Maersk Results Presentation Deck

Maersk Group - Interim Report 03 2015 MAERSK GROUP PERFORMANCE For Q3 2015 Contents The Maersk Group- and especially Maersk Line - was severely impacted by continued low economic growth and significant market imbalances. Global container demand is expected to have grown by 0-1%, whereas the global container fleet grew by almost 9%. Container freight rates declined significantly across all trades except North America, and especially Maersk Line's key Europe trades were impacted severely. The Group delivered a profit of USD 778m (USD 1.5bn) nega- tively impacted by the lower oil price and lower average con- tainer freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%). The underlying profit was USD 662m (USD 1.3bn) with lower profits in Maersk Line, Maersk Oil and APM Terminals and im- proved result for Maersk Drilling while APM Shipping Services was on par with Q3 last year. Underlying result reconciliation USD million, Q3 Maersk Group Maersk Line Maersk Oil APM Terminals Maersk Drilling APM Shipping Services Maersk Supply Service Maersk Tankers Damco Svitzer Result for the period - continuing operations 2015 778 264 32 175 184 154 45 59 20 30 2014 1,495 685 222 345 192 119 79 84 -68 23 Gain on sale of non- current assets, etc., net 2014 2015 118 21 1 12 5 1 1 3 454 26 357 74 1 -1 1 The Group's revenue decreased by USD 2.1bn or 17% compared to 03 2014, predominantly due to lower oil price and lower average container freight rates. The operating expenses de- creased by USD 1.1bn mainly due to lower bunker prices and cost saving initiatives. Cash flow from operating activities remained at a high level of USD 2.2bn (USD 2.7bn) while the Group continues to invest in growth with a net cash flow used for capital expenditure of USD 1.3bn (USD 1.4bn). The Group's free cash flow was USD 904m (USD 1.4bn). With an equity ratio of 59.7% (61.3% at 31 December 2014) and a liquidity reserve of USD 10.7bn (USD 11.6bn at 31 December 2014) the Group maintains its strong financial position. Impairment losses, net¹ 2014 2015 'Including the Group's share of impairments, net, recorded in joint ventures and associated companies. -109 -6 -74 -30 -30 Tax on adjustments 2015 -2 -1 -1 -1 2014 -134 4 -139 Underlying result 2015 662 243 32 175 172 150 44 58 18 30 2014 1,284 3/40 659 224 201 118 148 79 85 -38 22

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