A.P. Moller-Maersk Line to Acquire Sea-Land's International Shipping Business; CSX Corp. To Retain Sea-Land's Domestic Container and Some Terminal Operations.

WASHINGTON--(BUSINESS WIRE)--July 22, 1999--

The A.P. Moller Group and CSX Corp. announce that agreement has been reached for A.P.Moller-Maersk Line to acquire Sea-Land Service, Inc.'s international liner business including vessels, containers, related container terminals, and certain lease obligations from CSX. The agreed purchase price is $800 million.

Sea-Land operates approximately 70 container vessels and about 200,000 containers in its international trades.

The agreement is seen by both parties as a natural development of the close partnership currently in place, and the combined services will be marketed under the name of Maersk-SeaLand.

Mr. Ib Kruse, Partner of A.P. Moller, says that "the operation and management will be fully integrated drawing on the best from both organizations. Maersk-SeaLand will offer a wide range of services, unmatched in the industry, for the benefit of our customers worldwide."

Mr. John W. Snow, Chairman and Chief Executive Officer of CSX Corp., says "Maersk is a terrific company that will become even stronger. Sea-Land has been at the forefront in shaping global trade patterns and introducing container-shipping innovation. For CSX, this is a significant opportunity to enhance shareholder value and refocus our maritime resources on our well-positioned domestic container shipping business and terminal management operations. Importantly, the transaction protects national security interests under the U.S. Maritime Security Program."

Domestic container shipping to and from Alaska, Hawaii, Puerto Rico, and Guam, as well as certain terminal facilities (including facilities in Hong Kong) are not part of the agreement and will remain under CSX ownership.

The acquisition is subject to due diligence and approvals from authorities. CSX and A.P. Moller expect it to take approximately four months to finalize the transaction.

Maersk Inc. has an extensive history as a U.S.-based company. Its corporate presence began in 1943, when the company was chartered in New York. Today its corporate headquarters is located in Madison, N.J. Maersk is the parent entity to 10 U.S. affiliated companies engaged in a variety of activities. These activities include but are not limited to trucking, terminal services, third-party logistic services, EDI services, and government contracting. More information about the company is available at its Internet address: www.maerskline.com.

CSX Corporation, based in Richmond, Va., acquired Sea-Land in 1986. CSX operates the largest rail network in the eastern United States and also provides intermodal and contract logistics services. CSX generated $9.9 billion in revenue and $537 million in net earnings in 1998. More information about the company is available at its Internet address: www.csx.com.

A.P. Moller Group, with headquarters in Copenhagen, has more than 40,000 employees and 320 offices in about 100 countries around the world. Its current fleet, composed of more than 150 ships, includes container vessels, tankers, bulk and special vessels, supply ships, and drilling rigs. Besides shipping, the A.P. Moller Group is engaged in exploration for and production of oil and gas, shipbuilding, aviation, industry, supermarkets, and EDP services. More information about the company is available at its Internet address: www.apmoller.com.

You also may access transaction information on the Internet at www.csx.com or www.maerskline.com.