southern Asia and in the Saudi Arabia/Bangladesh region.