Maersk Investor Presentation Deck

Highlights Q4 2019 Terminals & Towage ● ● ● ● 22 Revenue declined by 11%, while EBITDA increased by 9.9% with a margin of 31.4%. Gateway terminals reported revenue of USD 787m (USD 921m), while towage reported revenue of USD 178m (USD 166m). EBITDA in gateway terminals increased 11% to USD 251m and the EBITDA-margin increased by 7.3%-points to 31.9%. Lower construction revenue (IFRIC12) of USD 99m compared to Q4 2018 contributed to higher margins. EBITDA in towage increased 8.5% to USD 51m, mainly due to higher activity. Vado, Italy opened in December 2019, with Abidjan, Ivory Coast being the only remaining green field terminal under construction. Annual Report 2019 Development in EBITDA and EBITDA margin (%) 350 300 250 200 150 100 50 0 26.8% In Q2 18 Q1 18 Revenue 26.7% 27.3% 25.3% 26.9% EBITDA EBITDA margin Gross capital expenditures Q4 2019 (USDm) 960 301 Q3 18 31.4% 219 Q4 18 EBITDA Q4 2018 (USDM) 1,082 274 25.3% 242 23.6% वि Q1 19 Q2 19 Q3 19 EBITDA margin 31.7% 530 FY 2019 (USDm) 3,894 1,107 28.4% 31.4% Q4 19 FY 2018 (USDm) 3,772 998 26.5% 556 35% 30% 25% 20% 15% 10% 5% 0% MAERSK

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