Maersk Investor Presentation Deck

Financial highlights Q3 2020 Strong free cash flow allowing for acquisitions and debt repayments. Cash flow bridge for Q3 2020, USDm 9 2,500 2,000 1,500 1,000 500 0 2,176 Cash flow from operations -397 Capitalised lease instalments Q3 2020 interim report -280 Capex -184 Net financial expenses, incl. lease liabilities 171 1,486 Sale proceeds Free cash flow and dividend received -241 Acquisitions, net -98 Dividends and share buy- backs 301 Financial investments, dividends to minorities and others, net -810 Repayment/ proceeds from borrowings, net and Others 638 Net cash flow Free cash flow was USD 1,486m (USD 946m) after net interests, capitalised lease payments and gross capex. Cash conversion was 95%. Net interest bearing debt decreased by USD 0.8bn from Q2 2020 to USD 10.8bn and by USD 0.9bn from Q4 2019 (USD 11.7bn). Excluding lease liabilities, net interest-bearing debt equals USD 2.0bn S&P and Moody's have both lifted their outlook on the credit rating to positive outlook. MAERSK

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