Maersk Results Presentation Deck

A.P. Moller Maersk Group - Interim Report 02 2015 MAERSK OIL Contents Maersk Oil made a profit of USD 137m (loss of USD 1.4bn, ad- versely impacted by USD 1.7bn impairment on Brazilian assets) with an underlying profit of USD 217m (USD 315m). ROIC was 9.2% (negative 96.6%). The result was positively impacted by increased production, lower costs due to the cost transforma- tion programme and lower exploration costs but negatively impacted mainly by the lower oil price and USD 80m impair- ment from relinquishing Iraqi (Kurdistan) licenses. The entitlement production increased by 30% to 306,000 boepd (235,000 boepd) at a 44% lower average oil price of USD 62 per barrel. The increased production was a result of a higher share MAERSK OIL HIGHLIGHTS Revenue ********** Tax Net operating profit/loss after tax (NOPAT) Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) Depreciation, amortisation and impairment losses, net Gain on sale of non-current assets, etc., net Share of profit/loss in associated companies Profit/loss before financial items (EBIT) Cash flow from operating activities Cash flow used for capital expenditure Invested capital ROIC, annualised of production from Qatar due to the lower oil price as well as improved operational performance and production from new projects, in particular in the UK. Exploration costs Average share of oil and gas production (thousand barrels of oil equivalent per day) Average crude oil price (Brent) (USD per barrel) As a response to the lower oil price, Maersk Oil has initiated a number of activities to improve profitability and position Maersk Oil for growth. The current asset portfolio is being eval- uated and costs are being reviewed across all categories, both internal and from subcontractors. Maersk Oil expects that the net operating costs excluding exploration will be reduced with 10% by the end of 2015 compared to the 2014 baseline. This is in line with the targeted 20% reduction by the end of 2016. 02 2015 1,583 849 440 409 272 137 611 -502 5,962 9.2% 109 306 62 02 2014 2,272 1,441 2,101 -2 -662 735 -1,397 718 -546 5,007 -96.6% 172 235 110 USD MILLION 6 months 2014 2015 3,016 1,439 751 3 691 346 345 716 -996 5,962 11.9% 271 305 58 4,720 2,980 2,420 -5 555 1,606 -1,051 1,452 -1,025 5,007 -34.2% 345 245 109 13/42

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