NOL's 40th AGM held in Singapore

April 15, 2009: NOL's 40th Annual General Meeting (AGM) was held in Singapore on 15 April 2009. At the meeting, a final dividend of 4 Singapore cents per share net, payable on 5 May 2009, was recommended by the Board and accepted by shareholders. All the various resolutions proposed to the meeting were endorsed by shareholders.

In his address to shareholders, NOL Chairman Mr Cheng Wai Keung said that despite difficult market conditions NOL had posted a net profit of US$83 million for 2008, achieved record revenue of US$9.29 billion and reported a Return on Equity of 3% and Earnings per Share of 5.66 US cents.

"In the first half of 2008, markets were buoyant and our performance was solid. However we experienced a dramatic deterioration in operating performance through the second half-year," said Mr Cheng.

NOL Group President and CEO Ron Widdows summarised the Group’s financial performance for 2008. Mr Widdows also outlined for shareholders the range of measures the company is taking to manage successfully through the current downturn in the container shipping industry, including a disciplined approach to cost management and a continuing focus on productivity and service excellence.

Shareholders voted in favour of the re-appointments of Dr Friedbert Malt, Mr Bobby Chin, Mr Connal Rankin, Mr Peter Wagner, Mr Boon Swan Foo and Mr Ron Widdows as members of the NOL Board of Directors.

Mr Cheng also referred to the decision taken in December last year by the Board to reduce the level of fees Directors receive in 2009, in view of the very challenging conditions the company is facing. Mr Cheng has taken a 40 per cent reduction while other directors’ fees have been reduced by 20 per cent. "Our CEO Mr Widdows also voluntarily agreed in early February to a 20 per cent reduction in his base salary, which took effect in March," said Mr Cheng.

"I’m confident that by maintaining a cautious, measured approach to new investment and staying focused on preserving our strong balance sheet, we will ensure that our shareholders are well-placed to benefit from a future recovery," said Mr Cheng.

All the various resolutions proposed to the meeting were endorsed by shareholders.

NOL