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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.
For more information
Sarah
Lockie Telephone No. (65) 6371 5022
Email: sarah_lockie@nol.com.sg
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