1. 1H & 2Q 2013 Performance Review
7 August 2013

2. Forward Looking Statements
The following presentation includes forward-looking statements, which involve known and
unknown risks and uncertainties, that could cause actual results or performance to differ.
Forward looking information is based on current views and assumptions of management,
including, but not limited to, prevailing economic and market conditions. Such statements
are not, and should not be interpreted as a forecast or projection of future performance.

3. 1 1H & 2Q 2013 R lt Hi hli ht B N Y t Ch
1. 1H & 2Q 2013 Results Highlights By Ng Yat Chung
Group President & CEO

4. 1H2013 Results Overview
Efficiencies drive improved resultsEfficiencies drive improved results
• Global slowdown lowers Group revenue
• Operational & cost efficiencies improve operating results
Liner – Macro headwinds, improved cost base
Operational & cost efficiencies improve operating results
• Building sale gain results in US$41m net profit
e ac o ead ds, p o ed cost base
• Soft global economy dampens volume
• Industry oversupply severely weakens freight rates
Logistics – Growing across major markets
y pp y y g
• Leaner operations cuts Core EBIT loss by 39%
g g j
• US & emerging markets drive revenue growth
• Cost discipline improves profitability
Page 4 | 7 August 2013 | 1H & 2Q 2013 Performance Review

5. Market conditions deteriorated in 1H & 2Q
1,500
2012
2Q13 vs 2Q12
1,225
-28%
index drops
950
2013
950
Jan Feb Mar Apr May Jun
Shanghai Containerized Freight Index (SCFI)
Page 5 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Source: SCFI

6. Rates plunged in major trade lanes
1,7411,800
US$/TEU
1,2151,250
US$/TEU
Asia-Europe Freight Rate Asia-US West Coast Freight Rate
1,030
781
1,200 1,000
781
600 750
-
2Q 12 2Q 13
500
2Q 12 2Q 13
Page 6 | 7 August 2013 | 1H & 2Q 2013 Performance Review
2Q 12 2Q 13
Source: SCFI

7. NOL’s cost & yield focus swings 1H Core
EBIT +US$97mEBIT +US$97m
1H13 Revenue
US$(276) Y Y
4,595 4,616 4,711 4,801
4,435
(28)
5
1005,000
US$m US$m
US$(276)m YoY
(28)
(120) (100)
0
2 500
(349)
(217)
(300)
(200)
2,500
1H13 Core EBIT
+US$97m YoY
(349)
(400)
(300)
-
1H11 2H11 1H12 2H12 1H13
Page 7 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Revenue (LHS) Core EBIT (RHS)

8. Efficiency drive nets US$240m* cost savings
1H13 cost savings highlights
• Bunker & Network:
• Network optimisation
• Trim optimisation
Terminals,
Land Trim optimisation
• Vessel slow-steaming
• Terminal operations
Bunker&
Network-
related
APLL
Land
Operations,
Equipment
25%
p
optimisation
• Empty repositioning
60%
Others
10%
APLL
5%
• APL Logistics
Page 8 | 7 August 2013 | 1H & 2Q 2013 Performance Review
*Excludes bunker price drop of 10% YoY

9. 2 1H & 2Q 2013 Fi i l P f2. 1H & 2Q 2013 Financial Performance By Cedric Foo
Group Deputy President &
CFO

10. Group Financial Highlights
P iti C EBITDA
US$m
Revenue
Positive Core EBITDA
Core EBITDA
91
37 35
60
120
US$m
2 333
4,711
4,435
5,000
US$m
(60)
(120)
(60)
-2,333
2,064
-
2,500
(120)
2Q12 2Q13 1H12 1H132Q12 2Q13 1H12 1H13
% ▲ Better/ (Worse) % ▲ Better/ (Worse)
(12) (6)
% ▲ Better/ (Worse) % ▲ Better/ (Worse)
(59) n.m.
(US$m) 2Q12 2Q13 1H12 1H13
Liner 79 24 (87) 3
Logistics 12 13 27 32
Page 10 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Total 91 37 (60) 35

11. Group Financial Highlights
1H13 Core EBIT improves 45% YoY Net results lifted1H13 Core EBIT improves 45% YoY, Net results lifted
by NOL building sale
16
100
US$m
81
150
US$m
EBIT2Core EBIT1
41100
US$m
Net Profit / (Loss)
16
(35)
(120)
(100)
-
(96)
(26)
(150)
-
(118)
(35)
41
(200)
(100)
‐
(217)
(300)
(200)
2Q12 2Q13 1H12 1H13
(328)
(450)
(300)
2Q12 2Q13 1H12 1H13 (371)(400)
(300)
2Q12 2Q13 1H12 1H13
% ▲
Better/
(Worse)
% ▲
Better/
(Worse)
73 n.m.
% ▲
Better/
(Worse)
% ▲
Better/
(Worse)
n.m. 45
% ▲
Better/
(Worse)
% ▲
Better/
(Worse)
71 n.m.
Page 11 | 7 August 2013 | 1H & 2Q 2013 Performance Review
1) Core EBIT excludes non-recurring items.
2) EBIT includes non-recurring items. Includes NOL building sale gain of US$200m.

12. Financial Highlights by Business Segment
125
US$m
6,000
US$m
Revenue by Business Segments Core EBIT by Business Segments
7
9 22
(45)
10 26
(25)
50
755
781
(239)
(146)
(175)
(100)
361 354
3,000
(239)
(250)
2Q12 2Q13 1H12 1H13
1,994 4,0041,728 3,695
-
2Q12 2Q13 1H12 1H13
2Q12 2Q13 1H12 1H13
2Q12 2Q13 1H12 1H13
Revenue 2,355 2,082 4,759 4,476
Elimination (22) (18) (48) (41)
Total
16 (3 ) (21 ) (120)
Page 12 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Total
Revenue
2,333 2,064 4,711 4,435 Total 16 (35) (217) (120)

13. Group Balance Sheet Highlights
US$m 28 Jun’ 13 28 Dec’ 12
Total Assets 8,966 8,219
(Restated)1
Total Liabilities 6,745 6,026
Total Equity 2,221 2,193
Total Debt 4 636 3 976Total Debt 4,636 3,976
Total Cash 1,223 897
Net Debt 3,413 3,079
Gearing (Gross) 2.09x 1.81x
Gearing (Net) 1.54x 1.40x
NAV per share (US$) 0 84 0 83NAV per share (US$) 0.84 0.83
(S$) 1.06 1.01
Page 13 | 7 August 2013 | 1H & 2Q 2013 Performance Review
1 2012’s results is restated for comparative purposes due to retrospective application of Amendments to FRS 19: Employee
Benefit (Revised), which is effective from financial year 2013.

14. Group Cash Flow Highlights
US$m 1H13 1H12
Cash & Cash Equivalents – Beginning @ Q1 897 228
Cash Inflow / (Outflow)( )
Operating Activities (20) (302)
Investing/Capex Activities (369) (414)
Financing Activities 715 726
Cash & Cash Equivalents – Closing @ Q2 1,223 238
Page 14 | 7 August 2013 | 1H & 2Q 2013 Performance Review

15. Group Capital Expenditure
US$m 1H13 1H12
1. Vessels 638 393
2. Equipment / Facilities 43 63
3. Drydock 31 16
4. IT 49 13
5 Others 3 45. Others 3 4
Total 764 489
Page 15 | 7 August 2013 | 1H & 2Q 2013 Performance Review

16. 3 Li B K th Gl
3. Liner By Kenneth Glenn
President, APL

17. Liner 1H13 Results Highlights
Challenging macroeconomic & industry conditions
• Revenue -8% or US$309m YoY, mainly from -11% Rev/FEU in 2Q13
Positive Core EBITDA +US$90m swing to US$3m
Improved efficiency & cost base
• Positive Core EBITDA, +US$90m swing to US$3m
• Core EBIT loss narrowed 39% YoY to US$146m
p y
• 19 of 34 new ships* replaced 13 older/smaller ships sold/scrapped
& 25 charter ships returned
B k ti d d b 16% Y Y (228k MT) hil fl t• Bunker consumption reduced by 16% YoY (228k MT) while fleet
capacity expanded by 5% YoY
• Cost of sales/FEU reduced by 8% YoY
Maintain yield focus
• Yield focus, while balancing trade & cargo mix
Page 17 | 7 August 2013 | 1H & 2Q 2013 Performance Review
• Headhaul utilisation >90% to maximise assets
* From 1 Jan 2012 to 28 June 2013

18. Industry working through oversupply
2020
Global Fleet Capacity % Annual Capacity Growth % Global Throughput Growth
YoY %
change
TEU
Millions
Global
financial crisis
US quantitative
easing
Demand-supply gap
16
13.8
13.2
12 5
14.1
15
16
financial crisis easing
5.5
9.1
7.9
6.0 6.6
7.1
10.9
12.5
5 7
8.3
5
10
12
5.7
4.7 4.3
5.4
0
8
( )
‐5
4
Page 18 | 7 August 2013 | 1H & 2Q 2013 Performance Review
(8.4) ‐10-
end 2006 end 2007 end 2008 end 2009 end 2010 end 2011 end 2012 end 2013F end 2014F
Source: Alphaliner, July 2013

19. Liner Results Summary
Revenue Core EBIT
7
4.0100
US$m
4,004
3,695
5,000
US$m
Core EBIT Core EBIT margin (%)
(45)
(146) (4.0)
-
(100)
1,994
1,728
2,500
0.4
(2.6)
(6.0)
(4.0)
(239)
(8.0)(300)
2Q12 2Q13 1H12 1H13
-
2Q12 2Q13 1H12 1H13
% ▲Better/ (Worse) % ▲Better/ (Worse) Core EBIT % ▲
Better/ (Worse)
Core EBIT % ▲
Better/ (Worse)
1H13 Revenue decreased 8% or US$309m YoY, while 1H13 Core EBIT improved 39% or
US$93m YoY due to continued yield focus & a lower cost base.
(13) (8)
Better/ (Worse) Better/ (Worse)
n.m. 39
US$93m YoY due to continued yield focus & a lower cost base.
Soft macro conditions, weak off peak season and industry oversupply dampened
Average Revenue per FEU to US$2,347.
Cost of sales per FEU was 8% lower YoY due to operational cost efficiencies and
Page 19 | 7 August 2013 | 1H & 2Q 2013 Performance Review
lower bunker prices.
Bunker prices averaged US$621/MT or 10% lower YoY.

20. Volume and Average Revenue/FEU Trend
2 615
2,6501,500
Volume
('000 FEUs) US$/FEU
2,598
2 539 2 539
2,615
2,601
1,200
Rev/FEU
reduced 11%
764
692 699
824 791
720 707
802
772
705
2,539 2,539
2,450
600
900
2,342
2,420 2,419
2,376
2 315
300
600
2,315
2,250-
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
TotalVolume (LHS) AverageRevenue/FEU (RHS)
Page 20 | 7 August 2013 | 1H & 2Q 2013 Performance Review
( ) g ( )

21. Operational Update
Soft global econom contin ed to affect ol me and freight rates
Volume (‘000 FEUs) 1H13 1H12 % ▲ 2Q13 2Q12 % ▲
Transpacific 419 418 - 195 202 (3)
Soft global economy continued to affect volume and freight rates
Intra-Asia 660 668 (1) 320 319 -
Asia-Europe 210 242 (13) 101 110 (8)
Latin America 100 103 (3) 48 49 (2)
Transatlantic 88 80 10 41 40 3
Total 1,477 1,511 (2) 705 720 (2)
Average Revenue/FEU (US$) 1H13 1H12 % ▲ 2Q13 2Q12 % ▲
Transpacific 3,465 3,741 (7) 3,458 3,651 (5)
Intra-Asia 1,439 1,579 (9) 1,454 1,732 (16)
Asia-Europe 2,284 2,422 (6) 2,144 2,750 (22)
Latin America 3,522 3,497 1 3,448 3,596 (4)
Transatlantic 2,650 2,894 (8) 2,675 2,815 (5)
Page 21 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Note: Based on point of sailing and inclusive of headhaul and backhaul trade.
Total 2,347 2,513 (7) 2,315 2,615 (11)

22. Fleet renewal program on track, over 50% of
vessels delivered
8,100 TEU 9,000 TEU 14,000 TEU
TEUs
Total vessels
140,000
160,000
180,000
14
80,000
100,000
120,000
10
6 x 14,000 TEU
4 x 14 000 TEU
4 x delivered1
2
2
20 000
40,000
60,000
80,000
6 x 9,000 TEU
6 x 9,000 TEU
4 x 14,000 TEU
3 x delivered1
N t
0
20,000
2013 2014
2 x 8,100 TEU 2 x delivered1
As at end-1H13
Page 22 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Note:
1) The 19 delivered vessels as at end-1H13 includes 10 x 10,000 TEU vessels delivered in 2012
2) 5 out of the 10 x 14,000 TEU vessels for delivery between 2013 and 2014 will be chartered out to MOL

23. Liner business conditions
Industry
• Rate increases in Transpacific and Asia-Europe going into
peak season
• Intra-Asia trade relatively robust despite cascading of vessels
C t ti d t i t i t• Customers cautious due to macro-economic uncertainty
• Bunker prices steady around US$600/MT
APL
• Maintain yield focus, efficiencies & cost discipline
Page 23 | 7 August 2013 | 1H & 2Q 2013 Performance Review

24. 4 L i ti4. Logistics By Jim McAdam
President, APL Logistics

25. Logistics 1H13 Results Highlights
Growth across major markets
• Revenue of US$781m +4% YoY
Revenue growth led by emerging markets
Revenue of US$781m, +4% YoY
• Core EBIT of US$26m, +18% YoY
Revenue growth led by emerging markets
• Emerging markets revenue +23% YoY, led by Asia/Middle East
• International Services +15% YoY on improved Asian vendor
logistics
• Contract Logistics -2% YoY, mainly due to unscheduled auto plant
shut-down in North America
Strict cost discipline improves profitability
• Core EBIT margin improves from 2.9% to 3.4%
Page 25 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Core EBIT margin improves from 2.9% to 3.4%

26. Logistics Results Highlights
Revenue Core EBIT
755 781
750
1,000
US$m
3 4
Revenue Core EBIT
Core EBIT Core EBIT margin (%)
361 354
500
750
2.5
2.9 2.9
3.4
-
250
2Q12 2Q13 1H12 1H13
C EBIT % ▲ C EBIT % ▲
• Logistics achieved revenue of US$781 million in 1H13 growing 4% year-on-year (YoY)
% ▲ Better/ (Worse) % ▲ Better/ (Worse)
(2) 4
Core EBIT % ▲
Better/ (Worse)
Core EBIT % ▲
Better/ (Worse)
11 18
• Logistics achieved revenue of US$781 million in 1H13, growing 4% year on year (YoY),
led by emerging markets in Asia/Middle East.
Contract Logistics achieved revenue of US$498 million, a 2% YoY decrease
International Services achieved revenue of US$283 million, a 15% increase YoY
Page 26 | 7 August 2013 | 1H & 2Q 2013 Performance Review
• Core EBIT of US$26 million for 1H13, an 18% increase YoY.

27. APL Logistics Revenue Trend by Region
28% (Asia/Middle East) 23% (Asia/Middle East)
Growth led by Asia/Middle East, up +23% YoY
28% (Asia/Middle East)
$215
23% (Asia/Middle East)
$175
63% (Americas)
$493$73
68% (Americas)
$511
$69
$781 $755
9% (Europe) 9% (Europe)
1H13 Revenue Breakdown –
by Region (US$m)
1H12 Revenue Breakdown
– by Region (US$m)
Page 27 | 7 August 2013 | 1H & 2Q 2013 Performance Review

28. Performance Breakdown
International Logistics Core EBIT surges +40% YoY
1H13 1H12
% ▲
Better/ 2Q13 2Q12
% ▲
Better/1H13 1H12 Better/
(Worse)
2Q13 2Q12 Better/
(Worse)
Revenue (US$m) 781 755 4 354 361 (2)Revenue (US$m) 781 755 4 354 361 (2)
• Contract Logistics 498 508 (2) 224 239 (6)
• International Services 283 247 15 130 122 7
Core EBIT (US$m) 26 22 18 10 9 11
• Contract Logistics 12 12 - 4 7 (43)
• International Services 14 10 40 6 2 200
Core EBIT Margin (%) 3.4 2.9 17 2.9 2.5 16
• Contract Logistics 2.4 2.4 - 1.8 2.9 (38)
Page 28 | 7 August 2013 | 1H & 2Q 2013 Performance Review
• International Services 5.1 4.0 27 4.9 1.6 206

29. Revenue and Core EBIT Margin Trend
15 0%35
Weekly Revenue (US$m) (LHS) Core EBIT Margin (%) (RHS)
Weekly Revenue
(US$m)
Core EBIT
Margin (%)
15.0%
30
35
5 7% 6.0%
10.0%
25
5.7%
3.8%
4.8% 5.1%
3.3%
2.5%
5.2%
3.7%
2.9%
5.0%
15
20
0.0%10
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Page 29 | 7 August 2013 | 1H & 2Q 2013 Performance Review

30. Logistics business conditions
Industry
• Inclement weather in developed markets slows down retail and consumer
sectors in 2Q13
• Domestic consumption in emerging markets remains strong despite
modest demand growth in developed markets
APL Logistics
• Greater adoption of multi-channel retailing provides new supply chain
management opportunities in emerging markets
APL Logistics
• International Logistics volumes and operating margins improve YoY
(+15% and +40% respectively), driven by consumer & retail sectors in
i k temerging markets
• Within Contract Logistics: Land Transportation and Warehousing/
Distribution grew +19% and +13% YoY respectively, driven by Asia and
Latin America partly offsetting automotive sector weakness
Page 30 | 7 August 2013 | 1H & 2Q 2013 Performance Review
Latin America, partly offsetting automotive sector weakness
• Continue to improve efficiencies and cost discipline

31. 5 G O tl k5. Group Outlook

32. Group Outlook
General market conditions and freight rates continued to deteriorate in the
second quarter of 2013, with few signs of a quick recovery. Along with poor
market demand, the container shipping industry remains burdened with over-
it d k f i ht t NOL’ t b ill ti t icapacity and weak freight rates. NOL’s cost base will continue to improve
through operating efficiencies, aided by lower vessel slot costs with the delivery
of its larger and more fuel-efficient ships. Barring unforeseen circumstances, the
Group remains on track to deliver a better performance than in 2012.p p
Page 32 | 7 August 2013 | 1H & 2Q 2013 Performance Review

33. A diAppendix

34. Group Financial Highlights
US$m 1H13 1H12
% ▲
Better/ 2Q13 2Q12
% ▲
Better/US$m 1H13 1H12 Better/
(Worse)
2Q13 2Q12 Better/
(Worse)
Revenue 4,435 4,711 (6) 2,064 2,333 (12)
Core EBITDA 35 (60) n.m. 37 91 (59)( ) ( )
Core EBIT (before non-
recurring items)
(120) (217) 45 (35) 16 n.m.
Non-recurring items 201 (111) n.m. 9 (112) n.m.
EBIT 81 (328) n.m. (26) (96) 73
Net profit/(loss) to owners
of the company
41 (371) n.m. (35) (118) 71
Page 34 | 7 August 2013 | 1H & 2Q 2013 Performance Review

35. Financial Highlights by Business Segment
Revenue (US$m) 1H13 1H12
% ▲
Better/
(Worse)
2Q13 2Q12
% ▲
Better/
(Worse)
Liner 3 695 4 004 (8) 1 728 1 994 (13)Liner 3,695 4,004 (8) 1,728 1,994 (13)
Logistics 781 755 4 354 361 (2)
Elimination (41) (48) 15 (18) (22) 18
Total Revenue 4,435 4,711 (6) 2,064 2,333 (12)
C EBIT (US$ ) 1H12 1H11
% ▲
/ 2Q13 2Q12
% ▲
/Core EBIT (US$m) 1H12 1H11 Better/
(Worse)
2Q13 2Q12 Better/
(Worse)
Liner (146) (239) 39 (45) 7 n.m.
Logistics 26 22 18 10 9 11Logistics 26 22 18 10 9 11
Total Core EBIT (120) (217) 45 (35) 16 n.m.
Page 35 | 7 August 2013 | 1H & 2Q 2013 Performance Review

36. Liner Results Summary
US$m 1H13 1H12
% ▲
Better/
(Worse)
2Q13 2Q12
% ▲
Better/
(Worse)
Revenue 3 695 4 004 (8) 1 728 1 994 (13)Revenue 3,695 4,004 (8) 1,728 1,994 (13)
Core EBITDA 3 (87) n.m. 24 79 (70)
Core EBIT (146) (239) 39 (45) 7 n.m.
EBIT 26 (349) n.m. (37) (105) 65
Core EBIT margin (%) (4.0) (6.0) 33 (2.6) 0.4 n.m.
Page 36 | 7 August 2013 | 1H & 2Q 2013 Performance Review

37. Logistics Results Highlights
US$m 1H13 1H12
% ▲
Better/
(Worse)
2Q13 2Q12
% ▲
Better/
(Worse)
Revenue 781 755 4 354 361 (2)
Core EBITDA 32 27 19 13 12 8
Core EBIT 26 22 18 10 9 11Core EBIT 26 22 18 10 9 11
EBIT 55 21 162 11 9 22
Core EBIT margin (%) 3.4 2.9 17 2.9 2.5 16
Page 37 | 7 August 2013 | 1H & 2Q 2013 Performance Review

38. Fleet Capacity Change
APL Fleet APL FleetAPL Fleet
Start FY2013
129 vessels
APL Fleet
End 2Q13
129 vessels
Charters
expiring
2H13 to 2014
Net capacity
587,000 TEUs
Owned:41%
Chartered: 59%
665,000 TEUs
Owned: 48%
Chartered: 52%
2H13 to 2014
23 vessels*
135,000 TEUs
change
+78,000 TEU
Average size
4,550 TEU
Average size
5,160 TEU
1 Jan 2013 28 June 2013
Current Future
1 Jan 2013 28 June 2013
Page 38 | 7 August 2013 | 1H & 2Q 2013 Performance Review
* Linehaul vessel charters only
Note: APL fleet capacity as at end-Q12 was 630,000 TEU

39. Group Fuel and Currency Exposures
Bunker
• The Group continues to recover part of its fuel price increases from customers through
bunker adjustment factors.j
• The Group also maintains a policy of hedging its bunker exposures.
Foreign exchange
• Major foreign currency exposures are in Euro, Singapore Dollar, Canadian Dollar,
Japanese Yen and Chinese Renminbi.
• The Group maintains a policy of hedging its foreign exchange exposures.
Page 39 | 7 August 2013 | 1H & 2Q 2013 Performance Review

40. Neptune Orient Lines Ltd
456 Alexandra Road,
NOL Building
End of Presentation
Thank You
NOL Building
Singapore 119962
Tel: (65) 6278 9000
Fax: (65) 6278 4900
Company registration
number : 196800632Dnumber : 196800632D
Website: www.nol.com.sg