Maersk Investor Presentation Deck

Highlights Q1 2020 Ocean ● ● 14 Revenue increased 3.1% compared to Q1 2019, mainly due to higher freight rates offset by lower volumes. Volumes declined 3.2% mainly due to COVID- 19 effects. EBITDA improved 25% driven by capacity adjustments as a response to COVID-19, offsetting the volume decline, and higher freight rates mitigating increased bunker cost. IMO 2020 implementation executed successfully both considering contract negotiations and self supply of compliant fuel. Q1 2020 interim report Development in EBITDA and EBITDA margin (%) 1,400 1,200 1,000 800 600 400 200 0 mm Q3 19 Revenue Q1 19 EBITDA EBITDA margin Gross capital expenditures Q2 19 EBITDA Q1 2020 (USDm) 7,230 1,175 16.3% 175 EBITDA margin Q1 2019 (USDm) 7,015 940 Q4 19 13.4% 469 Q1 20 20% 1,172 15% FY 2019 (USDm) 28,782 4,436 15.4% 10% 5% 0% MAERSK

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