India Infrastructure and Logistics Pvt Ltd , a partnership between NOL and HIPE to run private rail services in India

“NOL is grateful to the Indian Government for this investment opportunity and is committed to the growth of India,” said Mr. Foo, who will be Chairman of IIL. “We have considerable experience operating freight rail services. Our APL subsidiary pioneered double-stack trains in the US in 1984. Although the US investment was sold in 1999, we retain considerable managerial and IT expertise in this business.

“By investing in landside facilities, we will complement and differentiate our liner services in India and at the same time develop a new stream of logistics income for the Group.”

“This marks HIPE’s first investment in the transportation sector. The

transportation sector is an important focus area for us and so is our

partnership with NOL,” said Mr. Chandrasekhar.

NOL Group Senior Vice President for South Asia, Mr. Kenneth Glenn said: “APL is aiming to tap opportunities to better serve the fast-growing Indian manufacturing sector, by offering seamless end-to-end transportation and logistics services to our customers.

“Land transportation in India is characterised by infrastructure ‘chokepoints’ and our investment in rail services is part of a larger commitment in developing new landside capabilities to meet our customers’ needs for an integrated and seamless liner and logistics service.

“We look forward to the APL brand becoming a visible presence on rail wagons moving across India,” Mr. Glenn said.

In February 2005 the Indian Parliament approved a proposal to privatise the country’s rail freight services, which have hitherto been controlled by a government-owned monopoly, CONCOR..

Media inquiries

NOL Group:

Mr. David Goodwin Vice President Corporate Affairs

Telephone: (65) 6371 5022

Facsimile: (65) 6371 5913

david_goodwin@nol.com.sg

About NOL

NOL is a Singapore-based global transportation and logistics company. Its container transportation arm, APL, provides customers around the world with container transportation services that combine high quality inter-modal operations with state-of-the-art information technology. Its supply chain services arm, APL Logistics, provides international, integrated logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Web site: www.nol.com.sg