Highlights of Royal P&O Nedlloyd ("RPONL") 2004 results are as follows:

Profit after tax $222 million – up from $16 million in 2003
Successful reverse listing and integration of P&O Nedlloyd into RPONL
Admitted to AEX index in March 2005
P&O NEDLLOYD REPORTS OPERATING PROFIT OF $401 MILLION.

Highlights of P&O Nedlloyd ("PONL") 2004 results are as follows:

Revenue up by 22% to $6,714 million (2003: $5,510 million)
Operating profit up by $324 million to $401 million (2003: $77 million)
Operating profit margin of 6% (2003: 1%)
Average freight rates up 13%
Underlying volume up by 10% (8% on a reported basis)
Positive trading outlook for 2005