Maersk Investor Presentation Deck

Container handling and network costs represent the majority of our unit cost base Unit cost base, 2019 1,922 USD/FFE 2019 unit base 41 Unit cost base, 2019 2 Note: Unit cost base: EBIT costs including VSA income, Hub income and income related to vessel relets. Adjusted for restructuring costs, result from associated companies, gains/losses and derivatives. Container handling costs: Includes costs related to terminal operation (excluding hubs and transhipment); empty costs; container leasing, deprecation of owned and capitalised leased containers, and repair costs; Hamburg Süd Inland and feedering. Network costs excluding bunker: Includes hub cost, transhipment costs and hub depreciation incl. depreciations for capitalised leases; vessel costs related to port and canal fees (Suez and Panama), running costs and crewing of owned vessels, depreciation of owned vessels, depreciation of capitalised leased vessels, time charter of operating leased vessels, cost of slot (capacity) purchases and vessel sharing agreements (VSA) with partners. Bunker costs: Includes costs related to fuel consumption and fuel prices. SG&A and Other costs: Includes costs related to own and third party agents in countries, liner operation centres, vessel owning companies, onshore crew and ship management, service centres and headquarters; administration cost types such as staff, office, travel, training, consultancy, IT, legal and audit, depreciations for other capitalised leases (e.g. leased offices) etc.; Other costs covering bad debt, cargo claims, currency cash flow hedge, indirect tax, non-operational provisions and amortization of intangible assets. Appendix Q1 2020 31% Network costs excluding bunker 12% 39% Container handling costs SG&A and other costs 18% Bunker costs MAERSK

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