#1A.P. Møller-Mærsk A/S Q2 2020 investor and analyst presentation Date: 19 August 2020 Conference Call: 11:00 CET Webcast: investor.maersk.com BROMMA BROMMA *MAERSK S MAERSK#2Forward-looking statements 2 Q2 2020 interim report This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of A.P. Møller - Mærsk A/S (APMM), may cause actual developments and results to differ materially from the expectations contained in this presentation. Comparative figures Unless otherwise stated, all comparisons refer to y/y changes. MAERSK#3Q2 2020 Key statements 3 Q2 2020 interim report MAERSK#4● ● ● Key statements Highlights for Q2 2020 Continued improvement in profitability and solid free cash flow In the adverse environment from the worldwide impact of COVID-19, our focus remained on the health and well-being of our employees and supporting our customers' supply-chain and businesses with end-to-end logistics solutions, as trade-flows of container improved throughout the quarter. 4 Revenue decreased by 6.5% to USD 9.0bn with volumes decreasing approx. 15% due to negative demand impact from COVID-19, while EBITDA increased 25% and the margin improved 4.8 percentage points to 18.9% driven by cost measures across segments and agile capacity deployment in Ocean. Operating cash flow increased to USD 1.9bn and focus on capital discipline led to more than a doubling in free cash flow* to USD 1.1bn. Reinstating full-year guidance for 2020 with expected EBITDA between USD 6.0bn-7.0bn compared to the initial full-year guidance of an EBITDA around USD 5.5bn. However, significant uncertainties remain on demand growth due to COVID-19, global supply growth and bunker prices. Q2 2020 interim report Revenue 9.0bn (-6.5%) CFFO 1.9bn Q2 2020, USD cash conversion 110% EBITDA 1.7bn (+25%) H1 2020, USD Revenue 18.6bn (-3.1%) Free cash flow* CFFO 1.1bn 3.1bn cash conversion 96% EBITDA 3.2bn (+24%) Free cash flow* 1.5n * Free cash flow (FCF) comprise of cash flow from operating activities, purchase/ sale of intangible assets and property, plant and equipment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. MAERSK#5Key statements Financial metrics reflect focus on higher returns 5 USDm 2000 1700 1400 1100 3% Percent 6% 0% 0 -3% Q1 16 Q3 16 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q1 16 ........... ITU Q3 16 EBITDA Q1 17 Q2 2020 interim report ROIC (LTM) Q3 19 LTM Q3 17 Q1 18 Q3 18 Q1 19 Q1 20 Q3 19 USDm 7000 6000 5000 4000 3000 2000 1000 ....|| 0 Q1 20 USDm 1,500 1,000 500 0 -500 -1,000 -1,500 Percent 15% 12% 9% 6% 3% 0% Q1 16 -3% Q1 16 Q3 16 Q1 17 Q3 17 Q3 16 Free cash flow* Q1 17 Q3 17 platil Q1 18 CROIC (LTM) Q3 18. Q1 19 Q1 18 Q3 18 Note: 2016-2017 IFRS16 adjustments have been simulated based on 2018 and is for reference purposes only. The 2016-2017 adjustment is not audited. LTM = last twelve months. * Free cash flow (FCF) comprise of cash flow from operating activities, purchase/ sale of intangible assets and property, plant and equipment, dividends received, repayments of lease liabilities, financial payments and financial expenses paid on lease liabilities. Q3 19 LTM Q1 19 Q3 19 Q1 20 Q1 20 USDm 3750 2500 1250 0 -1250 -2500 -3750 MAERSK#6Key statements Strategic Transformation update Earnings growth and disciplined capital allocation lead to further improvements in CROIC and ROIC 6 Earnings improvements, high cash conversion and strong capital discipline led to the significant increase in CROIC and ROIC. Revenue in the Infrastructure and Logistics activities¹ declined, impacted by COVID-19. EBITDA in Logistics & Services² increased 63%, positively impacted by the integration of Performance Team with USD 11m. The intended acquisition of KGH Customs Services will significantly improve our overall offering within customs services through digital solutions and technology, adding significant strategic value to the end-to-end container logistic integrator strategy. Q2 2020 interim report Cash return on invested capital - LTM Infrastructure and Logistics revenue ¹, USDm Logistics & Services2, EBITDA, USDm Long-term metric Return on invested capital (ROIC) - LTM Underlying Return on invested capital (ROIC) - LTM Q2 2020 12.5% 2,053 75 4.7% 4.6% Q2 2019 8.9% 46 1.4% H1 2020 2.7% 12.5% 2,285 4,178 4,457 144 4.7% 4.6% H1 2019 ¹ Infrastructure and Logistics revenue comprise of Terminals & Towage and Logistics & Services excluding Damco Freight Forwarding 2 Logistics & Services EBITDA excludes Damco Freight Forwarding 8.9% 92 1.4% 2.7% FY 2019 10.0% 9,201 221 3.1% 3.2% MAERSK#7Q2 interim report Financial highlights 7 Q2 2020 interim report MAERSK#8Financial highlights Q2 2020 Strong improvements in profitability Profit/loss result bridge for Q2 2020, USDm 8 600 500 400 300 200 100 0 154 Profit Q2 2019 280 Ocean Q2 2020 interim report EBITDA effect 51 Logistics & Services 7 Terminals & Towage 10 Manufac- turing & Others -8 -125 129 Unallocated Depreciations, Disposals activities amortisations, & elimi- nations impairments -9 -62 JV's and Net associated financials companies expenses 16 Tax 443 Profit Q2 2020 Profitability improved 25%, mainly due to EBITDA increase in Ocean and Logistics & Services leading to an EBITDA margin of 18.9% (14.1%) and an EBIT margin of 8.3% (4.3%). Net financial expenses increased as lower borrowing costs were offset by a negative FX impact (USD 88m vs Q2 2019). Profit for Q2 2020 improved to USD 443m as a result of the improvements in profitability. Underlying result increased to USD 359m (USD 134m), adjusted for disposals and impairments. MAERSK#9Financial highlights Q2 2020 Increased free cash flow and a strong financial position. Cash flow bridge for Q2 2020, USDm 9 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1867 Cash flow from operations -396 Capitalised lease instalments Q2 2020 interim report -362 Gross capex -214 Net financial expenses, incl. lease liabilities. 156 Gains and dividend received 1051 -204 Free cash flow Acquisitions, net -380 Dividends/ share buy- backs -177 897 Financial Repayment/ investments proceeds from etc., net borrowings, net and Others 1187 Net cash flow CFFO of USD 1.9bn reflecting a cash conversion of 110%. Free cash flow was USD 1,051m after net interests, capitalised lease payments and gross capex. Net interest bearing debt decreased by USD 0.4bn from Q1 2020 to USD 11.6bn and by USD 0.1bn from Q4 2019 (USD 11.7bn). Share buy back programme of USD 1.5bn completed in July 2020. MAERSK#10Highlights Q2 2020 Ocean ● ● ● 10 Revenue decreased 8.7% compared to Q2 2019, with volumes declining 16% due to COVID-19; progressively improving over the quarter. EBITDA improved 26% with a margin of 20.7% driven by focus on active and agile capacity deployment, lower bunker cost and higher freight rates. Maersk Spot gained further traction in the quarter increasing the share of loaded short term volumes from 25% in Q1 to 41% in Q2 2020. Q2 2020 interim report Development in EBITDA and EBITDA margin (%) 1,600 1,400 1,200 1,000 800 600 400 200 0 Revenue nt_l Q3 19 Q4 19 EBITDA margin Q1 19 Q2 19 EBITDA EBITDA margin Gross capital expenditures EBITDA Q2 2020 (USDM) 6,570 1,357 20.7% 208 Q2 2019 (USDM) 7,196 1,077 15.0% 314 Q1 20 Q2 20 H1 2020 (USDm) 13,800 2,532 18.3% 383 25% 20% 15% 10% 5% 0% H1 2019 (USDM) 14,211 2,017 14.2% 783 MAERSK#11Ocean highlights Q2 2020 EBITDA progress driven by cost measures Volume decline offset by agile capacity adjustments and lower bunker price USDm 1600 11 1400 1200 1000 800 600 400 200 0 1,077 EBITDA Q2 2019 Q2 2020 interim report -634 Volume effect 305 Freight rates effect 255 Bunker price 80 Container handling cost, excl. volume effect 151 Network cost and bunker consumption 202 SG&A and Others -79 Unrealised derivative losses on inventory hedges 1,357 EBITDA Q2 2020 MAERSK#12Ocean highlights Q2 2020 Agile capacity deployment partly offset lower volumes ● 12 Focus on agile capacity deployment and cost savings, including lower time-charter rates and lower bunker prices, lead to a decrease in total operating costs of 16% to USD 5.2bn (USD 6.1bn), 15% adjusted for FX. Tight capacity deployment with more than 160 sailings blanked in the quarter led to a decline in offered capacity in line with the decline in demand. Capacity was at the lowest in April as offered capacity has increased gradually over the quarter following improvements seen in demand. Total bunker cost decreased 37% as the average bunker price decreased 25%. The bunker consumption declined 16% from blanked sailings, idle capacity and efficiency improvements. Q2 2020 interim report Unit cost at fixed bunker* increased by 7.3% to 2,021 USD/FFE Bunker efficiency improved by 2.4% Bunker cost decreased to USD 0.8bn (USD 1.2bn) * Fixed bunker price of 450 USD/FFE Total unit cost was 1,923 USD/FFE (1,872 USD/FFE) Utilisation on the deployed capacity decreased slightly SG&A decreased by USD 67m to USD 630m (USD 697m) MAERSK#13Ocean highlights Q2 2020 Balancing supply to demand with agility has improved profitability and reduced volatility Global demand growth 10% 5% 0% 13 -5% -10% -15% -20% Q1 Q2 Q3 2008-2009 Q2 2020 interim report Q4 Q1 Q2 Q3 Q4 2019-2020 10% 5% 0% -5% -10% -15% -20% Global supply/demand balance* Q1 Q2 Q3 Q4 Q1 Q2 Q3 2008-2009 2019-2020 *Global head haul demand growth minus global effective supply growth Q4 20% 10% 0% -10% -20% -30% -40% CCFI index, y/y growth My lur Q1 Q2 Q3 Q4 Q1 2008-2009 Q2 Q3 2019-2020 Q4 MAERSK#14Ocean highlights Q2 2020 Freight rates less volatile as demand gradually improved ● ● 14 Average freight rates increased by 4.5% (6.1% FX-adjusted and 9.8% adjusted for bunker prices) in Q2 2020 compared to previous year, due to higher short-term freight rates, but was sequentially lower due to lower bunker fuel price. Total volumes decreased by 16% with headhaul volumes down 17%, contracting across all trades. Backhaul volumes declined 13%. Latin America and Intra-Americas were most affected by COVID-19 with volumes down 25% and 21%, respectively. Volumes improved throughout the quarter with volumes in June down 9.5% compared to June 2019 and improving further in July allowing for an estimated mid-single digit decrease in Q3 2020. Q2 2020 interim report Average freight rates (USD/FFE) East-West North-South Intra-regional Total Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Q2 2020 1,879 2,449 1,292 1,915 Q2 2020 1,390 894 619 2,903 Q2 2019 1,736 2,327 1,382 1,832 Q2 2019 1,633 1,098 716 3,447 Note: Q1 2020 loaded freight rate adjusted to USD 1,967 per FFE vs. previously reported USD 1,999 per FFE Change 143 122 -90 83 Change -243 -204 -97 -544 Change % 8.2 5.2 -6.5 4.5 Change % -14.9 -18.6 -13.5 -15.8 FY 2019 1,760 2,347 1,366 1,853 FY 2019 6,194 4,268 2,834 13,296 MAERSK#15Highlights Q2 2020 Logistics & Services ● ● 15 Revenue was on par with last year, with volumes declining due to the challenging market environment, while profitability continued the positive trend. Gross profit increased by 22% and EBITDA more than doubled to USD 97m supported by cost measures, margin improvements in intermodal, Performance Team acquisition and favourable market situation in air freight forwarding. KGH Customs Services acquisition announced, subject to regulatory approval, will significantly improve overall offering within customs services through digital solutions and technology. Q2 2020 interim report Development in gross profit and gross profit margin (%) 6 400 350 300 250 200 150 100 50 0 Q1 19 Q2 19 Revenue Gross profit EBITDA EBITDA margin Gross capital expenditures Q3 19 Gross profit Q1 20 Q4 19 Gross profit margin Q2 2020 (USDm) 1,569 361 97 6.2% 35 Q2 2019 (USDM) 1,579 295 46 2.9% 28 Q2 20 H1 2020 (USDM) 3,011 667 165 5.5% 58 25% 20% 15% 10% 5% 0% H1 2019 (USDM) 3,100 576 94 3.0% 37 MAERSK#16Logistics & Services - highlights Q2 2020 Improved profitability and EBIT conversion ● ● ● ● 16 COVID-19 impacted volumes and revenue across all products. The gross profit (GP) margin improved by 4.3%-points to 23.0%, supported by continued margin optimisation in intermodal, Performance Team acquisition and air freight forwarding. EBITDA on LTM basis was USD 287m improving USD 100m compared to Q2 2019 supported by margin improvements and cost measures. The EBIT conversion improved to 11.6% (4.5%) with positive impact of SG&A cost savings. Focus on cost measures to mitigate the negative effects from COVID-19 and to improve overall competitiveness and profitability will be continued. Performance Team, contributing USD 41m to GP and USD 11m to EBITDA, negatively impacted by COVID-19, with the integration progressing well. Q2 2020 interim report USDm 1400 1200 1000 800 600 400 200 0 Q1 2019 Gross profit & EBIT-conversion ratio, LTM Q2 2019 IL&S GP LTM Q3 2019 Q4 2019 Q1 2020 Underlying EBIT conversion LTM Q2 2020 Note: EBIT conversion ratio = EBIT / Gross profit Underlying EBIT excludes impairments, restructurings costs, gains/losses on sales of assets and JV adjustments % 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% MAERSK#17Highlights Q2 2020 Terminals & Towage ● ● ● 17 Resilient performance with a 3.0% increase in EBITDA, despite of a 9.6% revenue decline. Gateway terminals reported a 10% lower revenue of USD 723m, while strong focus on cost measures resulted in an EBITDA-margin increase of 2.9%-points to 25.7% and an unchanged EBITDA of USD 186m (USD 184m). Reported revenue in Towage decreased by -6.4% to USD 160m, with an EBITDA increase to USD 51m (USD 46m) due to focus on cost measures and a negative one-off in Q2 2019. Q2 2020 interim report Development in EBITDA and EBITDA margin (%) 350 300 250 200 150 100 50 0 Q1 19 Revenue Q2 19 EBITDA EBITDA margin Gross capital expenditures Q3 19 EBITDA Q4 19 EBITDA margin Q2 2020 (USDM) 878 237 27.0% 112 F I Q1 20 Q2 2019 (USDM) 971 230 23.7% 86 Q2 20 H1 2020 (USDM) 1,789 513 28.7% 215 35% 30% 25% 20% 15% 10% 5% 0% H1 2019 (USDM) 1,975 499 25.3% 207 MAERSK#18Terminals & Towage - highlights Q2 2020 Margin improvements from strong focus on cost efficiencies ● ● 18 Gateway terminals volumes declined 14% (like-for-like -16%), driven by COVID-19 impacts, with significant variations across regions. Volumes from external customers decreased by 17%, while volumes from Ocean decreased by 7.1%, leading to a 15%-points decrease in utilisation to 64%. Revenue per move increased 4.5% to USD 278 mainly driven by higher storage income, while cost per move increased 4.0% to USD 251 due to lower volumes, as total operating cost declined 14%. In Towage the Harbour towage activities decreased driven by lower activity in Australia and UK, while EBITDA was significantly improved. Q2 2020 interim report USDm 200 180 160 140 120 100 80 60 40 20 0 184 EBITDA Q2 2019 -64 Volume effect Gateway EBITDA bridge 18 Volume mix effect 16 Storage and non-storage revenue effect 32 Cost and Other, incl. one-off's 186 EBITDA Q2 2020 MAERSK#19Terminals & Towage - highlights Q2 2020 Stable earnings and cash contribution from JV's and Associates ● ● ● 19 The equity weighted EBITDA was largely unchanged. In the last twelve months the JVs and Associates have generated USD 551m to the Equity weighted EBITDA of USD 1,330m. The cash contribution through dividends the last twelve months has been USD 161m, or 29% of the EBITDA with a pay-out ratio of 87% of the net result. Q2 2020 interim report USDm 400 350 300 250 200 150 100 50 0 16 120 89 139 95 166 91 171 106 121 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 Equity weighted EBITDA for gateway terminals 109 131 116 91 129 163 126 155 136 139 130 171 117 127 198 184 142 153 144 230 Note: 2016-2017 IFRS16 adjustment is a high level estimate for comparability use only. The estimate does not take into account differences in internal discount rate nor remaining length of concessions, but simply extrapolates numbers back from 2018. The 2016-2017 adjustment is not audited and no full restatement of figures to adjust for IFRS16 has been conducted prior to 2018. 2018 onwards all the numbers are restated with segment changes. EBITDA equity weighted (Share in JV & Associates) EBITDA equity weighted (Consolidated terminals excl. minority shares) EBITDA equity weighted (LTM total) 141 216 131 179 135 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 153 USDm 1400 1200 1000 800 600 400 200 0 MAERSK#20Highlights Q2 2020 Manufacturing & Others ● ● 20 Revenue in Maersk Container Industry increased to USD 154m (USD 132m), and EBITDA increased to USD 28m (USD 15m) from higher activity and lower cost. Maersk Supply Service reported lower revenue and a negative EBITDA of 4m (positive USD 5m), reflecting lower activity in the oil and gas industry and restructuring cost from redundancies. Q2 2020 interim report Development in EBITDA and EBITDA margin (%) 60 50 40 30 20 10 0 Q1 19 Revenue Q2 19 EBITDA EBITDA margin Gross capital expenditures 11 Q3 19 EBITDA Q4 19 -EBITDA margin Q2 2020 (USDM) 316 49 15.5% 7 Q2 2019 (USDm) 300 39 Q1 20 13.0% III 10 III Q2 20 H1 2020 (USDm) 611 92 15.1% 15 20% 15% 10% 5% 0% H1 2019 (USDM) 683 48 7.7% 187 MAERSK#212020 21 Full-year guidance Q2 2020 interim report MAERSK#22Guidance Guidance for 2020 A.P. Moller-Maersk suspended the full-year guidance for 2020 (EBITDA before restructuring and integration costs of around USD 5.5bn) on 20 March 2020 due to the COVID-19 pandemic, given material uncertainties and lack of visibility related to the global demand for container transport and logistics. Despite the uncertainties related to COVID-19, A.P. Moller-Maersk reinstates its full- year guidance for 2020 and expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be between USD 6.0bn-7.0bn before restructuring and integration costs. The global demand growth for containers is still expected to contract in 2020 due to COVID-19 and for Q3 2020 volumes are expected to progressively recover with a current expectation of a mid-single digit contraction. Organic volume growth in Ocean is expected to be in line with or slightly lower than the average market growth. The outlook and guidance for 2020 is subject to significant uncertainties related to the COVID-19 pandemic and does not take into consideration a material second lockdown phase. The guidance is also subject to uncertainties related to freight rates, bunker prices and other external factors. The accumulated guidance on gross capital expenditures excl. acquisitions (CAPEX) for 2020-2021 is still expected to be USD 3.0-4.0bn, with steps being taken to reduce CAPEX in 2020. High cash conversion (cash flow from operations compared to EBITDA) is still expected for both years. 22 Q2 2020 interim report Sensitivity guidance A.P. Moller - Maersk's financial performance for the full-year 2020 depends on several factors and is subject to uncertainties related to COVID-19, bunker fuel prices and freight rates combined with the weaker macroeconomic conditions and other external factors. Based on the expected earnings level and all else being equal, the sensitivities for the rest of 2020 for four key assumptions are listed in the table below: Factors Container freight rate Container freight volume Bunker price of expected BAF coverage) Rate of exchange of hedges) (net (net Change +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBITDA (Rest of year) +/- USD 0.6bn +/- USD 0.1bn -/+ USD 0.2bn +/- USD 0.1bn MAERSK#23Appendix MAERSK#24Financial highlights Consolidated financial information Income statement (USDm) Revenue EBITDA EBITDA margin Depreciation, impairments etc. Gain on sale of non-current assets, etc., net Share of profit in joint ventures and associates EBIT EBIT margin Financial items, net Profit/loss before tax Tax Profit/loss - continuing operations Profit/loss discontinued operations Profit/loss for the period 24 Appendix Q2 2020 Q2 2020 Q2 2019 8,997 9,627 38,890 1,697 1,357 5,712 18.9% 14.1% 14.7% 1,149 4,287 145 58 751 8.3% -232 519 76 443 443 1,024 16 67 416 4.3% -170 246 92 154 -1 FY 2019 153 71 229 1,725 4.4% -758 967 458 509 -553 -44 Key figures and financials (USDm) Profit/loss continuing operations Gain/loss on sale of non-current assets etc., net Impairment losses, net. Transaction and integration cost Tax on adjustments Underlying profit/loss - continuing operations Cash flow from operating activities Gross capital expenditures Net interest-bearing debt Invested capital Total Equity (APMM total) Earnings per share (USD) Q2 2020 443 -160 50 26 359 1,867 362 Q2 2019 21 153 -16 -29 24 1 134 1,170 445 12,910 11,564 40,186 41,910 28,569 28,997 7 FY 2019 509 -71 29 78 1 546 5,919 2,035 11,662 40,555 28,837 23 MAERSK#25Financial highlights Consolidated financial information Income statement (USDm) Revenue EBITDA EBITDA margin Depreciation, impairments etc. Gain on sale of non-current assets, etc., net Share of profit in joint ventures and associates EBIT EBIT margin Financial items, net Profit/loss before tax Tax Profit/loss - continuing operations Profit/loss discontinued operations Profit/loss for the period 25 Appendix Q2 2020 H1 2020 H1 2019 18,568 19,167 38,890 3,218 2,593 5,712 17.3% 13.5% 14.7% 2,222 2,106 4,287 164 71 143 1,303 7.0% -447 856 204 652 652 34 125 646 3.4% -398 248 198 50 FY 2019 -553 -503 229 1,725 4.4% -758 967 458 509 -553 -44 Key figures and financials (USDm) Profit/loss continuing operations Gain/loss on sale of non-current assets etc., net Impairment losses, net. Transaction and integration cost Tax on adjustments Underlying profit/loss - continuing operations Cash flow from operating activities Gross capital expenditures Net interest-bearing debt Invested capital Total Equity (APMM total) Earnings per share (USD) H1 2020 652 -179 57 26 556 3,083 672 11,564 40,186 28,569 31 H1 2019 50 -34 -8 55 2 65 FY 2019 2 509 -71 29 78 1 546 2,652 5,919 1,223 2,035 12,910 11,662 41,910 40,555 28,997 28,837 23 MAERSK#26Financial highlights Q2 2020 Net interest bearing debt decreased Development in net interest-bearing debt, USDbn 12.0 11.5 11.0 10.5 10.0 9.5 0 26 12.0 1.7 || NIBD Q1 2020 EBITDA 0.1 Change in working capital 0.3 0.6 0.3 Financial items Cash flow from Share buybacks and tax paid investments 0.3 Net new capitalised leases 1) Defined as cash and securities, term deposit greater than 3 months, and undrawn committed facilities longer than 12 months less restricted cash and securities. 2) Other mostly driven by change in provisions, unrealized gains and losses on derivatives, dividends paid to non-controlling interest and withholding tax on APMM dividends paid in Q2 Appendix Q2 2020 0.2 Other² 11.6 NIBD Q2 2020 Liquidity reserve¹ of USD 10.5bn by end Q2 2020. Investment grade credit rating of BBB (negative) from S&P and Baa3 (negative) from Moody's. USD 8.5bn of NIBD are capitalised leases. MAERSK#27Financial highlights Q2 2020 CAPEX reduced significantly Capex excluding acquisitions and divestments, USDbn 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 27 2.1 2016 Appendix Q2 2020 4.0 2017 3.2 2018 2.0 2019 USD 3.0-4.0bn in total 1 2021 2020 guidance guidance 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 0.5 0.3 lih Q2 2019 Q3 2019 Q4 2019 Q1 2020 0.4 0.3 0.4 Q2 2020 CAPEX for Q2 2020 was USD 362m down from USD 445m in Q2 2019, driven by the strong capital discipline and focus on generating free cash flow For 2020 and 2021 the accumulated CAPEX guidance remains at USD 3.0-4.0bn. Total contractual capex commitments remain at USD 1.6bn end Q2 2020. MAERSK#28Financial highlights Q1 2020 USD million Ocean Logistics & Services Terminals & Towage Manufacturing & Others Unallocated activities and eliminations, etc. A. P. Moller-Maersk Consolidated - continuing operations 28 Appendix Q2 2020 Revenue Q2 2020 6,570 1,569 878 316 -336 8,997 Q2 2019 7,196 1,579 971 300 -419 9,627 EBITDA Q2 2020 1,357 97 237 49 -43 1,697 Q2 2019 1,077 46 230 39 -35 1,357 CAPEX Q2 2020 208 35 112 7 362 Q2 2019 314 28 86 10 7 445 MAERSK#29Smooth repayment profile with liquidity reserve of USD 10.5bn Debt maturity profile at the end of Q2 2020 USDbn 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 29 0.8 0.5 0.5 Leases 1.4 ROY 2020 2021 0.7 Appendix Q2 2020 0.8 1.1 2022 Bank and other 1.0 0.5 0.8 2023 0.5 0.2 0.7 2024 Corporate bonds 5.0 1.0 0.5 0.5 2025 1.1 1.0 0.4 2026 0.6 0.5 2.8 2027 + Undrawn revolving facilities Funding BBB (negative) / Baa3 (negative credit ratings from S&P and Moody's respectively Liquidity reserve of USD 10.5bn as of end Q2 20201 Average debt maturity about four years (excl. leases) Corporate bond programme 26% of our gross debt (USD 4.6bn) ● ● ● ● ● Amortisation of debt in coming 5 years is on average USD 1.9bn per year. 1) Defined as cash and securities, USD 250m of term deposit greater than 3 months, and undrawn committed facilities longer than 12 months less restricted cash and securities. 2) As of June 30th 2020 MAERSK#30Earnings distribution to shareholders DKK bn 40 10 5 30 0 1.4 2010 4.4 2011 Appendix Q2 2020 4.4 Note: Dividend and share buy back in the paid year. 2012 1 5.3 2013 3.9 6.2 2014 36.7 5.2 6.6 2015 3.2 6.5 2016 3.1 2017 Ordinary dividend Executed share buy back Extraordinary dividend (Danske Bank) 3.1 2018 5.3 3.1 2019 9.7 3.1 2020 MAERSK#31Demand growth dropped sharply accross regions in Q2 2020 31 Inbound Outbound -22 North America Appendix Q2 2020 Latin America Apr 20-Jun 20 y/y market growth by trade (%) -22 -13 Intra America -10 Global Africa -9 BUT T -16 -12 Very strong Strong Source: Internal market volume estimations as of August 2020. Note: 1. Actuals available until June 2020; 2. Colours embed information on the current dynamics relative to the 2012-18 average. Intra Europe Europe Middle East Asia -16 -20 Neutral Intra EMA -8 Weak -1 Intra Asia Very weak Oceania MAERSK#32Ocean Ocean activities are managed under the brands Maersk, Safmarine, Sealand - A Maersk Company together with Hamburg Süd brands (Hamburg Süd and Aliança) as well as strategic transhipment hubs under the APM Terminals brand. Source: Alphaliner (June-end 2020) 32 Appendix Q2 2020 Pacific 11% No. 4 No. 1 No. 1 Latin America 26% Atlantic 14% Intra America 28% No. 2 No. 3 No. 1 Africa 30% Intra Europe 15% East-West No. 3 West central Asia 14% North-South Asia-Europe 22% Intra Asia 9% Intra Regional Capacity market share by trade No. 1 No. 2 No. 2 Oceania 20% MAERSK#33The industry is moving towards more consolidation Capacity market share In % Maersk 33 MSC COSCO CMA CGM Hapag-Lloyd ONE Evergreen Yang Ming HMM PIL Zim Wan Hai 0.0% Note: As at end-June 2020. Source: Alphaliner. 1.2% 1.0% Appendix Q2 2020 2.5% 1.5% 2.4% 5.2% 5.0% 7.2% 6.5% 10.0% 12.2% 11.4% 15.0% 16.6% 15.6% 20.0% 2M Ocean Alliance The Alliance MAERSK OOCL ERGRE EVERGREEN CMA CGM Hapag-Lloyd m SC HMM M YANG MING Coco ONE OCEAN NETWORK EXPRESS MAERSK#34The liner industry has consolidated and top 5 share has grown Consolidation wave is rolling again - 8 top 20 players disappeared in the last 4 years 96 CMA CGM 34 P&O Nedlloyd NOL APL 98 Wave 1 27% CMA CGM ANL 00 MAERSK Safmarine MAERSK SeaLand 31% Note: Long haul trades defined as non-intra-regional trades. Source: Alphaliner. Appendix Q2 2020 02 04 06 Hapag-Lloyd cpships CMA CGM A DELMAS Wave 2 MAERSK P&O Nedlloyd 36% CMA CGM USE CMA CGM کوماناف COMANAV 43% Top-5 market share 08 10 12 Top-5 market share long-haul trade 14 HANJIN Hapag-Lloyd CSAV HAMBURG SÜD ccni CMA CGM OPDR Wave 3 CMA CGM APL 16 45% 53% OOCL A Coco DER |中国海运 Hapag-Lloyd UASC MAERSK HAMBURG SÜD ONE OCEAN NETWORK EXPRESS 18 67% 72% 63% 73% 20 MAERSK#35Nominal supply growth slowed further in Q2 2020, but not to the same extent as effective supply Global effective supply and demand growth² Growth y/y, (%) 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 35 -10% -12% 8.4%8.3% 6.1% 5.4% 5.5% 5.0% milli Q1 2014 Q2 2014 Q3 2014 Q4 2014 Global effective capacity Q1 2015 4.5% 0.2% Q2 2015 Q3 2015 Appendix Q2 2020 Q4 2015 1.5% 3.3% 4.6% 6.2% 6.2% 7.0% 7.7% Global container demand 9.2%9.1% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 6.8% 4.6% 3.9% 2018 2018 2018 2018 2019 0.5% T -0.4% Q2 2019 2019 2019 Q2 Q3 Q4 Q1 Q3 Q4 -2.4% -9.4% Q1 2020 Nominal capacity3 5.5 5.2 5.4 6.4 7.3 7.9 8.7 8.7 7.4 5.6 3.3 1.5 0.8 1.4 2.9 4.1 5.9 6.6 6.0 5.8 4.6 3.7 3.9 4.1 3.6 3.0 growth (%) Q2 2020 Industry capacity (TEU) East-West North-South Note: 1. Effective capacity incorporates changes to idling, vessel speed, average length of trade and container network; 2. Q2 2020 is Maersk internal estimates where actual data is not available yet; 3. Global nominal capacity is deliveries minus scrapping. Source: Alphaliner, Maersk. C Intra 56% Capacity (TEU) 22% Capacity (TEU) 22% Capacity (TEU) MAERSK#36Low net delivery along with a sharp increase in idling and blanked sailings led to a sharp drop in effective capacity in Q2 2020 Net deliveries TEU '000 600 500 400 352 300 200 100 -100 -200 -300 475 36 368 182 II -127137 383 421 -95102 -181 367 -128 Note: As at end-June 2020. Source: Alphaliner. -44-40 440 296 Appendix Q2 2020 465 501 -57 319 -27-28 273281 -91 Deliveries 195186 -138154159 217 332 414 -86 -214209 Scrapping 429412 229 -69-63 276 184 -9 -22 -17 Net deliveries 245260 364 -63 -93 -44-52 90 220 110 -19 -40 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 Q1 Q3 Q1 -104 Idling Idle TEU as % of cellular fleet 12% 10% 8% 6% 4% 2% 0% M 2010 2011 2012 2013 2014 2015 M.M 2016 2017 2018 2019 2020 MAERSK#37External factors continue to be volatile... SCFI and CCFI index Index 1,100 1,000 900 800 37 700 600 100 Time charter rates¹ Index 75 50 25 Jan 0 Feb Mar Jan Feb SCFI 2020 Mar Apr May Jun CCFI 2020 Note: 1. Containership Time charter Rate Index, 1993 = 100. Source: Clarkson Research, Shanghai Shipping Exchange Appendix Q2 2020 Apr May Jun 2018 Jul Aug SCFI 2019 Sep Oct Nov CCFI 2019 Jul Aug Sep Oct 2019 2020 Nov Dec Dec Bunker price USD/mt 700- 500 300 100 1.17 1.14 1.12 1.09 1.07 Jan Feb Mar Apr May Jun USD-EUR exchange rates EUR/USD 1.04 Jan Feb Mar Apr Rot 0.1% LSMGO 2020 May Jun Jul 2020 Jul Aug Sep Oct Rot 0.5% FO 2020 Aug • 2019 Sep Oct Nov Nov Dec Dec MAERSK#38however the volatility is lowered through contract coverage including bunker adjustment factors Volume split, 2019 By contract type III ● O Note: 1. Oct 2009 = 1000 for SCFI, January 1998 = 1000 for CCFI. Source: Maersk, Shanghai Shipping Exchange 35-40% Spot (<1 month) By trade 21% Intra regional 38 32% North-South ~20% Short term (1-3 months) Appendix Q2 2020 45% Long term (>3 months) 47% East-West Average freight rate USD/FFE 3,200 2,800 2,400 2,000 1,600 1,200 800 400 Q1-14 Q2-14 Q3-14 Q4-15 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Ocean Freight Rate (USD/FFE) Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 SCFI (Index) Q2-18 1 1 Q3-18 Q4-18 Q1-19 CCFI (Index) Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Index ¹ 1,600 1,400 1,200 1,000 800 600 400 200 MAERSK#39Freight rates increased by 4.5% ¹ with volumes down by 16% ● 39 ● Volumes decreased by 16%, with volume decreases across all trades. Downturn in Latin America and intra- America drove decreases in North- South and inter-regional volumes with East-West impacted by decline in North America and Europe & Middle East. Total backhaul decreased by 13% while headhaul decreased by 17%. The average loaded freight rate increased by 4.5%¹ driven by short-term and contract rate increases across most trades. Adjusted for foreign exchange rate effects, the average loaded freight rate increased by 6.1%. Loaded volumes ('000 FFE) East-West North-South Intra-regional Total Average freight rates (USD/FFE)² East-West North-South Intra-regional Q2 2020 1,390 894 619 2,903 Q2 2020 1,879 2,449 1,292 1,915 Q2 2019 1,633 1,098 716 3,447 Q2 2019 1,736 2,327 1,382 1,832 Change -243 -204 -97 -544 Change 143 122 -90 83 Change % -14.9% -18.6% -13.5% -15.8% Change % 8.2% 5.2% -6.5% 4.5% FY 2019 6,194 4,268 2,834 13,296 FY 2019 1,760 2,347 1,366 1,853 Total 1. Loaded freight rate in Q1 2020 was 1,967 USD/FFE versus previously reported 1,999 USD/FFE. 2. Q1 2020 freight rates have been restated. In Q1 2020 freight rates were: East-West 1,887 USD/FFE (previously 1,924 USD/FFE), North-South 2,525 USD/FFE (previously 2,560 USD/FFE) and Intra-regional 1,405 SD/FFE (previously 1,398 USD/FFE). Appendix Q2 2020 MAERSK#40Ocean average freight rate up 4.5% compared to Q2 2019 Freight rates USD/FFE 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 40 Q1 2019 East-West Appendix Q2 2020 Q2 2019 Q3 2019 North-South Q4 2019 Intra-regional Q1 2020 Q2 2020 Average freight rate Freight rates Q1 2019 = 100 110 105 100 95 90 85 80 Q1 2019 East-West Q2 2019 Q3 2019 North-South Q4 2019 Intra-regional Q1 2020 Q2 2020 Average freight rate MAERSK#41Q2 2020 vessel utilisation stable compared to Q2 2019 and Q4 2019 Vessel utilisation In % 100% 90% 80% 70% 60% 50% 88% 41 66% 93% 70% Headhaul bottleneck Appendix Q2 2020 91% 68% 93% Roundtrip 71% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 93% 73% Note: Container turn is average number of times a container is shipped full per year (quarterly data annualised). Yearly averages Container turn Ratio 5.2 4.8 4.4 4.0 3.6 3.2 4.6 3.9 4.5 A- 3.8 4.8 Dry 4.1 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Reefer 4.6 4.1 4.6 4.2 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Yearly averages 4.6 4.2 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 MAERSK#42Container handling and network costs represent the majority of our unit cost base Unit cost base, 2019 1,922 USD/FFE 2019 unit base 42 Unit cost base, 2019 2 Note: Unit cost base: EBIT costs including VSA income, Hub income and income related to vessel relets. Adjusted for restructuring costs, result from associated companies, gains/losses and derivatives. Container handling costs: Includes costs related to terminal operation (excluding hubs and transhipment); empty costs; container leasing, deprecation of owned and capitalised leased containers, and repair costs; Hamburg Süd Inland and feedering. Network costs excluding bunker: Includes hub cost, transhipment costs and hub depreciation incl. depreciations for capitalised leases; vessel costs related to port and canal fees (Suez and Panama), running costs and crewing of owned vessels, depreciation of owned vessels, depreciation of capitalised leased vessels, time charter of operating leased vessels, cost of slot (capacity) purchases and vessel sharing agreements (VSA) with partners. Bunker costs: Includes costs related to fuel consumption and fuel prices. SG&A and Other costs: Includes costs related to own and third party agents in countries, liner operation centres, vessel owning companies, onshore crew and ship management, service centres and headquarters; administration cost types such as staff, office, travel, training, consultancy, IT, legal and audit, depreciations for other capitalised leases (e.g. leased offices) etc.; Other costs covering bad debt, cargo claims, currency cash flow hedge, indirect tax, non-operational provisions and amortization of intangible assets. Appendix Q2 2020 31% Network costs excluding bunker 12% 39% Container handling costs SG&A and other costs 18% Bunker costs MAERSK#43We continue to strengthen the capacity management Development in average nominal capacity and number of vessels TEU '000 5,000 4,500 4,000 43 3,500 3,000 2,500 2,000 # of vessels, end of period # of owned vessels # of chartered vessels 3,311 3,224 il Q1 2017 Q2 2017 639 284 355 646 282 364 Appendix Q2 2020 3,523 Q3 2017 Q4 2017 668 285 3,761 383 781 339 442 4,231 776 Q1 2018 Q2 2018 Q3 2018 Q4 2018 298 4,154 478 742 298 4,042 4,038 4,048 444 723 298 425 710 303 407 713 305 4,110 408 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 716 307 4,186 409 703 307 4,181 396 708 307 4,162 401 697 307 4,034 390 651 305 346 Ocean average nominal vessel capacity Ocean segment aims to continuously adjust capacity to match demand and optimise utilisation ● Average nominal vessel capacity in Q2 2020 decreased by 1.8% y/y and decreased by 3.1% q/q to 4,034k TEU Prior to the implementation of IFRS 16, only operating leased vessels were included in the chartered container vessel section while finance leased vessels were presented together with owned to match the classification on the balance sheet. With IFRS 16, all leased vessels are generally recognised as a right-of-use asset on the balance sheet. All leased vessels are included in the table within the chartered container vessel section from Q1 2018 onwards. MAERSK#44Industry average vessel size Average vessel size TEU '000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 8,761 44 HMM Note: As of end-June 2020 Source: Alphaliner Appendix Q2 2020 7,319 ONE 7,273 Hapag-Lloyd 6,666 MSC 6,583 6,435 Yang Ming Evergreen 6,090 COSCO Group 6,066 5,429 Maersk Line CMA CGM 4,807 Zim 3,189 PIL 2,602 Wan Hai MAERSK#45Industry orderbook at a low level and almost no orders in Q2 2020 Industry orderbook Orderbook as % of current fleet (end of period) 30% 25% 20% 15% 10% 5% 45 0% 27.0% 28.0% Note: As at end-June 2020. Source: Alphaliner. 21.0% 22.6% Appendix Q2 2020 18.4% 20.1% 15.7% 2010 2011 2012 2013 2014 2015 2016 2017 2018 12.7% 12.3% 10.4% 10.4% 9.4% 2019 Q1 Q2 2020 2020 New orders TEU '000 1,000 800 600 400 200 734 521 228 467 386 296 181 599 156 794 7351 181 122 81 26 64 444. 16 527 642 270 84 326 268 59 4 373 140151 12 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 MAERSK#46Terminals & Towage Gateway terminals, including landside activities being port activities where the customers are mainly the carriers, and towage services under the Svitzer brand. 46 Appendix Q2 2020 Towage Terminals Portfolio Overview MAERSK#47Diversified gateway terminal portfolio Container throughput by geographical region Equity weighted crane moves, % 16% North Americas SHOEDSO 30 Average remaining concession length in years Years 25 20 15 10 5 15% Latin Americas 20 47 16% Europe, Russia and Baltics 13 Total throughput of 4.1m Moves in Q2 2020 North America Latin America Europe, Russia and Baltics Note: Average concession lengths as of Q2 2020, arithmetic mean. Appendix Q2 2020 25 22 Asia 12% Africa & Middle East 15 41% Asia Africa and Middle East 20 Total portfolio Geographical split of terminals Number of terminals 25 15 5 -5 5 12% 8% 4% 0% -4% -8% -12% North America Port Volume growth development In % 57 2014 I No. of terminals 11 55 Latin America Europe, Russia and Baltics Existing terminals ■New terminal projects 2015 65 18 2016 Equity Weighted 66 65 Note: Like for like volumes exclude divestments and acquisitions. 17 2018 2017 Equity Weighted Like-for-like Asia 65 2019 15 Africa and Middle East 66 2020 Global market MAERSK#48Gateway terminals - Project progress Project Abidjan, Ivory Coast Note: TEU and investment numbers are 100% of the projects. 48 Opening 2021 Appendix Q2 2020 Details The new terminal will be our second terminal in Abidjan, Ivory Coast, which is one of the busiest container ports in West Africa New facility will be able to accommodate vessels of up to 14,000 TEU in size Investment USD 0.5bn MAERSK#49Active portfolio management - gateway terminals Acquisitions and secured Projects Cotonou Santos 49 2010 Kaoshiung Dunkirk Oakland Yantian Monrovia Moin Callao Poti 2011 Divestments / stop operation Appendix Q2 2020 Lazaro Cardenas Gothenburg Talin Kotka / Helsinki Vostochny St. Petersburg 2012 Dailan Abidjan Ust Luga St. Petersburg 2 Izmir 2013 Oslo Namibe 2014 Le Havre Virginia Qingdao Vado reefer Cartagena Tema 2015 Charleston Houston Jacksonville Gioia Tauro Quetzal Yucatan Buenaventura Paranagua Valencia Gijon Castellon Barcelona 2016 Grup Marítim TCB Itapoa 2017 Tacoma Zeebrugge Dalian TB - Congo 2018 Paranagua Izmir 2019 Kobe Veos 2020 Douala MAERSK#50Focusing on lower cost and higher efficiency Gateway terminal cost per move, Fin.Con ¹ USD/move 280 260 240 220 200 180 160 140 18Q1 18Q2 18Q3 18Q4 50 CAGR: 0.8% Appendix Q2 2020 y/y: 4.0% 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 Gateway terminal cost break down ² Q2 2020 15% Service and admin costs 18% Depreciation 12% Concession fees 1. Gateway terminal Cost per move for all operating terminals on financial consolidated basis; terminals under implementation are excluded. 2. Cost breakdown for all gateway terminals on financial consolidated basis. 9% Variable operational costs O 46% Labour costs MAERSK#51Revenue and cost per move (financially consolidated) 51 USD/move 280 260 240 220 200 180 264 234 2018 Q1 Appendix Q2 2020 250- -227-- 2018 Q2 263 -229- 2018 Q3 270- 233 2018 Q4 CPM - RPM 279 241 2019 Q1 266 242 2019 Q2 269 220 2019 Q3 274- 230- 2019 Q4 267 .233 2020 Q1 278 -251 2020 Q2 MAERSK#52Continuing to grow ahead Operational and financial metrics Terminal volumes - Financially consolidated (moves in m) Ocean segment External customers ● ● Terminal volumes - EqW (moves in m) Terminal revenue per move - (USD) Financially consolidated Terminal cost per move - (USD) Financially consolidated 52 Appendix Q2 2020 Q2 2020 2.6 1.0 1.6 4.1 278 251 Q2 2019 3.0 1.0 2.0 4.5 266 242 Change, % (like-for-like, %) -13.7 (-15.5) -7.1 (-10.1) -17.2 (-18.3) -10.3 (-10.2) 4.5 4.0 2019 11.9 4.1 7.8 17.9 272 233 ℗ MAERSK#53Gateway terminals operating businesses of 25.7% EBITDA margin Q2 2020 Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 53 Consolidated businesses Appendix Q2 2020 2.2 2.6 723 186 25.7 Note: Gateway terminals Implementations include terminals currently under construction (Abidjan (TC2), Ivory Coast) JV & Associates 1.8 T Operating businesses Implementations 4.1 2.6 723 186 25.7 0.0 0.0 0.0 0 ΝΑ Total 4.1 2.6 723 186 25.7 MAERSK#54Consolidated gateway terminals Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) Note: Consolidated businesses includes gateway terminals that are financially consolidated. Gateway terminals - JV and Associates Throughput (Moves m, equity weighted) 54 Appendix Q2 2020 Q2 2020 2.2 2.6 723 186 25.7 Q2 2020 1.8 Q2 2019 2.6 3.0 806 188 23.3 Q2 2019 1.9 Change -14.3% -13.7% -10.2% -0.8% 2.4pp Change -4.9% MAERSK#55Gateway terminals under implementation Throughput (Moves m, equity weighted) Throughput (Moves m, financially consolidated) Revenue (USD m) EBITDA (USD m) EBITDA margin (%) 55 Q2 2020 Appendix Q2 2020 0.0 0.0 0.0 0.0 Note: Implementations include terminals currently under construction (Abidjan (TC2), Ivory coast). Q2 2019 Implementations include Vado, Italy; Abidjan (TC2), Ivory coast. ΝΑ Q2 2019 0.0 0.0 0.1 -4 ΝΑ Change ΝΑ ΝΑ -100% -100% ΝΑ MAERSK#56Thank You Stig Frederiksen Head of Investor Relations [email protected] +45 3363 3106 56 Appendix FY 2019 Maja Schou-Jensen Senior Investor Relations Officer [email protected] +45 3363 3639 Jytte Resom Investor Relations Officer [email protected] +45 3363 3622 MAERSK