Maersk Investor Presentation Deck

Financial highlights Q4 2019 High cash conversion in Q4 2019 Development in cash flow, USDm 12 2,000 1,500 1,000 500 0 1,535 1,697 Operating cash flow (before financial items and capitalised lease payments) Annual Report 2019 469 Gross capital expenditures, (excl. M&A) 669 668 Q4 2019 638 Free cash flow (after capitalised lease payments, before financial items and excluding sale of Total S.A. shares) Q4 2018 CFFO of USD 1.5bn reflecting a cash conversion of 105% was negatively impacted by the build-up of inventories of USD 300m ahead of IMO 2020. Free cash flow was USD 668m, after capitalised lease payments of USD 432m (USD 312m). MAERSK

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