Maersk Results Presentation Deck

A.P. Moller Maersk Group - Interim Report 02 2015 GUIDANCE FOR 2015 The Group's expectation of an underlying result around USD 4.0bn is unchanged. Gross cash flow used for capital expenditure is now expected to be around USD 8bn in 2015 (USD 8.7bn) from previously around USD 9bn, while cash flow from operating activities is still expected to develop in line with the result. Copenhagen, 13 August 2015 Contacts Group CEO Nils S. Andersen - tel. +45 3363 1912 Group CFO Trond Westlie - tel. +45 3363 3106 Changes in guidance are versus guidance given at 01 2015. All figures in parenthesis refer to full year 2014. The Interim Report for Q3 is expected to be announced on 6 November 2015. Contents Maersk Line reiterates the expectation of a higher underlying result than for 2014 (USD 2.2bn). Global demand for seaborne container transportation is revised to an expected increase by 2-4% versus previously by 3-5%. Maersk Oil now expects a positive underlying result for 2015 significantly below 2014 (USD 1.0bn) at oil prices in the range 55-60 USD per barrel. The previous expectation was a small positive underlying result. The low oil price is somewhat offset by the effect of cost savings, strong production performance and deferred tax income in the UK. Maersk Oil's entitlement production is now expected at around 285,000 boepd (251,000 boepd) from previously above 265,000 boepd. The exploration expenses are unchanged expected to be approximately USD 0.7bn (USD 765m) for the year. APM Terminals revises the expectation for the underlying result to be significantly below 2014 (USD 849m), previously below 2014, due to weaker business climate in oil dependent markets. Maersk Drilling now expects a significantly higher underly- ing result than in 2014 (USD 471m), from previously a higher underlying result, due to more rigs in operation, high forward contract coverage as well as impact from the initiated profit optimisation programme. APM Shipping Services now expects the underlying result for 2015 to be significantly above the 2014 result (USD 185m), from previously above the 2014 result, due to better performance in the first half of 2015. The Group's guidance for 2015 is subject to considerable uncer- tainty, not least due to developments in the global economy, the container freight rates and the oil price. The Group's result depends on a number of factors. Based on the expected earnings level and all other things being equal, the sensitivities on calendar 2015 for four key value drivers are listed in the table below. Factors Oil price for Maersk Oil Bunker price Container freight rate Container freight volume Change +/-10 USD/barrel +/-100 USD/tonne +/-100 USD/FFE +/-100,000 FFE Effect on the Group's underlying profit rest of year +/-USD 0.16bn -/+ USD 0.1bn +/-USD 0.5bn +/-USD 0.1bn 7/42

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