Maersk Results Presentation Deck

A.P. Moller Maersk Group - Interim Report 02 2015 NOTE 3 FINANCIAL RISKS, ETC. AMOUNTS IN USD MILLION Except of the below, the financial risks, etc. are not significantly different from those described in note 18 of the consolidated financial statements for 2014, to which reference is made. Liquidity risk Borrowings Net interest-bearing debt Liquidity reserve¹ 2015 11,656 8,835 = Contents 9,358 Notes / Financials 30 June 31 December 2014 14,007 9,467 11,647 ¹ Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, securities and cash and bank balances, excluding balances in countries with exchange control or other restrictions. 2014 12,325 7,698 11,562 Based on the liquidity reserve, the size of the committed loan facilities, including loans for the financing of specific assets, the maturity of outstanding loans, and the current investment profile, the Group's financial resources are deemed satisfactory. The Group's long term objective is to maintain a conservative funding profile in line with its current BBB+/Baa1 rating level. USD 0.7bn of undrawn financing commitments were either cancelled or expired in the first six months of 2015 due to the Group's strong liquidity position. The average term to maturity of loan facilities in the Group was about four years (about five years at 31 December 2014). NOTE 4 COMMITMENTS AMOUNTS IN USD MILLION Operating lease commitments At 30 June 2015, the net present value of operating lease commitments totalled USD 7.6bn using a discount rate of 6%, a decrease from USD 7.7bn at 31 December 2014, primarily due to payments in 2015. Operating lease commitments at 30 June 2015 is divided into the following business units: • Maersk Line of USD 3.5bn APM Terminals of USD 2.9bn • Maersk Tankers of USD 0.4bn Other of USD 0.8bn About one third of the time charter payments in Maersk Line and Maersk Tankers are estimated to relate to operating costs for the assets. Capital commitments 30 JUNE 2015 Capital commitments relating to acquisition of non-current assets Commitments towards concession grantors ….…...... Total 31 DECEMBER 2014 Capital commitments relating to acquisition of non-current assets Commitments towards concession grantors Total Maersk Line 2,199 2,199 773 773 Maersk APM Maersk Oil Terminals Drilling 2,697 763 3,460 1,143 1,088 2,231 946 1,301 2,247 1,095 1,519 2,614 516 516 1,132 1,132 Other 1,468 1,468 1,671 1,672 Total 7,826 2,064 9,890 5,814 2,608 8,422 ******* 39/42

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