Maersk Investor Presentation Deck

Guidance Guidance for 2020 still suspended 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, which is leading to material uncertainties and lack of visibility related to the global demand for container transport and logistics. The high uncertainties related to the outlook and impact from COVID-19 still persist and therefore the suspension of the full year guidance on EBITDA remains. Significant contraction in global demand is expected for Q2, with volumes expected to decrease by 20-25% across all businesses affecting both the profitability and cash flow in the quarter. The global market growth in demand for containers is expected to contract in 2020 due to COVID-19 (previously between 1-3% growth). Organic volume growth in Ocean is expected to be in line with or slightly lower than the average market growth. 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 expected for both years. 25 Q1 2020 interim report Sensitivity guidance A.P. Moller - Maersk's financial performance for the full-year 2020 depends on several factors and are subject to uncertainties related to the 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 (net of expected BAF coverage) Rate of exchange (net of hedges) Change +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBITDA (Rest of year) +/- USD 1.0bn +/- USD 0.1bn -/+ USD 0.3bn +/- USD 0.1bn MAERSK

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