FORMER MAERSK LINER CHIEF TO HEAD NOL

   Neptune Orient Lines, the parent company of APL, will name Flemming R.
Jacobs, a partner of Denmark’s A. P. M'ller group, as its new group president and Chief
Executive Officer.

   Jacobs, 55, was executive vice president of Maersk Line until 1991 and is
currently chief executive of Maersk Tankers. He will replace Lua Cheng Eng, currently
group deputy chairman and CEO of NOL on June 2.

   Lua will step down as the top executive officer of NOL to become group
chairman, replacing H. R. Hochstadt, who is retiring.

   The recruitment of a westerner to head the Asian company follows the
announcement of record losses by NOL for 1998.