Maersk Investor Presentation Deck

Strategic transformation The journey towards higher earnings and cash flow progresses Cash flow generation* USDm 4 1,700 1,400 1,100 0 Q116 USDm 25,000 21,000 17,000 13,000 9,000 0 Q116 Q3 16 Q3 16 Q117 Q3 17 Q1 18 Q3 18 Q1 19 Q1 2020 interim report EBITDA Net interest bearing debt Q117 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 LTM Q3 19 Q1 20 THE Q1 20 USDm 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 USDm 2,000 1,500 1,000 500 0 -500 -1,000 Percent 12% 9% 6% Q1 19 Q3 19 Q1 20 Q116 Q3 16 Q1 17 Q3 17 Q1 18 *) Cash flow generation = CFFO - Capex + dividends received from JV's and associates CROIC 3% 0% -3% Q116 Q3 16 Q1 17 I Q3 17 Hilli Q3 18 Q1 18 Q3 18 Note: 2016-2017 IFRS16 adjustments have been simulated based on 2018 and is for reference purposes only. The 2016-2017 adjustment is not audited. Free cash flow excludes disposals proceeds from Total S.A. shares. LTM = last twelve months. USDm LTM 5,000 3,750 2,500 1,250 Q1 19 Q3 19 0 Q1 20 -1,250 -2,500 MAERSK

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