NOL Group announced its Chairman will retire in April

Mr. Cheng will be replaced by Mr. Kwa Chong Seng, who will be appointed as Director of the NOL Board with effect from January 1, 2012. Mr. Kwa will assume the chairmanship of the NOL Board when Mr. Cheng retires after serving the Board for 20 years, the last 10 years as Chairman of the Board.

“I have seen unprecedented changes on the shipping scene in my years on the NOL Board, and I have had the opportunity to be involved in the transformation of NOL into a global premier transportation company that it is today,” said Mr. Cheng.

“I am grateful for the many invaluable insights and experiences gleaned from working with my esteemed fellow board members and the management team, and from meeting the many challenges confronting the industry and NOL’s businesses. Together, we have built up our reputation for service excellence and creating shareholder value.”

Mr. Ng Yat Chung, NOL Group President & CEO said, “On behalf of NOL, I thank Wai Keung for his exceptional dedication and contributions to the NOL Group all these years. Under his stewardship, the NOL Group has transformed itself into a global player in the container shipping and logistics industry, widely admired for its quality of service.”

Mr. Kwa Chong Seng is the Deputy Chairman of the Board of Directors of Temasek Holdings (Private) Limited. He was Chairman and Managing Director of ExxonMobil Asia Pacific Private Limited before retiring in October 2011.

“On behalf of the NOL Board, I welcome Chong Seng. NOL will benefit greatly from the depth and breadth of his experience particularly in the capital intensive oil industry. His leadership will bring fresh perspectives to help navigate NOL through unchartered waters ahead. I am confident NOL will grow and achieve a higher level of excellence,” said Mr. Cheng.

Mr. Kwa said, “It is my privilege to be able to serve on the NOL Board. I look forward to working closely with the board, management and staff of NOL to enhance the interest of all stakeholders. I would like to also take this opportunity to thank Wai Keung for his legacy and will endeavor to lead NOL to greater success in the future.”