Maersk Investor Presentation Deck

Guidance Guidance for 2020 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, given material uncertainties and lack of visibility related to the global demand for container transport and logistics. Despite the uncertainties related to COVID-19, A.P. Moller-Maersk reinstates its full- year guidance for 2020 and expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be between USD 6.0bn-7.0bn before restructuring and integration costs. The global demand growth for containers is still expected to contract in 2020 due to COVID-19 and for Q3 2020 volumes are expected to progressively recover with a current expectation of a mid-single digit contraction. Organic volume growth in Ocean is expected to be in line with or slightly lower than the average market growth. The outlook and guidance for 2020 is subject to significant uncertainties related to the COVID-19 pandemic and does not take into consideration a material second lockdown phase. The guidance is also subject to uncertainties related to freight rates, bunker prices and other external factors. 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 still expected for both years. 22 Q2 2020 interim report Sensitivity guidance A.P. Moller - Maersk's financial performance for the full-year 2020 depends on several factors and is subject to uncertainties related to 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 of expected BAF coverage) Rate of exchange of hedges) (net (net Change +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBITDA (Rest of year) +/- USD 0.6bn +/- USD 0.1bn -/+ USD 0.2bn +/- USD 0.1bn MAERSK

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