Investor Presentaiton

13 A.P. Moller-Maersk Annual Report 2020 Directors' Report Full-year guidance for 2021 Full-year guidance for 2021 Sensitivity guidance Financial performance for A.P. Moller - Maersk for the full year 2021 depends on several factors and is subject to uncertainties related to COVID-19, bunker fuel prices and freight rates given the uncertain macroeconomic conditions. Given the current outlook and high degree of uncer- tainty related to the continued impact from COVID-19 on the economic growth and global demand patterns, A.P. Moller-Maersk expects for the full-year 2021: . Underlying EBITDA in the range of USD 8.5-10.5bn compared to USD 8.3bn in 2020 Underlying EBIT in the range of USD 4.3-6.3bn compared to USD 4.2bn in 2020 Free cash flow (FCF) above USD 3.5bn compared to USD 4.6bn in 2020. All else being equal, the sensitivities for the full year 2021 for four key assumptions are listed in the table below: Factors Container freight rate Container freight volume Bunker price (net of expected BAF coverage) Rate of exchange (net of hedges) Change Effect on EBIT (midpoint of guidance) (Full year 2021) +/- 100 USD/FFE +/- USD 1.3bn +/- 100,000 FFE +/- USD 0.1bn +/- 100 USD/tonne +/- USD 0.4bn +/- 10% change in USD +/- USD 0.2bn As part of the full-year guidance for 2021, A.P. Moller-Maersk expects the current exceptional situation with the demand surge leading to bottle- necks in the supply chain and equipment shortage, which contributed by approximately USD 1.5bn to EBIT in 2020, to continue in Q1 and normalise there- after. Consequently, A.P. Moller - Maersk expects profitability in Q1 2021 to be above Q4 2020. Ocean is expected to grow in line with the global container demand at an expected 3-5% in 2021, with the highest growth seen in the first half-year. For the years 2021-2022, the accumulated CAPEX is still expected to be USD 4.5-5.5bn. Underlying EBITDA is earnings before interest, taxes, depreciation and amortisation adjusted for restructuring and integration costs. Underlying EBIT is operating profit before interest and taxes adjusted for restructuring and integration costs, net gains/losses from sale of non-current assets and net impairment losses. TANTR MAERSK =1

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