#1S Vincent Clerc Chief Executive Officer, Ocean and Logistics Johan Sigsgaard Head of Ocean Products Ocean and Logistics & Services MAERSK#2E Ocean and Logistics at a glance îc +70k A! +70k customers, representing a community of 845k unique users interacting on Maersk.com and with our +51k colleagues ~25m 个7%1 CFS OO MAERSK CBM going through our warehouses ~5m 14%² Land deliveries ~2m ↑ 112%³ Customs declarations Note: Absolute figures based on FY 2020, growth figures based on H2-20 vs. H2-19; 1. Excl. acquisitions increased by 3%. 2. Carrier haulage % growth; 3. Excl. acquisitions increased by 24% ~5m ↑ 14% T ECO DELIVERY ~13m 4 Purchase orders managed FFES shipped MAERSK#3I I I | I I I I I I III Factory Shipment Orchestration Origin services Export Customs HE Warehouse Transportation The traditional supply chain has been structured around cost optimisation of standard products or transactions Air Ocean |||| Rail is Import/Custom Clearance ● III Status Most efficient set up in a static environment Vulnerable to external shocks and disruptions Destination services Warehouse ● Intermodal ● Customer Warehouse Consequences Need large orchestration layer internally or through 3PL to manage the lack of flexibility and resilience Final Delivery Disruptions cause extra costs which is not possible to capture up front I I I I I I I I I I I I I T I T I I I I I I I I I T I T I I I T MAERSK#4I I I | I I I I I Factory Shipment Orchestration Origin services Export Customs FILE Mark R. Chadwick, Executive Sourcing Leader, General Electric and GSA President Warehouse Transportation Air H Ocean III III Rail Import/Custom Clearance "Most supply chains are too static and traditional, we need more flexibility, less complexity and fewer hand-overs between the multitude of players" I Destination services Warehouse III Intermodal Customer Warehouse Final Delivery I I I I I I I I I I I I I T I T I I I I I I I I I T I T I I I T MAERSK#5I ||| Factory Shipment Origin services Technology 0 Export Customs Operational control Warehouse Our winning aspiration is to create customer value by integrating modules and leveraging network to provide a resilient, flexible, and efficient supply chain end-to-end Rail Transportation L Ocean ☆ Air 0 Import/Custom Clearance LILI Warehouse Destination services |||| Intermodal Status Today we are building operational capabilities to cover the whole chain • Modular value propositions supported by technology which accommodates for customers' individual preferences Single point of accountability to deliver a final outcome through operational excellence Customer Warehouse ● Final Delivery I Lower end-to-end actual costs over time I T I I I I I I I I I I | Consequences Improved customer experience and reduced need for orchestration due to elimination of complexity T MAERSK#6We deliver integrated logistics through different levers |||| ||||| |||||||||| ……………………………| || 1 2 Changing our business model to create a more profitable and resilient Ocean, through differentiated value propositions Strong modular products in Logistics & Services will enable us to build integrated solutions for customers 3 Investments in digital capabilities are new value levers for customers MAERSK#7MAERSK#8We deliver integrated logistics through different levers |||| ||||| |||||||||| ……………………………| || 1 2 Changing our business model to create a more profitable and resilient Ocean, through differentiated value propositions Strong modular products in Logistics & Services will enable us to build integrated solutions for customers 3 Investments in digital capabilities are new value levers for customers MAERSK#9● 1 Agility in adjusting capacity to demand and ability to better predict demand changes due to increased digitisation have helped reduce volatility ● ● A more profitable and resilient Ocean In 2020 we have been able to swiftly adjust capacity to meet our customers' demand Expanded digitalisation of customer solutions and our operations have led to improved view on forward demand New contracting models have led to more enforceable contracts even in the transactional segments 1. Alphaliner, quarterly average based on weekly data FE-EUR, FE-N. Am., EUR- N. Am.; 2. CTS Europe and Piers/HIS (NAM), quarterly average based on monthly data: E1, E2, M1, P1, P3, T1, T2 Capacity deployed¹ and head haul demand² on main East-West trade lanes, % change same quarter last year 20% 15% 10% 5% 0% -5% -10% -15% -20% Since 2017 and until Covid-19, supply and demand have been in greater balance. 2011 2012 2013 2014 Capacity deployed YoY growth 2015 2016 2017 HH demand YoY growth 2018 2019 2020 MAERSK#10This changes how customers engage with us - they start to focus more on long term value rather than rate procurement ad haul demand² on main East-West trade lanës, st year d until Covid-19, supply and been in greater balance. 2014 rowth 2015 2016 2017 HH demand YoY growth 2018 2019 2020 MAERSK#111 A more profitable and resilient Ocean Customers are looking for increasingly differentiated solutions that meet their respective supply chain needs 2019 Twill by Maersk End-to-end digital offering for SME BCOS Addressable market ~5-10% of total Ocean volume 2019 Maersk Spot Fully digital Ocean+ Spot offering for forwarders and traders Addressable market ~30-40% of total Ocean volume 2019 Offered to 35-50% of total Ocean volume 2020 Block space contract Fully-committed contracting options with fixed weekly allocation for large forwarders Addressable market ~10-15% of total Ocean volume 2020 Offered to 45-65% of total Ocean volume 2021 Flexible contract Contracting option catering to fluctuating needs for BCOS Addressable market ~30-35% of total Ocean volume 2021 Offered to 100% of total Ocean volume 2021 Unlimited contract Premium contracting option for customers requiring full flexibility with strategic partner Addressable market ~10-15% of total Ocean volume MAERSK#121 A more profitable and resilient Ocean Customers have been willing to pay for higher quality with long term rates above benchmark across key trades Xeneta BCO long term rate movement XENETA Q1-20 vs. Q1-21¹ Asia into North Europe: Asia into Mediterranean: Asia into West Coast South America: +600-650/FFE +950-1,050/FFE +900-1,100/FFE MAERSK vs. XENETA Asia into North Europe: Asia into Mediterranean: Asia into West Coast South America: Long term rates have increased impacted by the current market rates 1. excluded 3 months NAC deals using a benchmark of mid-low as top BCO rate movement until end of Feb'20 Source: Maersk, Shanghai Shipping Exchange; Xeneta 115-125% 100-110% 130-140% Maersk China Export SPOT rates and SCFI comprehensive index (Index 100 = July 2019) Index 400 350 300 250 200 150 100 Short term rates have increased rapidly since July 2020 Jul 2019 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Aug Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Maersk China Export SPOT excl. Intras 3. Indexed Maersk China export SPOT rates excl. intras and SCFI Comprehensive Index where Oct 2009=1000 SCFI Comprehensive Index MAERSK#13000 Each of our products integrates different elements adding value to customers, building preference and increased resilience in our business – we will continue to launch new products n OT rates and SCFI comprehensive index rates have pidly since T excl. Intras SCFI Comprehensive Index intras and SCFI Mar 20211 MAERSK#141 We are leading the industry in terms of reliability, but at absolute levels that do not meet customer expectations - we are consequently implementing new initiatives Maersk Schedule Reliability¹ 80% 70% 60% A more profitable and resilient Ocean 50% 40% Q1-18 Ranking2 Q2-18 4 Q3-18 4 9 +27.6% Q4-18 1 2 Q1-19 3 1 Q2-19 4 2 Q3-19 4 (2 Q4-19 4 2 Q1-20 Q2-20 Q3-20 Q4-20 Expected future reliability Q1-21 3 3 4 2 2 1 1) (1) 1 1 Q2-21 Q3-21 Q4-21 1 Maersk 2 Hamburg Süd 1. Defined as vessels arriving +/- 24 hours within scheduled time; 2. Sealntel's Global Liner Performance Report We want to improve our absolute reliability by... Moving to shipment level reliability Getting schedule reliability back to the high water mark ● ● Redesigning network Re-designing our network to be reliable by design Modularising our network to build further resilience ● F! Providing a differentiated delivery promise Providing data driven optimisation of shipments Further integration of hubs • Creating advantages through operational excellence and control ● ● Building options for customers to delay or speed up cargo in transit Integrating multiple systems and creating options for connectivity MAERSK#15iji Absolute reliability is the biggest value lever for customers - this is the foundation to integration of supply chains t to improve our absolute reliability by.... Moving to shipment level reliability • Getting schedule reliability back to the high water mark • Providing a differentiated delivery promise • Providing data driven optimisation of shipments Redesigning network Re-designing our network to be reliable by design • Modularising our network to build further resilience Further integration of hubs Creating advantages through operational excellence and control Building options for customers to delay or speed up cargo in transit Integrating multiple systems and creating options for connectivity MAERSK#161 The current extraordinary market circumstances will abate, and rates are expected to normalise Maersk freight rate development¹ (Index 100 = January 2018) 150 140 130 120 110 100 90 80 A more profitable and resilient Ocean 70 60 2018 2019 Maersk historical rates 1. Ocean rate, floating bunker 2020 Future expected rates 2021 2022 Our rates are expected to be positively impacted once stabilised, as... 1. We continue to be more agile and dynamic in adjusting supply to reflect demand as seen during 2020 2. Our higher share of long duration contracts will improve our predictability (~1m FFEs are now signed above 24m) 3. Digital products such as Maersk Spot will improve ability to predict and react to changes in volume fluctuations 4. Our product differentiation and thereby value realisation for customers will improve our stability MAERSK#17MAERSK#18We deliver integrated logistics through different levers |||| ||||| |||||||||| ……………………………| || 1 2 Changing our business model to create a more profitable and resilient Ocean, through differentiated value propositions Strong modular products in Logistics & Services will enable us to build integrated solutions for customers 3 Investments in digital capabilities are new value levers for customers MAERSK#192 Strong modular product capabilities in Logistics & Services Development in Logistics & Services organisation G Strengthened product portfolio Fully integrated organisation across Ocean and Logistics with an extended Logistics & Services product portfolio and addition of Air/LCL Introduction of digital products Maersk Flow and Maersk NeoNav ii Strengthened Logistics & Services organisation Attracting top industry experts and fostering internal talents - we have added more than 3,800 employees with Logistics & Services capabilities during the last three years We are expanding our capabilities in Logistics & Services to meet our customers' expectations of truly integrated logistics MAERSK#202 Strong modular product capabilities in Logistics & Services Development in Logistics & Services organisation $ Expanded partnership with our customers in their supply chain Seeing proof points of organic growth, Ocean customers buying more Logistics & Services products - growth of 68% of revenue from top 200 customers in Q1-21 vs. Q1-20 II. Growth momentum organically and through acquisitions Favour organic growth whenever capabilities are available Identified portfolio capa- bilities gap and accelerated capability development through acquisitions of Vandegrift, Performance Team and KGH We are expanding our capabilities in Logistics & Services to meet our customers' expectations of truly integrated logistics MAERSK#21After streamlining our service offering and trimming costs, we have a strong platform for Logistics & Services growth We have... Closed Ocean FCL forwarding products and streamlined inland offering Increased visibility and performance management across products Fleshed out the product portfolio with new attractive value propositions Focused on synergies through integration i.e. operational control and technology Forged core growth partnerships with key customers Logistics & Services EBIT margin Logistics & Services revenue, USDm Load Mull Q1-20 Q2-20 Q3-20 2,045 Q4-20 Q1-21 MAERSK#222 Strong modular product capabilities in Logistics & Services We are successfully growing our Logistics & Services organisation through acquisitions VANDEGRIFT A Maersk Company Acquired in February 2019 PT PERFORMANCE TEAM A Maersk Company Acquired in April 2020 CUSTOMS SERVICES A Maersk Company Acquired in September 2020 MAERSK#232 PT PERFORMANCE TEAM A Maersk Company 1. 2. 3. 4. Strong modular product capabilities in Logistics & Services 5. Including Maersk & Performance Team (PT). Q1- 2020 also incl. PT despite acquisition date of April 1st, 2020 Including fulfilment and transload Including store delivery, line haul moves, and Maersk OCE inland moves EBITA margin % development is %-points improvement New wins only Key figures¹ Volume development Total distribution² m, CBM 5 Q1-20 204 40% Q1-20 Q1-21 45% 297 Revenue and EBITA margin4 development Q1-21 Total transportation³ k, moves 185 Q1-20 -1% Q1-20 126 customer wins since acquisition5 25% 7% Revenue, mUSD EBITA Margin (development = %-points) 230 Q1-21 6% Q1-21 Grown capabilities to serve customers' evolving supply chain needs ● ● Scalable warehousing and distribution offering, from Port Side logistics to omni- channel E-Commerce fulfillment Integration has been completed successfully operational, commercial and cost synergies are being delivered for combined businesses ● • Significant number of new wins of USD ~360m revenue leveraged through Maersk Commercial set-up and strengths - delivered growth well above market • Improvement in financial result driven by asset utilisation and margin improvement - strategy changing focus 2021-2023 to asset/footprint expansion MAERSK#242 1. 2. Strong modular product capabilities in Logistics & Services CUSTOMS SERVICES A Maersk Company Including Maersk and KGH. KGH Q1-20 financials translated at Q1-21 USD/SEK FX rates to exclude KGH FX effect Volume of transactions from Maersk and KGH wins since September 2020 Key figures¹ Volume development, #k¹ 30 618 Q1-20 Q1-20 Revenue and EBIT margin development¹ 30% 39 26% Q1-21 779 Q1-21 11% Q1-20 Revenue, mUSD EBIT margin (development = %-points) 6% 17% Q1-21 ~900k transactions volume of transactions from wins since acquisition² Grown capabilities to become regional customs service leader in Europe • One-stop-shop pan-European customs solutions at scale • Integration completed successfully and operational as well as commercial synergies realised Significant new wins have led to growth well above market MAERSK#252 Strong modular product capabilities in Logistics & Services Our M&A roadmap focuses on facilitator-type acquisitions to acquire capabilities - robust integration model in place to yield synergies Our framework Candidates must... Based on verified needs in our customer portfolio - have clear and validated opportunity to integrate service offerings as part of our end-to-end solution Deliver scalable capabilities with network linkages - mainly for destination services Expand prioritised geographical footprints Our three acquisitions fit this framework IIIII MAERSK#262 Strong modular product capabilities in Logistics & Services Our M&A roadmap focuses on facilitator-type acquisitions to acquire capabilities - robust integration model in place to yield synergies Our framework Candidates must... Based on verified needs in our customer portfolio - have clear and validated opportunity to integrate service offerings as part of our end-to-end solution Deliver scalable capabilities with network linkages - mainly for destination services Expand prioritised geographical footprints Our three acquisitions fit this framework Going forward... ... we will progressively focus on larger acquisitions As we expand our capabilities we can leverage these to progressively increase scale and create synergies IIIII MAERSK#27$ ype acquisition to acquire nergies Our Logistics & Services offering is generating solid and sustainable margins while addressing significant unmet needs among customers. It is our growth engine for the future, with an established right to play on both organic and inorganic fronts Going forward... we will progressively focus on larger acquisitions As we expand our capabilities we can leverage these to progressively increase scale and create synergies MAERSK#28We deliver integrated logistics through different levers |||| ||||| |||||||||| ……………………………| || 1 2 Changing our business model to create a more profitable and resilient Ocean, through differentiated value propositions Strong modular products in Logistics & Services will enable us to build integrated solutions for customers 3 Investments in digital capabilities are new value levers for customers MAERSK#293 Technological capabilities Technology is critical to deliver integrated logistics - momentum is building up Building in-house technology powerhouse 1 +2,500 technologists hired the last three years, 1,000 more over next year 2 Adopted best-in-class agile software development methodologies 3 Leveraging data as a differ- rentiating asset to improve quality of our products Accelerating modernisation of legacy infrastructure 1 Adopted cloud-first, scalable and modular architecture 2 Driving greater agility and speed to market, while reducing the cost-to-serve Customers are validating our new digital strategy twill by Maersk Maersk Flow TRADELENS Bookings via Twill increased from 8,919 FFE in 2019 to 116,822 FFE in 2020 - a growth of 13x Number of unique customers with recurring usage of our mobile shipment application have increased from 2,389 end 2019 to 5,273 end 2020 More than 100,000 containers contracted year-to-date 2021 Targeting over 10,000 Blockchain-Enabled electronic bills of lading in 2021; on track for 100,000 by 2024 MAERSK#30The acceleration of our technological capabilities will boost our solution offering within integrated logistics, creating new opportunities for our customers and growth for us. They will further enable high level of automation and cost savings in the back-end hentum is building up dating our new via Twill increased from 8,919 FFE in 2019 to FE in 2020 - a growth of 13x of unique customers with recurring usage of le shipment application have increased from d 2019 to 5,273 end 2020 n 100,000 containers contracted year-to-date g over 10,000 Blockchain-Enabled electronic ding in 2021; on track for 100,000 by 2024 MAERSK#31Maersk has transformed into a truly integrated logistics partner Managed By Maersk Fulfilled By Maersk Transported By Maersk To logistics professionals, global supply chains are hard to trust. Lack of connectivity between different service providers makes global logistics unpredictable and increasingly complex Combining transport and fulfilment solutions with digital platforms, we give end-to-end visibility, actionability and control Whether E-commerce or cold storage, our solutions connect seamlessly to our transportation network, optimising inventory flow and precision to deliver individual orders precisely and on time Our solutions are modular, providing customers end- to-end services with higher reliability, speed and accountability MAERSK#32Our integrated logistics capabilities and value proposition are resonating strongly in the market and will be the key driver for growth Growth in Logistics & Services revenue from top 200 customers, USDm Fulfilled by Maersk Transported by Maersk Managed by Maersk 1,000 500 1. 532 28 166 108 258 Q1-2020 Excluding forwarders and BCO runway 524 33 104 158 Q2-2020 262 747 38 189 235 323 Q3-2020 Total excl. acquisitions 849 197 39 290 361 Q4-2020 893 220 270 402 Q1-2021 NPS scores for BCO Key Clients-only¹ Key growth levers Strong established customer partnerships Operational control Digital capabilities Our brand MAERSK#33Our largest customers are setting the logistics market standards of tomorrow, and with integrated logistics we have a unique fit to meet these emerging trends Key growth levers A Strong established customer partnerships Operational control Digital capabilities Our brand MAERSK#34MAERSK#35PUMA X CAPITAL MARKETS DAY 2021 PUMA GLOBAL LOGISTICS#36BUSINESS SCOPE SOURCING VOLUME 2020 AMERICAS (3%) EMEA (1%) APAC (96%) ▪ 270 Million Units ■ ▪ 213 Factories ■ X FTW 50%/APP 40%/ACC 10% 62 Distribution Centers#37BUSINESS SCOPE OCEAN FREIGHT VOLUME 2020 NAM (11,300) LATAM (4,400) EMEA (17,800) APAC (8,700) ▪ 42,200 TEU ▪ 850 Ocean Trade Lanes ■ Top five Origins: ▪ Vietnam ▪ China ▪ Cambodia Bangladesh 2 ▪ Indonesia#38SUPPLY CHAIN INTEGRATED SETUP 000 Factory Shipment ‒‒‒‒ Warehouse ORIGIN CONSOLIDATE PRIORITIZED ORDERS Export Customs Clearance 8:1 Ocean / Air / Rail PORT TO PORT ACCELERATE ORDERS BY SHIP MODE CHANGE Import Customs Clearance Warehouse 8:1 000 Intermodal DESTINATION Customer warehouse ADJUST TO ACTUAL DEMAND BY PO DRIVEN SHIPMENT CALL OFF ADAPT TO CHANGING MARKET CONDITIONS THROUGH MULTIPLE DECOUPLING POINTS WITHIN THE SUPPLY CHAIN X#39SUPPLY CHAIN AGILE SUPPLY CHAIN SETUP ORIGIN HANDLING FACTORY A 000 FACTORY B FACTORY C FACTORY D MAERSK ORIGIN HANDLING NON-URBENT POS URGENT POS CFS NON-PRIORITY POS: ■ WAIT FOR FURTHER CONSOLIDATION HEART OF OPERATIONS PROCESS OWNER AT ORIGIN ■ AGILE PO MANAGEMENT SHIPMENT PLANNING ■ EXECUTION DRIVER ECONOMIES OF SCALE IT SET UP & PROCESSES 14 10 13 PORT TO PORT 11 16 PRIORITY POS: ■ CONSOLIDATED IN ONE CONTAINER I CONTAINER COUNT: 2 ■ CONTAINER FILL RATE: OVER 85% MAERSK NAM Y EMEA APAC LATAM#40LSP STRATEGY FOCUS ON A LONG-TERM BUSINESS RELATIONSHIP JOURNEY: FROM RISK TO OPPORTUNITY ▪ OPEN DIALOGUES, HIGH FOCUS ON CUSTOMER REQUIREMENTS AFTER CREATING ONE MAERSK ▪ INNOVATIVE PARTNER FOR NEW CONCEPTS I WHY MAERSK? SERVICE RELIABILITY AND BUSINESS CONTINUITY ENSURED BY: ■ ■ OWNED ASSETS ▪ HIGH BUSINESS TRANSPARENCY QUICK DECISION MAKING SUPPORTED BY FAST AND TECHNOLOGY DRIVEN FRAMEWORK ■ MUTUAL SUSTAINABILITY GOALS MAERSK PUMAY SUEDE RONGE STA GER TOGETHER COCA#41MAERSK#42After years of building momentum, we see evidence that our integrated logistics is taking off Performance Team = 49% Capabilities Our organisation is fit for growth • Top-line and margin progression in Logistics & Services Successful M&A integrations Strong growth in digital solutions MAERSK#43¡¡ Customers Observation Clear product and market fit of our value proposition leading to acceleration of organic growth Evidence 68%¹ growth in Logistics & Services revenue of top 200 customers YoY Q1-21 vs. Q1-20 ● • Limited penetration in share of wallet ~ 2.5% of total spend today N 1. Incl. KGH and Performance Team, excl. KGH and Performance Team = 49% Ocean stability Ocean is transforming towards a more agile and stable business ● Continued profitability improvement prior to and during Covid-19 • Increased share of long term contracts and signing of two-way committed contracts • New future product and pricing mechanisms Capabilities Our organisation is fit for growth • Top-line and margin progression in Logistics & Services • Successful M&A integrations • Strong growth in digital solutions MAERSK#44Going forward, Logistics & Services will be our growth engine >10% Organic revenue growth annually ~1.0bn CAPEX in 2021 and 2022 accumulated $ >6% EBIT margin M&A will continue to focus on facilitators and progressively building scale and creating synergies MAERSK#45Ocean will continue to be our cash engine and a powerful enabler III ||||||| 1-2% Volume growth annually We expect to execute our strategy within our existing fleet size of 4-4.3m TEU 1. Including Vessels, Containers, Hubs, and Other $ ~3bn CAPEX in 2021 and 2022¹ accumulated >6% EBIT margin annually under normalised conditions Every year, we will invest a consistent amount in replacement and retrofitting Investment needs in hubs will increase as we leverage them more Our invested capital per container loaded will continue to decrease MAERSK#46Summary 01 02 03 04 We have built a better, more resilient, less cyclical Ocean business, which is centred around customers' diverging needs We have built a profitable growth engine in Logistics & Services, which addresses significant unmet needs among customers Our customers demand more resilient, flexible, and efficient offerings, which we are uniquely positioned to deliver Our new business model will deliver growth, stability and value MAERSK#47Summary 01 02 03 04 We have built a better, more resilient, less cyclical Ocean business, which is centred around customers' diverging needs We have built a profitable growth engine in Logistics & Services, which addresses significant unmet needs among customers Our customers demand more resilient, flexible, and efficient offerings, which we are uniquely positioned to deliver Our new business model will deliver growth, stability and value MAERSK#48Summary 01 02 03 04 We have built a better, more resilient, less cyclical Ocean business, which is centred around customers' diverging needs We have built a profitable growth engine in Logistics & Services, which addresses significant unmet needs among customers Our customers demand more resilient, flexible, and efficient offerings, which we are uniquely positioned to deliver Our new business model will deliver growth, stability and value MAERSK#49Summary 01 02 03 04 We have built a better, more resilient, less cyclical Ocean business, which is centred around customers' diverging needs We have built a profitable growth engine in Logistics & Services, which addresses significant unmet needs among customers Our customers demand more resilient, flexible, and efficient offerings, which we are uniquely positioned to deliver Our new business model will deliver growth, stability and value MAERSK#5011 The power of what you have to offer is really end-to-end data, the orchestration, and custody of goods. This is truly end-to-end as you manage our supply chain. This is what the integrator means to us, that we have one single source of the truth Stuart Whiting SVP of logistics and planning, Global Supply Chain, Schneider Electric MAERSK#51Q&A MAERSK#52MAERSK