Investor Presentaiton

Reconciliation of Net income to Adjusted EBITDA and Adjusted EBIT 2022 2021 2020 ($ in Mn) RECONCILIATION OF NET INCOME TO ADJUSTED EBIT 18 Net income Financial expenses, net Income taxes Operating income (EBIT) Non-cash charter hire expenses (1)(2) Capital gain, beyond the ordinary course of business Impairment losses (recoveries) of assets 4,629 4,649 524 109 157 181 1,398 1,010 17 6,136 5,816 722 0 2 8 (1) 0 0 0 0 (4) Expenses related to legal contingencies 10 2 m Adjusted EBIT 6,145 5,820 729 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA Net income 4,629 4,649 524 Financial expenses, net 109 157 181 Income taxes 1,398 1,010 17 Depreciation and amortization EBITDA Non-cash charter hire expenses (1)(2) Capital gain, beyond the ordinary course of business Impairment losses (recoveries) of assets Expenses related to legal contingencies Adjusted EBITDA 1,396 780 314 7,532 6,596 1,036 0 (1) 1 (1) 0 0 0 0 (4) 10 2 3 7,541 6,597 1,036 Notes: (1) Mainly related to amortization of deferred charter hire costs, recorded in connection with the 2014 restructuring. (2) Following the adoption of IFRS 16 on January 1, 2019, part of the adjustments are recorded as amortization of right-of-use assets. **** *** ZIM

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