Maersk Results Presentation Deck

Maersk Group - Interim Report 03 2015 Maersk Oil made a profit of USD 377m (loss of USD 829m after impairment on Brazilian assets). The underlying profit was USD 456m (USD 885m) negatively impacted by 49% lower average oil prices but positively impacted by a higher average entitlement production of 303,000 boepd (243,000 boepd), de- ferred tax income of USD 170m due to reduction of the UK tax rate, lower costs due to the cost transformation programme and lower exploration costs. The increased entitlement production was a result of a higher production share in Qatar where the decreased oil price gives more barrels for cost recovery, as well as strong operational performance in particular in the UK and production from the new fields Golden Eagle in the UK and Jack in the US. Maersk Oil completed eight (nine) exploration/appraisal wells; including the East Swara Tika well in Iraq, Kurdistan, the Drumtochty well in the UK, and the Xana and Jude wells in Denmark. These four wells discovered hydrocarbons and commercial viability is being assessed. The other four wells were assessed not to be commercially viable. Cash flow from operating activities was USD 1.3bn or 42% lower than last year mainly due to the lower oil price. Cash flow used for capital expenditure was USD 1.5bn (USD 1.6bn). APM Terminals made a profit of USD 526m (USD 783m) and a ROIC of 11.8% (16.9%). The underlying profit was USD 509m (USD 628m). Volumes decreased by 6.0% compared to 2014, reach- ing 27.2m TEU (28.9m TEU). The decrease was mainly due to divestments of APM Terminals facilities in Virginia, Charleston, Jacksonville and Houston, USA and Terminal Porte Océane S.A. Le Havre, France. Excluding these divestments, like-for-like volumes decreased by 2.2%, whereas the overall global con- tainer market grew by 2.1% (Drewry). Pressure on key oil de- pendent markets has deteriorated local economic conditions, which caused volumes to decrease. Contents Revenue improvement and cost savings initiatives continue to be driven across the global portfolio and have delivered im- provements in both revenue increase and costs savings of more than USD 150m to date to the bottom line; however the impact from the adverse market conditions was only partly mitigated. Cash flow from operating activities was USD 671m (USD 815m) and cash flow used for capital expenditure was USD 563m (positive USD 235m). Maersk Drilling made a profit of USD 570m (USD 425m) posi- tively impacted by fleet growth, cost savings, strong operational performance and fewer yard stays, but offset by increased idle time and Maersk Endurer decommissioned and recycled. The gains in 2015 and 2014 were primarily related to the sale of the Venezuela business in 2014. ROIC was 9.4% (8.8%). The under- lying profit was USD 556m (USD 344m). Maersk Drilling has taken delivery of one ultra harsh environ- ment jack-up rig Maersk Integrator and one ultra deepwater drillship Maersk Voyager during the first nine months of 2015. Since the launch of Maersk Drilling's cost reduction and effi- ciency enhancement programme in Q4 2014, Maersk Drilling has, excluding the positive effect of exchange rates, delivered above 5% savings on the operating cost level. The increase in cash flow from operating activities to USD 910m (USD 379m) was due to fleet growth and fewer yard stays. Cash flow used for capital expenditure was USD 775m (USD 2.0bn) mainly due to fewer instalments paid for the newbuild projects. APM Shipping Services made a profit of USD 386m (USD 224m) and a ROIC of 11.0% (5.3%) with improvements in all businesses. Maersk Supply Service improved profit to USD 147m (USD 136m), Maersk Tankers made a profit of USD 130m (USD 110m), Damco improved from a loss of USD 110m in 2014 to a profit of USD 18m and Svitzer was in line with last year at USD 91m (USD 88m). The sale of Danske Bank shares was finalised in 01 with 85% ordered by A.P. Møller Holding A/S and 7% by other sharehold- ers, at an offer price of DKK 177.27 per Danske Bank share. The Group's retained 1.6% ownership in Danske Bank is classified as held for trading. The ordinary dividend of DKK 300 as well as the extraordinary cash dividend equal to DKK 1,671 per A.P. Møller - Mærsk A/S share of nominally DKK 1,000 (in total equal to USD 6.2bn) de- clared at the Annual General Meeting 30 March 2015 was paid on 7 April 2015. As part of the share buy-back programme 86,500 A-shares and 346,118 B-shares were cancelled in Q2 in accordance with the decision at the Annual General Meeting on 30 March 2015. Other businesses made a profit of USD 331m (USD 444m). The result for 2015 includes primarily the gain from the sale of shares in Danske Bank of USD 223m and the sale of Esvagt of USD 76m, while 2014 primarily included the Group's share of profit in Danske Bank of USD 362m. Unallocated activities comprise activities which are not attrib- uted to reportable segments, including financial items as well as centralised purchasing and resale of bunker and lubricating oil to companies in the Group. Financial items were negative by USD 278m (USD 527m); the positive development in the net fi- nancial expenses was primarily driven by value adjustment on Danske Bank shares, lower interest expenses due to lower debt and interest rates as well as currency adjustments. 21/40

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