Maersk Results Presentation Deck

A.P. Moller Maersk Group - Interim Report 02 2015 GROUP STRATEGY UPDATE The Maersk Group is executing on the strategy to become a premium conglomerate based on top-quartile performance in all our business units. Contents The Group is delivering on its financial ambition of above 10% ROIC over the cycle with a ROIC creation of 12.0% in the first six months of 2015 and 14.3% for the same period in 2014. The Group is focused on active portfolio and performance management, dis- ciplined capital allocation and delivering on its financial strategy. We reiterate our strategic direction of targeting profitable growth through business optimisation, cost reduction and a strong customer focus to maintain top-quartile performance with a ROIC above 10% over the cycle in all business units. The turbulence in the oil price has had a negative influence in the oil and offshore markets and countries dependent on oil. This has changed the outlook for Maersk Oil, Maersk Drilling, APM Terminals and APM Shipping Services, where previously an- nounced profit and growth targets will be replaced by plans adapting to the volatile environment. The Group is executing on specific cost and efficiency pro- grammes in all business units in order to improve profitability in the more challenging environment. The valuable experience from previously successfully executed cost saving initiatives lays a solid foundation for these programmes. The Group is focused on developing its world class businesses and exiting businesses that do not support the future strategy. The most significant divestment being the 18.4% ownership share in Danske Bank and the distribution of an extraordinary dividend in April 2015. The programme of focusing the Group is now com- plete and the focus on asset profitability will be maintained. The Group seeks to supplement organic growth with value enhancing acquisitions. The Group's ambition is to increase the nominal dividend per share over time, supported by underlying earnings growth. The Group's capital structure and liquidity reserve are man- aged in line with the Group's current Baal/BBB+ credit rating. The Board has decided to launch the second buy-back pro- gramme aiming at buying back shares with a market value of DKK 6.8bn (equal to approximately USD 1bn) within the coming 12 months. Maersk Line continues to improve its competitiveness through cost leadership. Maersk Line maintains its medium term am- bition of an EBIT margin gap to peers of more than 5% points, which Maersk Line has delivered every quarter since Q4 2012. Maersk Line maintains its ambition to be self-funded, which has been achieved since 2013. Maersk Line adjusts its growth target from growing in line with the market to growing at least with the market to defend its market leading position. Maersk Line is executing on its USD 15bn investment pro- gramme announced in September 2014 to support the growth targets. Additionally, Maersk Line adjusts its annual return target from 8.5% ROIC to ROIC between 8.5% and 12.0%. Maersk Oil is executing on reducing operating expenses by 20% compared to 2014 towards end-2016 in response to the lower oil price. In addition, the level of exploration expenditure has been reduced while acquisitions are being considered in order to grow reserves and production. Maersk Oil progresses on maturation of key projects and has brought the fields Golden Eagle, UK and Jack, US on stream. APM Terminals will continue to build on its track record for de- livering double-digit returns based on disciplined investments in terminals and other port infrastructure, operational efficien- cies and portfolio optimisation. APM Terminals aims through investments to grow ahead of the global transportation market. Maersk Drilling has successfully implemented seven of eight rigs in the newbuild programme with high uptime and good safety performance, but will be challenged by adverse market conditions. The oldest rig in the fleet has been decommissioned for recycling. Maersk Drilling is taking steps to reduce its cost base with a double digit percentage saving by end 2016. APM Shipping Services is successfully executing on initiatives to improve profitability. 6/42

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