Maersk Investor Presentation Deck

Highlights Q1 2020 Terminals & Towage ● ● ● ● 20 Revenue declined by 9.3%, while EBITDA increased by 2.6% with a margin of 30.3%. Gateway terminals reported revenue of USD 740m (USD 837m), while towage reported revenue of USD 178m (USD 173m). EBITDA in gateway terminals was on par with last year at USD 213m and the EBITDA-margin increased by 3.3%-points to 28.7%. Lower construction revenue (IFRIC12) related to Moin of USD 43m compared to Q1 2019 contributed to higher margins. EBITDA in towage increased 14% to USD 64m, mainly due to higher activity, early termination fee in Angola and the newly acquired Port Towage Amsterdam in the Netherlands. Q1 2020 interim report Development in EBITDA and EBITDA margin (%) 350 300 250 200 150 100 50 0 Revenue EBITDA Q1 19 EBITDA margin Gross capital expenditures Q2 19 276 EBITDA Q1 2020 (USDm) 911 30.3% 103 Q3 19 EBITDA margin वि Q4 19 121 Q1 2019 (USDm) 1,004 269 26.8% Q1 20 35% 30% 25% 20% 15% 10% 5% 0% FY 2019 (USDm) 3,948 1,118 28.3% 532 MAERSK

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