Maersk Investor Presentation Deck

Terminals & Towage - highlights Q4 2019 Margin improvements at lower volumes ● ● ● ● ● 23 Gateway terminals volumes declined 4.7% (declined 1.7% like- for-like), mainly due to extraordinary high volumes in Q4 2018 related to frontloading of transpacific volumes prior to tariffs being imposed. Volumes from external customers grew by 1.1% (2.3% like-for- like), while volumes from Ocean decreased 14% (declined 8.8% like-for-like) due to general lower volumes in the North American terminals and divestment of Izmir and Kobe. Utilisation decreased 2%-points due to lower volumes. Revenue per move was mainly driven by exit from Izmir. Cost per move was driven by lower concession costs in Los Angeles and the additional cost in Q4 2018 due to congestion. In Towage the Harbour towage activities driven by increased activity in the Americas and the Asia, Middle East & Africa region. Annual Report 2019 Like-for-like throughput declined 1.7% (+2.3% from external customers and -8.8% from Ocean) Revenue per move increased by 0.7% to USD 265 (USD 263), adj. for FX it increased by 0.8% Harbour towage activities grew by 2.9% Utilisation declined by 2.0%-points 78% (80%) Cost per move decreased by 5.4% USD 207 (USD 219), adj. for FX it decreased by 3.7% Terminal towage annualised EBITDA per tug increased 15% MAERSK

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