Maersk Investor Presentation Deck

Guidance Guidance for 2020 A.P. Moller-Maersk expects earnings before interest, tax, depreciation and amortisation (EBITDA) of around USD 5.5bn, before restructuring and integration costs. The organic volume growth in Ocean is expected to be in line with or slightly lower than the average estimated market growth of 1-3% for 2020. The accumulated guidance on gross capital expenditures excl. acquisitions (CAPEX) for 2020-2021 is still expected to be USD 3.0-4.0bn. A high cash conversion (cash flow from operations compared to EBITDA) is expected for both years. The outlook and guidance for 2020 is subject to significant uncertainties and impacted by the current outbreak of the Coronavirus in China, which has significantly lowered visibility on what to expect in 2020. As factories in China are closed for longer than usual in connection with the Chinese New Year and as a result of the Coronavirus, we expect a weak start to the year. The guidance for 2020 is also subject to uncertainties related to the implementation of IMO 2020 and the impact on bunker fuel prices and freight rates combined with the weaker macroeconomic conditions and other external factors. 27 Annual Report 2019 Sensitivity guidance A.P. Moller - Maersk's guidance for 2020 depends on several factors. Based on the expected earnings level and all else being equal, the sensitivities for 2020 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 +/- 100 USD/FFE +/- 100,000 FFE +/- 100 USD/tonne +/- 10% change in USD Effect on EBITDA (Rest of year) +/- USD 1.3bn +/- USD 0.1bn -/+ USD 0.4bn +/- USD 0.2bn MAERSK

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